Question 1

Which of the following functions of management involves setting short and long-term objectives and the tactics to achieve them?

Accepted Answer

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

Question 2

Which of the following functions of management involves providing motivation to achieve results?

Accepted Answer

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

Question 3

For each of the following independent cases,compute the missing values:

Accepted Answer

@#IMG-DLM& Prime costs are the total of direct mat

Question 4

A fixed cost:

Accepted Answer

A) goes up in total when activity increases. 
B) goes up per unit when activity increases. 
C) goes down in total when activity increases. 
D) goes down per unit when activity increases. 
A) goes up in total when activity increases. 
B) goes up per unit when activity increases. 
C) goes down in total when activity increases. 
D) goes down per unit when activity increases.

Question 5

Which of the following is not one of the categories used to sort costs in managerial accounting?

Accepted Answer

A) Relevant or irrelevant 
B) Variable or fixed 
C) Out-of-pocket or opportunity 
D) Direct or indirect 
A) Relevant or irrelevant 
B) Variable or fixed 
C) Out-of-pocket or opportunity 
D) Direct or indirect

Question 6

Product costs are:

Accepted Answer

A) expensed on the income statement when incurred. 
B) treated as an asset and depreciated. 
C) inventoried until the units are sold. 
D) considered current liabilities until paid. 
A) expensed on the income statement when incurred. 
B) treated as an asset and depreciated. 
C) inventoried until the units are sold. 
D) considered current liabilities until paid.

Question 7

Variable 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 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 no matter the activity level.

Question 8

Predictive analytics is the process of recommending a course of action based upon meaningful patterns and insights from collected data.

Accepted Answer

A) True 
 B)False

Question 9

A cost object is:

Accepted Answer

A) an item for which managers are trying to determine the cost. 
B) an item to which managers must directly trace costs. 
C) an item to which it is not worth the effort of tracing costs. 
D) an item for sale by a business. 
A) an item for which managers are trying to determine the cost. 
B) an item to which managers must directly trace costs. 
C) an item to which it is not worth the effort of tracing costs. 
D) an item for sale by a business.

Question 10

A cost is $50,000 when 25,000 units are produced,and $50,000 when 50,000 units are produced.This is an example of a(n):

Accepted Answer

A) fixed cost. 
B) direct cost. 
C) variable cost. 
D) indirect cost. 
A) fixed cost. 
B) direct cost. 
C) variable cost. 
D) indirect cost.

Question 11

Quail Company builds snowboards.Quail Company 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: $154,000 = $119

Question 12

Data received from social media is an example of:

Accepted Answer

A) volume. 
B) velocity. 
C) variety. 
D) veracity. 
A) volume. 
B) velocity. 
C) variety. 
D) veracity.

Question 13

Which of the following functions of management involves taking corrective action if needed?

Accepted Answer

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

Question 14

An out-of-pocket cost involves which of the following?

Accepted Answer

A) Choosing to do one thing instead of another. 
B) Tracing the cost directly to a cost object. 
C) An actual outlay of cash. 
D) Determining how the cost changes with a change in activity level. 
A) Choosing to do one thing instead of another. 
B) Tracing the cost directly to a cost object. 
C) An actual outlay of cash. 
D) Determining how the cost changes with a change in activity level.

Question 15

Which of the following functions of management involves comparing actual results with budgeted results?

Accepted Answer

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

Question 16

Which of the following is not a manufacturing cost?

Accepted Answer

A) Raw materials cost 
B) Marketing cost 
C) Direct labor cost 
D) Manufacturing overhead cost 
A) Raw materials cost 
B) Marketing cost 
C) Direct labor cost 
D) Manufacturing overhead cost

Question 17

Which of the following is not a provision of the Sarbanes-Oxley Act?

Accepted Answer

A) Executives can avoid penalties for fraud by declaring personal bankruptcy. 
B) Stiffer penalties for fraud in terms of monetary fines and jail time decrease the incentive to commit fraud. 
C) Public companies must adopt a code of ethics for senior financial officers. 
D) Management must issue a report that indicates whether internal controls are effective at preventing errors and fraud. 
A) Executives can avoid penalties for fraud by declaring personal bankruptcy. 
B) Stiffer penalties for fraud in terms of monetary fines and jail time decrease the incentive to commit fraud. 
C) Public companies must adopt a code of ethics for senior financial officers. 
D) Management must issue a report that indicates whether internal controls are effective at preventing errors and fraud.

Question 18

Elektra Enterprises manufactures custom boat covers.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 19

The term "Big data" refers to the:

Accepted Answer

A) accuracy,completeness,and source of the data. 
B) accuracy,volume,and source of the data. 
C) variety,volume,and velocity of the data. 
D) velocity,veracity,and volume of the data. 
A) accuracy,completeness,and source of the data. 
B) accuracy,volume,and source of the data. 
C) variety,volume,and velocity of the data. 
D) velocity,veracity,and volume of the data.

Question 20

Which of the following types of reports is more characteristic of managerial accounting than financial accounting?

Accepted Answer

A) An internal report used by management 
B) An external report used by investors 
C) A report prepared according to GAAP 
D) A report prepared periodically (monthly,quarterly,annually) 
A) An internal report used by management 
B) An external report used by investors 
C) A report prepared according to GAAP 
D) A report prepared periodically (monthly,quarterly,annually)

Which of the following functions of management involves setting short and long-term objectives and the tactics to achieve them?

Which of the following functions of management involves providing motivation to achieve results?

For each of the following independent cases,compute the missing values:

A fixed cost:

Which of the following is not one of the categories used to sort costs in managerial accounting?

Product costs are:

Variable costs are:

Predictive analytics is the process of recommending a course of action based upon meaningful patterns and insights from collected data.

A cost object is:

A cost is $50,000 when 25,000 units are produced,and $50,000 when 50,000 units are produced.This is an example of a(n):

Data received from social media is an example of:

Which of the following functions of management involves taking corrective action if needed?

An out-of-pocket cost involves which of the following?

Which of the following functions of management involves comparing actual results with budgeted results?

Which of the following is not a manufacturing cost?

Which of the following is not a provision of the Sarbanes-Oxley Act?

Elektra Enterprises manufactures custom boat covers.For each cost listed below,place an "X" in all of the appropriate categories.

The term "Big data" refers to the:

Which of the following types of reports is more characteristic of managerial accounting than financial accounting?

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

Which of the following functions of management involves setting short and long-term objectives and the tactics to achieve them?

Which of the following functions of management involves providing motivation to achieve results?

For each of the following independent cases,compute the missing values:

A fixed cost:

Which of the following is not one of the categories used to sort costs in managerial accounting?

Product costs are:

Variable costs are:

Predictive analytics is the process of recommending a course of action based upon meaningful patterns and insights from collected data.

A cost object is:

A cost is $50,000 when 25,000 units are produced,and $50,000 when 50,000 units are produced.This is an example of a(n):

Data received from social media is an example of:

Which of the following functions of management involves taking corrective action if needed?

An out-of-pocket cost involves which of the following?

Which of the following functions of management involves comparing actual results with budgeted results?

Which of the following is not a manufacturing cost?

Which of the following is not a provision of the Sarbanes-Oxley Act?

Elektra Enterprises manufactures custom boat covers.For each cost listed below,place an "X" in all of the appropriate categories.

The term "Big data" refers to the:

Which of the following types of reports is more characteristic of managerial accounting than financial accounting?

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