Accounting

1)   Preparing budgets is an example of the management function of:
A.  controlling. B.  decision-making.
C.  directing. D.  planning.
2)  Which of the following groups are external users of financial information?
A.  Customers of the company B.  Vendors of the company
C.  Potential investors of the company D.  All of the above

3)  Which of the following is TRUE?
A.  Managerial accounting reports are audited by CPAs.
B.  Managerial accounting reports provide detailed internal information.
C.  Managerial accounting reports aid potential investors.
D.  Managerial accounting reports must follow GAAP.

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7) The main goal of financial accounting is to provide information for
A.  potential investors. B.  creditors.
C.  governmental regulators. D.  all of the above.

3)  Which of the following is an example of overhead in a factory?
A.  Wages of machine operators
B.  Wages of factory maintenance personnel
C.  Wages of administrators in the corporate office
D.  Salaries of salespersons

Use the following information for the next three questions:
Comfy Furniture Company manufactures furniture at its Akron, Ohio, factory.  Some of its costs from the past year include:
Depreciation on sales office  $      11,000
Depreciation on factory equipment  $      16,000
Factory supervisor salary  $      52,500
Sales commissions  $      23,000
Lubricants used in factory equipment  $        3,000
Insurance costs for factory  $      21,000
Wages paid to maintenance workers  $     115,000
Fabric used to upholster furniture  $        7,000
Costs of delivery to customers  $        9,000
Wages paid to assembly-line workers  $     132,500
Lumber used to build product  $      72,000
Utilities in factory  $      44,500
Utilities in sales office  $      26,500
5) MOH costs for Comfy Furniture Company totaled:
A.  $ 324,000. B.  $ 122,000.
C.  $ 228,000. D.  $ 252,000.

8) When manufacturing products, which of the following is an example of an inventoriable product cost?
A.  Depreciation on office equipment B.  Depreciation on building
C.  Depreciation on factory equipment D.  Sales salaries expenses

10)  Active Apparel Company reports the following data for its first year of operation (000s omitted).
Cost of goods manufactured  $500,000
Work in process inventory, beginning 0
Work in process inventory, ending 120,000
Direct materials used    85,000
Manufacturing overhead   100,000
Finished goods inventory, ending  72,000
 

What is the cost of goods sold?
A.  $500,000 B.  $428,000
C.  $685,000 D.  $548,000

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