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
