ACC 400 FINAL EXAM
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1. Which of the following is not a characteristic of managerial accounting?
A. Reports are used primarily by insiders rather than by persons outside of the business entity.
B. Its purpose is to assist managers in planning and controlling business operations.
C. Information must be developed in conformity with generally accepted accounting principles or with income tax regulations.
D. Information may be tailored to assist in specific managerial decisions.
2. In comparison with a financial statement prepared in conformity with generally accepted accounting principles, a managerial accounting report is less likely to:
A. Focus upon the entire organization as the accounting entity.
B. Focus upon future accounting periods.
C. Make use of estimated amounts.
D. Be tailored to the specific needs of an individual decision maker.
3. Alton Company produces metal belts. During the current month, the company incurred the following product costs:
Raw materials $100,000
Direct labor $75,000
Electricity used in the Factory $25,000
Factory foreperson salary $3,750
Maintenance of factory machinery $2,000
Alton Company's total product costs:
Raw materials $ 1,00,000
Direct labor $ 75,000
Electricity used in the Factory $ 25,000
Factory foreperson salary $ 3,750
Maintenance of factory machinery $ 2,000
Total product cost $ 2,05,750
4. Objectives of a cost accounting system
What are the major objectives of a cost accounting system in a manufacturing company?
There are 2 most important management objectives: to make available managers with useful in sequence for planning and cost be in charge of functions and to settle on unit manufacturing...