Exam 1: Introduction to Managerial Accounting

A friend has informed you of a part-time job for which you are well-qualified. It would begin next semester and require working 20 hours a week at a rate of $35 per hour. You would have to commute 2 hours round trip four days a week to work. You have already registered for 18 credit hours (6 classes) next semester, and you have been told that each of the classes is very demanding, requiring projects and extensive study time. If you complete these 18 hours, you will graduate. You are only taking 12 credit hours this semester. You have enough money for tuition ($100 per credit hour) and room and board but would love some extra spending money. Required:

An example of qualitative data is:

____ involve(s) the development of short-terms objectives and goals.

____ would most likely be involved in product packaging decisions.

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.

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

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):

The main focus of managerial accounting is:

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.

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

Which of the following should not be taken into account in decision-making?

____ decides whether or not a company should lease or buy an expensive manufacturing equipment.

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.

Which of the following is not true about knowledge in the business environment?

Which of the following is true regarding managerial accounting?

Costs that differ between alternatives are called:

When making a decision, which of the following should not be considered?

Sunk costs are:

Which of the following is not true with regard to opportunity costs?

Which of the following is an example of an internal user of accounting information?