Managerial Account

1951 words 8 pages
Multiple Choice Questions 1. Which of the following statements is true? A. The word "cost" has the same meaning in all situations in which it is used. B. Cost data, once classified and recorded for a specific application, are appropriate for use in any application. C. Different cost concepts and classifications are used for different purposes. D. All organizations incur the same types of costs. E. Costs incurred in one year are always meaningful in the following year.

2. Which of the following is a product cost? A. Glass in an automobile. B. Advertising. C. The salary of the vice president-finance. D. Rent on a factory. E. Both "A" and "D." 3. The accounting records of Georgia Company revealed the following costs: direct materials used,
…show more content…
$130,000. B. $10,000. C. $66,000. D. $390,000. E. some other amount. 21. The accounting records of Bronco Company revealed the following information:

Bronco's cost of goods manufactured is: A. $519,000. B. $522,000. C. $568,000. D. $571,000. E. some other amount.

22. The accounting records of Brownwood Company revealed the following information:

Brownwood's cost of goods sold is: A. $721,000. B. $730,000. C. $778,000. D. $787,000. E. some other amount. 23. For the year just ended, Cole Corporation's manufacturing costs (raw materials used, direct labor, and manufacturing overhead) totaled $1,500,000. Beginning and ending work-in-process inventories were $60,000 and $90,000, respectively. Cole's balance sheet also revealed respective beginning and ending finished-goods inventories of $250,000 and $180,000. On the basis of this information, how much would the company report as cost of goods manufactured (CGM) and cost of goods sold (CGS)? A. CGM, $1,430,000; CGS, $1,460,000. B. CGM, $1,470,000; CGS, $1,540,000. C. CGM, $1,530,000; CGS, $1,460,000. D. CGM, $1,570,000; CGS, $1,540,000. E. Some other amounts. 24. Glass Industries reported the following data for the year just ended: sales revenue, $1,750,000; cost of goods sold, $980,000; cost of goods manufactured, $560,000; and selling and administrative expenses, $170,000. Glass' gross margin would be: A. $940,000. B. $1,190,000. C. $1,020,000. D. $380,000. E.


  • Managerial Communication
    2128 words | 9 pages
  • Managerial Accounting Test
    4034 words | 17 pages
  • Managerial Obsolescence
    1918 words | 8 pages
  • Mid-Term Managerial Accounting
    2215 words | 9 pages
  • Finance And Accounts
    2317 words | 10 pages
  • Managerial Communications
    1472 words | 6 pages
  • Profit and Account Management
    891 words | 4 pages
  • Atrahasis: Account of the Great Flood
    1194 words | 5 pages
  • Reflective account on End-Of-Life
    960 words | 4 pages
  • Role of Managerial Accounting
    10336 words | 42 pages