1. In order to be useful to managers, management accounting reports should possess all of the following characteristics EXCEPT:
Provide objective measures of past operations and subjective estimates about future decisions.
Be prepared in accordance with generally accepted accounting principles.
Be provided at any time management needs information.
Be prepared to report information for any unit of the business to support decision making.
2. The cost of a manufactured product generally consists of which of the following costs?
Direct Materials cost and Factory Overhead cost.
Direct Labor cost and Factory Overhead cost
Direct Labor cost, Direct Materials cost, and Factory Overhead cost
Direct Materials and Direct Labor cost
3. Compute conversion costs given the following data: Direct Materials, $352,700; Indirect materials $12,700; Direct Labor, $196,300; Depreciation on equipment $12,500; Insurance Expense on the factory $6,000; Indirect Labor, $950; Factory Overhead, $177,600.
$602,800
$759,200
$406,050
$955,500