1. All of the following are steps outlined by the Institute of Management Accountants (IMA) for
resolving ethical conflicts except:
A. None of these
B.
... [Show More] following the policies of the organization for resolving ethical conflicts
C. consulting an objective advisor such as an attorney
D. bringing the matter to the attention of local news agencies
E. presenting the matter to the audit committee, if a satisfactory resolution is not reached by
all higher levels of management
All of the following are examples of managerial accounting information except:
a. monthly income statement for each store
b. monthly analysis of product profitability
c. None of these
d. budget versus actual reports
e. annual balance sheet prepared in accordance with US GAAP
Direct labor costs related to production are:
a. included in manufacturing overhead
b. expensed when the products are sold
c. expensed in the period in which they are incurred
d. period costs
e. None of these
Which of the following is classified as a general and administrative expense?
A. utility costs for the production facility
B. salaries of sales personnel
C. salaries of production supervisors
D. None of these
E. salaries of human resource department personnel
Costs of completed but unsold products would be found in which account?
Select one:
A. work in process inventory
B. cost of goods sold
C. raw materials inventory
D. None of these
E. finished goods inventory
All of the following are included in Balance Sheet accounts containing product costs except:
A. cost of goods manufactured
B. None of these
C. raw materials
D. work in process inventory
E. cost of goods soldAll of the following are examples of firms who would use job costing except:
a. None of these
b. a sport drink manufacturing company
c. an interior designing firm
d. an automobile repair business
e. a custom sailboat builder
All of the following are reasons that managers track revenues and costs using a job costing
system except:
a. managers compare actual costs with estimated costs throughout the project to
identify unexpected changes as early as possible
b. None of these
c. managers access the accuracy of original cost estimates
d. managers want to know if individual jobs are profitable
e. managers use the information to record product costs as period costs
Process costing is best described by which statement?
A. None of these
B. units produced in a process costing system are unique and are produced individually
C. there cannot be any beginning or ending work in process inventory with process costing
D. product costs are tracked by department and assigned to products passing through each
department
E. only direct materials and manufacturing overhead are assigned to products under process
costing
To record wages owed to the production supervisor, the following account should be debited
(increased):
A. None of these
B. wages expense
C. work in process inventory
D. wages payable
E. manufacturing overhead [Show Less]