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Exam 19: Managerial Accounting

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Question 101

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Which of the following statements about internal reports is not true?

A) The content of internal reports may extend beyond the double-entry accounting system.
B) Internal reports may show all amounts at market values.
C) Internal reports may discuss prospective events.
D) Most internal reports are summarized rather than detailed.

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Question 102

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Period costs are not inventoriable costs.

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Question 103

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Management accountants would not

A manufacturing company usually has three inventory accounts which are (1)___________________, (2)___________________, and (3)___________________.

Benson Manufacturing Inc.'s accounting records reflect the following inventories: During 2010, Benson purchased $860,000 of raw materials, incurred direct labor costs of $200,000, and incurred manufacturing overhead totaling $128,000. How much is raw materials transferred to production during 2010 for Benson Manufacturing?

Property taxes on a manufacturing plant are an element of a

Dolan Manufacturing Company's accounting records reflect the following inventories: During 2010, $400,000 of raw materials were purchased, direct labor costs amounted to $500,000, and manufacturing overhead incurred was $480,000. If Dolan Manufacturing Company's cost of goods manufactured for 2010 amounted to $1,190,000, its cost of goods sold for the year is

Gammil Company has beginning and ending raw materials inventories of $96,000 and $120,000, respectively. If direct materials used were $390,000, what was the cost of raw materials purchased?

Controlling is the process of determining whether planned goals are being met.

What activities and responsibilities are not associated with management's functions?

The types of reports prepared in managerial accounting are often ______________-purpose reports prepared for a specific decision.

If the ending work in process inventory is greater than the beginning work in process inventory, then the cost of goods manufactured will be less than total manufacturing costs for the period.

The reporting standard for external financial reports is

Cost of goods sold

Financial statements for external users can be described as

In an analogous sense, external user is to internal user as generally accepted accounting principles are to

What is work in process inventory generally described as?