Chapter 1: Accounting As a Tool for Management
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Q1) Decision makers might have a long list of information they would find helpful,and they are generally not willing to sacrifice accuracy for having the information quickly.
A)True
B)False
Answer: False
Q2) Just-in-time inventory management is an inventory strategy that focuses on reducing waste and inefficiency by ordering inventory items so that they arrive just when they are needed.
A)True
B)False
Answer: True
Q3) The leading professional organization for management accountants is the
A)American Association of Management Accountants.
B)Institute of Management Accountants.
C)National Association of Accountants.
D)Society of Management Accountants. Answer: B
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Chapter 2: Cost Behavior and Cost Estimation
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Q1) Once you know how a particular cost behaves,estimating the total cost is relatively simple.
A)True
B)False
Answer: False
Q2) Mounce's Market operates with a 20% contribution margin.If Mounce's sales decrease by $10,000,operating income will decrease by
A)$200.
B)$250.
C)$2,000.
D)$2,500.
Answer: C
Q3) GAAP-based income statements categorize expenses based on A.business function.
B.cost behavior.
C.dollar amount.
D.contribution margin.
A)True
B)False
Answer: True
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Chapter 3: Cost-Volume-Profit Analysis and Pricing
Decisions
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Q1) To reduce the cost to deliver a product or service to consumers,a company must focus on
A)Operational efficiency.
B)Location.
C)Sales mix.
D)Competition.
Answer: A
Q2) If the sales mix changes,so do the breakeven point and the other targets.
A)True
B)False
Answer: True
Q3) While customers and cost influence prices,so does
A)Contribution margin.
B)Fixed versus variable costs.
C)Competition.
D)Desired profit.
Answer: C
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Chapter 4: Product Costs and Job Order Costing
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Q1) Which of the following is not classified as a variable product cost?
A)Direct materials
B)Electricity
C)Sales commissions
D)Indirect materials
Q2) Athletic Gen Inc.has determined the following
a.Given that Athletic Gen Inc.uses direct labor dollars as its application base,what is the company's predetermined overhead rate?
b.Calculate the total manufacturing cost for June.
c.Calculate the Cost of Goods Manufactured for June.
d.Calculate the Ending Work In Process Inventory balance on June 30.
e.Calculate Cost of Goods Sold for June.
Q3) When a direct labor worker performs indirect labor activities,the worker will charge the time to a particular activity,not to a particular job.
A)True
B)False
Q4) Period costs are associated with manufacturing overhead.
A)True
B)False
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Chapter 5: Planning and Forecasting
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Q1) On October 31,2016,Janie Mounce,manager of a department in the largest division of the XYZ Company,was contacted by the chairman of the budget committee.Janie needed to send her 2017 departmental budget to the committee.Instructions from the chair of the committee to all the department managers indicated that any revenue or expense items that deviated more than 5% from last year's budget needed a written explanation to be turned in with the budget.
Required:
Describe XYZ's budget process as a top-down or bottom-up approach.What are the advantages and disadvantages of this budget process?
Q2) Which of the following is not a component of the master budget?
A)Manufacturing overhead budget
B)Horizontal budget
C)Ending inventory and cost of goods sold budget
D)All of these answer choices are components of the master budget.
Q3) Under both participative budgeting and imposed budgeting,the process is
A)linear.
B)iterative.
C)curvilinear.
D)None of these answer choices are correct.
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Chapter 6: Performance Evaluation: Variance Analysis
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Q1) Culver,Inc.manufactures motors used in electric toothbrushes and other small appliances.Culver's fixed overhead rate is $7.60 and the company budgeted 165,000 direct labor hours for the year.During the year Culver produced 320,000 motors and used 164,000 direct labor hours.Culver's fixed overhead spending variance was $3,500 unfavorable for the year.What was Culver's actual fixed overhead for the year?
A)$1,250,500
B)$1,257,500
C)$1,246,400
D)$1,249,900
Q2) A rush order for overnight delivery of materials is likely to result in an A)unfavorable materials quantity variance.
B)unfavorable materials price variance.
C)favorable materials quantity variance.
D)favorable materials price variance.
Q3) Adler Industries uses a standard cost system in which direct material is carried at standard cost.Adler has established the following standards for one
Q4) Nantucket,Inc.uses a standard cost system in which direct material is carried at standard cost.Standards for one
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Chapter 7: Activity-Based Costing and Activity Based Management
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Q1) The main reason for generating new information provided by activity-based costing is to
A)help managers make better decisions.
B)provide employees in the accounting department with work to do.
C)calculate variances.
D)help human resources hire new staff.
Q2) Which of the following is not a way a company can use information about activities to manage its operations?
A)Activity-based budgeting
B)Activity-based resource reduction
C)Activity-based costing
D)Activity-based budgeting,activity-based resource reduction,and activity-based costing.
Q3) As non-value-added activities and their associated resources are eliminated,a company's
A)costs will decrease.
B)fixed costs will be eliminated.
C)variable costs will increase.
D)fixed costs will increase.
Q4) What is an activity cost pool and how are activity cost pool rates calculated?
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Chapter 9: Capital Budgeting
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Q1) The value today of the dollars to be paid or received in the future is referred to as
A)Present value
B)Future value
C)Either a or b
D)Neither a nor b
Q2) What are the three factors needed to determine the present value of any future amount?
Q3) The net initial investment is the
A)Net cash outflow in year 0
B)Net cash outflow for all years combined
C)Net cash outflow as computed at the initial discount rate
D)None of these answer choices are correct
Q4) Assets used by an organization to build products or deliver services are called investment assets.
A)True
B)False
Q5) Investing in a capital project may involve making screening decisions,preference decisions and funding decisions.Discuss how each of the decisions is made,the goal of each,and give an example of each.
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Chapter 11: Performance Evaluation Revisited: a Balanced Approach
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Q1) On January 4<sup>th</sup>,Stevens Manufacturing received an order for 30 uniforms.The following information pertained to that order. Hours Required
Receive and process order 0.25
Waiting for production to begin 1.25
Cutting 50.00
Sewing and lettering 300.00
Moving materials from one station to another 20.00
Waiting for an operation to begin 95.00
Packaging 35.00
Loading to be shipped 0.50
In transit to customer 5.00
Calculate the manufacturing cycle time.
A)500 hours
B)507 hours
C)502 hours
D)505 hours
Q2) A lagging indicator "lags" the time period when a performance is measured.
A)True
B)False
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Chapter 12: Financial Statement Analysis
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Q1) In preparing a common-size income statement,you express all revenue and expense account as a percentage of
A)Net income.
B)Operating income.
C)Gross profit.
D)Net sales revenue.
Q2) The inventory turnover measures
A)How many days,on average,it takes between when an order is placed until the inventory is shipped.
B)How many times,on average,a company's inventory is sold during the year.
C)How many times,on average,the company takes to replace inventory during the year.
D)How many days,on average,it takes between when inventory is received to its sale to customers.
Q3) The current ratio is also referred to as the quick ratio.
A)True
B)False
Q4) Two measures of liquidity are the accounts receivable turnover and the inventory turnover.What do each of these measures,and how are they each calculated?
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Chapter 13: Statement of Cash Flows
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Q1) Snow Manufacturing Company engaged in the following activities during the year: \(\bullet\)Purchased land at a cost of $300,000 \(\bullet\)Sold equipment that cost $25,000 for $10,000 \(\bullet\)Sold 100 shares of stock for $18 each \(\bullet\)Received a dividend totaling $12,000 from a company in which Snow owned stock
Required:
Prepare the cash flows provided by investing activities section of Snow's statement of cash flows.
Q2) Which of the following would be considered a source of cash on the statement of cash flows?
A)Payments from customers
B)Purchase of equipment
C)Payment of accounts payable invoices
D)Payment of dividends to stockholders
Q3) Investing activities include purchases and sales of property and equipment,loans made and collected,and purchases and sales of another company's stock.
A)True
B)False
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Chapter 15: Topic Focus Variable and Absorption Costing
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Q1) The difference between absorption and variable costing is the timing difference in the expensing of variable overhead costs.
A)True
B)False
Q2) Based on the matching principle,all product costs end up in
A)Raw materials Inventory.
B)Work in Process.
C)Finished Goods.
D)Cost of Goods Sold.
Q3) The only difference between variable and absorption costing is the treatment of variable overhead costs.
A)True
B)False
Q4) The process of classifying all the costs incurred in the production of a product is referred to as absorption costing.
A)True
B)False
Q5) The following table shows Jackson Company's inventory balances,in
Q6) What managerial behavior does variable costing render ineffective?
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Chapter 16: Topic Focus Standard Costing Systems
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Q1) Wolfe Manufacturing has provided the following information related to fixed overhead.
Standard hours per
a.Calculate the fixed overhead spending variance for the period.
b.Calculate the fixed overhead volume variance for the period.
Q2) A costing system where all product costs are recorded at standard cost while the products are being made is referred to as
A)Normal costing
B)Variable costing
C)Full costing
D)Standard costing
Q3) When using a standard costing system,the direct materials price variance is recorded at the time direct materials are purchased.
A)True
B)False
Q4) When using a normal costing system,only over- or under-applied overhead cost needs to be adjusted to the actual overhead cost.
A)True
B)False
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