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Managerial Accounting Study Set 22
Exam 1: Managerial Accounting in the Information Age
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Question 21
Multiple Choice
Sleep Time produces mattresses.Each mattress has a variable cost of $260, fixed costs of $56,000 per month, and a unit selling price of $500.If the company produces and sells 400 mattresses in February, how much is the unit cost per mattress?
Question 22
Multiple Choice
Which of the following costs will change when the level of business activity changes?
Question 23
Multiple Choice
Which of the following statements regarding incremental analysis is true? Assume that there are no opportunity costs and that the capacity exists to complete any of the alternatives.
Question 24
Multiple Choice
Triatt Resort has 200 rooms.Each room rents at $130 per night and variable costs total $42 per room per night of occupancy.The fixed costs total $18,700 per month.If 70% of the rooms are occupied each of the 30 nights in June, how much will total variable costs be for June?
Question 25
Multiple Choice
Wilson Company's managers investigate departures from the budget that appear to be significant.What principle is being followed?
Question 26
Multiple Choice
Supply Chain Management (SCM) systems
Question 27
Multiple Choice
Performance reports often compare current performance with
Question 28
Multiple Choice
Sleep Time produces mattresses.During February, each mattress had has a variable cost of $260, fixed costs of $56,000 per month, and a unit selling price of $500.If the company produces and sells 400 mattresses in March February, how much profit will the company expect for March assuming that the number of mattresses sold and the selling price per mattress remains the same as that of February?
Question 29
True/False
A favorable evaluation of an operation indicates that the manager of that operation is performing adequately.
Question 30
Multiple Choice
A company purchases machinery costing $60,000 in October of 2017.Five years later, management discovers better, more efficient machine that could be purchased for $80,000 to replace the existing machine.Management has determined that they are able to sell the original machine for $15,000.In making the decision about buying the new machine, how much are total sunk costs?
Question 31
True/False
Opportunity costs are the value of benefits forgone when one alternative is selected over another.
Question 32
True/False
The Sarbanes-Oxley Act requires that companies provide relevant managerial accounting information to decision-makers.
Question 33
Multiple Choice
Leah Berry is entering her senior year as an accounting major and has a number of options for her summer break.Her options for the 3-month break follow: (1) Work full time at a local accounting firm making $3,200 per month. (2) Take a summer class which will cost $600 and work half time making $1,600 per month. (3) Take two classes at a cost of $1,200 and not work at all during the summer. Leah's opportunity cost of taking two classes if she chooses option 3 over option 1 would be
Question 34
Multiple Choice
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?