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Exam 1: A: Basic Cost Management Concepts

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Question 1

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What is the overall objective of accounting information systems?

A) to provide information to users
B) to manage the organization
C) to prepare financial reports
D) to report to the government

E) None of the above
F) A) and B)

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Question 2

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What is the accounting report that provides feedback by comparing planned data to actual data?

A) Budgeting report
B) Income report
C) Treasurer report
D) Performance report

E) B) and D)
F) B) and C)

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Question 3

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Selected data concerning the past year's operations of the Beach Corporation are as follows: $\begin{array} { l r } \text { Selling and administrative expenses } & \$ 225,000 \\\text { Direct materials used } & 397,500 \\\text { Direct labour (50,000 hours) } & 450,000 \\\text { Factory overhead application rate } & 8 \text { per DLH }\end{array}$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$$\text { Inventories }$ $\begin{array}{lrr}&\text { Beginning}&\text { Ending}\\\text { Direct material } & \$ 75,000 & \$ 67,500 \\\text { Work in process } & 112,500 & 135,000 \\\text { Finished goods } & 60,000 & 37,500\end{array}$ What is the cost of direct materials purchased?

Which of the following is an example of a period cost?

Which of the following is a non-value-chain product cost?

What item in a manufacturing firm corresponds most closely to the merchandise inventory in a merchandising business?

What is financial accounting information NOT used for?

Which of the following statements about world-class firms is true?

What is the term for a cost management subsystem designed to provide accurate and timely feedback concerning the performance of managers and others relative to their planning and control activities?

Assume the following data for Gross,Inc.,for February: $\begin{array}{lr}\text { Beginning finished goods inventory } & \$ 60,000 \\\text { Beginning work-in-process inventory } & 40,000 \\\text { Ending work-in-process inventory } & 80,000 \\\text { Ending finished goods inventory } & 50,000 \\\text { Factory overhead costs } & 200,000 \\\text { Direct materials used } & 160,000 \\\text { Direct labour } & 100,000\end{array}$ What is the cost of goods manufactured for February?

Which of the following items would NOT be classified as part of factory overhead of a firm that makes sailboats?

When does cost of goods sold equal cost of goods manufactured?

Which of the following would NOT be a cost that could be directly traced to a custom piece of furniture based upon physical observation?

Which of the following activities is NOT associated with the cost management information system?

Which is not a production cost?

According to the Institute of Management Accountants,which of the following sets of standards is included in the standards of ethical conduct for management accountants?

In resolving an ethical conflict,which of the following would NOT be appropriate?

What is comparing actual quality costs with planned quality costs an example of?

In a company that supplies garlic bread to pizza restaurants,which of the following would be considered an input?

Information from the records of the Tyler Enterprises for March is as follows: $\begin{array} { l r } \text { Sales } & \$ 41,000 \\\text { Direct labour } & 10,000 \\\text { Selling and administrative expenses } & 7,000 \\\text { Direct materials purchases } & 6,000 \\\text { Factory averhead } & 13,500\end{array}$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$$\text { Inventories }$ $\begin{array}{lcc}& \underline{\text { March 1 }}&\underline{\text { March 31}}\\ \text { Direct materials } & \$ 1,200 & \$ 1,400 \\\text { Work in process } & 2,500 & 2,800 \\ \text { Finished goods } & 2,300 & 1,900 \\\end{array}$ -Refer to the figure.What is the gross margin (profit) ?