5 Easy Multiple Choice Questions. Correct Answers Needed To Compare 12) The foll
ID: 2451643 • Letter: 5
Question
5 Easy Multiple Choice Questions. Correct Answers Needed To Compare
12) The following information is available about the August transactions of the Helpful Tool Company:
a.$493,000.
b.$737,000.
c.$718,000.
d.$739,000.
*
13) In comparison with a financial statement prepared in conformity with generally accepted accounting principles, a managerial accounting report is less likely to:
a.Focus upon the entire organization as the accounting entity.
b.Focus upon future accounting periods.
c.Make use of estimated amounts.
d.Be tailored to the specific needs of an individual decision maker.
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14) Which of the following is not one of the three types of inventories of a manufacturing company?
a.Raw materials inventory.
b.Work in process inventory.
c.Product inventory.
d.Finished goods inventory.
*
15) Debits to the Manufacturing Overhead account record:
a.The actual amounts of overhead costs incurred during a period.
b.The amount of overhead applied to production during a period.
c.The amount of overhead incurred on a specific job.
d.All conversion costs of a period.
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16) The method used by managers when comparing unit costs with budgeted costs or other measures is broadly known as:
a.Sales management.
b.Cost control.
c.Employee evaluation.
d.Account reconciliation.
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17)The type of cost accounting system best suited to a particular company depends on:
a.The nature of the company's manufacturing operations.
b.The requirements set forth by the FASB.
c.Government regulations.
d.The type of cost drivers available.
Explanation / Answer
answer 12
amount to be deducetd is Cost of Goods Sold $739000
answer 13
d.Be tailored to the specific needs of an individual decision maker
answer 14
option c ie product inventory
answer 15
The actual amounts of overhead costs incurred during a period
answer 16
Cost control.
answer 17
The nature of the company's manufacturing operations.
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