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2. Which of the following is most associated with managerial

Customer Question
accounting? (Points: 5)...
2. Which of the following is most associated with managerial accounting? (Points: 5)
May rely on estimates and forecasts
Must follow GAAP
Is prepared for users outside the organization
Always reports on the entire entity


3. The cost of a manufactured product generally consists of which of the following costs? (Points: 5)
Direct materials cost and factory overhead cost
Direct labor cost and factory overhead cost

Direct labor cost, direct materials cost, and factory overhead cost
Direct materials cost and direct labor cost


4. Which of the following is an example of a factory overhead cost? (Points: 5)
Repair and maintenance cost on the administrative building
Factory heating and lighting cost
Insurance premiums on salespersons' automobiles
President's salary


5. Which of the following manufacturing costs is an indirect cost of producing a product? (Points: 5)
Oil lubricants used for factory machinery
Commissions for sales personnel
Hourly wages of an assembly worker
Memory chips for a microcomputer manufacturer


6. Job order costing is most appropriate for (Points: 5)
chemical procesing
ice cream manufacturing
custom automobile
paint manufacturing


7. Prime costs are (Points: 5)
direct materials and factory overhead

direct materials and direct labor
direct labor and factory overhead
period costs and factory overhead


8. The Collins Company forecasts that total overhead for the current year will be $12,000,000 and that total machine hours will be 200,000 hours. Year to date, the actual overhead is $8,000,000 and the actual machine hours are 100,000 hours. If the Collins Company uses a predetermined overhead rate based on machine hours for applying overhead, what is that overhead rate? (Points: 5)
$80 per hour
$120 per hour
$40 per hour
$60 per hour


9. At the end of the year, overhead applied was $35,000,000. Actual overhead was $34,200,000. Closing over/under applied overhead into cost of goods sold would cause net income to increase/decrease by? (Points: 5)
Increase by $800,000
Decrease by $800,000
Not effect net income
Decrease net income by $200,000


10. In a job order cost accounting system, the entry to record the flow of direct materials into production is: (Points: 5)
debit Work in Process, credit Materials
debit Materials, credit Work in Process
debit Factory Overhead, credit Materials
debit Work in Process, credit Supplies


11. Which of the following accounts will be found on the income statement?
(Points: 5)
inventory

work in process
finished goods
cost of merchandise sold
Submitted: 6 years ago.Category: Finance
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Answered in 44 minutes by:
7/3/2011
Financial Professional: DanielleCPA, Certified Public Accountant (CPA) replied 6 years ago
DanielleCPA
DanielleCPA, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 794
Experience: CPA experienced in tax and financial planning
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DMC :

Hi and welcome to Just Answer! I'm happy to help answer your Finance questions. Feel free to interject at any time if you need clarification.

DMC :

2. May rely on estimates and forecasts
3. Direct labor cost, direct materials cost, and factory overhead cost
4. Factory heating and lighting cost
5. Oil lubricants used for factory machinery
6. Custom automobile paint manufacturing
7. Direct materials + Direct Labor
8. $60 per hour
9. Increase by 800,000
10. debit work in process, credit materials
11. cost of merchandise sold

DanielleCPA
DanielleCPA, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 794
Experience: CPA experienced in tax and financial planning
Verified
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Customer reply replied 6 years ago
I am taking this test at the same time...I only have 30 minutes left...I just want to confirm the answers
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DanielleCPA, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 794
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