MCQ Final exam Corporate Financial and Managerial Accounting

  

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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? 

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 

manufacturing overhead.
indirect materials

indirect labor.
direct labor

Question 3.3.For inventoriable costs to become expenses under the matching principle, 

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 income statement is the 

cost of goods sold section.

extraordinary item section.
operating expense section.

revenue section.

Question 5.5.A distinguishing feature of managerial accounting is 

external users.
general-purpose reports.
very detailed reports.
quarterly and annual reports.

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