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Exam 14: Managerial Accounting Concepts and Principles

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Question 51

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Control is the process of setting goals and determining ways to achieve them.

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Question 52

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List the four elements found in all fraud schemes.

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All fraud: 1) Is done to provi...

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Question 53

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The focus of financial accounting is on an organization's projects, processes, and subdivisions, and the focus of managerial accounting is on the whole organization.

A fixed cost:

The main principle of the lean business model is the elimination of waste of every kind while satisfying the customer and providing a positive return to the company.

Cycle time is:

Use the following data to determine the cost of goods manufactured. $\begin{array} { l r } \text { Beginning finished goods inventory } & \$ 6,200 \\\text { Direct labor } & 15,100 \\\text { Beginning goods in process inventory } & 1,500 \\\text { General and administrative expenses } & 20,000 \\\text { Direct materials used } & 20,500 \\\text { Ending goods in process inventory } & 4,000 \\\text { Indirect labor } & 7,300 \\\text { Ending finished goods inventory } & 5,000 \\\text { Indirect materials } & 3,400 \\\text { Depreciation - factory equipment } & 2,000\end{array}$

Which of the following costs would not be classified as factory overhead?

When the attitude of continuous improvement exists throughout an organization, every manager and employee seeks to continuously experiment with new and improved business practices.

The orientation of just-in-time manufacturing is that products are "pulled" through the manufacturing process by the orders received from customers.

Costs that flow directly to the current income statement are called:

A mixed cost:

A management concept that applies quality improvement to all aspects of business activities is called:

Use the following information from Hardy Co. for the current year: $\begin{array} { l r } \text { Direct materials used } & \$ 5,000 \\\text { Direct Labor } & 7,000 \\\text { Total Factory overhead } & 5,100 \\\text { Beginning goods in process } & 3,000 \\\text { Ending goods in process } & 4,000\end{array}$ -Hardy Co.'s cost of goods manufactured for the current year is:

Factory overhead includes selling and administrative expenses because they are indirect costs of a product.

Total manufacturing costs incurred during the year do not include:

What are the three types of inventories that are carried by manufacturers? Describe each type of inventory.

_____________________ involves the use of one's job for personal gain, through the deliberate misuse of employer's assets.

Use the following information to prepare the manufacturing statement for Forsythe Company for the month ended June 30: $\begin{array} { l r } \text { Goods in process inventory, May } 31 & \$ 12,600 \\\text { Goods in process inventory, June } 30 & 16,500 \\\text { Direct materials used during June } & 21,000 \\\text { Direct labor used during June } & 31,000 \\\text { Factory overhead: } & \\\quad \text { Indirect material } & 6,400 \\\quad \text { Indirect labor } & 9,200 \\\text { Factory rent } & 12,000 \\\text { Factory depreciation } & 15,000 \\\quad \text { Factory utilities } & 18,400\end{array}$

A management concept that encourages all managers and employees to be in tune with the wants and needs of customers, and which leads to flexible product designs and production processes, is called: