Managerial Accounting Midterm Exam 1. Managerial accounti

Managerial Accounting Midterm Exam 1. Managerial accounting applies to each of the following types of businesses except service firms. merchandising firms. manufacturing firms. managerial accounting applies to all types of firms. Question 2 1. Managerial accounting does not encompass calculating product cost. calculating earnings per share. determining cost behavior. profit planning. Question 3 1. What activities and responsibilities are not associated with management’s functions? Planning Accountability Controlling Directing Question 4 1. A materials requisition slip showed that direct materials requested were $66000 and indirect materials requested were $9000. The entry to record the transfer of materials from the storeroom is Work In Process Inventory66000 Raw Materials Inventory66000 Direct Materials66000 Indirect Materials9000 Work in Process Inventory75000 Manufacturing Overhead75000 Raw Materials Inventory75000 Work In Process Inventory66000 Manufacturing Overhead9000 Raw Materials Inventory75000 Question 5 1. Which one of the following is a source document that impacts the job cost sheet? Raw materials receiving slips. Materials purchase orders. Labor time tickets. Finished goods shipping documents. Question 6 1. Equivalent units are calculated by multiplying the percentage of work done by the equivalent units of output. dividing physical units by the percentage of work done. multiplying the percentage of work done by the physical units. dividing equivalent units by the percentage of work done. Question 7 1. In a process cost system product costs are summarized: on job cost sheets. on production cost reports. after each unit is produced. when the products are sold. Question 8 1. In traditional costing systems overhead is generally applied based on direct labor. machine hours. direct material dollars. units of production. Question 9 1. Fixed costs normally will not include property taxes. direct labor. supervisory salaries. depreciation on buildings and equipment. 0 1. Companies recognize fixed manufacturing overhead costs as period costs (expenses) when incurred when using full costing. absorption costing. product costing. variable costing.

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