Determ ine wheth er each sentence is True or False Managerial accounting information pertains to subunits of the business highly aggregated. O True O False Man ufacturing costs that cannot be classified as direct materials or d are classified as manufacturing overhead. O Tru e
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- Managerial Accounting - TRUE OR FALSE All non-manufacturing costs are recorded as an expense in the income statement in the period incurred.1. Which one of the following could not be used to describe a summary of a company's assets, liabilities, and capital at a specific date?a. Profit and loss accountb. Balance sheetc. Position statementd. Statement of financial condition 2. All indirect factory costs are recorded under the costing head?a. Prime costb. FOH costc. Direct labor costd. None of the aboveCost accounting looks at the company as a whole and not at the various units, jobs or processes. Select one: True False
- For a manufacturing entity, which of the following is treated as business expense? a. Raw materials b. Labor c. Factory overhead d. None of the above e. All of the aboveMatch each of the following phrases with the term that it most closely describes. Typically used by companies whose products are indistinguishable from each other Stock ledger Applied overhead is less than actual overhead incurred Overapplied overhead Process cost system Underapplied overhead Activity-based costing Materials ledger Job order cost system Finished goods ledger1. Product costs are expensed on the balance sheet statement in the period incurred (true or false). 2. Direct labor is period Cost (true or false) 3. Non-manufacturing costs are not treated as period costs (true or false)
- In Classification Of Cost, What Is A Business Situational Example of the ff: By Nature Or Traceability: Direct Costs & Indirect Costs By Functions By Behavior: Fixed, Variable, Semi-Variable By Control Ability: Controllable & Uncontrollable Costs By Normality: Normal Costs & Abnormal Costs By Time: Historical Costs & Predetermined Cost By Decision Making CostsStatement 1: Cost Accounting relates to the conventional costing methods and techniques in accumulating the cost of a product, process, project or service, including both product and period cost in accumulating cost.Statement 2: Cost Accounting aims to reflect the correct complete financial picture/information of the entity to the different shareholders. a. Statement 1 is False, Statement 2 is True b. Statement 1 is True, Statement 2 is False c. Both statements are true d. Both statements are false1. 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?
- 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. FalseTraditional overhead allocations result in which of the following situations? a. Overhead costs are assigned as period costs to manufacturing operations. b. High-volume products are assigned too much overhead, while low-volume products are assigned too little overhead. c. Low-volume products are assigned too much overhead, while high-volume products are assigned too little overhead. d. The resulting allocations cannot be used for financial reports.Cost accounting is an area of accounting concerned with cost determination, cost control and cost analysis. Which of the following is a description of cost control? a. Refers to the use of cost data by management in decision making. b. None of the above c.Refers to the comparison of standards set for costs per unit and with the figures per actual operations so that remedial measures may be adopted if needed. d.Refers to the accumulation of cost data by products, process or services to be able to arrive at a unit cost.