Managerial Accounting 14th Edition Test Bank

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Chapter1-IntroductiontoManagerialAccounting.CopyrightCengageLearning.PoweredbyCognero.Page11.Managerialaccountingreportsmustbepreparedaccordingtogenerallyacceptedaccountingprinciples.a.Trueb.FalseANSWER:FalseDIFFICULTY:Bloom's:RememberingEasyLEARNINGOBJECTIVES:MANG.WARD.18.01-01-01-01ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.25-ManagerialCharacteristics/TerminologyACCT.ACBSP.APC.27-ManagerialAccountingFeatures/CostsACCT.IMA.07-CostManagementBUSPROG:Analytic2.Managerialaccountingusesonlypastdatainreportstoaidmanagementinthedecisionmakingprocess.a.Trueb.FalseANSWER:FalseDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:MANG.WARD.18.01-01-01-01ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.25-ManagerialCharacteristics/TerminologyACCT.ACBSP.APC.27-ManagerialAccountingFeatures/CostsACCT.IMA.07-CostManagementBUSPROG:Analytic3.Managerialaccountinginformationincludesbothhistoricalandestimateddata.a.Trueb.FalseANSWER:TrueDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:MANG.WARD.18.01-01-01-01ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.25-ManagerialCharacteristics/TerminologyACCT.ACBSP.APC.27-ManagerialAccountingFeatures/CostsACCT.IMA.07-CostManagementBUSPROG:Analytic4.Sincetherearefewrulestorestricthowanorganizationchoosestoarrangeitsowninternaldatafordecisionmaking,managerialaccountingprovidesampleopportunityfordevelopingbusinessstrategies.a.Trueb.FalseANSWER:TrueDIFFICULTY:Bloom's:RememberingEasyLEARNINGOBJECTIVES:MANG.WARD.18.01-01-01-01ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.25-ManagerialCharacteristics/TerminologyACCT.ACBSP.APC.27-ManagerialAccountingFeatures/CostsACCT.IMA.07-CostManagement

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Chapter1-IntroductiontoManagerialAccounting.CopyrightCengageLearning.PoweredbyCognero.Page2BUSPROG:Analytic5.Adiagramoftheoperatingstructureofanorganizationiscalledanorganizationchart.a.Trueb.FalseANSWER:TrueDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:MANG.WARD.18.01-01-01-01ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.25-ManagerialCharacteristics/TerminologyACCT.ACBSP.APC.27-ManagerialAccountingFeatures/CostsACCT.IMA.07-CostManagementBUSPROG:Analytic6.Inmostbusinessorganizations,thechiefaccountantiscalledthetreasurer.a.Trueb.FalseANSWER:FalseDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:MANG.WARD.18.01-01-01-01ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.25-ManagerialCharacteristics/TerminologyACCT.ACBSP.APC.27-ManagerialAccountingFeatures/CostsACCT.IMA.07-CostManagementBUSPROG:Analytic7.Inmostbusinessorganizations,thechiefmanagementaccountantiscalledthecontroller.a.Trueb.FalseANSWER:TrueDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:MANG.WARD.18.01-01-01-01ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.25-ManagerialCharacteristics/TerminologyACCT.ACBSP.APC.27-ManagerialAccountingFeatures/CostsACCT.IMA.07-CostManagementBUSPROG:Analytic8.Astaffdepartmentorunitisonethatprovidesservices,assistance,andadvicetothedepartmentswithlineorotherstaffresponsibilities.a.Trueb.FalseANSWER:TrueDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:MANG.WARD.18.01-01-01-01ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.25-ManagerialCharacteristics/Terminology

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Chapter1-IntroductiontoManagerialAccounting.CopyrightCengageLearning.PoweredbyCognero.Page3ACCT.ACBSP.APC.27-ManagerialAccountingFeatures/CostsACCT.IMA.07-CostManagementBUSPROG:Analytic9.Thevicepresidentsofhumanresourcesandthecontrollerholdlinepositionsinmostlargeorganizations.a.Trueb.FalseANSWER:FalseDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:MANG.WARD.18.01-01-01-01ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.25-ManagerialCharacteristics/TerminologyACCT.ACBSP.APC.27-ManagerialAccountingFeatures/CostsACCT.IMA.07-CostManagementBUSPROG:Analytic10.Astaffdepartmenthasnodirectauthorityoveralinedepartment.a.Trueb.FalseANSWER:TrueDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:MANG.WARD.18.01-01-01-01ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.25-ManagerialCharacteristics/TerminologyACCT.ACBSP.APC.27-ManagerialAccountingFeatures/CostsACCT.IMA.07-CostManagementBUSPROG:Analytic11.Thecontroller'sstaffconsistsofmanagementaccountantsresponsibleforsystemsandprocedures,generalaccounting,budgets,taxes,andcostaccounting.a.Trueb.FalseANSWER:TrueDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:MANG.WARD.18.01-01-01-01ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.25-ManagerialCharacteristics/TerminologyACCT.ACBSP.APC.27-ManagerialAccountingFeatures/CostsACCT.IMA.07-CostManagementBUSPROG:Analytic12.Managerialaccountingreportsaredesignedtomeetthespecificneedsofacompany’smanagement.a.Trueb.FalseANSWER:TrueDIFFICULTY:EasyBloom's:Remembering

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Chapter1-IntroductiontoManagerialAccounting.CopyrightCengageLearning.PoweredbyCognero.Page4LEARNINGOBJECTIVES:MANG.WARD.18.01-01-01-01ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.25-ManagerialCharacteristics/TerminologyACCT.ACBSP.APC.27-ManagerialAccountingFeatures/CostsACCT.IMA.07-CostManagementBUSPROG:Analytic13.Planningistheprocessofmonitoringoperatingresultsandcomparingactualresultswiththeexpectedresults.a.Trueb.FalseANSWER:FalseDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:MANG.WARD.18.01-01-01-01ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.25-ManagerialCharacteristics/TerminologyACCT.ACBSP.APC.27-ManagerialAccountingFeatures/CostsACCT.IMA.07-CostManagementBUSPROG:Analytic14.Planningistheprocessofdevelopingthecompany’sobjectivesorgoalsandtranslatingtheseobjectivesintocoursesofaction.a.Trueb.FalseANSWER:TrueDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:MANG.WARD.18.01-01-01-01ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.25-ManagerialCharacteristics/TerminologyACCT.ACBSP.APC.27-ManagerialAccountingFeatures/CostsACCT.IMA.07-CostManagementBUSPROG:Analytic15.Controllingdealswithchoosinggoalsanddecidinghowtoachievethem.a.Trueb.FalseANSWER:FalseDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:MANG.WARD.18.01-01-01-01ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.27-ManagerialAccountingFeatures/CostsACCT.IMA.07-CostManagementBUSPROG:Analytic16.Controllingistheprocessofmonitoringoperatingresultsandcomparingactualresultswiththeexpectedresults.a.Trueb.FalseANSWER:TrueDIFFICULTY:Easy

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Chapter1-IntroductiontoManagerialAccounting.CopyrightCengageLearning.PoweredbyCognero.Page5Bloom's:RememberingLEARNINGOBJECTIVES:MANG.WARD.18.01-01-01-01ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.25-ManagerialCharacteristics/TerminologyACCT.ACBSP.APC.27-ManagerialAccountingFeatures/CostsACCT.IMA.07-CostManagementBUSPROG:Analytic17.Managerialaccountingprovidesusefulinformationtomanagersonproductcosts.a.Trueb.FalseANSWER:TrueDIFFICULTY:Bloom's:RememberingEasyLEARNINGOBJECTIVES:MANG.WARD.18.01-02-01-02ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.27-ManagerialAccountingFeatures/CostsACCT.IMA.07-CostManagementBUSPROG:Analytic18.Thepaymentofdividendsisanexampleofacost.a.Trueb.FalseANSWER:FalseDIFFICULTY:ModerateBloom's:RememberingLEARNINGOBJECTIVES:MANG.WARD.18.01-02-01-02ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.27-ManagerialAccountingFeatures/CostsACCT.IMA.07-CostManagementBUSPROG:Analytic19.Acostcanbeapaymentofcashforthepurposeofgeneratingrevenues.a.Trueb.FalseANSWER:TrueDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:MANG.WARD.18.01-02-01-02ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.27-ManagerialAccountingFeatures/CostsACCT.IMA.07-CostManagementBUSPROG:Analytic20.Goodsthatarepartwaythroughthemanufacturingprocess,butnotyetcomplete,arereferredtoasmaterialsinventory.a.Trueb.FalseANSWER:FalseDIFFICULTY:EasyBloom's:Remembering

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Chapter1-IntroductiontoManagerialAccounting.CopyrightCengageLearning.PoweredbyCognero.Page6LEARNINGOBJECTIVES:MANG.WARD.18.01-02-01-02ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.27-ManagerialAccountingFeatures/CostsACCT.IMA.07-CostManagementBUSPROG:Analytic21.Thecostofamanufacturedproductgenerallyconsistsofdirectmaterialscost,directlaborcost,andfactoryoverheadcost.a.Trueb.FalseANSWER:TrueDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:MANG.WARD.18.01-02-01-02ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.27-ManagerialAccountingFeatures/CostsACCT.IMA.07-CostManagementBUSPROG:Analytic22.Thecostofmaterialsenteringdirectlyintothemanufacturingprocessisclassifiedasfactoryoverheadcost.a.Trueb.FalseANSWER:FalseDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:MANG.WARD.18.01-02-01-02ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.27-ManagerialAccountingFeatures/CostsACCT.IMA.07-CostManagementBUSPROG:Analytic23.Thecostofwagespaidtoemployeesdirectlyinvolvedinconvertingmaterialstofinishedproductisclassifiedasdirectlaborcost.a.Trueb.FalseANSWER:TrueDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:MANG.WARD.18.01-02-01-02ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.27-ManagerialAccountingFeatures/CostsACCT.IMA.07-CostManagementBUSPROG:Analytic24.Ifthecostofemployeewagesisnotasignificantportionofthetotalproductcost,thewagesareclassifiedasdirectmaterialscost.a.Trueb.FalseANSWER:FalseDIFFICULTY:EasyBloom's:Remembering

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Chapter1-IntroductiontoManagerialAccounting.CopyrightCengageLearning.PoweredbyCognero.Page7LEARNINGOBJECTIVES:MANG.WARD.18.01-02-01-02ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.27-ManagerialAccountingFeatures/CostsACCT.IMA.07-CostManagementBUSPROG:Analytic25.Foraconstructioncontractor,thewagesofcarpenterswouldbeclassifiedasfactoryoverheadcost.a.Trueb.FalseANSWER:FalseDIFFICULTY:ModerateBloom's:RememberingLEARNINGOBJECTIVES:MANG.WARD.18.01-02-01-02ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.27-ManagerialAccountingFeatures/CostsACCT.IMA.07-CostManagementBUSPROG:Analytic26.Foranautomotiverepairshop,thewagesofmechanicswouldbeclassifiedasdirectlaborcost.a.Trueb.FalseANSWER:TrueDIFFICULTY:ModerateBloom's:RememberingLEARNINGOBJECTIVES:MANG.WARD.18.01-02-01-02ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.27-ManagerialAccountingFeatures/CostsACCT.IMA.07-CostManagementBUSPROG:Analytic27.Costsotherthandirectmaterialscostanddirectlaborcostincurredinthemanufacturingprocessareclassifiedasfactoryoverheadcost.a.Trueb.FalseANSWER:TrueDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:MANG.WARD.18.01-02-01-02ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.27-ManagerialAccountingFeatures/CostsACCT.IMA.07-CostManagementBUSPROG:Analytic28.Depreciationonfactoryplantandequipmentisanexampleoffactoryoverheadcost.a.Trueb.FalseANSWER:TrueDIFFICULTY:ModerateBloom's:RememberingLEARNINGOBJECTIVES:MANG.WARD.18.01-02-01-02ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.27-ManagerialAccountingFeatures/Costs

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Chapter1-IntroductiontoManagerialAccounting.CopyrightCengageLearning.PoweredbyCognero.Page8ACCT.IMA.07-CostManagementBUSPROG:Analytic29.Costofoilusedtolubricatefactorymachineryandequipmentisanexampleofadirectmaterialscost.a.Trueb.FalseANSWER:FalseDIFFICULTY:ModerateBloom's:RememberingLEARNINGOBJECTIVES:MANG.WARD.18.01-02-01-02ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.27-ManagerialAccountingFeatures/CostsACCT.IMA.07-CostManagementBUSPROG:Analytic30.Ifthecostofmaterialsisnotasignificantportionofthetotalproductcost,thematerialsmaybeclassifiedaspartoffactoryoverheadcost.a.Trueb.FalseANSWER:TrueDIFFICULTY:ModerateBloom's:RememberingLEARNINGOBJECTIVES:MANG.WARD.18.01-02-01-02ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.27-ManagerialAccountingFeatures/CostsACCT.IMA.07-CostManagementBUSPROG:Analytic31.Factoryoverheadcostissometimesreferredtoasfactoryburden.a.Trueb.FalseANSWER:TrueDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:MANG.WARD.18.01-02-01-02ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.27-ManagerialAccountingFeatures/CostsACCT.IMA.07-CostManagementBUSPROG:Analytic32.Conversioncostisthecombinationofdirectlaborcostandfactoryoverheadcost.a.Trueb.FalseANSWER:TrueDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:MANG.WARD.18.01-02-01-02ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.27-ManagerialAccountingFeatures/CostsACCT.IMA.07-CostManagementBUSPROG:Analytic

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Chapter1-IntroductiontoManagerialAccounting.CopyrightCengageLearning.PoweredbyCognero.Page933.Conversioncostisthecombinationofdirectmaterialscostandfactoryoverheadcost.a.Trueb.FalseANSWER:FalseDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:MANG.WARD.18.01-02-01-02ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.27-ManagerialAccountingFeatures/CostsACCT.IMA.07-CostManagementBUSPROG:Analytic34.Factoryoverheadisanexampleofaproductcost.a.Trueb.FalseANSWER:TrueDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:MANG.WARD.18.01-02-01-02ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.27-ManagerialAccountingFeatures/CostsACCT.IMA.07-CostManagementBUSPROG:Analytic35.Directlaborcostsareincludedintheconversioncostsofaproduct.a.Trueb.FalseANSWER:TrueDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:MANG.WARD.18.01-02-01-02ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.27-ManagerialAccountingFeatures/CostsACCT.IMA.07-CostManagementBUSPROG:Analytic36.Thecostsofmaterialsandlaborthatdonotenterdirectlyintothefinishedproductareclassifiedasfactoryoverhead.a.Trueb.FalseANSWER:TrueDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:MANG.WARD.18.01-02-01-02ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.27-ManagerialAccountingFeatures/CostsACCT.IMA.07-CostManagementBUSPROG:Analytic37.Thecostsofmaterialsandlaborthatdonotenterdirectlyintothefinishedproductareclassifiedascostofgoodssold.a.True

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Chapter1-IntroductiontoManagerialAccounting.CopyrightCengageLearning.PoweredbyCognero.Page10b.FalseANSWER:FalseDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:MANG.WARD.18.01-02-01-02ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.27-ManagerialAccountingFeatures/CostsACCT.IMA.07-CostManagementBUSPROG:Analytic38.Indirectlaborwouldbeincludedinfactoryoverhead.a.Trueb.FalseANSWER:TrueDIFFICULTY:ModerateBloom's:RememberingLEARNINGOBJECTIVES:MANG.WARD.18.01-02-01-02ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.27-ManagerialAccountingFeatures/CostsACCT.IMA.07-CostManagementBUSPROG:Analytic39.Acostobjectindicateshowcostsarerelatedoridentified.a.Trueb.FalseANSWER:TrueDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:MANG.WARD.18.01-02-01-02ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.27-ManagerialAccountingFeatures/CostsACCT.IMA.07-CostManagementBUSPROG:Analytic40.Directcostscanbespecificallytracedtoacostobject.a.Trueb.FalseANSWER:TrueDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:MANG.WARD.18.01-02-01-02ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.27-ManagerialAccountingFeatures/CostsACCT.IMA.07-CostManagementBUSPROG:Analytic41.Indirectcostscanbespecificallytracedtoacostobject.a.Trueb.FalseANSWER:FalseDIFFICULTY:Easy

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Chapter1-IntroductiontoManagerialAccounting.CopyrightCengageLearning.PoweredbyCognero.Page11Bloom's:RememberingLEARNINGOBJECTIVES:MANG.WARD.18.01-02-01-02ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.27-ManagerialAccountingFeatures/CostsACCT.IMA.07-CostManagementBUSPROG:Analytic42.Period(nonmanufacturing)costsareclassifiedintotwocategories:sellingandadministrative.a.Trueb.FalseANSWER:TrueDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:MANG.WARD.18.01-02-01-02ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.27-ManagerialAccountingFeatures/CostsACCT.IMA.07-CostManagementBUSPROG:Analytic43.Primecostsarethecombinationofdirectlaborcostsandfactoryoverheadcosts.a.Trueb.FalseANSWER:FalseDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:MANG.WARD.18.01-02-01-02ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.27-ManagerialAccountingFeatures/CostsACCT.IMA.07-CostManagementBUSPROG:Analytic44.Primecostsarethecombinationofdirectmaterialsanddirectlaborcosts.a.Trueb.FalseANSWER:TrueDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:MANG.WARD.18.01-02-01-02ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.27-ManagerialAccountingFeatures/CostsACCT.IMA.07-CostManagementBUSPROG:Analytic45.Conversioncostsarethecombinationofdirectlabor,directmaterial,andfactoryoverheadcosts.a.Trueb.FalseANSWER:FalseDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:MANG.WARD.18.01-02-01-02ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.27-ManagerialAccountingFeatures/Costs

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Chapter1-IntroductiontoManagerialAccounting.CopyrightCengageLearning.PoweredbyCognero.Page12ACCT.IMA.07-CostManagementBUSPROG:Analytic46.Manufacturersusemachineryandlabortoconvertdirectmaterialsintofinishedproducts.a.Trueb.FalseANSWER:TrueDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:MANG.WARD.18.01-02-01-02ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.27-ManagerialAccountingFeatures/CostsACCT.IMA.07-CostManagementBUSPROG:Analytic47.Periodcostsincludedirectmaterialsanddirectlabor.a.Trueb.FalseANSWER:FalseDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:MANG.WARD.18.01-02-01-02ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.27-ManagerialAccountingFeatures/CostsACCT.IMA.07-CostManagementBUSPROG:Analytic48.Periodcostscanbefoundonboththebalancesheetandtheincomestatement.a.Trueb.FalseANSWER:FalseDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:MANG.WARD.18.01-02-01-02ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.27-ManagerialAccountingFeatures/CostsACCT.IMA.07-CostManagementBUSPROG:Analytic49.Productcostsarenotexpenseduntiltheproductissold.a.Trueb.FalseANSWER:TrueDIFFICULTY:ModerateBloom's:RememberingLEARNINGOBJECTIVES:MANG.WARD.18.01-02-01-02ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.27-ManagerialAccountingFeatures/CostsACCT.IMA.07-CostManagementBUSPROG:Analytic

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Chapter1-IntroductiontoManagerialAccounting.CopyrightCengageLearning.PoweredbyCognero.Page1350.Theplantmanager’ssalaryinamanufacturingbusinesswouldbeconsideredanindirectcost.a.Trueb.FalseANSWER:TrueDIFFICULTY:ModerateBloom's:RememberingLEARNINGOBJECTIVES:MANG.WARD.18.01-02-01-02ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.27-ManagerialAccountingFeatures/CostsACCT.IMA.07-CostManagementBUSPROG:Analytic51.Operatingexpensesareproductcostsandareexpensedwhentheproductissold.a.Trueb.FalseANSWER:FalseDIFFICULTY:ModerateBloom's:RememberingLEARNINGOBJECTIVES:MANG.WARD.18.01-02-01-02ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.27-ManagerialAccountingFeatures/CostsACCT.IMA.07-CostManagementBUSPROG:Analytic52.Periodcostsareoperatingcoststhatareexpensedintheperiodinwhichthegoodsaresold.a.Trueb.FalseANSWER:FalseDIFFICULTY:ModerateBloom's:RememberingLEARNINGOBJECTIVES:MANG.WARD.18.01-02-01-02ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.27-ManagerialAccountingFeatures/CostsACCT.IMA.07-CostManagementBUSPROG:Analytic53.Factoryoverheadincludesallmanufacturingcostsexceptdirectmaterialsanddirectlabor.a.Trueb.FalseANSWER:TrueDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:MANG.WARD.18.01-02-01-02ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.27-ManagerialAccountingFeatures/CostsACCT.IMA.07-CostManagementBUSPROG:Analytic54.Laborcoststhataredirectlytraceabletotheproductarepartoffactoryoverhead.a.Trueb.False

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Chapter1-IntroductiontoManagerialAccounting.CopyrightCengageLearning.PoweredbyCognero.Page14ANSWER:FalseDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:MANG.WARD.18.01-02-01-02ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.27-ManagerialAccountingFeatures/CostsACCT.IMA.07-CostManagementBUSPROG:Analytic55.Productcostsincludedirectlaborandadvertisingexpense.a.Trueb.FalseANSWER:FalseDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:MANG.WARD.18.01-02-01-02ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.27-ManagerialAccountingFeatures/CostsACCT.IMA.07-CostManagementBUSPROG:Analytic56.Indirectlaborandindirectmaterialswouldbepartoffactoryoverhead.a.Trueb.FalseANSWER:TrueDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:MANG.WARD.18.01-02-01-02ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.27-ManagerialAccountingFeatures/CostsACCT.IMA.07-CostManagementBUSPROG:Analytic57.Primecostsconsistoffactoryoverheadanddirectlabor.a.Trueb.FalseANSWER:FalseDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:MANG.WARD.18.01-02-01-02ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.27-ManagerialAccountingFeatures/CostsACCT.IMA.07-CostManagementBUSPROG:Analytic58.Conversioncostsconsistofproductcostsandperiodcosts.a.Trueb.FalseANSWER:FalseDIFFICULTY:EasyBloom's:Remembering

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Chapter1-IntroductiontoManagerialAccounting.CopyrightCengageLearning.PoweredbyCognero.Page15LEARNINGOBJECTIVES:MANG.WARD.18.01-02-01-02ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.27-ManagerialAccountingFeatures/CostsACCT.IMA.07-CostManagementBUSPROG:Analytic59.Primecostsconsistofdirectmaterials,indirectmaterials,anddirectlabor.a.Trueb.FalseANSWER:FalseDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:MANG.WARD.18.01-02-01-02ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.27-ManagerialAccountingFeatures/CostsACCT.IMA.07-CostManagementBUSPROG:Analytic60.Onlythevalueoftheinventorythatissoldwillappearontheincomestatement.a.Trueb.FalseANSWER:TrueDIFFICULTY:Bloom's:RememberingModerateLEARNINGOBJECTIVES:MANG.WARD.18.01-03-01-04ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.27-ManagerialAccountingFeatures/CostsACCT.IMA.07-CostManagementBUSPROG:Analytic61.Onthebalancesheetforamanufacturingbusiness,thecostofdirectmaterials,directlabor,andfactoryoverheadarecategorizedaseithermaterialsinventory,workinprocessinventory,orfinishedgoodsinventory.a.Trueb.FalseANSWER:TrueDIFFICULTY:ModerateBloom's:RememberingLEARNINGOBJECTIVES:MANG.WARD.18.01-03-01-04ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.27-ManagerialAccountingFeatures/CostsACCT.IMA.07-CostManagementBUSPROG:Analytic62.Thestatementofcostofgoodsmanufacturedisanextensionoftheincomestatementforamanufacturingcompany.a.Trueb.FalseANSWER:TrueDIFFICULTY:ModerateBloom's:RememberingLEARNINGOBJECTIVES:MANG.WARD.18.01-03-01-04ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.27-ManagerialAccountingFeatures/Costs

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