Accounting for Managers Exam Bank https://quizplus.com/study-set/3314 16 Chapters 2824 Verified Questions
Accounting for Managers Exam Bank Course Introduction Accounting for Managers provides a foundational understanding of accounting principles and practices tailored for managerial decision-making. The course emphasizes the analysis and interpretation of financial statements, budgeting, cost control, and performance measurement to equip future managers with the skills needed to use accounting information effectively. Topics include financial accounting basics, management accounting techniques, variance analysis, and the role of accounting data in planning and strategy. Through real-world cases and practical exercises, students learn how to apply accounting insights to improve organizational efficiency and support strategic objectives.
Recommended Textbook Cornerstones of Managerial Accounting 5th Edition by Maryanne M. Mowen
Available Study Resources on Quizplus 16 Chapters 2824 Verified Questions 2824 Flashcards Source URL: https://quizplus.com/study-set/3314
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Chapter 1: Introduction to Managerial Accounting Available Study Resources on Quizplus for this Chatper 64 Verified Questions 64 Flashcards Source URL: https://quizplus.com/quiz/65776
Sample Questions Q1) Management accounting information is only used by manufacturing organizations. A)True B)False Answer: False Q2) __________________________________________ is a management philosophy in which manufacturers strive to create an environment that will enable workers to manufacture perfect (zero-defect) products. Answer: Total quality management Q3) The process of choosing among competing alternatives is decision making. A)True B)False Answer: True Q4) A cost accountant would normally occupy a staff position within an organization. A)True B)False Answer: True Q5) The managerial accounting system produces information for __________ users. Answer: internal Q6) The ____________________ is responsible for the finance function. Answer: treasurer
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Chapter 2: Basic Managerial Accounting Concepts Available Study Resources on Quizplus for this Chatper 247 Verified Questions 247 Flashcards Source URL: https://quizplus.com/quiz/65775
Sample Questions Q1) Cost of lubricating factory machinery A)selling expense B)administrative expense C)direct materials D)direct labor E)overhead Answer: E Q2) The cost of units finished but not sold at the end of the current period A)Work in process inventory B)Finished goods inventory C)Cost of goods sold D)Cost of goods manufactured E)Total manufacturing costs Answer: B Q3) For external reporting purposes, costs must be classified into only three categories. A)True B)False Answer: True To view all questions and flashcards with answers, click on the resource link above. Page 4
Chapter 3: Cost Behavior Available Study Resources on Quizplus for this Chatper 237 Verified Questions 237 Flashcards Source URL: https://quizplus.com/quiz/65774
Sample Questions Q1) advertising A)discretionary B)committed Answer: A Q2) Refer to Figure 3-6. Assume that output was 5,000 units in January and 10,000 units in February, utility cost is a mixed cost, and the fixed cost of utilities was $3,000. What was the variable rate per unit of output for utilities cost? A) $0.60 B) $0.40 C) $0.20 D) $0.30 Answer: C Q3) A committed fixed cost A) can easily be changed. B) often involves a long-term contract. C) changes when the level of output changes. D) all of these are correct Answer: B Q4) Depreciation on factory equipment would be an example of a _________. Answer: fixed cost. Page 5 To view all questions and flashcards with answers, click on the resource link above.
Chapter 4: Cost-Volume-Profit Analysis: a Managerial Planning Tool Available Study Resources on Quizplus for this Chatper 179 Verified Questions 179 Flashcards Source URL: https://quizplus.com/quiz/65773
Sample Questions Q1) Total contribution margin divided by total sales is the A) indifference point. B) margin of safety. C) sales ratio. D) target income. E) contribution margin ratio. Q2) A "what-if" technique that examines the impact of changes in underlying assumptions on an answer is A) margin of safety. B) sales mix. C) indifference point. D) cost structure. E) sensitivity analysis. Q3) The ______________________ is the proportion of each sales dollar that must be used to cover variable costs. Q4) If variable expenses decrease and the price increases, the break-even point decreases. A)True B)False
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Q5) How can a multi-product firm determine its break-even point? To view all questions and flashcards with answers, click on the resource link above.
Chapter 5: Job-Order Costing Available Study Resources on Quizplus for this Chatper 196 Verified Questions 196 Flashcards Source URL: https://quizplus.com/quiz/65772
Sample Questions Q1) Refer to Figure 5-10. Job X4A consists of 500 units. One-half of Job X4A was sold for $10,000. What is the cost per unit for Job X4A? A) $18 B) $31.50 C) $27 D) $40.50 Q2) The use of a departmental rate has the advantage of being simple and reduces data collection requirements. A)True B)False Q3) A __________________________ is used by the cost accounting department to enter the cost of direct materials onto the correct job-order cost sheet. Q4) Production costs consist of direct materials, direct labor, and overhead. A)True B)False Q5) Every time a new job is started this is prepared. A)Job-order cost sheet B)Time ticket C)Materials requisition form 7 click on the resource link above. To view all questions and flashcards with Page answers,
Chapter 6: Process Costing Available Study Resources on Quizplus for this Chatper 177 Verified Questions 177 Flashcards Source URL: https://quizplus.com/quiz/65771
Sample Questions Q1) Refer to Figure 6-7. Using the weighted average method, the unit cost of materials for March is A) $4.50. B) $5.33. C) $5.00. D) $5.46. Q2) What is the major advantage of the weighted average cost method? A) simplicity B) accuracy C) it is the required method D) it is the preferred method Q3) Refer to Figure 6-6. Calculate the number of units started during the period. A) 124,000 B) 100,000 C) 120,000 D) 130,000 Q4) In process costing, each producing department has its own work-in-process account. A)True B)False Page 8 To view all questions and flashcards with answers, click on the resource link above.
Chapter 7: Activity-Based Costing and Management Available Study Resources on Quizplus for this Chatper 178 Verified Questions 178 Flashcards Source URL: https://quizplus.com/quiz/65770
Sample Questions Q1) Activity analysis is the effort expended to identify those factors that are the root causes of activity costs. A)True B)False Q2) Which of the following is not an example of a nonvalue-added activity? A) inspecting B) scheduling C) moving D) waiting E) supervising Q3) Reinspection and design changes are examples of _____________________ costs. Q4) The process of decreasing the time and resources required by an activity is known as A) activity reduction. B) activity output measure. C) activity attributes. D) activity analysis. Q5) _________________________ assigns costs to activities and then costs to cost objects. Q6)
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Chapter 8: Absorption and Variable Costing, and Inventory Management Available Study Resources on Quizplus for this Chatper 124 Verified Questions 124 Flashcards Source URL: https://quizplus.com/quiz/65769
Sample Questions Q1) Refer to Figure 8-2. What is the unit product cost under absorption costing? A) $8.60 B) $10.60 C) $8.20 D) $10.20 E) $7.20 Q2) The formula for ordering cost is the A) number of orders per year * cost of placing an order. B) number of orders per year/cost of placing an order. C) average number of units in inventory *cost of carrying one unit in inventory. D) average number of units in inventory/cost of carrying one unit in inventory. E) ordering cost + carrying cost. Q3) Inventory costs under variable costing include only direct materials, direct labor, and variable factory overhead. A)True B)False Q4) Generally accepted accounting principles require ______________ for external reporting. Page 11 Q5) _______________ assigns all manufacturing costs to the product. Q6) Absorption costing treats fixed factory overhead as a ____________.
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Chapter 9: Profit Planning Available Study Resources on Quizplus for this Chatper 186 Verified Questions 186 Flashcards Source URL: https://quizplus.com/quiz/65768
Sample Questions Q1) The master budget is typically a comprehensive financial plan for the organization for the past fiscal year. A)True B)False Q2) improves communication and coordination A)advantage B)disadvantage Q3) Refer to Figure 9-6. How much of May's sales are expected to be uncollectible? A) $8,400 B) $5,000 C) $2,500 D) $7,200 E) $0 Q4) Refer to Figure 9-4. What is the budgeted production in units for November? A) 100,000 B) 140,000 C) 121,000 D) 125,600 E) 139,000 Q5) Does a not-for-profit agency need to budget? Why or why not? Page 13 To view all questions and flashcards with answers, click on the resource link above.
Chapter 10: Standard Costing: a Managerial Control Tool Available Study Resources on Quizplus for this Chatper 180 Verified Questions 180 Flashcards Source URL: https://quizplus.com/quiz/65767
Sample Questions Q1) During the month of March, Baker's Express purchased 10,000 pounds of flour at $1 per pound. At the end of March, Baker's Express found that it had a favorable materials price variance of $500. The standard cost per pound must be A) $0.95 B) $1.00 C) $1.05 D) $1.95 Q2) The ______________________ can be used to compute the total amount of inputs allowed for the actual output. Q3) Refer to Figure 10-2. The variance that is higher than the upper control limit is A) $220,000 B) $280,000 C) $265,000 D) $235,000 Q4) Ideal standards can be achieved under efficient operating conditions. A)True B)False Q5) Explain the three potential sources of quantitative standards. To view all questions and flashcards with answers, click on the resource link above. Page 14
Chapter 11: Flexible Budgets and Overhead Analysis Available Study Resources on Quizplus for this Chatper 172 Verified Questions 172 Flashcards Source URL: https://quizplus.com/quiz/65766
Sample Questions Q1) During the year, Hawkings produced 10,000 units, used 20,000 direct labor hours, and incurred variable overhead of $90,000. Budgeted variable overhead for the year was $88,000. The hours allowed per unit are 2.1. The standard variable overhead rate is $4.00 per direct labor hour. The variable overhead spending variance is A) $2,000 F. B) $6,000 U. C) $10,000 U. D) $2,000 U. E) None of these. Q2) Static budgets are the best benchmarks for preparing a performance report. A)True B)False Q3) The ________________________ measures the change in the actual variable overhead cost that occurs because of efficient (or inefficient) use of direct labor Q4) _______________________ is the prediction of what activity costs will be as related output changes. Q5) Describe flexible budgeting, including the two types of flexible budgets. Q6) A _____________________ compares actual costs with budgeted costs. To view all questions and flashcards withPage answers, 15 click on the resource link above.
Chapter 12: Performance Evaluation and Decentralization Available Study Resources on Quizplus for this Chatper 166 Verified Questions 166 Flashcards Source URL: https://quizplus.com/quiz/65765
Sample Questions Q1) Last night, Shirley worked on her accounting homework for one and one half hours. During that time, she completed 6 problems. What is the cycle time for one problem? A) 4 minutes B) 90 minutes C) 15 minutes D) 10 minutes E) 6 minutes Q2) A ____________________ is a segment of the business whose manager is accountable for specific sets of activities. Q3) Economic value added (EVA) is similar to ROI in that it links net income to capital employed. A)True B)False Q4) The selling division would never agree to a transfer price below its full manufacturing cost. A)True B)False Q5) _________________ emphasizes only effectiveness of implementation. Q6) Decentralization usually is achieved by creating units called ___________. Page 16 To view all questions and flashcards with answers, click on the resource link above.
Chapter 13: Short-Run Decision Making: Relevant Costing Available Study Resources on Quizplus for this Chatper 170 Verified Questions 170 Flashcards Source URL: https://quizplus.com/quiz/65764
Sample Questions Q1) In making a short-run decision, all alternatives need to be considered. A)True B)False Q2) Differential cost A)the difference in total cost between the alternatives in a decision B)determine whether or not a segment should be kept or dropped C)limited resources and limited demand for each product D)a specific set of procedures that produces a decision E)the point that products that have common processes and costs of production become distinguishable F)method of determining the cost of a product based on the price that customers are willing to pay G)decisions involving a choice between internal and external production H)products that have common processes and costs of production up to a point I)past costs that cannot be affected by future decisions J)a percentage applied to the base cost to cover other costs plus profit K)determine whether a specially priced order should be accepted or rejected L)determine whether it is more profitable to process a joint product further Q3) _______________________ focuses on whether a product should be processed beyond the split-off point. To view all questions and flashcards with answers, click on the resource link above. Page 17
Chapter 14: Capital Investment Decisions Available Study Resources on Quizplus for this Chatper 172 Verified Questions 172 Flashcards Source URL: https://quizplus.com/quiz/65763
Sample Questions Q1) The internal rate of return is the least widely used of the capital investment techniques. A)True B)False Q2) Explain the relationship between current and future dollars. Q3) Refer to Figure 14-7. What is the accounting rate of return for the investment? A) 10% B) 12.5% C) 25% D) 2.5% E) 20% Q4) Less objective results are obtainable if an independent party performs the postaudit of a capital investment. A)True B)False Q5) _____________________ explicitly consider the time value of money. Q6) Before-tax cash flows must be forecasted and used in capital investment decision making. A)True B)False
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Chapter 15: Statement of Cash Flows Available Study Resources on Quizplus for this Chatper 185 Verified Questions 185 Flashcards Source URL: https://quizplus.com/quiz/65762
Sample Questions Q1) The direct method of reporting cash flows from operating activities involves reporting major classes of cash receipts and cash payments. A)True B)False Q2) In calculating cash flows from operating activities using the indirect method, an increase in accounts payable is A) added to net income. B) deducted from net income. C) ignored because it does not affect cash. D) not reported on a statement of cash flows. Q3) The indirect method and the direct method differ only on how the cash flows from ________________ are calculated. Q4) In the ________________, each line on the income statement is adjusted to produce a cash flow income statement. Q5) If accounts receivable have increased during the period, A) revenues on an accrual basis are less than revenues on a cash basis. B) revenues on an accrual basis are greater than revenues on a cash basis. C) revenues on an accrual basis are the same as revenues on a cash basis. D) expenses on an accrual basis are greater than expenses on a cash basis. 19 click on the resource link above. To view all questions and flashcards withPage answers,
Chapter 16: Financial Statement Analysis Available Study Resources on Quizplus for this Chatper 191 Verified Questions 191 Flashcards Source URL: https://quizplus.com/quiz/65761
Sample Questions Q1) ____________ are fractions or percentages computed by dividing one account or line-item amount by another. Q2) ______________ and ____________ are the two major sources of capital. Q3) A primary purpose of vertical analysis is to observe trends over a three-year period. A)True B)False Q4) Return on sales is calculated by dividing A) sales by cost of goods sold. B) gross profit by net sales. C) net income by stockholders' equity. D) net income by sales. Q5) For meaningful analysis, ratios should be compared with a standard. A)True B)False Q6) The quick ratio should be larger than the current ratio. A)True B)False Q7) Investors who prefer gains through appreciation will generally prefer a ___________ payout ratio.
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