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MalekS BUS3301 WA3 G0004

The document is an introduction to managerial accounting, featuring a series of true or false statements regarding accounting concepts. It includes corrections for false statements, clarifying definitions such as conversion costs, inventory categories, and prime costs. The document serves as a study guide for students in a managerial accounting course.

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nazilaramzi25
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12 views3 pages

MalekS BUS3301 WA3 G0004

The document is an introduction to managerial accounting, featuring a series of true or false statements regarding accounting concepts. It includes corrections for false statements, clarifying definitions such as conversion costs, inventory categories, and prime costs. The document serves as a study guide for students in a managerial accounting course.

Uploaded by

nazilaramzi25
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Introduction to Managerial Accounting

Department of Business Administration

UoPeople

BUS3301-01

Dr. Valdir Filipe (Instructor)

Siamoy Malek

30.04.2025

1
Introduction to Managerial Accounting

Read the following statements and note by each, whether the statement is true or false. Restate the

false statements in such a way as to make them true statements.

 Billboard advertising space would be period cost, not a product cost. (TRUE)

 Beginning work in process, plus conversion costs, minus ending work in process, equals cost of

goods manufactured. (TRUE)

 Conversion costs are always the same, no matter the level of output. (FALSE)→( Conversion

costs are the components to change raw materials to finished goods (Principles of Accounting,

n.d.).

 Production costs generally consist of prime costs plus manufacturing overhead. (TRUE)

 Product costs attach can also be described as “inventoriable.” (TRUE)

 The cost of air filters used in the paint shop of a manufacturing facility is a period cost because

they are replaced monthly→ (TRUE)

 Non-manufacturing costs for selling and general/administrative purposes are not part of factory

overhead. (TRUE)

 Manufacturers may have three inventory categories: raw materials, finished goods, and cost of

goods sold. (FALSE) →( Unlike retailers, manufacturers have three unique inventory

categories: Raw Materials, Work in Process, and Finished Goods (Principles of Accounting,

n.d.).

 The costs of carbon fiber incorporated into the frame of a bicycle built by TecTrack Bikes is a

product cost. (TRUE)

 Prime costs include direct labor and manufacturing overhead. (FALSE)→(Prime costs=Direct

Labor + Direct Materials)

2
References:

1. Principles of Accounting, Chapter 17: Introduction to Managerial

Accounting: http://www.principlesofaccounting.com/chapter-17/

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