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Flashcards in Chapter 16 Deck (70)
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1
Q

a type of information that management uses in conducting daily operations and in planning future operations and that includes both historical and estimated data is ___

A

management accounting

2
Q

a department that provides services, assistance, and advice to other departments directly involved in the basic objectives of the organization is a

A

staff department

3
Q

managerial accounting reports use two types of information.

A

historical data

estimated data

4
Q

the sales department would be considered a ___ department

A

staff

5
Q

the machining department would be considered a ___ department

A

line

6
Q

manufacturing costs are classified into 2 categories in terms of the decision-making needs of management

A

direct

indirect

7
Q

the development of organizational objectives and the translation of these objectives into courses of action is called

A

planning

8
Q

work in process consists of three costs of resources that have entered the manufacturing process on unfinished products

A

direct material
direct labor
factory overhead

9
Q

the term used to describe the cost of materials that are an integral part of total product cost is

A

direct materials cost

10
Q

overhead costs are _d/i__ costs

A

indirect

11
Q

direct labor and factory overhead are considered ___ costs of the product

A

conversion

12
Q

direct labor and material are considered ___ costs of the product

A

prime

13
Q

the information that allows management to isolate significant departures from plans for further investigation and possible remedial action is called

A

feedback

14
Q

The primary difference between the income statements of a merchandiser and manufacturer is

A

COGM

15
Q

indirect materials, indirect labor, and production-equipment depreciation expense are examples of

A

factory overhead

16
Q

the cost of finished products on hand that have not been sold is called

A

finished goods

17
Q

the cost of a machine operators wages in a tool manufacturing plant would be a ___i/d cost

A

direct

18
Q

cost which make up the cost of manufacturing a product are called ___ costs

A

product / manufactuing

19
Q

costs which are incurred in operating the selling and administrative operations of a business are called ___ costs

A

period

20
Q

the cost of the president of the company is part of the conversion cost for a manufactured product (t or f)

A

false

21
Q

the accounting report that accumulates the product costs originating with inventory and ending with the cost of goods sold is the ____

A

statement of goods manufactured

22
Q

D or I: materials used for specific jobs

A

direct

23
Q

D or I: factory materials incurred on non-specific jobs

A

indirect

24
Q

D or I: cash paid for factory utilities costs incurred

A

indirect

25
Q

D or I: rental cost on a factory building

A

indirect

26
Q

D or I: design cost for a new product line

A

indirect

27
Q

D or I: cost accounting department salaries

A

direct

28
Q

D or I: factory labor incurred on specific jobs

A

direct

29
Q

D or I: salary of vice-president of manufacturing

A

indirect

30
Q

Period or Product: materials used for specific jobs

A

Product

31
Q

Period or Product: factory materials incurred on non-specific jobs

A

Product

32
Q

Period or Product: cash paid for factory utilities costs incurred

A

Product

33
Q

Period or Product: rental cost on a factory building

A

Product

34
Q

Period or Product: design cost for a new product line

A

Product

35
Q

Period or Product: cost accounting department salaries

A

Period

36
Q

Period or Product: factory labor incurred on specific jobs

A

Product

37
Q

Period or Product: salary of vice-president of manufacturing

A

Product

38
Q

A department or unit directly involved in the basic objectives of the organization is a

A

line department

39
Q

the roasting department is a (line or staff) function at a coffee manufacturer

A

line

40
Q

a payment of cash or its equivalent or the commitment to pay cash in the future for the purpose of generating revenues is termed ___

A

cost

41
Q

the five basic phases in the management process are

A
  1. planning
  2. directing
  3. controlling
  4. improving
  5. decision making
42
Q

unlike financial accounting statements, managerial accounting reports do not have to follow generally accepted accounting procedures because they are only used by

A

management

43
Q

monitoring the operating results of implemented plans and comparing the actual results with the expected results is called

A

controlling

44
Q

the philosophy of controlling operations by comparing actual and expected results is called

A

management by exception

45
Q

the measurement of a variety of issues including levels of emissions and their impact on product costs are the concerns of ____ accountants

A

environmental

46
Q

the three stages of inventory for a manufacturing company are

A
  1. raw material
  2. work in process
  3. finished goods
47
Q

the cost accounting department for a manufacturer would be a (line or staff) department

A

staff

48
Q

costs associated with manufacturing a product are called ___ costs

A

product

49
Q

in management accounting reports, selling and administrative expenses are classified as ___ costs

A

period

50
Q

costs that can be traced to a cost object are called __ costs

A

direct

51
Q

costs that cannot be traced to a specific cost object are called ___ costs

A

indirect

52
Q

prime costs are the sum of the following two costs for a manufacturer

A

direct material

direct labor

53
Q

the cost of the manufactured product sold is called

A

COGS

54
Q

the cost of windshields for an auto manufacturer would be a(n) direct of indirect cost?

A

direct

55
Q

Direct or Indirect: materials for general factory use

A

Indirect

56
Q

Direct or Indirect: factory labor incurred on specific jobs

A

Direct

57
Q

Direct or Indirect: rental cost on a sales showroom

A

Direct

58
Q

Direct or Indirect: advertising costs for a new product line

A

Direct

59
Q

Direct or Indirect: cost accounting department salaries

A

Direct

60
Q

Direct or Indirect: shipping expenses for goods sold FOB destination

A

Direct

61
Q

Direct or Indirect: cost of hard drives for a computer manufacturer

A

Direct

62
Q

Direct or Indirect: cost of health insurance for sales workers

A

Indirect

63
Q

Product or Period: materials for general factory use

A

Product

64
Q

Product or Period: factory labor incurred on specific jobs

A

Product

65
Q

Product or Period: rental cost on a sales showroom

A

Period

66
Q

Product or Period: advertising costs for a new product line

A

Period

67
Q

Product or Period: cost accounting department salaries

A

Period

68
Q

Product or Period: shipping expenses for goods sold FOB destination

A

Period

69
Q

Product or Period: cost of hard drives for a computer manufacturer

A

Product

70
Q

Product or Period: cost of health insurance for sales workers

A

Product