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19- Materials must have which two qualities in order to be classified as direct materials?

They must be introduced into the process in both work-in-process inventories and finished goods inventories.

They must be classified as both prime costs and conversion costs.

They must be an integral part of the finished product and be a significant portion of the total product cost.

They must be an integral part of the finished product, but can be an insignificant portion of the total product cost.

20- Compute conversion costs given the following data: Direct Materials, $351,600; Direct Labor, $193,900; Factory Overhead, $220,900 and Selling Expenses, $35,300.

$766,400

$572,500

$414,800

$185,600

21- The primary goal of managerial accounting is to provide information to

external auditors

management

creditors

investors

22- What term is used to describe the process of developing the organization's objectives and translating those into courses of action?

supervising

decision making

planning

improving

23- Accounting designed to meet the needs of decision makers inside the business is

financial accounting

general accounting

managerial accounting

external accounting

24- What term is used to describe the process of monitoring operating results and comparing actual results with the expected results?

improving

controlling

planning

directing

25- Who are the individuals charged with the responsibility for directing the day-to-day operations of a business?

investors

customers

shareholders

managers

26- Managerial accounting reports are

prepared according to management needs

prepared periodically only

related to the entire business entity only

prepared according to GAAP

27- Which of the following is most associated with financial accounting?

can have both objective and subjective information

prepared in accordance with GAAP

can be prepared periodically, or as needed

can be prepared for the entity or segment

28- Which of the following is most associated with managerial accounting?

is prepared for users outside the organization

may rely on estimates and forecasts

must follow GAAP

always reports on the entire entity

29- What is the primary criterion for the preparation of managerial accounting reports?

manager needs

relevance of the reports

timing of the reports

cost of the reports