Question 1

Prime costs are the same as:

Accepted Answer

A) manufacturing costs minus non-manufacturing costs. 
B) manufacturing costs minus manufacturing overhead. 
C) manufacturing costs minus fixed costs. 
D) manufacturing costs minus direct materials. 
A) manufacturing costs minus non-manufacturing costs. 
B) manufacturing costs minus manufacturing overhead. 
C) manufacturing costs minus fixed costs. 
D) manufacturing costs minus direct materials.

Question 2

Willow Manufacturing manufactures custom tabletops.For each cost listed below,place an "X" in all of the appropriate categories.

Accepted Answer

@#IMG-DLM& Direct materials are the traceable mate

Question 3

Which of the following functions of management involves providing feedback for future plans?

Accepted Answer

A) Planning 
B) Implementing 
C) Reviewing 
D) Control 
A) Planning 
B) Implementing 
C) Reviewing 
D) Control

Question 4

Which of the following is an example of the variety of big data?

Accepted Answer

A) Data collected from YouTube videos 
B) The collection of petabytes of data per hour 
C) Data that is created in real time 
D) Delivering data as quickly as possible 
A) Data collected from YouTube videos 
B) The collection of petabytes of data per hour 
C) Data that is created in real time 
D) Delivering data as quickly as possible

Question 5

Imagine purchasing a cup of coffee.Which of the following statements correctly classifies the direct,indirect,variable,and fixed costs associated with that purchase,assuming the cost object is the cup of coffee?

Accepted Answer

A) The cost of the cup and the lid is an indirect cost because it can be readily traced to the cost object. 
B) The shop supervisor's salary is a direct cost because it cannot be readily and feasibly traced to the cost object. 
C) The volume of coffee beans purchased is a variable cost because it changes along with the changing volume of cups of coffee sold. 
D) The shop's monthly water bill is a fixed cost because it changes along with the changing volume of sales. 
A) The cost of the cup and the lid is an indirect cost because it can be readily traced to the cost object. 
B) The shop supervisor's salary is a direct cost because it cannot be readily and feasibly traced to the cost object. 
C) The volume of coffee beans purchased is a variable cost because it changes along with the changing volume of cups of coffee sold. 
D) The shop's monthly water bill is a fixed cost because it changes along with the changing volume of sales.

Question 6

An actual outlay of cash is a(n):

Accepted Answer

A) out-of-pocket cost. 
B) opportunity cost. 
C) direct cost. 
D) cost object. 
A) out-of-pocket cost. 
B) opportunity cost. 
C) direct cost. 
D) cost object.

Question 7

Robin Company has the following balances for the current month:   What are Robin's prime costs?

Accepted Answer

A) $60,800 
B) $56,000 
C) $75,200 
D) $65,600 
A) $60,800 
B) $56,000 
C) $75,200 
D) $65,600

Question 8

Which of the following is not a characteristic of managerial accounting?

Accepted Answer

A) Information is used by internal parties. 
B) Information is subjective,relevant,and future-oriented. 
C) Reports are prepared as needed. 
D) Reports are prepared according to GAAP. 
A) Information is used by internal parties. 
B) Information is subjective,relevant,and future-oriented. 
C) Reports are prepared as needed. 
D) Reports are prepared according to GAAP.

Question 9

Melinda's Custom Homes,a construction company that builds custom-designed houses,incurred costs for the following items.
   Calculate each of the following,where the cost object is the houses built by the company:
a.Total variable costs
b.Total fixed costs
c.Total direct costs
d.Total indirect costs

Accepted Answer

Total variable costs: $478,900 = $105,00

Question 10

What determines the difference between a direct and an indirect cost?

Accepted Answer

A) Whether it changes when activity levels change. 
B) Whether it is relevant to a particular decision. 
C) Whether it can be traced to a specific cost object. 
D) Whether it is related to manufacturing or nonmanufacturing activities. 
A) Whether it changes when activity levels change. 
B) Whether it is relevant to a particular decision. 
C) Whether it can be traced to a specific cost object. 
D) Whether it is related to manufacturing or nonmanufacturing activities.

Question 11

Fixed costs stay the same,on a per-unit basis,as activity level changes.

Accepted Answer

A) True 
 B)False

Question 12

Alameda Manufacturing manufactures a variety of wooden picture frames using recycled wood from old barns.Alameda Manufacturing has reported the following costs for the previous year.Assume no production inventories.
   Compute the following:
a.Direct material costs
b.Direct labor cost
c.Manufacturing overhead
d.Total manufacturing cost
e.Prime cost
f.Conversion cost
g.Total period cost

Accepted Answer

a.Direct material costs: $208,000 = $86,

Question 13

Which of the following is an example of a variable cost for a manufacturing firm?

Accepted Answer

A) The cost of rent on the factory. 
B) The cost of factory supervision. 
C) The cost of raw materials. 
D) The cost of depreciation on equipment. 
A) The cost of rent on the factory. 
B) The cost of factory supervision. 
C) The cost of raw materials. 
D) The cost of depreciation on equipment.

Question 14

Pretend you are the president of the Managerial Accounting Club and you are responsible for executing the club's most important event: A recruiting event for members and local firms.How might you use the Plan-Implement-Control cycle?

Accepted Answer

A) To plan,I would prepare a preliminary list of goals and plans and then hold a kick-off meeting with the club's membership to present and revise the plan. 
B) To control,I would identify two additional individuals within the club to help lead the event. 
C) To control,I would create a timeline and schedule of key tasks leading up to the event and assign responsibility for each task to key members of the club. 
D) To implement,I would hold regular check-in meetings to monitor progress. 
A) To plan,I would prepare a preliminary list of goals and plans and then hold a kick-off meeting with the club's membership to present and revise the plan. 
B) To control,I would identify two additional individuals within the club to help lead the event. 
C) To control,I would create a timeline and schedule of key tasks leading up to the event and assign responsibility for each task to key members of the club. 
D) To implement,I would hold regular check-in meetings to monitor progress.

Question 15

A sustainable business is one with the ability to meet the needs of today without sacrificing the ability of future generations to meet their own needs.

Accepted Answer

A) True 
 B)False

Question 16

Fixed costs are:

Accepted Answer

A) costs that are not worth the effort to trace to a specific cost object. 
B) costs that change,in total,in direct proportion to changes in activity levels. 
C) always irrelevant. 
D) costs that remain constant,in total,no matter the activity level. 
A) costs that are not worth the effort to trace to a specific cost object. 
B) costs that change,in total,in direct proportion to changes in activity levels. 
C) always irrelevant. 
D) costs that remain constant,in total,no matter the activity level.

Question 17

Which of the following is not one of the factors affecting the accounting reporting environment focused on by the Sarbanes-Oxley Act?

Accepted Answer

A) Industry 
B) Opportunity 
C) Character 
D) Incentives 
A) Industry 
B) Opportunity 
C) Character 
D) Incentives

Question 18

An opportunity cost is the cost of not doing something.

Accepted Answer

A) True 
 B)False

Question 19

Managerial accounting information includes all of the following except:

Accepted Answer

A) budgets. 
B) performance evaluations,for example budget-to-actual reports. 
C) cost reports. 
D) financial statements prepared in accordance with generally accepted accounting principles. 
A) budgets. 
B) performance evaluations,for example budget-to-actual reports. 
C) cost reports. 
D) financial statements prepared in accordance with generally accepted accounting principles.

Question 20

The Sarbanes-Oxley Act of 2002 focuses on three factors that affect the accounting reporting environment: ethics,fraud,and managers.

Accepted Answer

A) True 
 B)False

Prime costs are the same as:

Willow Manufacturing manufactures custom tabletops.For each cost listed below,place an "X" in all of the appropriate categories.

Which of the following functions of management involves providing feedback for future plans?

Which of the following is an example of the variety of big data?

Imagine purchasing a cup of coffee.Which of the following statements correctly classifies the direct,indirect,variable,and fixed costs associated with that purchase,assuming the cost object is the cup of coffee?

An actual outlay of cash is a(n):

Robin Company has the following balances for the current month: What are Robin's prime costs?

Which of the following is not a characteristic of managerial accounting?

Melinda's Custom Homes,a construction company that builds custom-designed houses,incurred costs for the following items. Calculate each of the following,where the cost object is the houses built by the company: a.Total variable costs b.Total fixed costs c.Total direct costs d.Total indirect costs

What determines the difference between a direct and an indirect cost?

Fixed costs stay the same,on a per-unit basis,as activity level changes.

Which of the following is an example of a variable cost for a manufacturing firm?

Pretend you are the president of the Managerial Accounting Club and you are responsible for executing the club's most important event: A recruiting event for members and local firms.How might you use the Plan-Implement-Control cycle?

A sustainable business is one with the ability to meet the needs of today without sacrificing the ability of future generations to meet their own needs.

Fixed costs are:

Which of the following is not one of the factors affecting the accounting reporting environment focused on by the Sarbanes-Oxley Act?

An opportunity cost is the cost of not doing something.

Managerial accounting information includes all of the following except:

The Sarbanes-Oxley Act of 2002 focuses on three factors that affect the accounting reporting environment: ethics,fraud,and managers.

Job Order Costing

Process Costing

Activity-Based Costing and Cost Management

Cost Behavior

Cost-Volume-Profit Analysis

Incremental Analysis for Short-Term Decision Making

Budgetary Planning

Standard Costing and Variance Analysis

Decentralized Performance Evaluation

Capital Budgeting

Statement of Cash Flows

Measuring and Evaluating Financial Performance

Filters

Exam 1: Introduction to Managerial Accounting

Prime costs are the same as:

Willow Manufacturing manufactures custom tabletops.For each cost listed below,place an "X" in all of the appropriate categories.

Which of the following functions of management involves providing feedback for future plans?

Which of the following is an example of the variety of big data?

Imagine purchasing a cup of coffee.Which of the following statements correctly classifies the direct,indirect,variable,and fixed costs associated with that purchase,assuming the cost object is the cup of coffee?

An actual outlay of cash is a(n):

Robin Company has the following balances for the current month: What are Robin's prime costs?

Which of the following is not a characteristic of managerial accounting?

Melinda's Custom Homes,a construction company that builds custom-designed houses,incurred costs for the following items. Calculate each of the following,where the cost object is the houses built by the company: a.Total variable costs b.Total fixed costs c.Total direct costs d.Total indirect costs

What determines the difference between a direct and an indirect cost?

Fixed costs stay the same,on a per-unit basis,as activity level changes.

Which of the following is an example of a variable cost for a manufacturing firm?

Pretend you are the president of the Managerial Accounting Club and you are responsible for executing the club's most important event: A recruiting event for members and local firms.How might you use the Plan-Implement-Control cycle?

A sustainable business is one with the ability to meet the needs of today without sacrificing the ability of future generations to meet their own needs.

Fixed costs are:

Which of the following is not one of the factors affecting the accounting reporting environment focused on by the Sarbanes-Oxley Act?

An opportunity cost is the cost of not doing something.

Managerial accounting information includes all of the following except:

The Sarbanes-Oxley Act of 2002 focuses on three factors that affect the accounting reporting environment: ethics,fraud,and managers.

Job Order Costing

Process Costing

Activity-Based Costing and Cost Management

Cost Behavior

Cost-Volume-Profit Analysis

Incremental Analysis for Short-Term Decision Making

Budgetary Planning

Standard Costing and Variance Analysis

Decentralized Performance Evaluation

Capital Budgeting

Statement of Cash Flows

Measuring and Evaluating Financial Performance

Filters