39. Managerial accounting information is generally prepared for a.stockholders b

Question

39.
Managerial accounting information is generally prepared for
a.stockholders
b.creditors
c.managers
d.regulatory agencies.

40.
Materials requisition slips are costed
a.by production supervisors.
b.by factory personnel who work on the production line.
c.after the goods have been sold.
d.using any of the inventory costing methods.

42.
Which one of the following best describes a job cost sheet?
a.It is a form used to record the costs chargeable to a specific job and to determine the total and unit costs of the completed job.
b.It is used to track manufacturing overhead costs to specific jobs.
c.It is used by management to understand how direct costs affect profitability.
d.It is a daily form that management uses for tracking worker productivity on which employee raises are based.

43.
After all postings have been completed, the sum of the balances in the raw materials subsidiary ledger should equal the
a.balance in the Raw Materials Inventory control account.
b.cost of materials charged to Work in Process Inventory.
c.cost of materials purchased.
d.cost of materials placed into production.

44.
The principal difference between a merchandising and a manufacturing income statement is the
a.cost of goods sold section.
b.extraordinary item section.
c.operating expense section.
d.revenue section.

45.
The flow of costs in a job order cost system
a.involves accumulating manufacturing costs incurred and assigning the accumulated costs to work done.
b.cannot be measured until all jobs are complete.
c.measures product costs for a set time period.
d.generally follows a LIFO cost flow assumption.

Explanation / Answer

c.managers. a.by production supervisors. c.It is used by management to understand how direct costs affect profitability. a.balance in the Raw Materials Inventory control account. a.cost of goods sold section. a.involves accumulating manufacturing costs incurred and assigning the accumulated costs to work done.

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