Chapter 16: Q1TI_3 (page 865)
Identify the following characteristics as primarily related to financial accounting (FA) or managerial accounting (MA):
3. Is not required to follow GAAP.
GAAP refers to the accounting principles and guidelines and the correct answer is managerial accounting.
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Describe a merchandising company, and give an example.
1. What is the primary purpose of managerial accounting?
Understanding today’s business environment
Match the following terms to the appropriate statement. Some terms may be used more than once, and some terms may not be used at all.
E-commerce Just-in-time management (JIT)
Enterprise resource planning (ERP) Total quality management (TQM)
a. A management system that focuses on maintaining lean inventories while producing products as needed by the customer.
b. A philosophy designed to integrate all organizational areas in order to provide customers with superior products and services while meeting organizational objectives.
c. Integrates all of a company’s functions, departments, and data into a single system.
d. Adopted by firms to conduct business on the Internet
Computing cost of goods sold, manufacturing company
Use the following information to calculate the cost of goods sold for The Ellis Company for the month of June:
Finished Goods Inventory:
Beginning Balance $ 30,000
Ending Balance 10,000
Cost of Goods Manufactured 165,000
Identify each cost as a period cost or a product cost. If it is a product cost, further indicate if the cost is direct materials, direct labor, or manufacturing overhead. Then determine if the product cost is a prime cost and/or a conversion cost.
9. Sugar and flour used to make cookies
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