Exam 1: Introduction to Managerial Accounting

You are considering your housing options for next semester.The cost of a dorm room and the cost of an apartment are the same.You paid a $50 non-refundable deposit to live in the dorm last year.This deposit is an example of a(n):

Which of the following statements is not true regarding enterprise resource planning (ERP)?

Which of the following is not one of the three primary activities of managers?

Identify one internal user of accounting information and one external user of accounting information.Provide a specific example of how accounting information might be used by each.

Costs that differ between alternatives are called:

Which type of business manager would be the most likely to decide whether or not employees need to work overtime in order to fill a special order?

Which manager activity would address the decision on whether or not to accept a special order within the next few days?

Select one of the following functional managers and provide an example of the type of accounting information that they might request from the managerial accountant: marketing manager,operations/production manager,human resource manager,or finance manager.

Select one of the following functional managers and discuss how they might use accounting information in their managerial role: marketing manager,operations/production manager,human resource manager,or finance manager.

An example of qualitative data is:

Relevant costs are costs that:

Mary Ann is trying to decide whether to fly to Florida or New York.The cost of her ticket will be the same either way.The cost of the ticket is an example of a(n):

Looking at how a company will distinguish itself from its competitors involves:

The primary role of today's managerial accountant is to:

Which of the following statements is true?

Which of the following is a characteristic of managerial accounting?

You and your room-mate would like to purchase a projection TV for your apartment.You have gathered the following information about the two leading models: Factors Xenabox 1000 Bigscreen 1050 Screen size 50 inch 50 inch Picture Quality great good Cost \ 1300 \ 1200 Delivery Charge \5 0 \ 50 You paid $750 for your current TV two years ago. Required: a.Which of the four factors listed above are relevant to your decision? b.Is the cost of your old TV relevant to your decision? Why or why not? c.Which of the factors are quantitative and which are qualitative?

Managers are responsible for numerous activities including planning,operating,and controlling. Define these three types of activities and provide at least one example of each.

Grant Enterprises is considering the introduction of a new product.The marketing and production departments have begun informal discussions about its design,production,and sales.List three examples of accounting information that the marketing and production managers would find useful in their meeting.

ERP systems capture: