2647839
Pregunta 1
Pregunta
The primary users of management accounting information are typically:
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Politicians, Bankers, and the IRS
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Shareholders and others who can use it to sue the corporation and get rich
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Managers within the organization
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all stakeholders of the organization
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all of the above
Pregunta 2
Pregunta
The Management Accountants' Ethics code states that when faced with significant ethical issues, management accountants should first:
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discuss such problems with the President of the organization except when it appears that the President is involved.
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clarify relevant concepts by confidential discussion with an objective advisor to obtain an understanding of possible courses of action.
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follow the established policies of the organization bearing on the resolution of such conflict.
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submit and informative memorandum describing the ethical issue to an appropriate representative of the organization and resign if no action is taken as a result of the memorandum
Pregunta 3
Pregunta
Managerial accounting:
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has its primary emphasis on the future
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is required by regulatory bodies such as SEC
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focuses on the organization as a whole, rather than on the organization's segments.
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all the above.
Pregunta 4
Pregunta
The three basic elements of manufacturing cost are:
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cost of goods manufactured
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cost of goods sold
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work in process
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manufacturing overhead
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direct material
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direct labor
Pregunta 5
Pregunta
Transportation costs incurred by a manufacturing company to ship its product to its customers would be classified as which of the following?
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Product cost
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manufacturing overhead
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period cost
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administrative cost
Pregunta 6
Pregunta
Cost of goods manufactured will usually include
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only costs incurred during the current period
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only direct labor and direct materials costs
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some costs incurred during the prior period as well as costs incurred during the current period
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some period costs as well as some product costs
Pregunta 7
Pregunta
which one of the following costs should NOT be considered an indirect cost of serving a particular customer at a Dairy Queen fast food outlet?
Respuesta
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a cost of the hamburger patty in the burger they ordered
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the wages of the employee who takes the customer's order
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the cost of heating and lighting the kitchen
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the salary of the outlet's manager
Pregunta 8
Pregunta
The cost of goods sold in a merchandising company typically would be classified as a
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fixed cost
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variable cost
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step-variable cost
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mixed cost
Pregunta 9
Pregunta
The contribution approach to the income statement:
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organizes costs on a functional basis
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is useful to managers in planning and decision making
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shows a contribution margin rather than a net operating income figure at the bottom of the statement
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can be used only by manufacturing companies
Pregunta 10
Pregunta
On a cost-volume-profit graph, the break-even point is located
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at the origin
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where the total revenue line intersects the volume axis
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where the total expenses line intersects the dollars axis
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where the total revenue
Pregunta 11
Pregunta
Which of the following is true regarding the contribution margin ratio of a single product company?
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as fixed expenses decrease, the contribution margin ratio increases
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the contribution margin ratio multiplied by the variable expense per unit equal the contribution margin per unit
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if sales increase, the dollar increase in net operating income can be computed by multiplying the contribution margin ratio by the dollar increase in sales
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the contribution margin ratio increases as the number of units sold increases
Pregunta 12
Pregunta
a company increased the selling price for its product from $5 to $6 per unit when total fixed expenses increased from $100,000 to $200,000 and variable expense per unit remained unchanged. How would these changes affect the breakeven point?
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the break-even point in units would decrease
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the break-even point in units would increase
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the break-even point in units would remain unchanged
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the effect cannot be determined from the information given
Pregunta 13
Pregunta
Financial accounting reports are prepared for external parties, whereas managerial accounting reports are prepared for internal users.
Respuesta
- True
- False
Pregunta 14
Pregunta
Financial accounting is more focused on precision when making reports. Managerial accounting provides decision makers with good estimates ASAP and precise data later.
Respuesta
- True
- False
Pregunta 15
Pregunta
Managerial accounting focuses on the company as a whole, financial accounting focuses on segment reports.
Respuesta
- True
- False
Pregunta 16
Pregunta
Financial accounting must follow GAAP and IRS guidelines. Managerial accounting doesn't have externally imposed rules.
Respuesta
- True
- False
Pregunta 17
Pregunta
Managerial accounting is mandatory while financial accounting is optional.
Respuesta
- True
- False
Pregunta 18
Pregunta
What are the 3 activities that managerial accounting helps managers carry out?
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planning
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financing
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controlling
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decision making
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hiring
Pregunta 19
Pregunta
What does the planning aspect of managerial accounting include?
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establishing goals and specifying how to achieve them (includes budgeting)
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setting a structure for the company
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gathering feedback to make new plan for running the company
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planning is not relevant to managerial accounting
Pregunta 20
Pregunta
What is involved in the control aspect of managerial accounting
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controlling is not relevant
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it involves gathering feedback to ensure that plans are being followed. (involves performance reports that compare budgeting to actual results)
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involves making budgets to follow
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involves being a tyrannical boss.
Pregunta 21
Pregunta
What 3 questions does managerial decisions making revolve around?
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Who are we?
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What should we be selling?
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Who should we be serving?
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What is our budget?
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How should we execute?
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What purpose do we serve?
Pregunta 22
Pregunta
What is the IMA
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International Management Association
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Institue of Managerial Accounting
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Institue of Management Accountants
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International Money Association
Pregunta 23
Pregunta
What 2 things does the IMA's Statement of Ethical Professional Practice offer guidelines for?
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Ethical Behavior
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How to be a managerial accountant
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Rules of managerial accounting
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Resolution for an ethical conflict.
Pregunta 24
Pregunta
What are the 4 categories of guidelines for Ethical Behavior as defined by the IMA?
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Competence
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Confidentiality
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Integrity
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Credibility
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Communication
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Respectfulness
Pregunta 25
Pregunta
Which of the following does not fall under the category of Competency in IMA's guidelines for Ethical Behavior?
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Recognize and communicate professional limitations that preclude responsible judgment.
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Follow applicable laws, regulations, and standards.
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Ensure that subordinates do not disclose confidential information.
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Maintain professional competence.
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Provide accurate, clear, concise, and timely decision support information.
Pregunta 26
Pregunta
Which of the following does not fall under the category of Confidentiality in IMA's guidelines for Ethical Behavior?
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Do not disclose confidential information unless legally obligated to do so.
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Ensure that subordinates do not disclose confidential information.
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Refrain from conduct that would prejudice carrying out duties ethically.
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Do not use confidential information for unethical or illegal advantage.
Pregunta 27
Pregunta
Which of the following does not fall under the category of Integrity in IMA's guidelines for Ethical Behavior?
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Communicate information fairly and objectively.
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Mitigate conflicts of interest and advise others of potential conflicts.
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Abstain from activities that might discredit the profession.
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Refrain from conduct that would prejudice carrying out duties ethically.
Pregunta 28
Pregunta
Which of the following does not fall under the category of Credibility in IMA's guidelines for Ethical Behavior?
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Communicate information fairly and objectively.
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Do not disclose confidential information unless legally obligated to do so.
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Disclose all relevant information that could influence a user’s understanding of reports and recommendations.
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Disclose delays or deficiencies in information timeliness, processing, or internal controls.
Pregunta 29
Pregunta
Contact with levels above the immediate supervisor should only be initiated with the supervisor's knowledge, assuming they are not involved.
Respuesta
- True
- False
Pregunta 30
Pregunta
If your immediate supervisor is the CEO who should you consider going to?
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Board of directors/audit committee
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You should just go to the CEO
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Owner of Company
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Government
Pregunta 31
Pregunta
If your superior is involved should you just let go of the conflict
Respuesta
- True
- False
Pregunta 32
Pregunta
An example of a direct material is:
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Cleaning supplies for manufacturing machines
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Glue for parts
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Radio in a car
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Oil for car engine
Pregunta 33
Pregunta
An example of Direct Labor would be wages paid to
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Maintenance workers
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Security guards
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Assembly workers
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Executive workers
Pregunta 34
Pregunta
What two things makeup Manufacturing Overhead?
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Direct Labor
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Indirect Labor
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Indirect costs
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Indirect materials
Pregunta 35
Pregunta
What is considered to be an indirect material
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Cleaning supplies used in manufacturing plants
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Car radio
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Car Metal
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Processing Chip in a computer
Pregunta 36
Pregunta
What is an example of Indirect Labor (costs)
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Assembly line workers
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Janitors
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Executive workers
Pregunta 37
Pregunta
What are the 2 non manufacturing costs
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Selling Costs
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Administrative Costs
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Direct Labor Costs
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Materials Costs
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Costs for janitors
Pregunta 38
Pregunta
Which of the following is not a selling cost?
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Advertising
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Shipping
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Sales
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Cost of finished goods warehouses
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Cost of packaging an item
Pregunta 39
Pregunta
Which of the following is not an Administrative Cost?
Respuesta
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Executive compensation
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Salaries for plant workers
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Secretarial costs
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PR costs
Pregunta 40
Pregunta
Which is NOT a Product Cost?
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Direct materials
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direct labor
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selling costs
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manufacturing overhead
Pregunta 41
Pregunta
Which is NOT a period cost?
Respuesta
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selling costs
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labor costs
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administrative costs
Pregunta 42
Pregunta
Product costs are recognized as expenses when the products are sold
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- True
- False
Pregunta 43
Pregunta
Period costs are expensed on the income statement
Respuesta
- True
- False
Pregunta 44
Pregunta
When are period costs "incurred"?
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When employees earn them
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When employees are paid
Pregunta 45
Pregunta
Which of the following costs would be considered a period rather than a product cost in a manufacturing company?
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Manufacturing equipment depreciation
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Property taxes on corporate headquarters
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Direct materials costs
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Electrical costs to light the production facility
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Sales commissions
Pregunta 46
Pregunta
What two things make up a prime cost?
Respuesta
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Direct materials
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Manufacturing overhead
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Indirect labor
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Indirect Materials
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Direct Labor
Pregunta 47
Pregunta
What two things make up conversion costs?
Respuesta
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Direct Materials
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Manufacturing Over
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Indirect Labor
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Indirect Material
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Direct Material
Pregunta 48
Pregunta
Variable costs vary in direct proportion to activity
Respuesta
- True
- False
Pregunta 49
Pregunta
Variable costs per unit do not remain constant as activity changes
Respuesta
- True
- False
Pregunta 50
Pregunta
As the level of the activity base increases, the total variable cost
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decreases proportionately
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increases proportionately
Pregunta 51
Pregunta
When activated rises, the fixed costs per unit,
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decreases
-
increases
Pregunta 52
Pregunta
Committed Fixed Costs can be altered in the short-term.
Respuesta
- True
- False
Pregunta 53
Pregunta
Discretionary costs are long term.
Respuesta
- True
- False
Pregunta 54
Pregunta
Which of the following costs would be variable with respect to the number of cones sold at a Baskins and Robbins shop?
Respuesta
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The cost of lighting the store
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The wages of the store manager
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The cost of ice cream
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The cost of napkins for customers
Pregunta 55
Pregunta
Y=a+bX is the equation for:
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Fixed Costs
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Variable Costs
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Mixed Costs
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Total Costs
Pregunta 56
Pregunta
In the equation Y=a+bX, Y=
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total mixed costs
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total fixed costs (vertical intercept)
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total variable costs per unit of activity (slope)
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level of activity
Pregunta 57
Pregunta
In the equation Y=a+bX, a=
Respuesta
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total mixed costs
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total variable costs per unit of activity(slope)
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total fixed costs (vertical intercept)
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level of activity
Pregunta 58
Pregunta
In the equation Y=a+bX, b=
Respuesta
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level of activity
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total variable cost per unit of activity (slope)
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total mixed costs
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total fixed costs (vertical intercept)
Pregunta 59
Pregunta
In the equation Y=a+bX, X=
Respuesta
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Total variable cost per unit (slope)
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total fixed costs (vertical intercept)
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total mixed costs
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level of activity
Pregunta 60
Pregunta
Gross margin=
Respuesta
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sales-cogs
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cogs-sales
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contribution margin-sales
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sales+cogs
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