M1 Practice Quiz

M1 Practice Quiz ECON 122 Identify whether the following characteristic describes financial account or managerial accounting: 1. Used by the public to make investing decisions 2. Focuses on the past 3. Requires that companies follow GAAP 4. Helps to plan, control, and direct operations 5. Does not require periodic reports, but rather reports are optional 6. Primarily used by external parties Identify which of the following categories each cost falls under Product Vs. Period o If product cost is chosen, label further as: Indirect Vs. Direct Direct Materials Vs. Direct Labor Vs. Manufacturing Overhead Prime Vs. Conversion 7. Wages of assembly line workers 8. Glass screen put on smartphone 9. Car dealer sales commission 10. Office manager's salary 11. Depreciation on factory equipment 12. Plant supervisor's salary 13. Water used to bake cakes 14. Office equipment depreciation Use the following information to prepare a cost of goods manufactured schedule and income statement Beginning DM $5000 Ending DM $6000
Beginning WIP $4000 Ending WIP $3000 Beginning FG $3000 End FG $1000 Direct Labor $30,000 DM purchased $100,000 Manufacturing Overhead $30,000 Sales Revenue $200,000 Schedule of Cost of Goods Manufactured: Income Statement:
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