Question 1

Which of the following is not a separate management function?

Accepted Answer

A)   Planning
B)   Directing
C)   Decision-making
D)   Controlling

Question 2

The controller of a company is responsible for all of the accounting and finance issues a company faces..

Accepted Answer

A) True 
 B)False

Question 3

Gammil Company has beginning and ending raw materials inventories of $96,000 and $120,000, respectively. If direct materials used were $490,000, what was the cost of raw materials purchased?

Accepted Answer

A)   $490,000.
B)   $520,000.
C)   $466,000.
D)   $514,000.

Question 4

Many companies have significantly lowered inventory levels and costs using just-in-time inventory methods.

Accepted Answer

A) True 
 B)False

Question 5

Ending finished goods inventory appears on both the balance sheet and the income statement of a manufacturing company.

Accepted Answer

A) True 
 B)False

Question 6

Managerial accounting internal reports are prepared more frequently than are classified financial statements.

Accepted Answer

A) True 
 B)False

Question 7

Which of the following is not a manufacturing cost category?

Accepted Answer

A)   Cost of goods sold
B)   Direct materials
C)   Direct labor
D)   Manufacturing overhead

Exam 1: Managerial Accounting

Which of the following is not a manufacturing cost category?

Correct Answer
verified

Which of the following is not a separate management function?

Correct Answer
verified

Many companies have significantly lowered inventory levels and costs using just-in-time inventory methods.

Correct Answer
verified

Ending finished goods inventory appears on both the balance sheet and the income statement of a manufacturing company.

Correct Answer
verified

Managerial accounting internal reports are prepared more frequently than are classified financial statements.

Correct Answer
verified

The controller of a company is responsible for all of the accounting and finance issues a company faces..

Correct Answer
verified

Gammil Company has beginning and ending raw materials inventories of $96,000 and $120,000, respectively. If direct materials used were $490,000, what was the cost of raw materials purchased?

Correct Answer
verified

Exam 1: Managerial Accounting

Which of the following is not a manufacturing cost category?

Correct AnswerverifiedShow Answer

Which of the following is not a separate management function?

Correct AnswerverifiedShow Answer

Many companies have significantly lowered inventory levels and costs using just-in-time inventory methods.

Correct AnswerverifiedShow Answer

Ending finished goods inventory appears on both the balance sheet and the income statement of a manufacturing company.

Correct AnswerverifiedShow Answer

Managerial accounting internal reports are prepared more frequently than are classified financial statements.

Correct AnswerverifiedShow Answer

The controller of a company is responsible for all of the accounting and finance issues a company faces..

Correct AnswerverifiedShow Answer

Gammil Company has beginning and ending raw materials inventories of $96,000 and $120,000, respectively. If direct materials used were $490,000, what was the cost of raw materials purchased?

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified