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MULTIPLE CHOICE, Choose the one alternative that best completes the stalement 8f aSwes e qu 1) Which of the following is a focus of managerial accounting? A) to generate a company's financial statements for tax reporting B) to provide information to shareholders to assist them with their investment decisions lo provide information to business managers to assist them in controlling their businesses D) to ensure that the reports produced for intemal and external business purposes are GAAP compliant 2) Which of the following statements is TRUE of financial accounting? AYIt provides information to investors needed for their investment decisions t focuses on planning, directing and controlling day-to-day operations O Itiocuses on detailed reports for parts of the company rather than the whole company. Di It provides future focused information needed for managing and delegating operations. 3) Which of the following is the primary focus of managerial accounting? A) providing summarized results of operations Cproviding information that managers need to make operational decisions providing information to comply with laws and regulations of government bodies D) providing historical data to investors and creditors 4) Which of he following is the primary focus of financial accounting? A) providing summarized information on operational results to investors and creditors B) providing information that managers need to make operational decisions Oproviding information to managers to assist in planning, directing and controlling operations D) providing highly detailed information on product lines, regions, and divisions 5) Period costs are the A) same as manufacturing overhead costs B) product costs that must be paid in the accounting period in which they are incurred 9 costs related to production of products (D) operating costs that are expensed in the accounting period in which they are incurred 6) Which of the following is an example of a period cost for a manufacturing company? A) advertising expense 9 property taxes for the factory B) indirect materials D) depreciation on factory equipment 7) Which of the following is a part of manufacturing overhead? A) cost of raw materials wages of assembly line workers B) depreciation on ofice furmiture factory insurance 8) Which of the following is a product cost for a manufacturing company A) depreciation on corporate bilding ) salary of administrative staff B) commissions paid to sales staff D) wages paid to factory janitor GOXG SGo 28) The journal ent 28) to record allocation of manufacturing overhead to a particular job includes a A) debit to the Work-in-Process Inventory account and credit to the Cash account B) debit to the Finished Goods Inventory account and credit to the Manufacturing Overhead account 9 debit to the Work-in-Process Inventory account and credit to the Manufacturing Overhead D) debit account to the Manufacturing Overhead account and credit to the Finished Goods Inventory account 29) Iglesias, Inc. completed Job 12 on November 30. The details of Job 12 are given below: Direct labor cost $890 Direct materials cost $1100 Machine hours 8 hours Direct labor hours 21 hours Predetermined overhead allocation rate $60 per machine hour What is the total cost of Job 12? 9 $1580 D) $1370 A) $2470 B)$1990