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Exam 14: Managerial Accounting Concepts and Principles

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Question 71

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Fraud involves the deliberate or accidental misuse of the employer's assets.

A) True
B) False

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Question 72

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One of the main differences between the calculation of cost of goods sold for a merchandiser and that of a manufacturer is that the calculation includes cost of goods purchased for the merchandiser,but the manufacturer replaces that with _____________________________.

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cost of go...

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Question 73

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List the four elements found in all fraud schemes.

Product costs:

A ___________________ cost has already been incurred and cannot be avoided or changed,so it irrelevant to decision making.

Managerial accounting information can be forwarded to the managers of a company quickly since external auditors do not have to review it,and estimates and projections are acceptable.

Costs that flow directly to the current income statement are called:

The process of identifying costs as direct or indirect is referred to as classifying costs by _______________.

The main principle of the lean business model is the elimination of waste of every kind while satisfying the customer and providing a positive return to the company.

What are the components of the manufacturing statement? Describe each component.

A variable cost changes in proportion to changes in the volume in activity.

Reference: 14_01 Use the following information from Hardy Co. for the current year: $\begin{array}{lr}\text { Direct materials used } & \$ 5,000 \\\text { Direct Labor } & 7,000 \\\text { Total Factory overhead } & 5,100 \\\text { Beginning goods in process } & 3,000 \\\text { Ending goods in process } & 4,000\end{array}$ -Hardy Co.'s cost of goods manufactured for the current year is:

Horton Foods bakes and sells 1,000 dozen bagels each week to food service operations.Among the costs are bakers' salaries,$24,000; production management salaries,$16,000; production equipment operating costs,$32,000; and flour and ingredient costs,$15,000. Required: (a)Calculate prime costs (b)Calculate conversion costs.

Prime costs consist of direct labor and factory overhead.

_____________________ are beliefs that distinguish right from wrong.

A _________________ cost contains a combination of fixed and variable costs.

The following costs are included in a recent summary of data for a company: advertising expense,$85,000; depreciation expense - factory building,$133,000; direct labor,$250,000; direct material used,$300,000; factory utilities,$105,000; and sales salaries expense,$150,000.Determine the dollar amount of prime costs.

An opportunity cost is:

A management concept that applies quality improvement to all aspects of business activities is called:

The following costs are included in a recent summary of data for a company: advertising expense,$85,000; depreciation expense - factory building,$133,000; direct labor,$250,000; direct material used,$300,000; factory utilities,$105,000; and sales salaries expense,$150,000.Determine the dollar amount of conversion costs.