I OCCOUCH Question 1 Which of the following is most associated with managerial accounting? a. may rely on estimates and forecasts b. is prepared for users outside the organization C. must follow GAAP d. always reports on the entire entity Question 2 Which of the following is the principle reason for preparing managerial accounting reports? a. usefulness to management b.cost of preparation c. clarity d. GAAP Question 3 The cost of wages paid to employees directly involved in the manufacturing process in converting materials into finished products is classified as a factory overhead cost b miscellaneous costs c direct materials cost d. direct labor cost Question 4 Which of the following is part of factory overhead cost? a direct materials used b. depreciation of sales person's vehicle C. depreciation of factory equipment and machines d. sales commissions 2 points Save Answer During the period, labor costs incurred on account amounted to $175,000, including S150,000 for production orders and $25,000 for general factory use. Factory overhead applied to production was $23,000. The entry to record the factory overhead applied to production is a Work in Process 25.000 Factory Overbead 25,000 b Factory Overhead Accounts Payable 25,000 25,000 Work in Process Factory Overhead 23,000 23,000 od Factory Overhead Work in Process 23.000 23,000 Question 6 of 275 Question 6 2 points Save Answer The cost of production of completed and transferred goods during the period amounted to $540,000, and the finished products shipped to customers had production costs of $375,000. The entry to record the transfer of costs from finished goods to cost of goods sold is a. Cost of Goods Sold 375.000 Finished Goods 375,000 b Finished Goods Cost of Goods Sold 540,000 540,000 Cost of Goods Sold Finished Goods 540.000 540,000 d. Finished Goods Cost of Goods Sold 375,000 375,000