Which of the following statements is false?
  • Prepared in accordance with GAAP
  • There is no overlap between financial and managerial accounting.
  • d. Planning and controlling
  • May rely on estimates and forecasts
All of the following employees hold line positions in Anthea Electric EXCEPT:
  • Cost of interior upholstery
  • be prepared in accordance with generally accepted accounting principles
  • vice president of finance
  • Usefulness to management
In order to be useful to managers, management accounting reports should possess all of the following characteristics EXCEPT:
  • Prepared in accordance with GAAP
  • be prepared in accordance with generally accepted accounting principles
  • vice president of finance
  • c. investments and shareholder relations managers
Which of the following is an example of direct materials cost for an automobile manufacturer?
  • d. Planning and controlling
  • Usefulness to management
  • Cost of interior upholstery
  • Prepared in accordance with GAAP
What term is used to refer to the cost of changing direct materials into a finished manufactured product?
  • Controlling
  • Conversion cost
  • Planning
  • direct labor cost
Which of the following is an example of a factory overhead cost?
  • Factory heating and lighting cost
  • d. Planning and controlling
  • Prepared in accordance with GAAP
  • May rely on estimates and forecasts
Which of the following is most associated with managerial accounting?
  • d. Planning and controlling
  • May rely on estimates and forecasts
  • Factory heating and lighting cost
  • Prepared in accordance with GAAP
Costs other than direct materials cost and direct labor cost incurred in the manufacturing process are classified as:
  • b. Meet the manager needs
  • factory overhead cost
  • Cost of interior upholstery
  • Factory heating and lighting cost
Which of the following items would not be classified as part of factory overhead?
  • May rely on estimates and forecasts
  • Direct labor used
  • Usefulness to management
  • direct labor cost
In most business organizations, the chief management accountant is called the:
  • b. controller
  • Direct labor used
  • Conversion cost
  • Controlling
Managerial accounting
  • is prepared according to management needs.
  • Prepared in accordance with GAAP
  • May rely on estimates and forecasts
  • c. investments and shareholder relations managers
If the cost of direct materials is a small portion of total production cost, it may be classified as part of:
  • Cost of interior upholstery
  • factory overhead cost
  • Factory heating and lighting cost
  • direct labor cost
What is the primary criterion for the preparation of managerial accounting reports?
  • Usefulness to management
  • b. Meet the manager needs
  • Cost of interior upholstery
  • d. Planning and controlling
Which of the following is most associated with financial accounting?
  • Factory heating and lighting cost
  • Prepared in accordance with GAAP
  • d. Planning and controlling
  • May rely on estimates and forecasts
Which of the following is an example of direct labor cost for an airplane manufacturer?
  • be prepared in accordance with generally accepted accounting principles
  • Cost of wages of assembly worker
  • Managers
  • vice president of finance
Compute conversion costs given the following data: Direct Materials, $347,500; Direct Labor, $186,300; Factory Overhead, $187,900; and Selling Expenses, $45,290.
  • Planning
  • Controlling
  • $374,200
  • Conversion cost
The cost of a manufactured product generally consists of which of the following costs?
  • Direct labor used
  • Direct labor cost, direct materials cost, and factory overhead cost
  • direct labor cost
  • Small plastic clips to hold on door panels, that become part of the auto, must be accounted for as direct materials.
Which of the following is the principle reason for preparing managerial accounting reports?
  • Cost of interior upholstery
  • Prepared in accordance with GAAP
  • d. Planning and controlling
  • Usefulness to management
Materials must have which two qualities in order to be classified as direct materials?
  • d. They must be an integral part of the finished product and be a significant portion of the total product cost.
  • Direct labor cost, direct materials cost, and factory overhead cost
  • b. Meet the manager needs
  • Small plastic clips to hold on door panels, that become part of the auto, must be accounted for as direct materials.
The cost of wages paid to employees directly involved in the manufacturing process in converting materials into finished product is classified as:
  • Direct labor used
  • Direct labor cost, direct materials cost, and factory overhead cost
  • direct labor cost
  • factory overhead cost
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