Accounting 251 Exam 1 Review UPDATED ACTUAL Questions and
CORRECT Answers
Managerial accounting information b. pertains to subunits of the entity and may be very detailed
a. is constrained by the requirements of generally
accepted accounting principles
b. pertains to subunits of the entity and may be very
detailed
c. pertains to the entity as a whole and is highly
aggregated
d. is prepared only once a year
Management accountants would not d. prepare reports primarily for external users
a. determine cost behavior
b. assist in budget planning
c. be concerned with the impact of cost and volume
profits
d. prepare reports primarily for external users
Which of the following is not a manufacturing cost d. cost of goods sold
category?
a. manufacturing overhead
b. direct materials
c. direct labor
d. cost of goods sold
For the work of factory employees to be considered as c. physically associated with raw materials conversion
direct labor, the work must be conveniently and
a. periodically associated with raw materials conversion
b. materially associated with raw materials conversion
c. physically associated with raw materials conversion
d. promptly associated with raw materials conversion
The product cost that is most difficult to associate with a c. manufacturing overhead
product is
a. advertising
b. direct materials
c. manufacturing overhead
d. direct labor
For inventorial costs to become expenses under the a. the product to which they attach must be sold
matching principle,
a. the product to which they attach must be sold
b. the product must be expensed based on its
percentage-of-completion
c. all accounts payable must be settled
d. the product must be finished and in stock
CORRECT Answers
Managerial accounting information b. pertains to subunits of the entity and may be very detailed
a. is constrained by the requirements of generally
accepted accounting principles
b. pertains to subunits of the entity and may be very
detailed
c. pertains to the entity as a whole and is highly
aggregated
d. is prepared only once a year
Management accountants would not d. prepare reports primarily for external users
a. determine cost behavior
b. assist in budget planning
c. be concerned with the impact of cost and volume
profits
d. prepare reports primarily for external users
Which of the following is not a manufacturing cost d. cost of goods sold
category?
a. manufacturing overhead
b. direct materials
c. direct labor
d. cost of goods sold
For the work of factory employees to be considered as c. physically associated with raw materials conversion
direct labor, the work must be conveniently and
a. periodically associated with raw materials conversion
b. materially associated with raw materials conversion
c. physically associated with raw materials conversion
d. promptly associated with raw materials conversion
The product cost that is most difficult to associate with a c. manufacturing overhead
product is
a. advertising
b. direct materials
c. manufacturing overhead
d. direct labor
For inventorial costs to become expenses under the a. the product to which they attach must be sold
matching principle,
a. the product to which they attach must be sold
b. the product must be expensed based on its
percentage-of-completion
c. all accounts payable must be settled
d. the product must be finished and in stock
