Managerial Accounting - TRUE OR FALSE All non-manufacturing costs are recorded as an expense in the income statement in the period incurred.
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- 1. 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)Determining the unit cost of manufacturing a product is an output of financial accounting. True False1.An accounting system used to forecast earnings. 2.A costing method that determines the overhead and indirect costs of related products and services. Identify and explain the costing methods ..Explain the pros and cons of both methods.
- 1. 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?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 aboveOn the Income Statement for a manufacturing firm, operating expenses would include a line item for "Direct Labor Expense". True False
- Non-manufacturing costs are recognized as an expense in the income statement for the period in which they are incurred.1. State whether the following questions is True (T) or False (F): a. Cost accounting looks at the company as a whole and not at the various units, jobs or processes. b. Financial accounting is concerned with how and why profits arise. c. Cost accounting depends entirely on historical information.For external reporting purposes, costs must be classified into only three categories. (2) Cost of goods manufactured represents the cost of direct materials, direct labor, and overhead incurred during the current accounting period. a. BOTH statements are FALSE b. BOTH statements are TRUE c. 1st statement FALSE d. 1st statement TRUE
- A product cost is Oa. shown with operating expenses on the income statement Ob. shown with current liabilities on the balance sheet Oc. expensed in the period in which the product is manufactured Od. expensed in the period the product is soldRefers to the recording, presentation, and analysis of manufacturing costs. Select one: a. No correct answer O b. Financial Accounting O c. Auditing O d. Cost AccountingWhen is manufacturing overhead underapplied? When is it overapplied? ( in Managerial Accounting )