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Exam 14: Managerial Accounting Concepts and Principles

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Question 91

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________ is an activity that provides financial and nonfinancial information to an organization's managers and other internal decision makers.

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Managerial...

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Question 92

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Explain what is meant by the "lean business model" and why many businesses have adopted it.

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The lean business model is a model whose...

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Question 93

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Wesson Company sold 10,000 units of its only product in the first half of the year.If sales decrease by 15% in the second half of the year,which cost will not change?

Use the cost information below for Laurels Company to determine the cost of goods manufactured during the current year:

What is managerial accounting and how is it used to aid decision makers?

Raw materials purchased plus beginning raw materials inventory equals the ending balance of raw materials inventory.

A classification of costs that determines whether a cost is expensed to the income statement or capitalized to inventory is:

Newly completed units are combined with beginning finished goods inventory to make up total ending work in process inventory.

Gordon Company sold 2,000 more units than budgeted of its only product.How will total fixed cost be affected?

An important managerial accounting report is the budget,which predicts revenues and expenses.

The triple bottom line focuses on three measures: financial,social,and environmental.

For each of the characteristics below,identify whether it is a focus of financial accounting or managerial accounting.Use the letter F to identify financial accounting and M to identify managerial accounting. _____ 1.Users are generally investors,creditors,analysts,and regulators. _____ 2.Used to assist managers in making planning and control decisions. _____ 3.Information is structured and controlled by GAAP. _____ 4.Information is available quickly without the need to wait for an audit. _____ 5.Information is mainly historical with some predictions. _____ 6.Emphasis of the information is a company's projects,processes,and divisions. _____ 7.Information is mostly monetary,but includes nonmonetary information.

The following information is available for the year ended December 31: The amount of raw materials used in production for the year is:

Using the information below,compute the raw materials inventory turnover:

The model whose goal is to eliminate waste while satisfying the customer and providing a positive return to the company is the ________.

Duncan Crafts manufactures specialty key chains for tourist attractions.On January 1,the firm had 300 souvenir attraction disks,costing $3 each,used in the production of key chains.During the year Duncan Crafts purchased 1,500 souvenir disks costing $3 each and produced 1,100 key chains.Compute the total cost of souvenir disk raw materials inventory at December 31.

Which of the following statements is true regarding product and period costs?

Identify and describe the three categories of manufacturing costs.

Craigmont Company's direct materials costs are $3,000,000,its direct labor costs total $7,000,000,and its factory overhead costs total $5,000,000.Its prime costs total:

Use the following information to compute the cost of goods manufactured.Assume that all raw materials used were traceable to specific units of product: