Question:- The 3 main product costs are direct materials, direct labor and manufacturing and are added to WIP inventory as the products are manufactured.

True

False

Question:- Job order cost systems are for mass production of product.

True

False

Question:- Direct labor is the total cost of wages, payroll taxes, payroll benefits, and similar expenses for individuals who work directly on manufacturing a particular product.

True

False

Question:- Costs that are directly traced to a product, like indirect labor and indirect materials, would be a debit to Work In Process Inventory as they occur.

True

False

Question:- There are 6 qualities of good managerial accountants. Which of these qualities is not one of them?

Commercial Awareness

Unethical views and lack of values

Effective Communicator

Collaboration

Question:- What is the responsibility of management and managerial accountants that involves monitoring of the planning objectives that were put into place?

Planning

Evaluating

Controlling

Organizing

Question:- What is the frequency of reports in managerial accounting?

As frequently as needed

Monthly

Quarterly

Annually