Hurricane Wings has budgeted the following costs for a month in which 24,000 wings will be cooked and sold. $\begin{array}{lr} \text { Wings, breading, and sauce } & \$ 4,900 \\ \text { Direct labor (Variable) } & 3,500 \\ \text { Rent } & 1,10 0\\ \text { Depreciation } & 900\\ \text { Other fixed costs }&400 \end{array}$ Each wing sells for $0.80 each. How much is the budgeted variable cost per unit?

A) $0.35 B) $0.45 C) $0.80 D) None of these answer choices are correct. A) $0.35 B) $0.45 C) $0.80 D) None of these answer choices are correct.

Exam 1: Managerial Accounting in the Information Age

A retailer purchased some trendy clothes that have gone out of style and must be marked down to 60% of the original selling price in order to be sold. Which of the following is a sunk cost in this situation?

(Multiple Choice)

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Question 41

Enterprise resource planning systems focus on managing a variety of customer interactions.

(True/False)

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Question 42

Businesses sometimes share sales databases with suppliers so suppliers can respond more quickly.

(True/False)

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Question 43

Which of the following is a difference between financial accounting and managerial accounting?

(Multiple Choice)

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Question 44

Customer Relationship Management Systems (CRM) involve activities between companies and its suppliers in an effort to enhance production and delivery of goods to customers.

(True/False)

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Question 45

A favorable evaluation of an operation indicates that the manager of that operation is performing adequately.

(True/False)

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Question 46

Hurricane Wings has budgeted the following costs for a month in which 24,000 wings will be cooked and sold. Wings, breading, and sauce \ 4,900 Direct labor (Variable) 3,500 Rent 1,100 Depreciation 900 Other fixed costs 400 Each wing sells for $0.80 each. How much is the budgeted variable cost per unit?

(Multiple Choice)

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Question 47

One aspect of the value chain involves information flows between a company and its customers.

(True/False)

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Question 48

Which of the following statements regarding fixed costs is true?

(Multiple Choice)

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Question 49

Dent Lab Car Repair projects variable labor costs of $21,500 in July when 8,600 units are produced. If production is expected to drop to 8,000 units in August, what is the expected labor cost in August?

(Multiple Choice)

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Question 50

Incremental analysis is the appropriate way to approach the solution to all business problems.

(True/False)

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Question 51

Rincon Gifts had the following costs in May when 400 ceramic pots were produced: materials, $4,200; hourly labor, $1,600; depreciation, $800; rent, $700; and other fixed costs, $500. If the production level changes to 500 units, how much will the total costs be?

(Multiple Choice)

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Question 52

Which of the following should be considered when making ethical decisions?

(Multiple Choice)

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Question 53

Managerial accounting is directed at internal users of accounting information.

(True/False)

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Question 54

Wilson Company's managers investigate departures from the budget that appear to be significant. What principle is being followed?

(Multiple Choice)

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Question 55

The financial plans prepared by managerial accountants are referred to as

(Multiple Choice)

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Question 56

Which of the following is one of the questions you should ask when faced with an ethical dilemma?

(Multiple Choice)

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Question 57

The actions of a manager are influenced by the performance measures that are used to evaluate the manager.

(True/False)

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Question 58

Barney & Robles plans to produce 50,000 books next year at a total cost of $1,900,000. The fixed costs total $120,000. Selling price per book is $65.00. Management is considering lowering the price to $62.00 per unit, and feels that this action will cause sales to climb to 54,000 books. What is the incremental revenue generated if 54,000 units are sold?

(Multiple Choice)

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Question 59

Which of the following statements regarding direct and indirect costs is true?

(Multiple Choice)

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Question 60

Showing 41 - 60 of 139

A retailer purchased some trendy clothes that have gone out of style and must be marked down to 60% of the original selling price in order to be sold. Which of the following is a sunk cost in this situation?

Enterprise resource planning systems focus on managing a variety of customer interactions.

Businesses sometimes share sales databases with suppliers so suppliers can respond more quickly.

Which of the following is a difference between financial accounting and managerial accounting?

Customer Relationship Management Systems (CRM) involve activities between companies and its suppliers in an effort to enhance production and delivery of goods to customers.

A favorable evaluation of an operation indicates that the manager of that operation is performing adequately.

One aspect of the value chain involves information flows between a company and its customers.

Which of the following statements regarding fixed costs is true?

Dent Lab Car Repair projects variable labor costs of $21,500 in July when 8,600 units are produced. If production is expected to drop to 8,000 units in August, what is the expected labor cost in August?

Incremental analysis is the appropriate way to approach the solution to all business problems.

Rincon Gifts had the following costs in May when 400 ceramic pots were produced: materials, $4,200; hourly labor, $1,600; depreciation, $800; rent, $700; and other fixed costs, $500. If the production level changes to 500 units, how much will the total costs be?

Which of the following should be considered when making ethical decisions?

Managerial accounting is directed at internal users of accounting information.

Wilson Company's managers investigate departures from the budget that appear to be significant. What principle is being followed?

The financial plans prepared by managerial accountants are referred to as

Which of the following is one of the questions you should ask when faced with an ethical dilemma?

The actions of a manager are influenced by the performance measures that are used to evaluate the manager.

Which of the following statements regarding direct and indirect costs is true?

Job-Order Costing for Manufacturing and Service Companies

Process Costing

Cost-Volume-Profit Analysis

Variable Costing

Cost Allocation and Activity-Based Costing

The Use of Cost Information in Management Decision Making

Pricing Decisions

Capital Budgeting Decisions

Budgetary Planning and Control

Standard Costs and Variance Analysis

Decentralization and Performance Evaluation

Statement of Cash Flows

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