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Managerial Accounting Final Exam Reviewed questions with validated correct answers.
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Managerial Accounting Final ExamReviewed questions with validated
correct answers.
1. ________ gathers, summarizes, and reports on the financial impact of changes to business operations.
a. Managerial accounting
b. Planning
c. Directing
d. Controlling ANS - a. Managerial accounting
2. Which of the following certifications is issued by the IMA?
a. CISA
b. CFP
c. CMA
d. CPA ANS - c. CMA
3. Which of following statements is true?
a. Managerial accounting focuses on historical transactions.
b. Financial accounting focuses on future data.
c. Management accounting focuses on relevant data.
d. Managerial accounting uses the cash basis for recording transactions. ANS - c. Management
accounting focuses on relevant data.
4. Managerial accountants may be responsible for
,a. providing decision support.
b. communicating results.
c. analyzing data.
d. All of these. ANS - d. All of these
5. Lean production does not cut the throughput time of a manufacturing concern.
a. True
b. False ANS - a. True
6. Which of the following are merchandising companies?
a. Manufacturers
b. Retailers
c. Wholesalers
d. Both retailers and wholesalers ANS - d. Both retailers and wholesalers
7. The balance sheet of a service company has
a. raw materials inventory.
b. little or no inventory.
c. three categories of inventory.
d. two categories of inventory. ANS - b. little or no inventory
8. Country Furniture Company manufactures furniture at its Akron, Ohio, factory. Some of its costs from
the past year include: Prime costs for Country Furniture Company totaled
a. $92,000.
, b. $247,500.
c. $250,500.
d. $368,500. ANS - c. $250,500
9. Period costs are
a. always recorded as an expense.
b. always considered part of the inventory.
c. expensed only when the inventory is sold.
d. None of these. ANS - a. always recorded as an expense
10. Direct labor for a company was $145,000; manufacturing overhead was $300,000; and direct
materials were $270,000. Conversion costs would total
a. $570,000.
b. $715,000.
c. $415,000.
d. $445,000. ANS - d. $445,000 (DL + MOH)
11. Here are selected basic data for Wilson Company: If the company allocates overhead based on direct
labor cost, what are the total actual manufacturing overhead costs?
a. $280,500
b. $171,400
c. $258,100
d. $226,800 ANS - c. $258,000 (add together factory and indirect)
12. Federer Company is debating the use of direct labor cost or direct labor hours as the cost allocation
base for allocating manufacturing overhead. The following information is available for the most recent
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