Law homework help
Law homework help. Managerial Accounting Midterm ExamQuestion 1 1.ÿÿÿ Managerial accounting applies to each of the following types of businesses exceptÿservice firms.ÿmerchandising firms.ÿmanufacturing firms.ÿmanagerial accounting applies to all types of firms.Question 2 1.ÿÿÿ Managerial accounting does not encompassÿcalculating product cost.ÿcalculating earnings per share.ÿdetermining cost behavior.ÿprofit planning.Question 3 1.ÿÿÿ What activities and responsibilities are not associated with management’s functions?ÿPlanningÿAccountabilityÿControllingÿDirectingQuestion 4 1.ÿÿÿ A materials requisition slip showed that direct materials requested were $66,000 and indirect materials requested were $9,000. The entry to record the transfer of materials from the storeroom isÿWork In Process Inventory66,000Raw Materials Inventory66,000ÿDirect Materials66,000Indirect Materials9,000Work in Process Inventory75,000ÿManufacturing Overhead75,000Raw Materials Inventory75,000ÿWork In Process Inventory66,000Manufacturing Overheadÿ9,000Raw Materials Inventoryÿ75,000Question 5 1.ÿÿÿ Which one of the following is a source document that impacts the job cost sheet?ÿRaw materials receiving slips.ÿMaterials purchase orders.ÿLabor time tickets.ÿFinished goods shipping documents.Question 6 1.ÿÿÿ Equivalent units are calculated byÿmultiplying the percentage of work done by the equivalent units of output.ÿdividing physical units by the percentage of work done.ÿmultiplying the percentage of work done by the physical units.ÿdividing equivalent units by the percentage of work done.Question 7 1.ÿÿÿ In a process cost system, product costs are summarized:ÿon job cost sheets.ÿon production cost reports.ÿafter each unit is produced.ÿwhen the products are sold.Question 8 1.ÿÿÿ In traditional costing systems, overhead is generally applied based onÿdirect labor.ÿmachine hours.ÿdirect material dollars.ÿunits of production.Question 9 1.ÿÿÿ Fixed costs normally will not includeÿproperty taxes.ÿdirect labor.ÿsupervisory salaries.ÿdepreciation on buildings and equipment.Question 10 1.ÿÿÿ Companies recognize fixed manufacturing overhead costs as period costs (expenses) when incurred when usingÿfull costing.ÿabsorption costing.ÿproduct costing.ÿvariable costing.
