Q1. Managerial accounting:

A. Isgovernedbygenerallyacceptedaccountingprinciples. B. Placesemphasisonspecial-purposeinformation.

C. Pertainstotheentityasawholeandishighlyaggregated. D. Is limited to cost data.

Q2. The management of an organization performs several broad functions. They are:

A. Planning, directing, and selling.

B. Directing, manufacturing, and controlling. C. Planning, manufacturing, and controlling. D. Planning, directing, and controlling.

Q3. Which of the following statement is false?

A. Financial accounting reports are general-purpose and intended for external users.

B. Managerial accounting reports are special-purpose and issued as frequently as

needed.

C. As a result of Sarbanes-Oxley Act, managerial accounting reports must now

comply with generally accepted accounting principles (GAAP).

D. Top managers must certify that a company maintains an adequate system of

internal controls.

Q4. For the year, Red Company has cost of goods manufactured of $600,000, beginning finished goods inventory of $200,000, and ending finished goods inventory of $200,000. The cost of goods sold is

A. $450,000. B. $500,000. C. $550,000. D. $600,000.

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Q5. Which of the following managerial accounting techniques attempts to allocate manufacturing overhead in a more meaningful manner?

A. Just-in-time inventory.

B. Total-qualitymanagement. C. Balancedscorecard.

D. Activity-based costing.

Q6. For the year, Red Company has beginning work in process inventory $650,000. During the year, total manufacturing costs are 150,000. Ending work in process inventory for the year is $100,000. Also, beginning finished goods inventory is $200,000, and ending finished goods inventory is $250,000. The cost of goods sold is

A. $450,000.

B. $500,000.

C. $650,000.

D. $600,000.

Name Section Q Managerial accounting Isgovemod by generally acceptod accounting principles B. Places emphasis on special-purpoe infematinn A D slind y wl and hiphly seval d fnc The munagemet of an organiion par They an A Planning, diecting, and selling B. Dircting, manufacturing, and ooetrolng C. Planning, macturing, and controling D. Plasing decting, and costoling which of the Solowing staneme is e Finacial accounting raports are ganaral-purpost and imndod or comal uscrs Managerial accounting rpots are special-ppose and id as treuly a A B. nooded Asa resuk ef Sabanes-Osley Act, managerial accing ts m comply with gerally acceped acouing princiles(GAAP C. D. Top managers mut certify that a compuny maintains anadq sm of intarnal ontros 4 For the yor, Rod Company has cost of poods manufactod of S0,000 beginning nished poods inemory of 5200,000, and nding feished ods i y o 5200,000 The cost of goods sold i A 5450,000 B. S500000 C. $550,000 D. s600000 5 which of the following munageril accouing tachies anmpts to aeane munacturing overhead ina more mcaningful munner A Jas-in-time inetory B. Toal-qualty mangement C. Balanoed sooard D. Activity-hased costing For the your, Rad Company hn begining wok in prvi ry Se00 Daring the year, total muufacturing costs are 150,000. Esding wek in peces ivetory or the year is S100,000 Alse, beginning finished goods iney is 5200,000, and ding faishod goods inventory is $250,00e The cost of ods d $450,000 s500000 A 5650000 De S600,000 . The source documents oe asigning matrial and factory laber aos s shedts are A Iavoices and sime tickt B. Ivoes and paysoll register. c. Marials requistion sips and paynoll register D. Materials roquistion sips and time tickt o8 Manafacturing overhcad was ctimutod so be $360,000 e the your akng wih 24,000 direct labor hours Actual malacturing overheadw5282000ctadiro bor hous were 25.700 The anou of manufacering ovehed applied to p c wd be? A 282,000 B. 217900 C. 360000 385 500