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Classes 6 to 12 students need to have a great practice of all the concept and one of the best ways to achieve the same is Teachlearnweb provides free NCERT solutions for math, science class 10, 9, 8, 7, 6 NCERT solutions are prepared by experts. Companies normally incur significant downstream costs. To be profitable, companies must recover the total cost of developing, producing, and delivering products.
Pricing decisions must consider both upstream and downstream costs in addition to manufacturing costs.
Upstream and downstream costs are reported as product costs on the income statement. Select the incorrect statement regarding service companies. Because service companies do not carry inventory, it is impossible to determine product costs. Because the products of service companies are consumed immediately, there is no finished goods inventory on their balance sheets.
Managers of service companies are expected to control costs, improve quality, and increase productivity just like managers of manufacturing companies. Material, labor, and overhead costs of service companies are treated as period costs.
Identify the false statement regarding how product costs in a manufacturing company differ from product costs in a service or merchandising company. Both manufacturing companies and service companies incur costs for supplies. Manufacturing companies accumulate product costs in inventory accounts, while service companies do not. Products of service companies such as restaurants are consumed immediately.
Most labor costs for merchandising companies are treated as product costs. Costs associated with holding inventory often include: A company that uses a just in time inventory system: The company produced 2, units of product and sold 1, of them during the year.
In the year in which the mistake was made: Assuming a company's inventory increased during the period, which of the following misclassifications may increase net income?
Recording administrative salaries as a product cost B. Recording depreciation on production equipment as an expense C. Expensing raw material costs instead of including them in inventory D. Recording depreciation on production equipment as an expense and Expensing raw material costs instead of including them in inventory During her first year with the company, Ann mistakenly accumulated some of the company's period costs in ending inventory.
Which of the following indicates how this error affects the company's financial statements assuming number of units produced exceeded number of units sold during the period? Cash flows from operations are understated.
Gross margin is unaffected. Net income is overstated. Inventory is understated. If a company misclassifies a general, selling and administrative cost as a product cost in a period when production exceeds sales: Both net income will be overstated and gross margin will be understated. Which of the following is not a reason management might be tempted to classify costs as assets rather than expensing them during periods in which production exceeds sales?
The company's bank may be more likely to extend financing to the firm. Income taxes will be lower. Net income will be higher. Management bonuses may be higher. Certified Management Accountants CMA must complete a specified number of continuing professional education credits each reporting period.
Which of the four standards of ethical conduct issued by the Institute of Management Accountants likely motivated this requirement? Confidentiality B. Competence C.
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Integrity D. Which of the following is not one of the four Standards of Ethical Conduct for Management Accountants? Credibility B. Confidentiality C. Independence As a Certified Management Accountant, Suzanne is bound by the standards of ethical conduct issued by the Institute of Management Accountants. During the course of business, Suzanne learned that her company has decided to discontinue a major product line.
If she mentions this fact to her brother, who is a stockbroker, Suzanne could be in violation of the: As a Certified Management Accountant, Derek is bound by the standards of ethical conduct issued by the Institute of Management Accountants. According to the standards, Derek has a responsibility to: As a Certified Management Accountant, Grace is bound by the standards of ethical conduct issued by the Institute of Management Accountants.
If she accepts an expensive gift from a vendor trying to win a contract with her firm, which of the following standards will she violate? Integrity B.
Competence D. Objectivity Which of the following is not a provision of the Sarbanes-Oxley Act of ? The chief executive officer and the chief financial officer are jointly responsible for establishment and enforcement of internal controls. Companies are required to report on the effectiveness of their internal controls.
The company's external auditor is charged with the ultimate responsibility for the accuracy of the company's financial statements and accompanying footnotes. The company's external auditors are required to attest to the accuracy of the internal controls report. Which of following practices is not considered an effective means of reengineering business systems? Identifying the best practices used by world-class competitors B. Improving the accuracy of cost allocations C.
Increasing non-value added activities D. All of these are effective means of reengineering business systems.
Solutions by Chapter
Levenworth Company incurs unnecessary costs each period because of the excess quantities of inventory maintained to meet unexpected customer demand. The costs of inventory financing, storage, supervision, and obsolescence could most likely be reduced by which of the following practices?
Activity-based costing B. Just-in-time inventory C. Total quality management D. Benchmarking During which of the following activities, value is considered to be added to a product or service takes place?
Process time B. Move time C. Inspection time D. Rework time Which of the following best represents a characteristic of managerial accounting? Information is historically based and reported annually. Information is based on estimates and is bounded by relevance and timeliness.
Information is regulated by the Securities and Exchange Commission. Information is characterized by reliability and objectivity. Which of the following statements concerning manufacturing costs is incorrect?
All salaries incurred by the sales department are expensed as incurred. Direct labor costs are recorded initially in an inventory account. Depreciation on manufacturing equipment is a period cost. The cost of direct materials can be readily traced to products.
Steuben Company produces dog houses. During , Steuben Company incurred the following costs: Wages paid to factory machine operators in producing the dog houses should be categorized as: Based on the above information, which of the following would not be treated as a product cost: The benefits of a just-in-time system would include all of the following except: The Sarbanes Oxley Act of A systematic problem-solving philosophy that encourages front line workers to achieve zero defects is known as: Randall Company manufactures chocolate bars.
The following were among Randall's manufacturing costs: Randall's direct labor costs amounted to: Randall's direct materials amounted to: Which of the following items would be reported directly on the income statement as a period cost?
Selling and administrative salaries B. Cost of lubricant for oiling machinery C. Wages paid to machine operators D. Managerial accounting systems consider economic and non-financial data as well as financial statement data.
Table of Contents
True False Most internal users of accounting information need primarily global information that reflects the performance of the company as a whole. Senior executives focus on financial data when comparing the performance of their companies to that of competitors. Managerial accounting is designed to satisfy needs of external users including creditors, investors, and governmental agencies.
Managerial accounting focuses primarily on the performance of the company as a whole. Product costs include materials, labor, and selling and administrative costs. Average costs are used for internal decision-making, but actual costs are required for calculating cost of goods sold. The biggest challenge in computing the total cost per unit of a product is determining the amount of overhead cost that should be assigned to each unit.
Distinguishing between product and period costs is sometimes guided by the value-added principle.
Period costs are initially recorded in asset accounts and are later expensed in the period when the related units are sold. Product costs are immediately recorded in expense accounts when the products are manufactured.
Costs that are not classified as product costs are normally expensed in the period incurred. A company uses sandpaper to prepare its product for finishing. Most manufacturers would classify the sandpaper as direct material because it is physically consumed in the production process.
Cash paid to production workers should be recorded as Wages Expense in the income statement for the period incurred. For a manufacturing company, both direct labor costs and indirect labor costs are classified as product costs.
Product costs flow from the balance sheet to the income statement. Unlike direct material and direct labor costs, overhead costs must be allocated to products. Depreciation on manufacturing equipment is an indirect product cost, while depreciation on office equipment is a period cost. Upstream costs are classified as product costs and downstream costs are classified as period costs for financial reporting purposes. All costs incurred prior to delivery of the product to the customer are referred to as upstream costs.
Transportation costs incurred to transfer products to customers are downstream costs. Unlike manufacturers, service companies do not have an inventory of products.
The primary difference between manufacturing companies and service companies is that the products provided by service companies are consumed immediately. A just-in-time system can lower inventory holding costs and increase customer satisfaction.
The objective of a just-in-time inventory system is to totally eliminate all inventories. Just in time systems can be used by both manufacturing and merchandising companies.
A potential negative effect of using a just in time inventory system is the immediate impact of labor strikes on the transportation system such as railroad. Costs associated with holding inventory include hidden costs, such as low employee motivation.
Because management accountants prepare and analyze financial information used by company decision-makers, they are considered to be at the forefront of corporate governance. Assuming that the number of units produced exceeds the number of units sold, misclassifying period costs as product costs will overstate net income relative to what net income would be without this error.
Misclassifying a product cost as a period cost will usually cause the income statement to be incorrect, but the balance sheet will not be affected. Misclassifying a period cost as a product cost will usually correct itself in the following period. If product costs are misclassified as selling costs, the cost per unit will be understated. With respect to income taxes, managers would prefer to classify costs as assets rather than expenses.
The four Standards of Ethical Conduct for Management Accountants relate to competence, confidentiality, integrity, and objectivity. Her superior has asked her to try to influence the firm's outside auditors with expensive gifts and favors.
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Hit a particularly tricky question?The sequence of activities through which an organization provides products to its customers is called a supply chain. Since the total rental cost increases proportionately with the number of stores in operation, it is a variable cost. Revision boos for some subjects are available to download which provides good quality of questions for practice. Outliers in the data set can skew the cost estimates. When too many are produced, the company will incur expenses due to waste.
It is the result of fixed cost behavior and measures the extent to which fixed costs are being used. A variable cost is a cost that in total changes directly and proportionately with changes in volume of activity but on a per unit basis is constant as volume of activity changes.
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