Management Accounting 2

the perspectives included in the balanced scorecard approach include all of the following except the:

the customer perspective of the balanced scorecard approach

the balanced scorecard approach

which is NOT one of the four most commonly used perspectives on a balanced scorecard?

costs are assigned to each specific job in a process cost system

in a process cost system, total costs are determined at the end of a period of time, such as month.

In a process cost system, the unit cost is total manufacturing costs divided by the equivalent units produced during the period

the accumulation of the costs of materials, labor, and manufacturing overhead is the same in a process cost system as in a job order cost system.

more materials requisitions are generally required in a process cost system than in a job order cost system.

equivalent units of production equals units completed and transferred out + units in beginning work in process. 

two equivalent unit computations are necessar; one for materials an the otehr for conversion costs. 

the first step in preparing a production cost report is to compute the equivalent units of production

the cost reconciliation schedule shows that the total costs accounted for equal the total costs to be accounted for

Units in Work in process at the beginning of the period are included in units "started and completed" under the FIFO method. 

which of the following is NOT a step in preparing a production cost report?

a department has no beginning work in process, has started 80' units and completed 50' units. its ending work in process is 30' units, 60% complete as the conversion costs and fully complete as to materials. its equivalent units for conversion costs are 

in process costing, the computation of unit production costs requires

which of the following is NOT included in a production cost report?

unit costs for materials and conversion costs amount to $4 and $5 respectively. the ending work in process costs for 8' units (100% complete as to material and 70% complete as to conversion costs) amount to

In order to maximize income, and minimize income tax, companies can adjust the transfer prices they use on transfers between divisions located in different countries.

Determining the unit cost of manufacturing a product is an output of financial accounting.

 Controlling is the process of determining whether planned goals are being met. 

Decision-making is an integral part of the planning, directing, and controlling functions.

Manufacturing costs that cannot be classified as direct materials or direct labor are classified as manufacturing overhead.

Both direct labor cost and indirect labor cost are product costs.

Raw materials are equal to direct materials minus indirect materials.

In calculating gross profit for a manufacturing company, the cost of goods manufactured is deducted from net sales.

When the physical association of raw materials with the finished product is too small to trace in terms of cost, they are usually classified as indirect materials.

Many companies have significantly lowered inventory levels and costs using just-in-time inventory methods.

The inventory accounts that show the cost of completed goods on hand and the costs applicable to production that is only partially completed are, respectively

Many companies now focus on reducing defects in finished products with the goal of zero defects. This is called

Given the following data for Harder Company, compute cost of goods manufactured:

Direct materials used $120,000      Beginning work in process $20,000

Direct labor 200,000                       Ending work in process 10,000

Manufacturing overhead 180,000   Beginning finished goods 25,000

Operating expenses 175,000          Ending finished goods 15,000

Wood Company has beginning work in process inventory of $138,000 and total manufacturing costs of $477,000. If cost of goods manufactured is $480,000, what is the cost of the ending work in process inventory?

Worth Company reported the following year-end information: beginning work in process inventory, $180,000; cost of goods manufactured, $866,000; beginning finished goods inventory, $252,000; ending work in process inventory, $220,000; and ending finished goods inventory, $264,000. Worth Company's cost of goods sold for the year is

Under a job order system, the company assigns costs to each job, or each batch of goods, to fill a specific customer order or replenish inventory.

Manufacturing costs incurred in a job order system are accumulated by debits to Purchases, Factory Labor, and Manufacturing Overhead.

Each debit to Work in Process Inventory must be accompanied by a corresponding posting to one or more job cost sheets.

Manufacturing overhead costs cannot be traced directly to a specific job

The requisition of factory supplies to production requires a debit to the Manufacturing Overhead account.