Managerial Accounting 5e Jiambalvo solutions manual and test bank

Managerial Accounting 5e Jiambalvo  solutions manual and test bank
Jiambalvo was developed based on the notion that a significant piece of the market was unsatisfied with the traditional, encyclopedic book. Across the first four editions, Jiambalvo has found its market within that space. It appeals to instructors who want to place a real emphasis on the non-accounting students in their course; it also appeals to those instructors who want their text to have a more streamlined approach (either due to lack of student preparation, short course duration, or personal preference). Through the fourth edition, the Jiambalvo segment has evolved to primarily state schools and community colleges.As in the past four editions, the fifth edition of Jiambalvo continues to be a more concise, affordable text that is focused on the needs of future managers. The book builds on the framework, exemplified by the book’s two major themes (incremental analysis and performance measurement), that helps unite the numerous topics in managerial accounting.
the download link of the solutions manual and test bank

http://www.mediafire.com/view/nob3bz4buty4dl9/Managerial_Accounting_5e_Jiambalvo_solutions_manualch02.doc

http://www.mediafire.com/view/8a8zpumttosy7ft/Managerial_Accounting_5e_Jiambalvo_tbch02.docx

 Chapter 2

Job-Order Costing for Manufacturing and Service Companies

QUESTIONS

  1.   Manufacturing costs include all costs associated with the production of goods. Examples of manufacturing costs are: labor costs of workers directly involved with manufacturing goods, cost of all materials directly traced to products, indirect factory labor, indirect materials used in production, depreciation of production equipment, and depreciation of the manufacturing facility.

Nonmanufacturing costs are all costs that are not associated with the production of goods. These typically include selling costs and general and administrative costs.

  2.   Product costs are assigned to goods produced. Product costs are assigned to inventory and become an expense when inventory is sold. Period costs are not assigned to goods produced. Period costs are identified with accounting periods and are expensed in the period incurred.

  3.   Two common types of product costing systems are (1) job-order costing systems and (2) process costing systems.  

Job-order costing systems are generally used by companies that produce individual products or batches of unique products. Companies that use job-order costing systems include custom home builders, airplane manufacturers, and ship-building companies.  

Process costing is used by companies that produce large numbers of identical items that pass through uniform and continuous production operations. Process costing tends to be used by beverage companies and producers of chemicals, paints, and plastics.

  4.      A job cost sheet is a form that is used to accumulate the cost of producing a job. The job cost sheet contains detailed information on direct materials, direct labor, and manufacturing overhead used on the job.

5.  Actual overhead is not known until the end of the accounting period. If managers used actual overhead rates to apply overhead to jobs, they would have to wait until the end of the period to determine the cost of jobs. In order to make timely decisions, managers may need to know the cost of jobs before the end of the accounting period. 

CHAPTER 2

Job-Order Costing for Manufacturing and Service Companies

Summary of Questions by Objectives and Bloom’s Taxonomy

Item	SO	BT	Item	SO	BT	Item	SO	BT	Item	SO	BT	Item	SO	BT
True-False Statements
1.	1	K	7.	2	K	13.	4	C	19.	6	K	25.	8	C
2.	1	K	8.	3	K	14.	4	C	20.	6	K	26.	9	K
3.	1	K	9.	3	K	15.	5	K	21.	6	K	27.	9	K
4.	1	K	10.	3	K	16.	5	K	22.	8	K	28.	10	K
5.	1	K	11.	3	K	17.	6	K	23.	8	C	29.	10	K
6.	1	K	12.	4	K	18.	6	K	24.	8	C
Multiple Choice Questions
30.	1	K	55.	3,6	AP	80.	6	AP	105.	6,7	AP	130.	8	AP
31.	1	K	56.	3,5	AP	81.	6	AP	106.	6,7	AP	131.	8	AP
32.	1	C	57.	3,5	AP	82.	6	AP	107.	6,7	AP	132.	8	AP
33.	1	C	58.	3,5	AP	83.	6,7	AP	108.	6	AP	133.	8	AP
34.	1	C	59.	3,6	AP	84.	6	K	109.	6,7	AP	134.	8	AP
35.	1	C	60.	3,6	AP	85.	6	K	110.	6	AP	135.	8	AP
36.	1	C	61.	3,6	AP	86.	6	K	111.	8	AP	136.	8	AP
37.	1	K	62.	3,6	AP	87.	6	C	112.	6	AP	137.	8	AP
38.	1	C	63.	3,6	AP	88.	6	K	113.	6	AP	138.	8	AP
39.	1	C	64.	3,6	AP	89.	6	K	114.	8	AP	139.	7	AP
40.	2	K	65.	4	C	90.	6	K	115.	7	C	140.	8	AP
41.	2	K	66.	4	C	91.	6	K	116.	7	C	141.	7	AP
42.	2	K	67.	4	K	92.	6	K	117.	7	AP	142.	8	AP
43.	3	C	68.	5	K	93.	6	AP	118.	7,8	AP	143.	9	K
44.	3	K	69.	6	K	94.	6	K	119.	8	K	144.	10	K
45.	3	AP	70.	6	AP	95.	6	K	120.	8	C	145.	10	C
46.	3	AP	71.	6	AP	96.	6,7	K	121.	8	C	146.	10	K
47.	3	AP	72.	6	AP	97.	6,7	K	122.	8	C	147.	10	K
48.	3,5	AP	73.	6	AP	98.	6,7	K	123.	8	AP	148.	10	K
49.	3,5	AP	74.	6	AP	99.	6	AP	124.	8	AP	149.	10	K
50.	3,5	AP	75.	7	AP	100.	6,7	AP	125.	8	AP	150.	10	C
51.	3,5	AP	76.	7	AP	101.	6,7	AP	126.	8	AP
52.	3,5	AP	77.	6	AP	102.	6,7	AP	127.	7	AP
53.	3,5	AP	78.	6	AP	103.	6,7	AP	128.	8	AP
54.	3,5	AP	79.	6	AP	104.	6,7	AP	129.	7	AP
Matching
151.	1-10	K
Exercises
152.	3	AP	155.	6	AP	158.	6,7	AP	161.	6,7	AP	164.	8	AP
153.	3	AP	156.	6	AP	159.	6,7	AP	162.	6,7	AP	165.	8	AP
154.	4	K	157.	6	AP	160.	6,7	AP	163.	8	AP	166.	9	AP
Challenge Exercises
167.	2,3	AP	168.	1-8	AP	169.	6-8	AP
Short-Answer Essays
170.	1	C	172.	1	K	174.	7	C	176.	10	C	178.	6	C
171.	1	K	173.	4	K	175.	9	C	177.	10	C

true-false

1.              All costs other than direct materials, direct labor, indirect materials, and indirect labor are classified as period costs.

2.              The wages of a factory machine maintenance worker are classified as direct labor.

3.              Insurance on factory equipment is a part of manufacturing overhead.

4.              Sales commissions are considered a product cost.

5.              Period costs are identified with accounting periods rather than with goods produced.

6.              Rent of the office building for the sales staff is a period cost.

7.              Raw Materials Inventory, Work in Process Inventory, and Cost of Goods Sold will appear on a company’s balance sheet.

8.              Cost of Goods Manufactured appears on the balance sheet.

9.              Overhead is related ideally to production using an allocation base.

10.           Indirect labor is added directly to the Work in Process account in a job-order costing system.

11.           Direct labor costs are traced to each job.

12.           Process costing systems are generally used by companies that produce large quantities of identical items.

13.           A company that builds custom homes would likely use a process costing system.

14.           A company that designs advertising campaigns for other companies would likely use job-order costing.

15.           In a job-order costing system, the Finished Goods account includes the cost of all jobs completed and sold during an accounting period.

16.           In a job-order costing system, the Cost of Goods Sold account consists of costs transferred out of the Finished Goods account.

17.           A job cost sheet is a form used to accumulate costs of a particular job in a job-order costing system.

18.           When overhead is applied to jobs, Manufacturing Overhead is debited and Work in Process is credited.

19.           In a job-order costing system, the Cost of Goods Manufactured account is increased and the Finished Goods account is decreased when a job is completed.

20.           In a job-order costing system, Work in Process is debited and Finished Goods is credited when a job is sold.