ACCT 2101 : ACCT Exam 1 Review
Document Summary
1 managerial accounting: (a) is governed by generally accepted accounting principles. (b) places emphasis on special-purpose information. (c) pertains to the entity as a whole and is highly aggregated. (d) is limited to cost data. 2 the management of an organization performs several broad functions. They are: (a) planning, directing, and selling. (b) planning, directing, and controlling. (c) planning, manufacturing, and controlling. (d) directing, manufacturing, and controlling. 4 indirect labor is a: (a) nonmanufacturing cost. (b) raw material cost. (c) product cost. (d) period cost. 6 which of the following is not an element of manufacturing overhead? (a) sales manager"s salary. (b) plant manager"s salary. (c) factory repairman"s wages. (d) product inspector"s salary. 7 for the year, redder company has cost of goods manufactured of ,000, beginning finished goods inventory of ,000, and ending finished goods inventory of ,000. The cost of goods sold is: (a) ,000. (b) ,000. (c) ,000. (d) ,000.
