Question 7.7.If the entry to assign factory labor showed only a debit to Work In Process Inventory, then all labor costs were (Points : 1) direct labor.indirect labor.overtime related.regular hours. It requires GAAP to be applied.It requires cost minimizing principles. Question 6.6.Which of the following is one of the components of cost accounting? (Points : 1) It involves measuring product costs.It involves the determination of company profits. Question 5.5.A distinguishing feature of managerial accounting is (Points : 1) external users.general-purpose reports.very detailed reports.quarterly and annual reports. extraordinary item section.operating expense section. Question 4.4.The principle difference between a merchandising and a manufacturing income statement is the (Points : 1) cost of goods sold section. the product to which they attach must be sold.all accounts payable must be settled.

Which one of the following characteristics would likely be associated with a just-in-time inventory method? (Points : 1) Ending inventory of work in process that would allow several production runs A backlog of inventory orders not yet shipped Minimal finished goods inventory on hand An understanding with customers that they may come to the showroom and select from inventory on hand Question 2.2.The work of factory employees that can be physically and directly associated with converting raw materials into finished goods is (Points : 1) manufacturing overhead.indirect materials indirect labor.direct labor Question 3.3.For inventoriable costs to become expenses under the matching principle, (Points : 1) the product must be finished and in stock.the product must be expensed based on its percentage-of-completion.

Extraordinary items accounting section