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    Managerial accounting: 9 multiple choice questions

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    11. Which of the following represents the correct order in which inventories are reported on a manufacturer's balance sheet?
    a. Raw materials, work in process, finished goods
    b. Work in process, finished goods raw materials
    c. Finished goods, work in process, raw materials
    d. Work in process, raw materials, finished goods

    12. What is 'balanced'in the balanced scorecard approach?
    a. The number of products produced
    b. The emphasis on financial and non-financial performance measurements
    c. The amount of costs allocated to products
    d. The number of defeats found on each product

    13. Which of the following is not part of managerial accounting?
    a. Determining whether planned goals are being met
    b. Reporting financial information to the shareholders
    c. Calculating product costs
    d. Controlling costs

    14. Which description identifies financial statements that are prepared for external users?
    a. External reports
    b. Special-purpose
    c. User-specific
    d. General-purpose

    15. For what purpose did the U.S. Congress enact the Sarbanes-Oxley Act?
    a. To control costs
    b. To increase profits
    c. To prevent theft
    d. To prevent lapses in internal control

    16. Which one of the following shows the delegation of responsibility within a company?
    a. Authority outline
    b. Organization chart
    c. Company's charter
    d. Sarbanes-Oxley Act

    17. A company uses sandpaper in its production process. How is the cost of the sandpaper classified?
    a. Miscellaneous expense
    b. A direct material
    c. A period cost
    d. An indirect material

    18. Which one of the following costs are inventoriable?
    a. Indirect material costs
    b. Administrative costs
    c. Period costs
    d. Selling costs

    19. How does a manufacturing company report cost of goods manufactured?
    a. As a current asset on the balance sheet
    b. As a component of the raw materials inventory on the balance sheet
    c. As a component in the calculation of cost of goods sold on the income statement
    d. As an administrative expense on the income statement

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    Solution Preview

    11. Which of the following represents the correct order in which inventories are reported on a manufacturer's balance sheet?
    a. Raw materials, work in process, finished goods

    12. What is 'balanced' in the balanced scorecard approach?
    b. The emphasis on financial and non-financial performance measurements
    ( It focuses ...

    Solution Summary

    Response discusses the Managerial accounting: 9 multiple choice questions

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