1. Managerial accounting helps managers make planning decisions. Which of the following is related to the Planning function? Group of answer choices Establishing goals at the beginning of a period and identifying steps on how to achieve them Comparing actual results with the expected results at the end of a period Monitoring business operations during a period Evaluating mid-level managers and providing feedback 2. Classification of Direct and Indirect costs is based on: Group of answer choices When the costs are reported to income statement. How easily and cost-effectively product costs can be traced to cost objects. When the costs are reported to balance sheet. Whether the costs are substantial part of the total product costs. 3. The finished goods inventory account is used to record: Group of answer choices The costs of products that are complet and ready to sell The cost of materials not yet put into production The costs of products that are in production but that are not yet complete The costs of completed products that have been sold 4. Manufacturing overhead is allocated by: Group of answer choices Debiting costs of goods sold and crediting the Manufacturing overhead account Debiting the Manufacturing overhead account and crediting the Work-in-process inventory account Debiting the Work-in-process inventory account and crediting the Manufacturing overhead account Debiting the Manufacturing overhead account and crediting factory related costs 5. The accounts of Tim Tam Inc. showed the following debit balances at the beginning of December: Name of the Accounts Debit Raw Materials Inventory $69,000 Work-in-Process Inventory 85,000 Finished Goods Inventory 40,000 Manufacturing Overhead 34,000 The following transactions took place during the month: December 2: Assigned direct materials $49,000 and indirect materials $16,000 to production. December 15: Incurred $15,000 and $14,000 toward factory's direct labor costs and indirect labor costs, respectively. What should be the balance in the Manufacturing overhead account following these transactions? Group of answer choices $149,000 $109,000 $64,000 $99,000 6. Jay Jay Inc. worked on 4 jobs during the current accounting period. The beginning balance of work-in-process inventory was $21,800. The total manufacturing costs incurred during the period amounted to $79,300. Three jobs were completed during the period. The costs of the incomplete job remaining in the Work-in-process inventory account at the end of the period was $23,500. The journal entry to record the completion of the three jobs include: Group of answer choices Debit $81,000 to Finished goods inventory and Credit $81,000 to Work-in-process inventory Debit $77,600 to Finished goods inventory and Credit $77,600 to Work-in-process inventory Debit $77,600 to Finished goods inventory and Credit $77,600 to Manufacturing costs Debit $81,000 to Costs of goods sold and Credit $81,000 to Work-in-process inventory 7. The final step in the preparation of a production cost report is: Group of answer choices Computing equivalent units of production Assigning production costs to the "units completed & transferred out" and "the partially completed units in the ending work-in-process inventory" Summarizing the physical flow of units Computing costs per equivalent units of production 8. The Labelling Department of Delightful Color Inc. has 60,000 units to account for, of which 40,000 units are completed and transferred to the Packaging Department. The remaining 20,000 units are left in the process at the end of the period that are 70% complete for direct materials and 50% complete with respect to conversion costs. What is the total equivalent units (EU) of production for conversion costs under the Weighted average method? Group of answer choices 24,000 EU 50,000 EU 10,000 EU 54,000 EU
1.
Group of answer choices
Establishing goals at the beginning of a period and identifying steps on how to achieve them
Comparing actual results with the expected results at the end of a period
Monitoring business operations during a period
Evaluating mid-level managers and providing feedback
2. Classification of Direct and Indirect costs is based on:
Group of answer choices
When the costs are reported to income statement.
How easily and cost-effectively product costs can be traced to cost objects.
When the costs are reported to balance sheet.
Whether the costs are substantial part of the total product costs.
3. The finished goods inventory account is used to record:
Group of answer choices
The costs of products that are complet and ready to sell
The cost of materials not yet put into production
The costs of products that are in production but that are not yet complete
The costs of completed products that have been sold
4. Manufacturing
Group of answer choices
Debiting costs of goods sold and crediting the Manufacturing overhead account
Debiting the Manufacturing overhead account and crediting the Work-in-process inventory account
Debiting the Work-in-process inventory account and crediting the Manufacturing overhead account
Debiting the Manufacturing overhead account and crediting
5. The accounts of Tim Tam Inc. showed the following debit balances at the beginning of December:
| Name of the Accounts | Debit |
|---|---|
| Raw Materials Inventory | $69,000 |
| Work-in-Process Inventory | 85,000 |
| Finished Goods Inventory | 40,000 |
| Manufacturing Overhead | 34,000 |
The following transactions took place during the month:
December 2: Assigned direct materials $49,000 and indirect materials $16,000 to production.
December 15: Incurred $15,000 and $14,000 toward factory's direct labor costs and indirect labor costs, respectively.
What should be the balance in the Manufacturing overhead account following these transactions?
Group of answer choices
$149,000
$109,000
$64,000
$99,000
6. Jay Jay Inc. worked on 4 jobs during the current accounting period. The beginning balance of work-in-process inventory was $21,800. The total manufacturing costs incurred during the period amounted to $79,300. Three jobs were completed during the period. The costs of the incomplete job remaining in the Work-in-process inventory account at the end of the period was $23,500.
The
Group of answer choices
Debit $81,000 to Finished goods inventory and Credit $81,000 to Work-in-process inventory
Debit $77,600 to Finished goods inventory and Credit $77,600 to Work-in-process inventory
Debit $77,600 to Finished goods inventory and Credit $77,600 to Manufacturing costs
Debit $81,000 to Costs of goods sold and Credit $81,000 to Work-in-process inventory
7. The final step in the preparation of a production cost report is:
Group of answer choices
Computing equivalent units of production
Assigning production costs to the "units completed & transferred out" and "the partially completed units in the ending work-in-process inventory"
Summarizing the physical flow of units
Computing costs per equivalent units of production
8. The Labelling Department of Delightful Color Inc. has 60,000 units to account for, of which 40,000 units are completed and transferred to the Packaging Department. The remaining 20,000 units are left in the process at the end of the period that are 70% complete for direct materials and 50% complete with respect to conversion costs.
What is the total equivalent units (EU) of production for conversion costs under the Weighted average method?
Group of answer choices
24,000 EU
50,000 EU
10,000 EU
54,000 EU
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