Corporate Social Responsibility & Manufacturing Quiz

<p>Manufacturing companies include the cost of direct materials, direct labor, and manufacturing overhead in the COGS calculation. (C)</p> Signup and view all the answers

<p>Promoting sustainable environmental practices (B)</p> Signup and view all the answers

<p>Cost of Goods Sold (C)</p> Signup and view all the answers

<p>Based on their commitment to labor practices, community involvement, and environmental sustainability (A)</p> Signup and view all the answers

<p>To showcase a company's efforts in areas like labor practices and environmental sustainability (A)</p> Signup and view all the answers

<p>It is transferred to Finished Goods Inventory. (A)</p> Signup and view all the answers

<p>Direct Materials (A)</p> Signup and view all the answers

<p>Providing a diverse workforce and donating to charitable causes (C)</p> Signup and view all the answers

<p>Sales commissions (C)</p> Signup and view all the answers

<p>By helping to make decisions that balance economic, social, and environmental considerations (B)</p> Signup and view all the answers

<p>They are expensed in the same accounting period as the revenue they are associated with. (B)</p> Signup and view all the answers

<p>To calculate the amount of profit for the period. (C)</p> Signup and view all the answers

<p>$27,000 (A)</p> Signup and view all the answers

<p>Cost of purchasing merchandise for resale (D)</p> Signup and view all the answers

<p>Developing new product designs and technologies (D)</p> Signup and view all the answers

<p>They are expected to generate future economic benefits for the company through sales. (C)</p> Signup and view all the answers

<p>Manufacturing overhead is not recorded on the balance sheet. (B)</p> Signup and view all the answers

<p>Merchandising companies carry inventory on their balance sheet, while service companies do not. (B)</p> Signup and view all the answers

<p>Either a period cost or a product cost, depending on the use of the space (D)</p> Signup and view all the answers

<p>To help managers make informed decisions about the business. (B)</p> Signup and view all the answers

<p>Salaries of administrative staff (D)</p> Signup and view all the answers

<p>Streamlined operations and quicker response to market changes (A)</p> Signup and view all the answers

<p>Developing quick and responsive manufacturing and distribution processes (C)</p> Signup and view all the answers

<p>Potential for obsolete inventory and associated storage costs (A)</p> Signup and view all the answers

<p>By minimizing production costs through efficient resource utilization (C)</p> Signup and view all the answers

<p>A focus on delivering products quickly and efficiently to customers (B)</p> Signup and view all the answers

<p>Increased product availability and convenience for customers (B)</p> Signup and view all the answers

<p>By helping companies manage resources efficiently and make informed decisions (D)</p> Signup and view all the answers

<p>It fosters closer collaboration and communication between the company and its suppliers (C)</p> Signup and view all the answers

<p>$2.00 (C)</p> Signup and view all the answers

<p>$349.23 (B)</p> Signup and view all the answers

<p>$49.23 (D)</p> Signup and view all the answers

<p>Average Unit Cost = Total Cost of Items Sold ÷ Number of Items Sold (B)</p> Signup and view all the answers

<p>$1.95 (C)</p> Signup and view all the answers

<p>To visualize data for answering various questions (C)</p> Signup and view all the answers

<p>Accounting and technology skills (B)</p> Signup and view all the answers

<p>By allowing access to information technology resources remotely (D)</p> Signup and view all the answers

<p>Increased cybercrime and cyberfraud (A)</p> Signup and view all the answers

<p>Continuous improvement of products and processes (D)</p> Signup and view all the answers

<p>Regulatory compliance (A)</p> Signup and view all the answers

<p>All steps that add value to the end product (A)</p> Signup and view all the answers

<p>Cooperation across all business processes (C)</p> Signup and view all the answers

<p>Offering insights for internal decision makers. (D)</p> Signup and view all the answers

<p>Board of directors (B)</p> Signup and view all the answers

<p>Providing a link between management and the board. (D)</p> Signup and view all the answers

<p>The managerial responsibilities within the company. (B)</p> Signup and view all the answers

<p>Controlling resource allocation and operational performance. (B)</p> Signup and view all the answers

<p>Sales Manager (C)</p> Signup and view all the answers

<p>Planning and directing business strategies. (D)</p> Signup and view all the answers

<p>Department Supervisors (C)</p> Signup and view all the answers

<p>Product design (A)</p> Signup and view all the answers

<p>Financial success, social responsibility, and environmental sustainability (A)</p> Signup and view all the answers

<p>Sustainable environmental practices (A)</p> Signup and view all the answers

<p>By planning and costing each activity to improve overall value (B)</p> Signup and view all the answers

<p>Labor practices and sustainable practices (C)</p> Signup and view all the answers

<p>Information on company CSR efforts (C)</p> Signup and view all the answers

<p>It aids in planning, directing, and controlling operations (C)</p> Signup and view all the answers

<p>Corporate Social Responsibility (CSR) (C)</p> Signup and view all the answers

<p>Financial planning (C)</p> Signup and view all the answers

<p>Critical thinking (C)</p> Signup and view all the answers

<p>Ignore the organizational policies (D)</p> Signup and view all the answers

<p>Merchandising companies (A)</p> Signup and view all the answers

<p>Effective oral communication and leadership (B)</p> Signup and view all the answers

<p>Confidentiality (C)</p> Signup and view all the answers

<p>Business acumen (C)</p> Signup and view all the answers

<p>Advising on financial decisions (C)</p> Signup and view all the answers

<p>Cost of purchasing merchandise for resale (B)</p> Signup and view all the answers

<p>Period Costs (D)</p> Signup and view all the answers

<p>Merchandise inventory (D)</p> Signup and view all the answers

<p>Service companies sell their time, skills, and knowledge (D)</p> Signup and view all the answers

<p>Manufacturing overhead for factory rent (D)</p> Signup and view all the answers

<p>Period cost (B)</p> Signup and view all the answers

<p>$660,000 (A)</p> Signup and view all the answers

<p>Direct Labor Used (D)</p> Signup and view all the answers

<p>$355,000 (D)</p> Signup and view all the answers

<p>$83,000 (B)</p> Signup and view all the answers

<p>Total Manufacturing Costs + Beginning Work-in-Process Inventory - Ending Work-in-Process Inventory (B)</p> Signup and view all the answers

<p>Work-in-Process Inventory (B)</p> Signup and view all the answers

<p>Cost of Goods Sold (A)</p> Signup and view all the answers

<p>To aid in determining Cost of Goods Sold (C)</p> Signup and view all the answers

<p>$687,000 (B)</p> Signup and view all the answers

<p>Unit Product Cost = Cost of Goods Manufactured ÷ Units produced (A)</p> Signup and view all the answers

<p>COGS = Units sold x Unit Product Cost (C)</p> Signup and view all the answers

<p>$660,000 (D)</p> Signup and view all the answers

<p>Period costs like selling and administrative expenses (B)</p> Signup and view all the answers

<p>The flow of product costs through inventory accounts (C)</p> Signup and view all the answers

<p>$300 per tablet (A)</p> Signup and view all the answers

<p>$600,000 (D)</p> Signup and view all the answers

<p>Cost of Goods Sold (B)</p> Signup and view all the answers

Expense reported on the income statement representing the cost of products sold during a period.

Costs directly tied to manufacturing or purchasing goods for resale, such as materials and labor.

Costs not directly tied to production, incurred within a specific time period, and expensed as incurred.

Costs incurred to purchase goods for resale, recorded as inventory on the balance sheet.

Costs incurred by companies that sell services, which do not include inventory.

Indirect manufacturing costs that cannot be traced to specific products, such as rent for factory space.

Depends on the type of company: corporate office rent is a period cost, factory rent is a product cost.

Service companies have no inventory; merchandising companies record inventory as an asset on their balance sheet.

The inventory account tracking materials used in production.

Items that are in production but not yet finished goods.

Completed products ready for sale to customers.

Companies that provide services rather than physical products.

Businesses that buy products to sell to customers.

Process of tracking costs from raw materials to finished goods.

Total production cost of goods completed during a period.

The process of transporting goods to customers in various geographic areas.

An edge gained by companies through efficient resource management and informed decision-making.

A strategy focusing on managing time effectively to gain competitive advantage in manufacturing and distribution.

Technology like ERP systems that integrates various functions for better operational efficiency.

Buying and selling goods online, allowing businesses to operate globally at all times.

A production strategy that reduces inventory costs by producing goods as needed.

Integrated systems that streamline operations across departments to enhance responsiveness.

Strategies developed by companies to optimize time for better market response.

Activities that occur before production, such as R&D and product design.

Activities that occur after production, including selling and delivery of the product.

A tool that assists in planning and costing within the value chain.

Measures success through profits, people, and the planet.

A company's commitment to ethical practices beyond profit-making.

Documents companies use to showcase their CSR efforts.

Increasing preference by customers for companies with good CSR practices.

Used in all business types for planning and controlling operations.

A visual display of data used to answer questions.

An employee knowledgeable in both accounting and technology skills.

IT resources provided over the Internet, accessible from any location.

Essential for companies facing staffing shortages and remote work demands.

Increased threats like cyberterrorism, cybercrime, and cyberfraud.

Steps taken by companies to reduce network risks from increased cloud use.

A philosophy focused on continuous improvement of products and processes.

All steps adding value to the end product, upstream and downstream.

Cost calculation for each service provided.

Unit Cost per Service = Total Operating Costs ÷ Number of Services Provided.

Using given values, the unit cost was $2.00.

Cost per item based on total expenses and sold items.

Difference in cost when manufacturing vs. purchasing.

Assists in planning and costing within the value chain.

Growing tendency to support companies with good CSR practices.

Used in all businesses for planning and controlling operations.

Raw materials directly used in manufacturing products.

Wages paid to workers directly involved in manufacturing.

Costs incurred to sell products, including commissions and utilities.

The asset where the cost of purchased goods for resale is recorded.

Total revenue minus total expenses, including taxes.

The total cost to produce goods completed in a period.

Cost of producing one unit calculated from COGM.

Accounts tracking products at different production stages: raw, WIP, finished.

Tracking costs from raw materials to finished goods through various accounts.

Final price per product must cover product and period costs.

Financial accounting reports external information; managerial reports internal data.

Managers use managerial accounting to plan, direct, control, and make decisions.

Elected group responsible for strategic goals of a corporation.

The CEO develops plans and oversees their implementation.

Visual representation showing relationships and responsibilities in a company.

Positions directly involved in providing goods or services to customers.

Managerial accounting helps in making informed business decisions.

Skills required for effective managerial accounting, including both technical and soft skills.

Essential skills for CMAs include financial planning, performance analysis, and analytics.

Soft skills required for managerial accountants, like communication and critical thinking.

Guidelines set by the IMA for ethical behavior in managerial accounting.

Steps recommended by the IMA when facing ethical challenges in accounting.

Businesses categorized as service, merchandising, or manufacturing based on operations.

Costs associated with products that are in production but not yet completed.

Cost of raw materials that have been consumed in the production process.

Sum of direct materials, direct labor, and manufacturing overhead.

The total costs including the beginning work-in-process inventory.

The value of partially completed goods at the end of a period.

Direct Materials Used = Beginning Inventory + Purchases - Ending Inventory.