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Flashcards in exam 1 Deck (25):
1

Financial accounting focuses on providing information to internal users.

F

2

Staff positions are directly involved in the company’s primary revenue-generating activities.

F

3

Preparation of budgets is part of financial accounting.

F

4

Managerial accounting applies only to merchandising and manufacturing companies.

F

5

Both managerial accounting and financial accounting deal with many of the same economic events.

T

6

Managerial accounting reports are prepared only quarterly and annually.

F

7

Financial accounting reports are general-purpose reports.

T

8

Managerial accounting reports pertain to subunits of the business.

T

9

Managerial accounting reports must comply with generally accepted accounting principles

F

10

The company treasurer reports directly to the vice president of operations.

F

11

Property taxes on the factory building.

Manufacturing overhead

12

Production superintendents’ salaries.

Manufacturing overhead

13

Memory boards and chips used in assembling computers.

DIRECT MATERIALS

14

Depreciation on the factory equipment.

MANUFACTURING OVERHEAD

15

Salaries for assembly-line quality control inspectors.

MANUFACTURING OVERHEAD

16

Sales commissions paid to sell laptop computers.

PERIOD COSTS

17

Electrical components used in assembling computers.

DIRECT MATERIALS

18

Wages of workers assembling laptop computers.

DIRECT LABOR

19

SOLDERING MATERIALS USED ON FACTORY ASSEMBLY LINES

MANUFACTURING OVERHEAD

20

SALARIES FOR THE NIGHT SECURITY GUARDS FOR THE FACTOR BUILDING

MANUFACTURING OVERHEAD

21

COST OF GOODS MANUFACTURED

DM + Dl + mo

22

RAW MATERIALS INVENTORY

RAW MATERIALS AVAILABLE - RAW MATERIALS PURCHASES

23

TOTAL COST OF WORK IN PROCESS

COST OF GOOD MANUFACTURED + WORK IN PROCESS

24

TOTAL MANUFACTURING COSTS

TOTAL COST WORK IN PROCESS - WORK IN PROCESS

25

DIRECT LABOR

TOTAL MANUFACTURING COSTS - DIRECT MATERIALS + TOTAL OVERHEAD