ACC 400 FINAL EXAM

ACC  400 FINAL EXAM

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1.	Which of the following is not a characteristic of managerial accounting?    A.  Reports are used primarily by insiders rather than by persons outside of the business entity. B.  Its purpose is to assist managers in planning and controlling business operations. C.  Information must be developed in conformity with generally accepted accounting principles or with income tax regulations. D.  Information may be tailored to assist in specific managerial decisions.
2.	In comparison with a financial statement prepared in conformity with generally accepted accounting principles, a managerial accounting report is less likely to:    A.  Focus upon the entire organization as the accounting entity. B.  Focus upon future accounting periods. C.  Make use of estimated amounts. D.  Be tailored to the specific needs of an individual decision maker.
3.	Alton Company produces metal belts. During the current month, the company incurred the following product costs: Raw materials $100,000 Direct labor $75,000 Electricity used in the Factory $25,000 Factory foreperson salary $3,750 Maintenance of factory machinery $2,000 Alton Company's total product costs: A.  $175,000. B.  $30,750. C.  $205,750. D.  $28,750. Particulars Amount Raw materials  $      1,00,000 Direct labor  $          75,000 Electricity used in the Factory  $          25,000 Factory foreperson salary  $            3,750 Maintenance of factory machinery  $            2,000 Total product cost  $      2,05,750
4.			Objectives of a cost accounting system What are the major objectives of a cost accounting system in a manufacturing company?    Solution: There are 2 most important management objectives: to make available managers with useful in sequence for planning and cost be in charge of functions and to settle on unit manufacturing costs. A manufacturing corporation usually uses an accomplished job cost sheet which contains a Cost Summary and Unit Costs. This contain the total and unit costs of the following: Direct materials is the raw material utilized in production whose cost or expenses are directly identify or traceable to the products manufactured Direct labor is take-home pay and other payroll costs of workers whose efforts are directly perceptible to the products they contrived Manufacturing overhead is a catch all classification, which includes all manufacturing costs other than the costs of direct materials and direct labor.
		Sue's Soup Products uses a process costing system with two processing departments: the Mixing and Cooking Department and the Canning Department. Work in process inventories are reduced to zero each month. In March, the Mixing and Cooking Department incurred manufacturing costs of $63,000 to mix 42,000 gallons of soup. The Canning Department incurred manufacturing costs of $9,000. A total of 170,000 cans of soup were transferred to the finished goods warehouse during the month.