Indicate whether the statement is true or false. Period costs are those costs associated with the manufacture of goods

ID: A BUSN 314 Managerial Accounting/Exam I -Chapter Prologue and 1 / Fall 2017 True/False Indicate whether the statement is true or false 1. Period costs are those costs associatod with the manufacture of goods or the providing of services. 2. All manufacturing costs are classified as direct materials, direct lbor, or overhead. --3. Cost of goods sold is the total product cost of the units sold daring a period. Direct materials can be directly traced to the goods or services being produced. 5. Direct costs are those costs that can be easily and accurately traced to a cost object 4. Multiple Choice Identify the choice that best completes the statement or answers the question. 6. Which of the following is an example of the management activity referred to as planning? a. Developing a strategy of disposing of hazardous waste. b. The decision to eliminate an unprofitable segment of an organization. c. The decision to outsource an organizations peyroll processing. d. All of these The controller of an organization participates in a. planning b. controlling c. decision making d. all of these 7. 8. Management accounting reports are prepared to meet the needs of decision makers within the firm. a. b. c. according to guidelines prepared by the Securities and Exchange Commission. d. according to financial accounting standards a. to provide whenever stockholders request them. objective of management accounting is 9. The primve stockholders and potential investors with useful information for decision making. to provide b. c. d, rovide management with information useful for planning and control of operations. to provide the Internal Revenue Service with information about taxable income. to

Indicate whether the statement is true or false. Period costs are those costs associated with the manufacture of goods or the providing of services. All manufacturing costs are classified as direct materials, direct labor, or overhead. Cost of goods sold is the total product cost of the units sold during a period. Direct materials can be directly traced to the goods or services being produced. Direct costs are those costs that can be easily and accurately traced to a cost object. Multiple Choice Identify the choice that best completes the statement or answers the question. Which of the following is an example of the management activity referred to as planning? a. Developing a strategy of disposing of hazardous waste. b. The decision to eliminate an unprofitable segment of an organization. c. The decision to outsource an organization’s payroll processing. d. All of these The controller of an organization participates in a. planning b. controlling c. decision making d. all of these Management accounting reports are prepared a. to meet the needs of decision makers within the firm. b. whenever stockholders request them. c. according to guidelines prepared by the Securities and Exchange Commission. d. according to financial accounting standards The primary objective of management accounting is a. to provide stockholders and potential investors with useful information for decision. making. b. to provide banks and other creditors with information useful in making credit decisions. c. to provide management with information useful for planning and control of operations. d. to provide the Internal Revenue Service with information about taxable income.

Expert Answer

Ans 1 False

Product cost are those cost which are associated with manufacture of goods or the providing of services.

Ans 2 True

Ans 3 True

ANs 4 True

Ans 5 True

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