MCQ Final exam Corporate Financial and Managerial Accounting

Question 1.1. Which one of the following characteristics would likely be associated with a just-in-time inventory method
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 
manufacturing overhead.
indirect materials
indirect labor.
direct labor
Question 3.3.For inventoriable costs to become expenses under the matching principle, 
the product must be finished and in stock.
the product must be expensed based on its percentage-of-completion.
the product to which they attach must be sold.
all accounts payable must be settled.
Question 4.4.The principle difference between a merchandising and a manufacturing income statement is the 
cost of goods sold section.
extraordinary item section.
operating expense section.
revenue section.
Question 5.5.A distinguishing feature of managerial accounting is 
external users.
general-purpose reports.
very detailed reports.
quarterly and annual reports.

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