Principles Of Managerial Accounting Exam 1

Which of the following is most associated with managerial accounting?a. is prepared for users outside the organizationb. may rely on estimates and forecastsc. must follow GAAPd. always reports on the entire entityWho are the individuals charged with the responsibility for directing the day-to-day operations of a business?a. investorsb. shareholdersc. managersd. customersCompute conversion costs given the following data: Direct Materials, $394,900; Direct Labor, $199,300; Factory Overhead, $195,300 and Selling Expenses, $36,200.a. $394,600b. $789,500c. $159,100d. $590,200Costs other than direct materials cost and direct labor cost incurred in the manufacturing process are classified asa. miscellaneous expenseb. factory overhead costc. product costsd. period costOn the income statement of a manufacturing company, what replaces purchases in the cost of goods sold section of a retail company?a. cost of goods manufacturedb. finished goodsc. work in processd. cost of merchandise availableWhich of the following would be least likely to be considered a managerial accounting report?a. a report to analyze potential efficiencies and savings for the purchase of new production equipmentb. a statement of cost of goods manufacturedc. a statement of stockholders' equityd. a schedule of total manufacturing costs incurredWhich of the following are the two main types of cost accounting systems