Managerial Accounting Exam 1 Wileyplus | Latest Update | 100% Correct | Verified Answers
Question 1: Which one of the following does not appear on
the balance sheet of a manufacturing company?
Finished goods inventory Work in process inventory Raw materials inventory Cost of goods manufactured
CORRECT ANSWER : Cost of goods manufactured
Question 2: The wages of a timekeeper in the factory would
be classified as
a period cost.direct labor.indirect labor.
compliance costs.
CORRECT ANSWER : indirect labor
Question 3: Managerial accounting applies to each of the
following types of businesses except
managerial accounting applies to all types of firms.service firms.merchandising firms.manufacturing firms.
CORRECT ANSWER : managerial accounting applies to all
types of firms
Question 4: Managerial accounting applies to all forms of
business organizations.
True
False
CORRECT ANSWER : True
Question 5: Direct materials and direct labor are the only
product costs.
True False
CORRECT ANSWER : False
Question 6: Which one of the following is not a direct
material?
Plastic used in the covered case for a home PC Steel used in the manufacturing of steel-radial tires A tire used for a lawn mower Lubricant for a ball-bearing joint for a large crane
CORRECT ANSWER : Lubricant for a ball-bearing joint for
a large crane
Question 7: Because of automation, which component of
product cost is declining?
Advertising Direct materials Direct labor Manufacturing overhead
CORRECT ANSWER : Direct labor
Question 8: Management accountants would not
assist in budget planning.prepare reports primarily for external users.determine cost behavior.