1. A is defined as a business that does work for a customer and occasionally provides goods, but is not involved in manufacturing. O C. Service Industry O B. Process O A. Product Industry O D. people 2. Service Industry considered of 3Ps, which is not beong? O A. People O B. Place O C. Physical evidence O D. Process

1. A is defined as a business that does work for a customer and occasionally provides goods, but is not involved in manufacturing. O C. Service Industry O B. Process O A. Product Industry O D. people 2. Service Industry considered of 3Ps, which is not beong? O A. People O B. Place O C. Physical evidence O D. Process

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter2: Building Blocks Of Managerial Accounting

Section: Chapter Questions

Problem 5MC: Which of the following represents the components of the income statement for a manufacturing...

See similar textbooks

Similar questions

Which of the following accounts does a manufacturing company have that a service company does not have? a. Advertising Expense b. Salaries Payable c. Cost of Goods Sold d. Retained Earnings
Match each of the following types of companies with its definition. Types of Companies Definitions 1. Service company 2. Merchandising company 3. Manufacturing company a. Purchases goods that are primarily in finished formfor resale to customers.b. Records revenues when providing services tocustomers.c. Produces the goods they sell to customers.
1.) Explain one difference between manufacturing and merchandising business.2.) Why is it that product costs are distinguished from period costs? 3.) Explain why financial statement analysis is important.
_____________ is devoted to providing information to the external users. a. Cost Accounting b. None c. Financial Accounting d. Management Accounting
1. State whether the following questions is True (T) or False (F): a. Cost accounting looks at the company as a whole and not at the various units, jobs or processes. b. Financial accounting is concerned with how and why profits arise. c. Cost accounting depends entirely on historical information.
Answer: 1. How does the cost accounting function assist in the management of the business? 5. How do the activities of manufacturers, merchandisers and service business differ? 7. How is cost accounting information used by management? 8. Why is unit cost information important to management?
Which of the following accounts does a manufacturing company have that a service company does not have? Advertising Expense Salaries Payable Cost of Goods Sold Retained Earnings
The statement of financial position and the balance sheet are synonyms. Select one: a. False b. True Refers to the recording, presentation, and analysis of manufacturing costs. Select one: a. No correct answer b. Financial Accounting c. Auditing d. Cost Accounting Accounting deals with quantifiable information. Select one: a. True b. False
Please select the aspect of accounting associated with the following activities 1. analyzing and interpreting reports 2. Presenting financial information 3.maintaining a log of service costs 4. Measuring the costs of a product 5. Preparing financial statements 6. Establishing revenues generated from a product 7.determining employee tasks behind a service
All of the following are examples of managerial accounting activities except ________. A. preparing external financial statements in compliance with GAAP B. deciding whether or not to use automation C. making equipment repair or replacement decisions D. deciding whether or not to use automation
Which of the following represents the components of the income statement for a manufacturing business? A. Sales Revenue - Cost of Goods Sold = gross profit B. Service Revenue - Operating Expenses = gross profit C. Service Revenue - Cost of Goods Manufactured = gross profit D. Sales Revenue - Cost of Goods Manufactured = gross profit
1. Distinguish between financial and managerial accounting for (a) first users of reports, (b) types and frequency of reports, and (c) purpose of reports. 2. How are manufacturing costs classified?