Question 1

In the decision-making process, an example of a quantitative measure would include:

Accepted Answer

A)  employee morale. 
B)  product satisfaction. 
C)  customer service. 
D)  number of pounds needed. 
A)  employee morale. 
B)  product satisfaction. 
C)  customer service. 
D)  number of pounds needed. D

Question 2

Discuss how a managerial accounting report prepared for an internal user might differ from a financial accounting report prepared for an external user.

Accepted Answer

Managerial accounting reports prepared for internal users are generally characterized by the following:
   In contrast, financial accounting reports are generally characterized by the following:

Question 3

An example of quantitative data is:

Accepted Answer

A)  company reputation. 
B)  number of customer complaints. 
C)  Employee satisfaction. 
D)  product quality. 
A)  company reputation. 
B)  number of customer complaints. 
C)  Employee satisfaction. 
D)  product quality. B

Question 4

Which of the following would be an irrelevant cost?

Accepted Answer

A)  Future costs that differ among alternatives. 
B)  Benefits foregone by choosing one alternative over another. 
C)  Costs that have already been incurred. 
D)  Costs that are avoidable. 
A)  Future costs that differ among alternatives. 
B)  Benefits foregone by choosing one alternative over another. 
C)  Costs that have already been incurred. 
D)  Costs that are avoidable.

Question 5

All of the following are examples of operating activities except:

Accepted Answer

A)  decisions on whether or not to schedule overtime for employees. 
B)  decisions on what price to charge for a product. 
C)  decisions on whether or not to accept a special order. 
D)  decisions on whether actual outcomes were similar to desired outcomes. 
A)  decisions on whether or not to schedule overtime for employees. 
B)  decisions on what price to charge for a product. 
C)  decisions on whether or not to accept a special order. 
D)  decisions on whether actual outcomes were similar to desired outcomes.

Question 6

____ decides whether a company should borrow money or issue stock as a way to raise capital.

Accepted Answer

A)  Human resource manager 
B)  Operations/production manager 
C)  Finance manager 
D)  Marketing manager 
A)  Human resource manager 
B)  Operations/production manager 
C)  Finance manager 
D)  Marketing manager

Question 7

A(n) ____ would most likely decide whether or not employees need to work overtime in order to fill a special order.

Accepted Answer

A)  Human resource manager 
B)  Operations/production manager 
C)  Finance manager 
D)  Marketing manager 
A)  Human resource manager 
B)  Operations/production manager 
C)  Finance manager 
D)  Marketing manager

Question 8

Describe the role of the managerial accountant within an organization.

Accepted Answer

Managerial accountants present financial

Question 9

Which of the following is not an example of an external user of accounting information?

Accepted Answer

A)  Potential and existing stockholders 
B)  Government taxing agencies 
C)  Potential and existing creditors 
D)  Management 
A)  Potential and existing stockholders 
B)  Government taxing agencies 
C)  Potential and existing creditors 
D)  Management

Question 10

How has the automation of accounting information altered the role of the managerial accountant?

Accepted Answer

Automation in the present-day organizati

Question 11

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

Accepted Answer

A)  enter data into the accounting system. 
B)  collect data. 
C)  analyze information and create knowledge. 
D)  prepare tax returns. 
A)  enter data into the accounting system. 
B)  collect data. 
C)  analyze information and create knowledge. 
D)  prepare tax returns.

Question 12

____ addresses long-term questions of how a company distinguishes itself from its competitors.

Accepted Answer

A)  Operational planning 
B)  Strategic planning 
C)  Internal planning 
D)  Financial planning 
A)  Operational planning 
B)  Strategic planning 
C)  Internal planning 
D)  Financial planning

Question 13

Identify four internaland external users of accounting information. Provide a specific example of how accounting information might be used by each.

Accepted Answer

Examples of internal users and

Question 14

Relevant costs:

Accepted Answer

A)  are sunk costs. 
B)  are costs that differ among alternatives. 
C)  are unavoidable. 
D)  can not be opportunity costs. 
A)  are sunk costs. 
B)  are costs that differ among alternatives. 
C)  are unavoidable. 
D)  can not be opportunity costs.

Question 15

You are now considering your housing options for next semester. If the cost of a dorm room and the cost of an apartment are the same, but the apartment is larger, then:

Accepted Answer

A)  both cost and size are relevant. 
B)  neither cost nor size is relevant. 
C)  cost is relevant but size is not. 
D)  size is relevant but cost is not. 
A)  both cost and size are relevant. 
B)  neither cost nor size is relevant. 
C)  cost is relevant but size is not. 
D)  size is relevant but cost is not.

Question 16

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.

Accepted Answer

Marketing manager - help set a proper sa

Question 17

Decision-makers should consider:

Accepted Answer

A)  only qualitative factors. 
B)  only quantitative factors. 
C)  both quantitative and qualitative factors. 
D)  only sunk costs. 
A)  only qualitative factors. 
B)  only quantitative factors. 
C)  both quantitative and qualitative factors. 
D)  only sunk costs.

Question 18

____ decides how much inventory should be kept on hand by the business.

Accepted Answer

A)  Finance manager 
B)  Operations/production manager 
C)  Marketing manager 
D)  Human resource manager 
A)  Finance manager 
B)  Operations/production manager 
C)  Marketing manager 
D)  Human resource manager

Question 19

You are trying to decide what to do during your next school break. One campus group is planning a trip to Jacksonville Beach. Another is planning a ski trip to Snowmass. Many students will be going home to see family, and others will remain on campus. List three factors that you might consider in making your decision.

Accepted Answer

1. Personal preferences and interests: C

Question 20

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:

Accepted Answer

A)  sunk cost. 
B)  opportunity cost. 
C)  avoidable cost. 
D)  irrelevant cost. 
A)  sunk cost. 
B)  opportunity cost. 
C)  avoidable cost. 
D)  irrelevant cost.

In the decision-making process, an example of a quantitative measure would include:

Discuss how a managerial accounting report prepared for an internal user might differ from a financial accounting report prepared for an external user.

An example of quantitative data is:

Which of the following would be an irrelevant cost?

All of the following are examples of operating activities except:

____ decides whether a company should borrow money or issue stock as a way to raise capital.

A(n) ____ would most likely decide whether or not employees need to work overtime in order to fill a special order.

Describe the role of the managerial accountant within an organization.

Which of the following is not an example of an external user of accounting information?

How has the automation of accounting information altered the role of the managerial accountant?

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

____ addresses long-term questions of how a company distinguishes itself from its competitors.

Identify four internaland external users of accounting information. Provide a specific example of how accounting information might be used by each.

Relevant costs:

You are now considering your housing options for next semester. If the cost of a dorm room and the cost of an apartment are the same, but the apartment is larger, then:

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.

Decision-makers should consider:

____ decides how much inventory should be kept on hand by the business.

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:

Product Costing: Manufacturing Processes, Cost Terminology, and Cost Flows

Job Costing, Process Costing, and Operations Costing

Activity-Based Costing

Cost Behavior

Cost-Volume-Profit Analysis

Relevant Costs and Product Planning Decisions

Long-Term Capital Investment Decisions

The Use of Budgets in Planning and Decision Making

Variance Analysis A Tool for Cost Control and Performance Evaluation

Decentralization, Performance Evaluation, and the Balanced Scorecard

Financial Statement Analysis

The Statement of Cash Flows

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Exam 1: Introduction to Managerial Accounting

In the decision-making process, an example of a quantitative measure would include:

Discuss how a managerial accounting report prepared for an internal user might differ from a financial accounting report prepared for an external user.

An example of quantitative data is:

Which of the following would be an irrelevant cost?

All of the following are examples of operating activities except:

____ decides whether a company should borrow money or issue stock as a way to raise capital.

A(n) ____ would most likely decide whether or not employees need to work overtime in order to fill a special order.

Describe the role of the managerial accountant within an organization.

Which of the following is not an example of an external user of accounting information?

How has the automation of accounting information altered the role of the managerial accountant?

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

____ addresses long-term questions of how a company distinguishes itself from its competitors.

Identify four internaland external users of accounting information. Provide a specific example of how accounting information might be used by each.

Relevant costs:

You are now considering your housing options for next semester. If the cost of a dorm room and the cost of an apartment are the same, but the apartment is larger, then:

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.

Decision-makers should consider:

____ decides how much inventory should be kept on hand by the business.

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:

Product Costing: Manufacturing Processes, Cost Terminology, and Cost Flows

Job Costing, Process Costing, and Operations Costing

Activity-Based Costing

Cost Behavior

Cost-Volume-Profit Analysis

Relevant Costs and Product Planning Decisions

Long-Term Capital Investment Decisions

The Use of Budgets in Planning and Decision Making

Variance Analysis A Tool for Cost Control and Performance Evaluation

Decentralization, Performance Evaluation, and the Balanced Scorecard

Financial Statement Analysis

The Statement of Cash Flows

Filters