Question 1

Control is the process of setting goals and determining ways to achieve them.

Accepted Answer

A) True 
 B)False

Question 2

_____________________ involves the use of one's job for personal gain through the deliberate misuse of employer's assets.

Accepted Answer

The answer of _____________________ involves the use of one's job...

Question 3

Use the following information for Acme, Inc., as of December 31 to answer the next questions:
 
-What is the correct amount of direct materials used?

Accepted Answer

A) $141,000. 
B) $125,000. 
C) $137,000. 
D) $129,000. 
E) $138,000. 
A) $141,000. 
B) $125,000. 
C) $137,000. 
D) $129,000. 
E) $138,000.

Question 4

The ________________________ aids continuous improvement by augmenting financial measures with information on the drivers or indicators of future financial performance along four dimensions: (1)financial, (2)customer, (3)internal business processes, and (4)learning and growth.

Accepted Answer

The answer of The ________________________ aids continuous improvement by augmenting...

Question 5

The Institute of Management Accountants has developed a code of ethics that requires management accountants to behave in certain ways.Which of the following behaviors is not required?

Accepted Answer

A) Competence. 
B) Integrity. 
C) Maintenance of confidentiality. 
D) Communication of information in credible manner. 
E) Timeliness. 
A) Competence. 
B) Integrity. 
C) Maintenance of confidentiality. 
D) Communication of information in credible manner. 
E) Timeliness.

Question 6

Which of the following statements regarding fraud is true?

Accepted Answer

A) Fraud is a deliberate act. 
B) Fraud can be deliberate or unintentional. 
C) A company with a strong code of ethics can eliminate fraud. 
D) A company with strong internal controls can eliminate fraud. 
E) The most common type of fraud is financial statement fraud. 
A) Fraud is a deliberate act. 
B) Fraud can be deliberate or unintentional. 
C) A company with a strong code of ethics can eliminate fraud. 
D) A company with strong internal controls can eliminate fraud. 
E) The most common type of fraud is financial statement fraud.

Question 7

Financial accounting relies on accepted principles that are enforced through an extensive set of rules and guidelines; managerial accounting systems are flexible.

Accepted Answer

A) True 
 B)False

Question 8

Managerial accounting is different from financial accounting in that:

Accepted Answer

A) Managerial accounting is more focused on the organization as a whole and financial accounting is more focused on subdivisions of the organization. 
B) Managerial accounting never includes nonmonetary information. 
C) Managerial accounting includes many projections and estimates whereas financial accounting has a minimum of predictions. 
D) Managerial accounting is used extensively by investors, whereas financial accounting is used only by creditors. 
E) Managerial accounting is mainly used to set stock prices. 
A) Managerial accounting is more focused on the organization as a whole and financial accounting is more focused on subdivisions of the organization. 
B) Managerial accounting never includes nonmonetary information. 
C) Managerial accounting includes many projections and estimates whereas financial accounting has a minimum of predictions. 
D) Managerial accounting is used extensively by investors, whereas financial accounting is used only by creditors. 
E) Managerial accounting is mainly used to set stock prices.

Question 9

A manufacturing firm's cost of goods manufactured is equivalent to a merchandising firm's:

Accepted Answer

A) Cost of goods sold. 
B) Cost of goods purchased. 
C) Cost of goods available. 
D) Beginning merchandise inventory. 
E) Ending merchandise inventory. 
A) Cost of goods sold. 
B) Cost of goods purchased. 
C) Cost of goods available. 
D) Beginning merchandise inventory. 
E) Ending merchandise inventory.

Question 10

An out-of-pocket cost requires a future cash outlay and is relevant for decision making.

Accepted Answer

A) True 
 B)False

Question 11

The Malcolm Baldrige Award was established by:

Accepted Answer

A) The United Nations. 
B) The U.S.Chamber of Commerce. 
C) The Malcolm Baldrige Foundation. 
D) The U.S.Congress. 
E) The SEC. 
A) The United Nations. 
B) The U.S.Chamber of Commerce. 
C) The Malcolm Baldrige Foundation. 
D) The U.S.Congress. 
E) The SEC.

Question 12

Use the following information to compute the cost of goods manufactured:

Accepted Answer

A) $143,400 
B) $13,000 
C) $143,000 
D) $144,500 
E) $93,400 
A) $143,400 
B) $13,000 
C) $143,000 
D) $144,500 
E) $93,400

Question 13

A company reports raw materials used of $42,750 for a year, with beginning raw materials inventory of $4,000 and an ending raw materials inventory of $4,500.Compute days' sales in raw materials inventory based on this data.

Accepted Answer

A) 10.52 days. 
B) 34.15 days 
C) 10.06 days 
D) 38.42 days 
E) 9.35 days 
A) 10.52 days. 
B) 34.15 days 
C) 10.06 days 
D) 38.42 days 
E) 9.35 days

Question 14

____________________ inventory consists of products in the process of being manufactured but not yet complete.

Accepted Answer

Goods in p

Question 15

The beginning and ending finished goods inventories of the Prize Ring manufacturing company were $75,000 and $73,000 respectively.If cost of goods sold equaled $66,000, what is the amount of cost of goods manufactured for this period?

Accepted Answer

A) $2,000 
B) $64,000 
C) $68,000 
D) $82,000 
E) $214,000 
A) $2,000 
B) $64,000 
C) $68,000 
D) $82,000 
E) $214,000

Question 16

The following information is available for the year ended December 31:   The amount of raw materials used in production for the year is:

Accepted Answer

A) $4,100 
B) $5,100 
C) $3,500 
D) $6,500 
E) $4,000 
A) $4,100 
B) $5,100 
C) $3,500 
D) $6,500 
E) $4,000

Question 17

The following costs are included in a recent summary of data for a company: advertising expense, $85,000; depreciation expense - factory building, $133,000; direct labor, $250,000; direct material used, $300,000; factory utilities, $105,000; and sales salaries expense, $150,000.Determine the dollar amount of prime costs.

Accepted Answer

A) $1,023,000 
B) $550,000 
C) $488,000 
D) $235,000 
E) $238,000 
A) $1,023,000 
B) $550,000 
C) $488,000 
D) $235,000 
E) $238,000

Question 18

The following are all examples of product costs:

Accepted Answer

A) Direct material, direct labor and indirect labor. 
B) Direct labor, VP of sales salary, and insurance on the factory. 
C) Depreciation on the factory equipment, depreciation on the office building, and depreciation on the factory building. 
D) Factory insurance, interest expense, and property taxes on the factory. 
E) Office supplies, sales commissions, and maintenance costs on office copier. 
A) Direct material, direct labor and indirect labor. 
B) Direct labor, VP of sales salary, and insurance on the factory. 
C) Depreciation on the factory equipment, depreciation on the office building, and depreciation on the factory building. 
D) Factory insurance, interest expense, and property taxes on the factory. 
E) Office supplies, sales commissions, and maintenance costs on office copier.

Control is the process of setting goals and determining ways to achieve them.

_____________________ involves the use of one's job for personal gain through the deliberate misuse of employer's assets.

Use the following information for Acme, Inc., as of December 31 to answer the next questions: -What is the correct amount of direct materials used?

The ________________________ aids continuous improvement by augmenting financial measures with information on the drivers or indicators of future financial performance along four dimensions: (1)financial, (2)customer, (3)internal business processes, and (4)learning and growth.

The Institute of Management Accountants has developed a code of ethics that requires management accountants to behave in certain ways.Which of the following behaviors is not required?

Which of the following statements regarding fraud is true?

Financial accounting relies on accepted principles that are enforced through an extensive set of rules and guidelines; managerial accounting systems are flexible.

Managerial accounting is different from financial accounting in that:

A manufacturing firm's cost of goods manufactured is equivalent to a merchandising firm's:

An out-of-pocket cost requires a future cash outlay and is relevant for decision making.

The Malcolm Baldrige Award was established by:

Use the following information to compute the cost of goods manufactured:

A company reports raw materials used of $42,750 for a year, with beginning raw materials inventory of $4,000 and an ending raw materials inventory of $4,500.Compute days' sales in raw materials inventory based on this data.

____________________ inventory consists of products in the process of being manufactured but not yet complete.

The beginning and ending finished goods inventories of the Prize Ring manufacturing company were $75,000 and $73,000 respectively.If cost of goods sold equaled $66,000, what is the amount of cost of goods manufactured for this period?

The following information is available for the year ended December 31: The amount of raw materials used in production for the year is:

The following are all examples of product costs:

Job Order Costing and Analysis

Process Costing and Analysis

Activity-Based Costing and Analysis

Cost Behavior and Cost-Volume-Profit Analysis

Variable Costing and Performance Reporting

Master Budgets and Performance Planning

Flexible Budgets and Standard Costing

Performance Measurement and Responsibility Accounting

Relevant Costing for Managerial Decisions

Capital Budgeting and Investment Analysis

Reporting and Analyzing Cash Flows

Analyzing Financial Statements

Time Value of Money

Basic Accounting for Transactions

Accounting for Partnerships

Filters

Exam 1: Managerial Accounting Concepts and Principles

Control is the process of setting goals and determining ways to achieve them.

_____________________ involves the use of one's job for personal gain through the deliberate misuse of employer's assets.

Use the following information for Acme, Inc., as of December 31 to answer the next questions: -What is the correct amount of direct materials used?

The ________________________ aids continuous improvement by augmenting financial measures with information on the drivers or indicators of future financial performance along four dimensions: (1)financial, (2)customer, (3)internal business processes, and (4)learning and growth.

The Institute of Management Accountants has developed a code of ethics that requires management accountants to behave in certain ways.Which of the following behaviors is not required?

Which of the following statements regarding fraud is true?

Financial accounting relies on accepted principles that are enforced through an extensive set of rules and guidelines; managerial accounting systems are flexible.

Managerial accounting is different from financial accounting in that:

A manufacturing firm's cost of goods manufactured is equivalent to a merchandising firm's:

An out-of-pocket cost requires a future cash outlay and is relevant for decision making.

The Malcolm Baldrige Award was established by:

Use the following information to compute the cost of goods manufactured:

A company reports raw materials used of $42,750 for a year, with beginning raw materials inventory of $4,000 and an ending raw materials inventory of $4,500.Compute days' sales in raw materials inventory based on this data.

____________________ inventory consists of products in the process of being manufactured but not yet complete.

The beginning and ending finished goods inventories of the Prize Ring manufacturing company were $75,000 and $73,000 respectively.If cost of goods sold equaled $66,000, what is the amount of cost of goods manufactured for this period?

The following information is available for the year ended December 31: The amount of raw materials used in production for the year is:

The following are all examples of product costs:

Job Order Costing and Analysis

Process Costing and Analysis

Activity-Based Costing and Analysis

Cost Behavior and Cost-Volume-Profit Analysis

Variable Costing and Performance Reporting

Master Budgets and Performance Planning

Flexible Budgets and Standard Costing

Performance Measurement and Responsibility Accounting

Relevant Costing for Managerial Decisions

Capital Budgeting and Investment Analysis

Reporting and Analyzing Cash Flows

Analyzing Financial Statements

Time Value of Money

Basic Accounting for Transactions

Accounting for Partnerships

Filters