Q1. An activity that provides financial and economic information to managers and other internaldecision- makers of an organization is calledAnswer:A. Financial AccountingB. Managerial AccountingC. AuditingD. Cost AccountingQ2. The three basic elements of a cost of a manufactured product areAnswer:A. Direct material, Work-in –Process inventory, Finished goods inventoryB. Indirect material, indirect labor, Manufacturing overheadC. Direct Material, Direct Labor, Manufacturing overheadD. Raw material inventory, Work-in-Process inventory, Finished goods inventoryQ3. The source document for recording the transfer of raw materials to work in process account.Answer:A. Predetermined MOH rateB. Time ticketC. Material requisition slipD. Job cost sheet

a) An activity that provides financial and non-financial information to managers and other internal…

Answered: anagerial Accounting uditing ost…

Business

Accounting

anagerial Accounting uditing ost Accounting

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter2: Basic Managerial Accounting Concepts

Section: Chapter Questions

Problem 2MCQ: Product (or manufacturing) costs consist of a. direct materials, direct labor, and selling costs. b....

See similar textbooks

Related questions

Q: Describe rules-based accounting standards.

A: Financial accounting is the process of recording, summarizing, and reporting all the transactions in…

Q: Describe the basic accounting information system.

A: Definition: Accounting information system: An accounting information system is a system that is…

Q: describe accounting as an information system

A: Accounting as an Information System An Accounting as an information system is the system of storing,…

Q: Describe the conceptual framework of accounting principles.

A: The conceptual framework can be defined as a system of ideas and objectives that lead to the…

Q: difference between financial accounting and management accounting

A: Financial accounting is the process of collecting data to create financial statements. Managerial…

Q: cial/accounting information in terms of ALSE

A: The given statement is FALSE .

Q: Basic purpose of accounting

A: There are two basic purpose of Accounting they are 1. Ascertaining Financial results (Profit ans…

Q: Role of Accounting

A: Accounting: Accounting is a process of collecting and organizing financial transactions, analyzing,…

Q: Fince/accounting

A: Bonds are converted into number of shares and these are called as convertible bonds. On MATURITY…

Q: Accounting Explne

A: The business maintains its records in the form of accounting. The business being small or larger, it…

Q: Branches of accounting

A: In accounting, there are many branches of accounting. Some of the main important branches of…

Q: The area of accounting concerned with providing internal users with information is called O a.…

A: There are mainly two types of users of accounting information - the external and . The external…

Q: What is accounting base on

A: The term that is related to the recording of the business transactions, summarizing the data, and…

Q: Distinguish between financial accounting and management accounting.

A: Managerial accounting: Management accounting is a practice whereby management reports and accounts…

Q: Accounting as a social science is viewed as information system.

A: Accounting is a social science because it employs a set of knowledge and methods to describe recent…

Q: explain the purpose and importance of accounting

A: 1. The purpose of Accounting : The purpose of accounting is to gather and report on financial…

Q: Explain accounting domain with example

A: Accounting domain is the wide range of accounting including its all branches like financial…

Q: Evaluate the importance of accounting for accounting information users.

A: 1. Management 2. Shareholders 3. Creditors 4. Lender 5. Government & Regulators 6. Employees

Q: Describe the ethics in accounting.

A: Accountants and the accountancy profession exist as a means of public service; the distinction which…

Q: About accounting

A: Financial Accounting- Financial accounting is the process of documenting, compiling, and disclosing…

Q: What is management accounting information used for? taking example

Q: Accounting concept and convention

A: Accounting concept is defined as the accounting assumptions which the accountant of a firm…

Q: Distinguish management accounting from financial accounting.

A: Note: Since you have posted multiple questions, we will solve the first question. Please submit a…

Q: terized accounting

A: Computerised accounting system is a software that assists organizations with dealing with the large…

Q: Describe simply what accounting is.

A: Introduction: Accounting: Accounting is an art of recording , classifying , summarizing and…

Q: Meaning and types of accounting

A: Introduction: Accounting is one in all the foremost important roles of a corporation. An accountant…

Q: Management accounting deals with Qualitative Information O a. True O b, False

A: Management accounting does not only deal with quantitative data but also deals with qualitative data…

Q: Define accounting

A: One of the most important factor any business is accounting. An accountant is the one who handles…

Q: Distinguish Financial accounting from Management Accounting

A: Accounting is the process of recording financial transactions that are material to the business. It…

Q: Looking for help with accounting basics, the T structure

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Explain the methods of accounting.

A: Accounting methods refers to the ways which are adopted by the company in order to record its income…

Q: Compare between computerized accounting and manual accounting

A: The financial transactions are recorded and presented in the financial statments that makes it…

Q: Responsibility Accounting Essay

A: The word "responsibility accounting" refers to an accounting system that gathers, summarizes, and…

Q: Briefly explain the importance of independence of the accounting function in Accounting Information…

A: Accounting Information System: The system which helps to gather, store and process the accounting…

Q: w accounting standards in

A: the financial statements of a company are expected to present a true and fair view on the financial…

Q: Accounting deals with quantifiable information.

A: Accounting means recording the financial transactions and converting them into reports to the…

Q: s that influence the adoption of computarised ac

A: Using computerized accounting systems, you may set up revenue and expenditure accounts for things…

Q: Range of services provided by accounting

A: Accounting is a process of identifying and recording the financial transactions of an organization…

Q: accounting consept

A: Introduction Accounting Concept: Accounting concept refers to the fundamental assumptions,…

Q: Accounting princippls

A: The accounting is a process to identify the business transactions and record the transactions and…

Q: Examples of Accounting Information System

A: Accounting Information Systems help in the completion of duties related to budget analysis. An…

Q: accounting

A: Debit :- In accounting it indicates benefit received by a particular…

Q: explain the fundamental qualities of accounting information

A: Accounting data would be supplied into an accounting information system, which processes data using…

Q: Principles in accounting

A: Basic Accounting assumption are broad concepts that underlie generally accepted accounting…

Question

Q1. An activity that provides financial and economic information to managers and other internal
decision- makers of an organization is called
Answer:
A. Financial Accounting
B. Managerial Accounting
C. Auditing
D. Cost Accounting
Q2. The three basic elements of a cost of a manufactured product are
Answer:
A. Direct material, Work-in –Process inventory, Finished goods inventory
B. Indirect material, indirect labor, Manufacturing overhead
C. Direct Material, Direct Labor, Manufacturing overhead
D. Raw material inventory, Work-in-Process inventory, Finished goods inventory
Q3. The source document for recording the transfer of raw materials to work in process account.
Answer:
A. Predetermined MOH rate
B. Time ticket
C. Material requisition slip
D. Job cost sheet

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Management accounting: emphasizes special-purpose information relates to the company as a whole is limited to strictly cost figures is controlled by GAAP
For each cost pool, identify an appropriate cost driver. A. order department B. accounts receivable processing C. catering D. raw material inventory
Product (or manufacturing) costs consist of a. direct materials, direct labor, and selling costs. b. direct materials, direct labor, manufacturing overhead, and operating expense. c. administrative costs and conversion costs. d. prime costs and manufacturing overhead. e. selling and administrative costs.
Which of the following is a prime cost? A. direct labor B. work in process inventory C. administrative labor D. factory maintenance expenses
During production, how are the costs in process costing accumulated? A. to cost of goods sold B. to each individual product C. to manufacturing overhead D. to each individual department
Accumulating costs means that a. costs must be summed and entered on the income statement. b. each cost must be linked to some cost object. c. costs must be measured and tracked. d. costs must be allocated to units of production. e. costs have expired and must be transferred from the balance sheet to the income statement.
All of the following are examples of managerial accounting activities except ________. A. preparing external financial statements in compliance with GAAP B. deciding whether or not to use automation C. making equipment repair or replacement decisions D. deciding whether or not to use automation
How are cost of production reports used for controlling and improving operations?
Which is the correct formula for computing the overhead rate? A. estimated use of the cost driver for production/estimated overhead for the activity B. estimated overhead for the product/estimated use of the cost driver for the activity C. estimated use of the cost driver for production/estimated overhead for the activity D. estimated overhead for the activity/estimated use of the cost driver for the activity
When using job order costing for a professional service business, the primary product (service) costs are: A.Direct Materials and Overhead B.Direct Materials and Direct Labor C.Direct Materials. Direct Labor, and Overhead D. Direct Labor and Overhead
Which is not a step In activity-based costing? A. identify the activities performed by the organization B. identify the cost driver(s) associated with each activity C. compute a cost rate per production D. assign costs to products by multiplying the cost driver rate by the volume of the cost driver units consumed by the product
Assigning indirect costs to departments is completed by __________________________. applying the predetermined overhead rate debiting the manufacturing costs incurred applying the costs to manufacturing overhead applying the costs to work in process inventory