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The flashcards below were created by user
bepena09
on FreezingBlue Flashcards.
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Cost of oil used to lubricate factory machinery and equipment is an example of a direct materials cost.
True or False
False
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Which of the following is most associated with financial accounting?
a. Can be prepared periodically, or as needed.
b. Can have both objective and subjective information.
c. Prepared in accordance with GAAP.
d. Can be prepared for the entity or segment.
c. Prepared in accordance with GAAP.
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For an automotive repair shop, the wages of mechanics would be classified as direct labor cost.
True or False
True
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The costs of materials and labor that do not enter directly into the finished product are classified as cost of goods sold.
True or False
False
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Which of the following is an example of direct labor cost for an airplane manufacturer?
a. Salary of plant supervisor
b. Cost of oil lubricants for factory machinery
c. Cost of jet engines
d. Cost of wages of assembly worker
d. Cost of wages of assembly worker
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Which of the following is an example of direct materials cost for an automobile manufacturer?
a. Cost of interior upholstery
b. Cost of oil lubricants for factory machinery
c. Cost of wages of assembly worker
d. Salary of production supervisor
a. Cost of interior upholstery
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Managerial accounting
a. is prepared according to GAAP.
b. is prepared according to management needs.
c. is related to the entire business entity only.
d. is prepared periodically only.
b. is prepared according to management needs.
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The cost of a manufactured product generally consists of direct materials cost, direct labor cost, and factory overhead cost.
True or False
True
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A company manufactured 50,000 units of a product at a cost of $250,000. They sold 40,000 units for $10 each. What is Gross Margin?
a. $200,000
b. $150,000
c. $400,000
d. $250,000
b. $150,000
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Compute conversion costs given the following data: Direct Materials, $383,487; Direct Labor, $266,943; Factory Overhead, $195,181.
a. $383,487
b. $578,668
c. $462,124
d. $845,611
c. $462,124
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Accounting is an information system that provides essential data about the economic activities of an entity to various users to aid them in making informed judgments and decisions.
True or False
True
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The following are all product costs except:
a. Direct labor
b. Direct materials
c. Sales and administrative expenses
d. Factory overhead
c. Sales and administrative expenses
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