Question 1

A manufacturing company has a beginning finished goods inventory of $28,300,cost of goods manufactured of $58,500,and an ending finished goods inventory of $27,600.The cost of goods sold for this company is:

Accepted Answer

A)  $114,400.
B)  $57,800.
C)  $2,600.
D)  $86,100.
E)  $59,200.F) All of the above
G) B) and E)

Question 2

An internal control system consists of the policies and procedures managers use to do all of the following except:

Accepted Answer

A)  Urge adherence to company policies.
B)  Promote efficient operations.
C)  Ensure reliable accounting.
D)  Determine pricing for products.
E)  Protect assets.F) A) and B)
G) A) and C)

Question 3

Which of the following is not part of the production activity in the flow of manufacturing activities?

Accepted Answer

A)  Beginning Work in Process Inventory
B)  Cost of goods manufactured
C)  Direct labor
D)  Factory overhead
E)  Total finished goods available for saleF) None of the above
G) D) and E)

Question 4

Last year,Flash Company sold 15,000 units of its only product.If sales decreased by 17% in the current year,how will total variable cost and total fixed cost be affected?

Accepted Answer

A)  Choice A
B)  Choice B
C)  Choice C
D)  Choice D
E)  Choice EF) B) and C)
G) C) and D)

Question 5

Factory overhead includes selling and administrative expenses because they are indirect costs of a product.

Accepted Answer

A) True 
 B)False

Exam 18: Managerial Accounting Concepts and Principles

Last year,Flash Company sold 15,000 units of its only product.If sales decreased by 17% in the current year,how will total variable cost and total fixed cost be affected?

Correct Answer
verified

Factory overhead includes selling and administrative expenses because they are indirect costs of a product.

Correct Answer
verified

A manufacturing company has a beginning finished goods inventory of $28,300,cost of goods manufactured of $58,500,and an ending finished goods inventory of $27,600.The cost of goods sold for this company is:

Correct Answer
verified

Which of the following is not part of the production activity in the flow of manufacturing activities?

Correct Answer
verified

An internal control system consists of the policies and procedures managers use to do all of the following except:

Correct Answer
verified

Exam 18: Managerial Accounting Concepts and Principles

Last year,Flash Company sold 15,000 units of its only product.If sales decreased by 17% in the current year,how will total variable cost and total fixed cost be affected?

Correct AnswerverifiedShow Answer

Factory overhead includes selling and administrative expenses because they are indirect costs of a product.

Correct AnswerverifiedShow Answer

A manufacturing company has a beginning finished goods inventory of $28,300,cost of goods manufactured of $58,500,and an ending finished goods inventory of $27,600.The cost of goods sold for this company is:

Correct AnswerverifiedShow Answer

Which of the following is not part of the production activity in the flow of manufacturing activities?

Correct AnswerverifiedShow Answer

An internal control system consists of the policies and procedures managers use to do all of the following except:

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
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