Accounting: 3. Which of thefollowing is an example of afixed cost? A) Direct labor B)Utilities C) Sales commission D)Property taxes 4. Which of thefollowing statements is trueabout managerial accounting?A) It is only used by sm

The correct answer is D) Property taxes, because they are an expense that does not change with the…

Answered: Accounting: 3. Which of the following…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The statement of financial position and the balance sheet are synonyms. Select one: a. False b. True Refers to the recording, presentation, and analysis of manufacturing costs. Select one: a. No correct answer b. Financial Accounting c. Auditing d. Cost Accounting Accounting deals with quantifiable information. Select one: a. True b. False
Standard cost are used primarily for: Estimating future costs. To produce financial statements for external users. To judge the performance of accounting managers. To judge the performance of managers involved in the manufacturing process.
A major focus of managerial accounting is the development of costing information. True or False
11
Which one of the following is an example of a committed cost? O a. The salary of the marketing manager O b. None of the given answers С. The cost of employee training program O d. The salary of the chief operating officer e. The cost of annual end of year celebration
When is manufacturing overhead underapplied? When is it overapplied? ( in Managerial Accounting )
42. Managerial accounting is similar to financial accounting in that Group of answer choices a. both concentrate on historical costs. b. both are governed by generally accepted accounting principles. c. both deal with economic events; and both rely on cost accounting for information. d. both are governed by generally accepted accounting principles; and both rely on cost accounting for information. e. both concentrate on budgeted costs. f. both rely on cost accounting for information. g. both concentrate on historical costs and budgeted costs. h. both deal with economic events.
Which of the following statements about responsibility accounting are correct? Select one: a. Responsibility accounting systems differ widely across organizations. b. The structure for accumulating cost information generally mirrors the structure for accumulating responsibility center information. c. Responsibility accounting is the primary responsibility of accounting staff.
Which of the following would be least likely to be considered a managerial accounting report? Oa. statement of stockholders' equity Ob. report to analyze potential efficiencies and savings for the purchase of new production equipment Oc. statement of cost of goods manufactured Od. schedule of total manufacturing costs incurred
I’m studying managerial accounting. Please explain “capitalizing” and “expensing” as these terms apply to the cost of goods manufactured and the cost of goods sold.
Q1. An activity that provides financial and economic information to managers and other internal decision- makers of an organization is called Answer: A. Financial Accounting B. Managerial Accounting C. Auditing D. Cost Accounting Q2. The three basic elements of a cost of a manufactured product are Answer: A. Direct material, Work-in –Process inventory, Finished goods inventory B. Indirect material, indirect labor, Manufacturing overhead C. Direct Material, Direct Labor, Manufacturing overhead D. Raw material inventory, Work-in-Process inventory, Finished goods inventory Q3. The source document for recording the transfer of raw materials to work in process account. Answer: A. Predetermined MOH rate B. Time ticket C. Material requisition slip D. Job cost sheet
Which of the following is one of the difference between management accounting and cost accounting. Select one: O a. Management accounting is based on double entry system but not cost accounting b. Management accounting used for decision making but cost accounting used for cost ascertainment O c. Management accounting is limited for internal use whereas cost accounting for external use d. Management accounting is optional but cost accounting is mandatory

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Accounting: 3. Which of the following is an example of a fixed cost? A) Direct labor B) Utilities C) Sales commission D) Property taxes 4. Which of the following statements is true about managerial accounting? A) It is only used by sm