MCQ Final exam Corporate Financial and Managerial Accounting

Jun 1st, 2016
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Question Question 1.1. Which one of the following characteristics would likely be associated with a just-in-time inventory method? (Points : 1) Ending inventory of work in process that would allow several production runs A backlog of inventory orders not yet shipped Minimal finished goods inventory on hand An understanding with customers that they may come to the showroom and select from inventory on hand Question 2.2.The work of factory employees that can be physically and directly associated with converting raw materials into finished goods is (Points : 1) manufacturing overhead. indirect materials indirect labor. direct labor Question 3.3.For inventoriable costs to become expenses under the matching principle, (Points : 1) the product must be finished and in stock. the product must be expensed based on its percentage-of-completion. the product to which they attach must be sold. all accounts payable must be settled. Question 4.4.The principle difference between a merchandising and a m

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MCQ Final exam Corporate Financial and Managerial AccountingQuestionQuestion 1.1. Which one of the following characteristics would likely be associated with a justin-time inventory method? (Points : 1)Ending inventory of work in process that would allow several production runsA backlog of inventory orders not yet shippedMinimal finished goods inventory on handAn understanding with customers that they may come to the showroom and select frominventory on handQuestion 2.2.The work of factory employees that can be physically and directly associated withconverting raw materials into finished goods is (Points : 1)manufacturing overhead.indirect materialsindirect labor.direct laborQuestion 3.3.For inventoriable costs to become expenses under the matching principle, (Points :1)the product must be finished and in stock.the product must be expensed based on its percentage-of-completion.the product to which they attach must be sold.all accounts payable must be settled.Question 4.4.The principle difference between a merchandising and a manufacturing incomestatement is the (Points : 1)cost of goods sold section.extraordinary item section.operating expense section.revenue section.Question 5.5.A distinguishing feature of managerial accounting is (Points : 1)external users.general-purpose reports.very detailed reports.quarterly and annual reports.Question 6.6.Which of the following is one of the components of cost accounting? (Points : 1)It involves measuring

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