Question 1

Which of the following might you find in a job description for a managerial accountant in a manufacturing company?

Accepted Answer

A)   The Managerial Accountant will conduct internal analysis on the health of the company, suggest variances to emphasize in evaluations, and review unusual results.
B)   The Managerial Accountant will be the primary contact in dealing with the external audit team.
C)   The Managerial Accountant will be responsible for preparing and presenting quarterly financial statements to management.
D)   The ideal candidate for this position will have a strong knowledge of financial accounting to provide advice on generally accepted accounting principles to the CFO.E) None of the above
F) All of the above

Question 2

During the last fiscal year, XYZ organization implemented managerial accounting to allocate program costs to its soup kitchen. The kitchen's manager is reviewing actual results from the prior month to compare the outcomes with the organization's objectives. Which function of the Plan-Implement-Control cycle is she conducting?

Accepted Answer

A)   Plan
B)   Implement
C)   Control
D)   StrategizeE) B) and D)
F) B) and C)

Question 3

Alameda Manufacturing manufactures a variety of wooden picture frames using recycled wood from old barns. Alameda Manufacturing has reported the following costs for the previous year. Assume no production inventories.  Compute the following:
a. Direct material costs
b. Direct labor cost
c. Manufacturing overhead
d. Total manufacturing cost
e. Prime cost
f. Conversion cost
g. Total period cost

Accepted Answer

a. Direct material costs: $208,000 = $86...

Question 4

GAAP reporting rules require that all manufacturing costs be treated as:

Accepted Answer

A)   period costs.
B)   product costs.
C)   value-added costs.
D)   relevant costs.E) A) and D)
F) A) and C)

Question 5

The Sarbanes-Oxley Act of 2002 focuses on three factors that affect the accounting reporting environment: ethics, fraud, and managers

Accepted Answer

A) True 
 B)False

Question 6

A cost that has already been incurred is called a(n)  _______________ cost.

Accepted Answer

A)   indirect
B)   sunk
C)   relevant
D)   opportunityE) B) and C)
F) A) and D)

Question 7

What determines the difference between a variable and a fixed cost?

Accepted Answer

A)   Whether the total cost changes when activity levels change.
B)   Whether the total cost is relevant to a particular decision.
C)   Whether the total cost can be traced to a specific cost object.
D)   Whether the total cost is related to manufacturing or nonmanufacturing activities.E) None of the above
F) A) and B)

Question 8

Manufacturing costs are generally classified into which of the following categories?

Accepted Answer

A)   Relevant costs and irrelevant costs
B)   Direct materials, direct labor, and manufacturing overhead
C)   Prime costs and conversion costs
D)   Conversion costs, marketing costs, and administrative costsE) A) and B)
F) A) and C)

Question 9

Adobe Music Company, which manufactures wooden and metal xylophones, incurred costs for the following items.  Calculate each of the following, where the cost object is the xylophones manufactured by the company:
a. Total variable costs
b. Total fixed costs
c. Total direct costs
d. Total indirect costs

Accepted Answer

a. Total variable costs: $70,300 = $21,0...

Question 10

Which of the following statements is correct about sustainability accounting?

Accepted Answer

A)   Sustainability accounting has been in existence since 1592.
B)   Sustainability accounting tracks a company's "green" score.
C)   Sustainability accounting aims to provide managers a broad set of information to meet the needs of multiple stakeholders.
D)   Sustainability accounting is a subset of GAAP applied only to socially responsible companies.E) A) and B)
F) A) and C)

Question 11

Parkside Rentals, a firm that rents tuxedos for special events, incurred costs for the following items.  Calculate each of the following, where the cost object is tuxedo rentals:
a. Total variable costs
b. Total fixed costs
c. Total direct costs
d. Total indirect costs

Accepted Answer

a. Total variable costs: $46,000 = $7,00...

Exam 1: Introduction to Managerial Accounting

GAAP reporting rules require that all manufacturing costs be treated as:

Correct Answer
verified

Manufacturing costs are generally classified into which of the following categories?

Correct Answer
verified

A cost that has already been incurred is called a(n) _______________ cost.

Correct Answer
verified

What determines the difference between a variable and a fixed cost?

Correct Answer
verified

Correct Answer
verified
a. Direct material costs: $208,000 = $86...
View Answer

Correct Answer
verified

Parkside Rentals, a firm that rents tuxedos for special events, incurred costs for the following items. Calculate each of the following, where the cost object is tuxedo rentals: a. Total variable costs b. Total fixed costs c. Total direct costs d. Total indirect costs

Correct Answer
verified
a. Total variable costs: $46,000 = $7,00...
View Answer

Correct Answer
verified
a. Total variable costs: $70,300 = $21,0...
View Answer

The Sarbanes-Oxley Act of 2002 focuses on three factors that affect the accounting reporting environment: ethics, fraud, and managers

Correct Answer
verified

Which of the following statements is correct about sustainability accounting?

Correct Answer
verified

Which of the following might you find in a job description for a managerial accountant in a manufacturing company?

Correct Answer
verified

Exam 1: Introduction to Managerial Accounting

GAAP reporting rules require that all manufacturing costs be treated as:

Correct AnswerverifiedShow Answer

Manufacturing costs are generally classified into which of the following categories?

Correct AnswerverifiedShow Answer

A cost that has already been incurred is called a(n) _______________ cost.

Correct AnswerverifiedShow Answer

What determines the difference between a variable and a fixed cost?

Correct AnswerverifiedShow Answer

Correct Answerverifieda. Direct material costs: $208,000 = $86...View AnswerShow Answer

Correct AnswerverifiedShow Answer

Parkside Rentals, a firm that rents tuxedos for special events, incurred costs for the following items. Calculate each of the following, where the cost object is tuxedo rentals: a. Total variable costs b. Total fixed costs c. Total direct costs d. Total indirect costs

Correct Answerverifieda. Total variable costs: $46,000 = $7,00...View AnswerShow Answer

Correct Answerverifieda. Total variable costs: $70,300 = $21,0...View AnswerShow Answer

The Sarbanes-Oxley Act of 2002 focuses on three factors that affect the accounting reporting environment: ethics, fraud, and managers

Correct AnswerverifiedShow Answer

Which of the following statements is correct about sustainability accounting?

Correct AnswerverifiedShow Answer

Which of the following might you find in a job description for a managerial accountant in a manufacturing company?

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
a. Direct material costs: $208,000 = $86...
View Answer

Correct Answer
verified

Correct Answer
verified
a. Total variable costs: $46,000 = $7,00...
View Answer

Correct Answer
verified
a. Total variable costs: $70,300 = $21,0...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified