1. Which of the following is NOT true about Managerial Accounting Reports?

a. They are prepared periodically, or at any time management needs information.

b. They can be prepared for the whole business entity, or for just a segment of the business entity (i.e., division, product, project, or territory).

c. They are submitted to the Securities & Exchange Commission according to a required schedule.

d. They are not prepared according to Generally Accepted Accounting Principles.

2. Which of the following is NOT a type of manufacturing-related inventory found on the company's Balance Sheet?

a. Finished Goods

b. Work-in-Process

c. Production Supplies

d. Raw Materials

3. Which of the following is NOT a Period Cost?

a. Advertising Expense

b. Depreciation Expense on Office Equipment

c. Office Supplies Expense

d. Salesmen's Commission Expense

e. Depreciation Expense on Factory Equipment

4. Identify the following costs as Prime, Conversion, or Both:

Wood to make a dining room table

Wages of the assembly line workers

Depreciation Expense on the factory equipment

5. Place the following phases of the Managerial Process in their correct order:

Planning, Decision making, Controlling, Improving, Directing

6. Compete the following statements with the available terms: Improving, Planning, Work in Process, Strategic, Product Costs, Operational, Cost of Goods Sold, Directing, or Period Cost.

The Income Statement of a manufacturer would include a line item for ______________.

Short-term plans are called ________ Plans.

Long-Term plans are called __________ Plans.

Feedback is often used to _______ operations.

__________ is used by management to develop the company's goals.

______________ consist of the three elements of manufacturing cost: direct materials, direct labor, and factory overhead.

____________ are generally classified into two categories: selling and administrative.

The Balance Sheet of a manufacturer would include a line item for _____________.

___________ is the process by which managers, given their assigned level of responsibilities, run the day-to-day operations of the company.