UTSA ACCT 2033 Exam 1 (CH 1, 2, & 4)
For each of the following independent cases A-D, compute the missing values: - ✔✔
A - COGM = TCMC+(BWIP-EWIP)
B - BWIP = (COGM+EWIP)-TCMC
C - TCMC = COGM+(EWIP-BWIP)
D - EWIP = (
...
UTSA ACCT 2033 Exam 1 (CH 1, 2, & 4)
For each of the following independent cases A-D, compute the missing values: - ✔✔
A - COGM = TCMC+(BWIP-EWIP)
B - BWIP = (COGM+EWIP)-TCMC
C - TCMC = COGM+(EWIP-BWIP)
D - EWIP = (TCMC+BWIP)-COGM
Match each of the following characteristics that describe financial accounting, managerial
accounting, both financial and managerial accounting, or neither financial nor managerial
accounting.
Financial accounting
Managerial accounting
Both financial and managerial accounting
Neither financial nor managerial accounting - ✔✔- Managerial accounting is future-oriented,
while financial accounting is primarily historical in nature.
- Financial accounting is used primarily by external parties.
Both financial and managerial accounting are relied on for decision making.
- Financial accounting is primarily historical in nature, while managerial is future-oriented.
- Financial reports can be obtained from the company website, or requested from the company
CFO.
- Financial reports are typically reported in aggregate for the company as a whole.
- Managerial
accountants may prepare daily reports, or even real-time reports.
- Managerial accounting is used mostly by managers within the company.
- Both financial and managerial accounting information should be accurate to help with decision
making.
- Neither financial reports nor managerial reports are always available on the Internet to any
interested party.
- Annual and quarterly statements of publicly-held companies are available on the SEC website
and are usually available on the company's website. It is unusual to find the financial statements
of privately-owned companies on the internet.
Top Shelf Company builds oak bookcases. Determine whether each of the following is a direct
material (DM), direct labor (DL), manufacturing overhead (MOH), or a period (P) cost for Top
Shelf. - ✔✔1. Depreciation on factory equipment. ____MOH
2. Depreciation on delivery trucks. ____ Period Cost
3. Wood used to build a bookcase. ____Direct Material
4. Production supervisor's salary. ____ MOH
5. Glue and screws used in the bookcases. ____ MOH
6. Wages of persons who assemble the bookcases. ____Direct Labor
7. Cost to run an ad on local radio stations. ____Period Cost
8. Rent for the factory. ____ MOH
9. CEO's salary. ____ Period Cost
10. Wages of person who sands the wood after it is cut. Direct Labor
Top Shelf Company builds oak bookcases. Assume that you have the following information
about Top Shelf's costs for the most recent month
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