List the four standards of ethical conduct for management accountants. For each
ID: 2401718 • Letter: L
Question
List the four standards of ethical conduct for management accountants. For each standard, give an example that demonstrates compliance with that standard.
Which of the following is not an inventoriable cost of a manufacturer?
Property taxes on plant
Exceptional Manufacturing Co. wants to classify costs for the product produced at its facility. The company produces only one product at the facility and operates continually. The cost categories are:
Product cost
Prime cost
Conversion cost
Period cost
The following costs are found in the accounting records:
a. Quality control inspection wages
b. Raw material purchases
c. Sales commissions
d. Factory depreciation
e. Assembly wages
Required:
Assign each of the above costs to the most appropriate cost categories. Note costs can belong to more than one category.
Sales commissions paid to sales representatives who sell the products made by the manufacturerExplanation / Answer
Q1. Answer is Sales commission paid to sales representatives who sell the product made by manufacturer. Q2. Cost Cost categories a. Quality control inspection wages Product cost and conversion cost b. Raw material purchases Product cost and Prime cost c. Sales commission Period cost d. Factory depreciation Product cost and conversion cost e. Assembly Wages Product, Prime cost and Conversion cost
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