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Exam 18: Managerial Accounting Concepts and Principles

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Question 31

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Jenny, an employee of Toucan Company, used company assets for her own personal gain. This is an example of:

A) internal control.
B) embezzlement.
C) employment perks.
D) fraud.
E) ethics.

F) All of the above
G) C) and E)

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Question 32

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The model whose goal is to eliminate waste while satisfying the customer and providing a positive return to the company is the ________.

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Question 33

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Which of the following statements is true regarding product and period costs?

Which of the following represents the correct formula for calculating raw materials inventory turnover for a manufacturer?

________ is the process of monitoring planning decisions and evaluating an organization's activities and employees.

A lean business model aims to eliminate waste while satisfying the customer and providing a positive return to the company.

If the cost of the beginning work in process inventory is $60,000, direct materials cost is $350,000, direct labor cost is $216,000, and overhead cost is $319,000, and the ending work in process inventory is $55,000, calculate the cost of goods manufactured:

The Work in Process Inventory account is found only in the ledgers of manufacturing companies.

Which of the following should not be included in direct materials costs?

An employee is dissatisfied with the resolution of an ethical conflict with his supervisor at his place of employment. According to the Institute of Management Accountants, the employee's next step should be to:

The following items for Neptune Company are used to compute the cost of goods manufactured and the cost of goods sold. Indicate how each item should be used in the calculations by filling in the blanks with "+" if the item is to be added, "-" if the item is to be subtracted, or "0" if the item is not used in the calculation. The first item is completed as an example. $\begin{array} { l | l | l } \hline & \text { Cost of Goods } & \text { Cost of Goods } \\\hline \text { Beginning finished goods inventory } & \text { Manufactured } & \text { Sold } \\\hline \text { Ending finished goods inventory } & 0& +\\\hline \text { Direct labor } & & \\\hline \text { Indirect labor } & & \\\hline \text { Beginning work in process inventory } & & \\\hline \text { Ending work in process inventory } & & \\\hline \text { General and administrative expenses } & & \\\hline \text { Indirect materials } & & \\\hline \text { Beginning raw materials inventory } & & \\\hline \text { Ending raw materials inventory } & & \\\hline \text { Raw material purchases } & & \\\hline \text { Depreciation of factory building } & & \\\hline \text { Cost of goods manufactured } & & \\\hline\end{array}$

The following information is available for the year ended December 31: $\begin{array} { l | c } \text { Beginning raw materials inventory } & \$ 21,500 \\\hline \text { Raw materials purchases } & 74,000 \\\hline \text { Ending raw materials inventory } & 23,000 \\\hline \text { Offes supplies expense } & 2,400\end{array}$ The amount of raw materials used in production for the year is:

Under a just-in-time manufacturing system, large quantities of inventory are accumulated throughout the factory to be certain that components are available each time that they are needed.

Flexibility of practice when applied to managerial accounting means that:

Total quality management and just-in-time manufacturing focus on quality improvement as well as on time customer deliveries.

The Institute of Management Accountants (IMA) Statement of Ethical Professional Practice requires that management accountants be competent and act with integrity.

Both financial and managerial accounting affect user's decisions and actions.

Product costs can be classified as one of three types: direct materials, direct labor, or overhead.

A company's prime costs total $3,000,000 and its conversion costs total $7,000,000. If direct materials are $1,000,000 and factory overhead is $5,000,000, then direct labor is:

Which of the following is not part of the materials activity in the flow of manufacturing activities?