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Exam 16: Introduction to Managerial Accounting

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Question 81

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The income statement of a service company will most likely include ________.

A) salaries expense
B) factory overhead
C) cost of goods sold
D) direct materials

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Question 82

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The accountant for Myra Lido deliberately recorded operating expenses as operating assets in order to record a higher net income for the company.As long as the amount of the misstatement was not material,this would not be considered unethical behavior.

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Question 83

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Which of the following functions might be classified as a staff position as opposed to a line position?

Costs are transferred from the balance sheet to the income statement as cost of goods sold when ________.

Repair and maintenance costs of vehicles used to deliver products to customers are product costs.

Arturo Manufacturing,Inc.provided the following information for the year: How much is the cost of goods manufactured?

Which of the following is true of product costs?

The entire sequence of activities that add value to a company's products and services is called ________.

Yoga Universe,Inc.is a fitness center in Tampa,Florida.In October,the company earned $550,000 in revenues and incurred the following operating costs from 340 customers: Required: Prepare Yoga Universe's income statement for the month of October,2019.

Financial accounting prepares reports for internal purposes,whereas managerial accounting provides information to external stakeholders.

Argento Supplies,Inc.selected cost data for the year are shown below: Assuming manufacturing overhead costs of $27,800,what is the amount of direct labor incurred by Argento Supplies,Inc.during the year?

Freight costs paid to ship raw materials to a company warehouse are considered product costs.

Accuracy Accounting,Inc.sells accounting textbooks.The following information summarizes Accuracy Accounting's operating activities for the year: Required: Prepare Accuracy Accounting,Inc.'s income statement for the year ended December 31.

Which of the following would be included as indirect manufacturing costs for a manufacturing company?

Monitoring operations and keeping the company on track is part of the ________.

A manufacturer produced 7,500 total units.The cost of goods manufactured is $88,000 and the cost of goods sold is $71,000.The unit product cost is $9.47.

In order to reach new markets,many companies are moving operations to other countries.

Manufacturing costs flow from Work-in-Process Inventory to Cost of Goods Sold to Finished Goods Inventory.

Miguel,a manager for Sierra Company,is inspecting the reports provided by his company's accounting department.He wants to decide how to schedule his department's employees in production next week.Miguel is examining ________.

Value added activities which begin in research and development through product design and production are called ________.