Management and Organizational Studies
Test Preparation
Course Introduction
Management and Organizational Studies explores the principles and practices that guide organizations in achieving their goals through effective management. The course examines key functions such as planning, organizing, leading, and controlling within various organizational structures. Students will analyze theories of motivation, leadership, decision-making, and team dynamics, while considering the impact of globalization, technology, and ethical issues on organizational success. Real-world case studies and practical examples prepare students to understand managerial roles, foster organizational culture, and drive change in diverse business settings.
Recommended Textbook
Managerial Accounting 11th Canadian Edition by Ray Garrison
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14 Chapters
2025 Verified Questions
2025 Flashcards
Source URL: https://quizplus.com/study-set/3410
Page 2
Chapter 1: Managerial Accounting and the Business Environment
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49 Verified Questions
49 Flashcards
Source URL: https://quizplus.com/quiz/67730
Sample Questions
Q1) Product harming customers is NOT a business risk.
A)True
B)False Answer: False
Q2) Lean thinking differs from traditional manufacturing methods,which organize work departmentally and encourage those departments to maximize their output even if it exceeds customer demand and bloats inventories.
A)True
B)False
Answer: True
Q3) Many organizations use extrinsic incentives to highlight important goals and to motivate employees to achieve them.
A)True
B)False Answer: True
Q4) Managerial accounting is not mandatory.
A)True
B)False
Answer: True
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Chapter 2: Cost Terms,concepts,and Classifications
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105 Verified Questions
105 Flashcards
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Sample Questions
Q1) In external financial reports,factory utilities costs may be included in an asset account on the balance sheet at the end of the period.
A)True
B)False
Answer: True
Q2) What does manufacturing overhead cost consist of?
A) All manufacturing costs.
B) All manufacturing costs, EXCEPT direct materials and direct labour.
C) Indirect materials but NOT indirect labour.
D) Indirect labour but NOT indirect materials.
Answer: B
Q3) What was the Gross Margin (in thousands of dollars)for the year?
A) $350.
B) $130.
C) $390.
D) $190.
Answer: C
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Page 4
Chapter 3: Cost Behaviour: Analysis and Use
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112 Verified Questions
112 Flashcards
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Sample Questions
Q1) Which of the following concepts used in estimating cost behaviour is unique to the least-squares regression method?
A) Independent variable.
B) Dependent variable.
C) R-squared.
D) Variable cost per unit.
Answer: C
Q2) Anaconda Mining Company shipped 9,000 tons of copper concentrate for $450,000 in March and 11,000 tons for $549,000 in April.Use the high-low method to estimate the shipping costs for 12,000 tons to be shipped in May.
A) $548,780.
B) $549,020.
C) $594,000.
D) $598,500.
Answer: D
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Page 5
Chapter 4: Cost-Volume-Profit Relationships
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140 Verified Questions
140 Flashcards
Source URL: https://quizplus.com/quiz/67727
Sample Questions
Q1) If the company wants its margin of safety to equal $35,000 next year,all other factors remaining the same,how many units will it need to sell?
A) 1,000 units.
B) 833 units.
C) 1,583 units.
D) 1,833 units.
Q2) What is the break-even point in units per year?
A) 15,200 units.
B) 26,600 units.
C) 38,000 units.
D) 40,000 units.
Q3) If the company's fixed costs decrease by 20% next year,all other factors remaining the same,by how much will the break-even level change compared to that of the current year,rounded to the nearest whole unit?
A) 200-unit increase.
B) 440-unit decrease.
C) 200-unit decrease.
D) No change in the break-even point.
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Chapter 5: Systems Design: Job-Order Costing
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113 Verified Questions
113 Flashcards
Source URL: https://quizplus.com/quiz/67726
Sample Questions
Q1) Normally,a job cost sheet is NOT prepared for a job until after the job has been completed.
A)True
B)False
Q2) What was the cost of raw materials purchased during the year?
A) $411,000.
B) $360,000.
C) $316,000.
D) $336,000.
Q3) What is the cost of goods manufactured?
A) $114,000.
B) $133,000.
C) $121,000.
D) $138,000.
Q4) What is the ending Work in Process inventory?
A) $7,575.
B) $5,350.
C) $4,325.
D) $5,150.
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Chapter 6: Systems Design: Process Costing
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131 Verified Questions
131 Flashcards
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Sample Questions
Q1) The equivalent units of production (weighted-average method)for a department are:
A) The number of units transferred to the next department
B) The number of units transferred to the next department (or to finished goods) plus the equivalent units in the department's ending work in process inventory.
C) The equivalent units in the department's ending work in process inventory.
D) Equivalent units to complete beginning work in process inventory plus units started and completed during the period plus equivalent units in ending work in process inventory
Q2) When normal losses are charged to good output a special journal entry is required to account for costs related to spoiled units.
A)True
B)False
Q3) The cost per equivalent unit will be greater when normal losses are charged to good output than when they are charged to manufacturing overhead.
A)True
B)False
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8
Chapter 7: Activity-Based Costing: A Tool to Aid Decision Making
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126 Verified Questions
126 Flashcards
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Sample Questions
Q1) The total cost of a unit of product P85G under the company's traditional costing system is closest to:
A) $146.97
B) $102.58
C) $101.69
D) $80.50
Q2) The predetermined overhead rate under the traditional costing system is closest to which of the following?
A) $13.17.
B) $21.60.
C) $37.46.
D) $270.66.
Q3) Activity-based costing is a costing method that is designed to provide managers with cost information for strategic and other decisions that potentially affect only variable costs.
A)True B)False
Q4) Unit-level production activities are performed each time a unit is made.
A)True B)False
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Chapter 8: Variable Costing: A Tool for Management
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143 Verified Questions
143 Flashcards
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Sample Questions
Q1) What was the total gross margin for the month under the absorption costing approach?
A) $90,000.
B) $95,200.
C) $125,800.
D) $156,400.
Q2) What was the operating income under variable costing?
A) $114,000.
B) $210,000.
C) $234,000.
D) $330,000.
Q3) Under absorption costing,what was the gross margin?
A) $21,000.
B) $66,000.
C) $176,000.
D) $242,000.
Q4) When sales exceeds production for a period,absorption costing operating income will generally be greater than variable costing operating income. A)True
B)False
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Chapter 9: Budgeting
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137 Verified Questions
137 Flashcards
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Sample Questions
Q1) Sales forecasts are drawn up after the cash budget has been completed because it is only at that time that the funds available for marketing are known.
A)True
B)False
Q2) What is the variance for laundry costs in the flexible budget performance report for the month?
A) $5,080 F
B) $5,080 U
C) $5,800 U
D) $5,800 F
Q3) What is the borrowing required during the first quarter to meet the minimum cash balance (item b),in thousands of dollars?
A) $0.
B) $3.
C) $7.
D) $10.
Q4) A static budget is geared toward a single level of activity.
A)True B)False
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Chapter 10: Standard Costs and Overhead Analysis
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234 Verified Questions
234 Flashcards
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Sample Questions
Q1) Standards can be either theoretical ("impossible dream")or practical (attainable all the time or only part of the time).Theoretically either can be used as the framework for the budgeting process.
Required:
a)What is the major distinction,if any,between a standard amount and a budgeted amount?
b)Which standard,theoretical or practical,provides the better benchmark for evaluating subsequent performance in a budgeting system? Explain.
Q2) How much overhead was applied to products during the period,rounded to the nearest dollar?
A) $93,240.
B) $94,483.
C) $94,770.
D) $96,034.
Q3) At the end of the variance analysis cycle,management should be able to identify possible causes for both favourable and unfavourable variances.
A)True
B)False
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12
Chapter 11: Reporting for Control
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202 Verified Questions
202 Flashcards
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Sample
Questions
Q1) Total costs in the Personnel Department are $900,000 per year.Under the step-down method,the costs of the Personnel Department are allocated before the costs of the Engineering Department are allocated.What would be the amount of Personnel Department cost that would be allocated to Producing Department 2 under the step method,rounded to the nearest dollar?
A) $0.
B) $261,000.
C) $269,072.
D) $296,591.
Q2) What were the total variable expenses in Store K?
A) $70,000.
B) $110,000.
C) $130,000.
D) $200,000.
Q3) Which of the following would be classified as a prevention cost on a quality cost report?
A) Re-entering data because of keying errors.
B) Rework labour and overhead.
C) Net cost of scrap.
D) Technical support provided to suppliers.
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Chapter 12: Relevant Costs for Decision Making
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145 Verified Questions
145 Flashcards
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Sample Questions
Q1) What is the net monetary advantage (disadvantage)of processing Product X beyond the split-off point?
A) $1,600.
B) ($3,600).
C) $22,400.
D) $27,600.
Q2) The cost of resources that has no alternative use in a make or buy decision has an opportunity cost of zero.
A)True
B)False
Q3) The absorption costing approach to cost-plus pricing will result in attaining the company's required rate of return only if forecasted unit sales are realized,holding all other things constant.
A)True
B)False
Q4) Opportunity costs are recorded in the accounts of an organization.
A)True
B)False
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Chapter 13: Capital Budgeting Decisions
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185 Verified Questions
185 Flashcards
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Sample Questions
Q1) What is the payback period for this investment?
A) 2.50 years.
B) 2.75 years.
C) 3.00 years.
D) 5.00 years.
Q2) Hilltop Company plans to invest $100,000 in a two-year project.The cash flow will be $40,000 for the first year and $80,000 in year 2.At a required rate of return of 12% what is the Net Present Value of the project? (Ignore income taxes in this problem.)(Do not round your intermediate calculations and round the final answer to the nearest whole dollar.)
A) $0.
B) $20,000.
C) $3,316.
D) $(510).
Q3) What is the maximum amount of CCA that the company can deduct for tax purposes for Year 1?
A) $2,700.
B) $3,000.
C) $5,400.
D) $6,000.
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Page 15
Chapter 14: Financial Statement Analysis
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203 Verified Questions
203 Flashcards
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Sample
Questions
Q1) Irally Company,a retailer,had cost of goods sold of $150,000 last year.The beginning inventory balance was $26,000,and the ending inventory balance was $24,000.The company's average sale period (turnover in days)was closest to which of the following?
A) 58.40 days.
B) 60.83 days.
C) 63.27 days.
D) 121.67 days.
Q2) Last year,Dunn Company purchased $1,920,000of inventory.The cost of good sold was $1,800,000,and the ending inventory was $360,000.What was the inventory turnover?
A) 5.0 times.
B) 5.3 times.
C) 6.0 times.
D) 6.4 times.
Q3) A positive fully diluted earnings per share can sometimes exceed basic (undiluted)earnings per share.
A)True
B)False
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