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Problem Set (chapters16, 17& 20) 1 The principal difference between managerial accounting and financial accounting information is A. Prepared by managers B. Intended primarily for use by decision makers inside the business organization. C. Prepared in accordance with a set of accounting principles developed by the Institute of Centified Managerial Accountants D. Oriented toward measuring solvency rather than profitability accounting is that managcrial 2. Management accounting systems are designed to assist organizations in the performance of all of the following functions except A. The assignment of decision-making authority over company assets B. Planning and decision-making. C. Monitoring, evaluating, and rewarding performance. D. The preparation of income tax returns 3. In comparison with a financial statement prepared in conformity with generally accepted accounting principles, a managerial accounting report is more likely to: A. Be used by decision makers outside of the business B. Focus upon the operatin C. View the entire organization as the reporting entity D. Be tailored to the specific needs of an individual decision maker. organization. g results of the most recently completed accounting period. 4. Manufacturing costs do not include: A. Direct labor applicable to production within the period B. Selling expenses related to goods manufactured during the period C. Direct materials used during the period D. Manufacturing overhead charged to work in process during the period. 5. Which of the following should not be classified as a manufacturing cost? A. Indirect factory labor costs, such as salaries of plant security guards. B. Direct materials used in the production process. C. Utility bills related to factory operations. D. Commissions paid to salespeople Which of the following costs would not be considered part of the manufacturing overhead of a furniture manufacturer? 6. A. The cost of compliance with federal factory safety regulations B. Depreciation expense on factory equipment. C. The cost of grease used to lubricate factory equipment D. The cost of wood used in furniture construction. 7. The cost of the employee who computes total manufacturing costs would be considerod as: A. Direct labor B. Indirect labor. C. Manufacturing overhead. D. Administrative costs. 8. Direct labor costs in a paint factory would include wages of employees who A. Supervise heavy equipment operators