Questions from Managerial Accounting

Q: Which of the following is typically found in a corporation’s code of

Which of the following is typically found in a corporation’s code of ethics? a. Compliance with the rule of law b. Integrity c. Honesty d. Competence e. All of these.

Q: Explain the difference between cost and expense.

Explain the difference between cost and expense.

Q: What is allocation?

What is allocation?

Q: Define manufacturing overhead.

Define manufacturing overhead.

Q: Explain the difference between direct materials purchased in a month and direct

Explain the difference between direct materials purchased in a month and direct materials used for the month.

Q: How does a period cost differ from a product cost?

How does a period cost differ from a product cost?

Q: Slaps hot Company makes ice hockey sticks. During the month of

Slaps hot Company makes ice hockey sticks. During the month of June, the company purchased $132,000 of materials. Also during the month of June, Slaps hot Company incurred direct labor cost of $113,00...

Q: Define selling cost. Give five examples of selling cost.

Define selling cost. Give five examples of selling cost.

Q: What is the cost of goods manufactured?

What is the cost of goods manufactured?

Q: Accumulating costs means that a. costs must be summed

Accumulating costs means that a. costs must be summed and entered on the income statement. b. each cost must be linked to some cost object. c. costs must be measured and tracked. d. costs must be all...