1. Company XYZ just finished production on 200 units of in process inventory. Which of the following best describes the
Posted: Tue Nov 16, 2021 9:24 am
1. Company XYZ just finished production on 200 units of in
process inventory. Which of the
following best describes the journal entry to account for this
completion.
A. Debit Finished Goods & Credit Work in Progress
B. Credit Finished Goods & Debit Work in Progress
C. Debit Finished Goods & Credit Raw Materials
D. Credit Finished Goods & Debit Raw Materials
E. None of the Above
2. Which of the following is not a principle of the management
accounting system?
A. Making and Supporting Decisions
B. Evaluating and Rewarding Performance
C. Providing the Financial Position of the Company
D. Assigning Decision Making Authority
E. All of the Above
3. Which of the following is correct regarding the flow of costs
for a manufacturer?
A. Inventories move from Raw Materials to Work in Process to
Finished Goods
B. Work in Process Inventory Costs Incorporate Direct Labor
C. Finished Goods Inventory Costs Incorporate Manufacturing
Overhead
D. All of the Above
E. None of the Above
4. Which of the following is correct regarding the differences
between Direct Labor and Indirect
Labor?
A. Manufacturing Overhead includes Direct Labor but not Indirect
Labor
B. Indirect Labor includes costs of employees that do not work
directly on the manufactured
goods
C. Direct Labor includes costs of employees that work directly on
the manufactured goods
D. Both A & B
E. Both B & C
process inventory. Which of the
following best describes the journal entry to account for this
completion.
A. Debit Finished Goods & Credit Work in Progress
B. Credit Finished Goods & Debit Work in Progress
C. Debit Finished Goods & Credit Raw Materials
D. Credit Finished Goods & Debit Raw Materials
E. None of the Above
2. Which of the following is not a principle of the management
accounting system?
A. Making and Supporting Decisions
B. Evaluating and Rewarding Performance
C. Providing the Financial Position of the Company
D. Assigning Decision Making Authority
E. All of the Above
3. Which of the following is correct regarding the flow of costs
for a manufacturer?
A. Inventories move from Raw Materials to Work in Process to
Finished Goods
B. Work in Process Inventory Costs Incorporate Direct Labor
C. Finished Goods Inventory Costs Incorporate Manufacturing
Overhead
D. All of the Above
E. None of the Above
4. Which of the following is correct regarding the differences
between Direct Labor and Indirect
Labor?
A. Manufacturing Overhead includes Direct Labor but not Indirect
Labor
B. Indirect Labor includes costs of employees that do not work
directly on the manufactured
goods
C. Direct Labor includes costs of employees that work directly on
the manufactured goods
D. Both A & B
E. Both B & C