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    Rosemarie Cruz
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    Managerial accounting focuses on detailed information that is relevant for decision making. It involves functions like planning, controlling, and determining if goals are being met. Period costs include selling and administrative expenses. Total quality management aims to provide superior products and services for customers. Manufacturing overhead can include depreciation on equipment used in production. When jobs are complete, their costs are removed from work in process and transferred to finished goods. Cost of goods sold increases with debit entries for product sales. Manufacturing overhead balances are transferred to cost of goods sold at year-end. Indirect materials are transferred from raw materials to manufacturing overhead when used.

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    Managerial accounting focuses on detailed information that is relevant for decision making. It involves functions like planning, controlling, and determining if goals are being met. Period costs include selling and administrative expenses. Total quality management aims to provide superior products and services for customers. Manufacturing overhead can include depreciation on equipment used in production. When jobs are complete, their costs are removed from work in process and transferred to finished goods. Cost of goods sold increases with debit entries for product sales. Manufacturing overhead balances are transferred to cost of goods sold at year-end. Indirect materials are transferred from raw materials to manufacturing overhead when used.

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    17 views2 pages

    MAS

    Uploaded by

    Rosemarie Cruz
    Managerial accounting focuses on detailed information that is relevant for decision making. It involves functions like planning, controlling, and determining if goals are being met. Period costs include selling and administrative expenses. Total quality management aims to provide superior products and services for customers. Manufacturing overhead can include depreciation on equipment used in production. When jobs are complete, their costs are removed from work in process and transferred to finished goods. Cost of goods sold increases with debit entries for product sales. Manufacturing overhead balances are transferred to cost of goods sold at year-end. Indirect materials are transferred from raw materials to manufacturing overhead when used.

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    of 2

    Managerial accounting. . .

    Places emphasis on special-purpose detailed information.

    The major reporting standard for management accounts is . . .

    Relevance to decisions

    Which one of the following does the planning function involve?

    Setting goals and objectives for an entity

    Which function is achieved when a manager is determining whether planned goals are being met?

    Controlling

    Which of the following are period costs?

    Selling and administrative expenses

    The goal of total quality management (TQM) is to:

    Provide customers with superior products and services

    Which of the following is considered manufacturing overhead?

    Depreciation on the press that molds the plastic into work in process

    When a job is completed, what happens to the cost of the job?


    It is removed from work in process and included in finished goods

    Which one of the following accounts increases with a debit entry when a company recognizes the sale to
    a customer?

    Cost of Goods Sold

    How does a company eliminate any immaterial balance in the Manufacturing Overhead account at the
    end of the year?

    The amount is moved to Cost of Goods Sold

    When determining costs of jobs, how does a company account for indirect material?

    It is transferred out of raw materials into manufacturing overhead when used.

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