Managerial accounting applies to each of the following types of businesses except service firms. merchandising firms.
QUESTION 1 Managerial accounting applies to each of the following types of businesses exceptservice firms.merchandising firms.manufacturing firms.managerial accounting applies to all types of firms.QUESTION 2 Managerial accounting does not encompasscalculating product cost.calculating earnings per share.determining cost behavior.profit planning.QUESTION 3 What activities and responsibilities are not associated with management's functions?PlanningAccountabilityControllingDirectingQUESTION 4 A materials requisition slip showed that direct materials requested were $66,000 andindirect materials requested were $9,000. The entry to record the transfer of materialsfrom the storeroom is Work In Process Inventory66,000Raw Materials Inventory66,000 Direct Materials 66,000Indirect Materials 9,000Work in Process Inventory75,000Manufacturing Overhead75,000Raw Materials Inventory75,000Work In Process Inventory66,000Manufacturing Overhead9,000Raw Materials Inventory75,000QUESTION 5 Which one of the following is a source document that impacts the job cost sheet?Raw materials receiving slips.Materials purchase orders.Labor time tickets.Finished goods shipping documents.QUESTION 6 Equivalent units are calculated bymultiplying the percentage of work done by the equivalent units of output.dividing physical units by the percentage of work done.multiplying the percentage of work done by the physical units.dividing equivalent units by the percentage of work done.QUESTION 7 In a process cost system, product costs are summarized:on job cost sheets.on production cost reports. after each unit is produced.when the products are sold. QUESTION 8 In traditional costing systems, overhead is generally applied based ondirect labor.machine hours.direct material dollars.units of production.QUESTION 9 Fixed costs normally will not includeproperty taxes.direct labor.supervisory salaries.depreciation on buildings andequipment.QUESTION 10 Companies recognize fixed manufacturing overhead costs as period costs (expenses)when incurred when usingfull costing.absorption costing.product costing.variable costing.