Strategic Management Study Guide
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Strategic Management explores the formulation and implementation of organizational strategies to achieve long-term goals and sustain competitive advantage in dynamic markets. The course covers key concepts such as industry analysis, resource-based view, competitive positioning, corporate strategy, and strategic decision-making processes. Through case studies, simulations, and analytical tools, students learn how leaders assess complex environments, align resources, respond to global challenges, and drive organizational success. Ethics, stakeholder management, and innovation are integrated, preparing students to craft and execute effective strategies in diverse business contexts.
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Managerial Accounting 13th Edition by Carl Warren
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14 Chapters
2568 Verified Questions
2568 Flashcards
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Page 2
Chapter 1: Managerial Accounting Concepts and Principles
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Sample Questions
Q1) Who are the individuals charged with the responsibility for directing the day-to-day operations of a business?
A)investors
B)managers
C)shareholders
D)customers
Answer: B
Q2) Depreciation expense-factory
A)Prime costs
B)Conversion costs
C)Both prime and conversion costs
D)Neither prime or conversion costs
Answer: B
Q3) What term refers to the cost of changing direct materials into a finished manufactured product?
A)factory overhead cost
B)period cost
C)conversion cost
D)direct labor cost
Answer: C
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Chapter 2: Job Order Costing
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195 Flashcards
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Sample Questions
Q1) Crain Company budgeted 35,000 direct labor hours and incurred 40,000 direct labor hours.It incurred $780,000 of overhead and estimated overhead was $735,000. What is Crain's predetermined overhead rate? Was overhead over applied or under applied for the year? By how much?
Answer: Predetermined overhead rate: $735,000/35,000 = $21 per direct labor hour 11ea855c_6e6b_b855_9aec_e9cbe3412b7c_TB6237_00 ACCREDITING STANDARDS:
ACCT.ACBSP.APC.34 - Job Order Costing
ACCT.IMA.07 - Cost Management
BUSPROG: Analytic
Q2) Interim financial statements for a manufacturing business would report over applied factory overhead as a deferred item on the balance sheet.
A)True
B)False Answer: True
Q3) Depreciation expense on factory equipment is part of factory overhead cost. A)True B)False Answer: True
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Chapter 3: Process Cost Systems
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Sample Questions
Q1) In process cost accounting, the costs of direct materials and direct labor are charged directly to
A)service departments
B)processing departments
C)customer accounts receivable
D)job orders
Answer: B
Q2) Department E had 4,000 units in Work in Process that were 40% completed at the beginning of the period at a cost of $12,500.During the period, 14,000 units of direct materials were added at a cost of $28,700, and 15,000 units were completed.At the end of the period, 3,000 units were 75% completed.All materials are added at the beginning of the process.Direct labor was $32,450 and factory overhead was $18,710.The number of equivalent units of production for the period for conversion if the first-in, first-out method is used to cost inventories was
A)15,650
B)14,850
C)14,150
D)14,650
Answer: A
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Page 5
Chapter 4: Cost Behavior and Cost-Volume-Profit Analysis
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Sample Questions
Q1) Vary in proportion to changes in activity levels
A) Relevant range
B) Break-even point
C) Contribution margin
D) Fixed costs
E) Variable costs
Q2) The relative distribution of sales among products sold by a company
A)Profit-volume chart
B)Cost-volume-profit chart
C)Sales mix
D)Operating leverage
E)Margin of safety
Q3) The excess of sales revenues over variable costs
A) Relevant range
B) Break-even point
C) Contribution margin
D) Fixed costs
E) Variable costs
Q4) The Grant Company has sales of $300,000, and the break-even point in sales dollars if $225,000.Determine the company's margin of safety percentage.
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Chapter 5: Variable Costing for Management Analysis
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Sample Questions
Q1) At XLT Inc., variable costs are $80 per unit, and fixed costs are $40,000.Sales are estimated to be 4,000 units.a How much would absorption costing income from operations differ between a plan to produce 8,000 units and a plan to produce 10,000 units? b How much would variable costing income from operations differ between the two production plans?<sub> </sub>
Q2) Changes in the quantity of finished goods inventory, caused by differences in the levels of sales and production, directly affect the amount of income from operations reported under absorption costing.
A)True
B)False
Q3) For short-run production planning, information in the variable costing format is more useful to management than is information in the absorption costing concept format.
A)True
B)False
Q4) In variable costing, fixed costs do not become part of the cost of goods manufactured, but are considered an expense of the period.
A)True
B)False
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Page 7
Chapter 6: Budgeting
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Sample
Questions
Q1) At the beginning of the period, the Cutting Department budgeted direct labor of $155,000, direct materials of $165,000, and fixed factory overhead of $15,000 for 9,000 hours of production.The department actually completed 10,000 hours of production.What is the appropriate total budget for the department, assuming it uses flexible budgeting?
A)$416,000
B)$370,556
C)$368,889
D)$335,000
Q2) Budgets need to be fair and attainable for employees to consider the budget important in their normal daily activities.Which of the following is not considered a human behavior problem?
A)setting goals among managers that conflict with one another
B)setting goals too tightly making it difficult to meet performance expectation
C)allowing employees the opportunity to be a part of the budget process
D)allowing goals to be so low that employees develop a "spend it or lose it" attitude
Q3) What is a capital expenditures budget?
Q4) What is a cash budget? How does management use a cash budget?
Q5) Describe at least five benefits of budgeting.
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Chapter 7: Performance Evaluation Using Variances From
Standard Costs
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Sample Questions
Q1) If the standard to produce a given amount of product is 1,000 units of direct materials at $11 and the actual was 800 units at $12, the direct materials price variance was $800 favorable.
A)True
B)False
Q2) If the actual direct labor hours spent producing a commodity differs from the standard hours, the variance is a
A)time variance
B)price variance
C)quantity variance
D)rate variance
Q3) Standard costs serve as a device for measuring efficiency.
A)True
B)False
Q4) Accounting systems that use standards for product costs are called budgeted cost systems.
A)True
B)False
Page 9
Q5) Compute the direct materials price and quantity variances for Taylor Company.
Q6) Compute the direct labor rate and time variances for Taylor Company.
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Page 10
Chapter 8: Performance Evaluation for Decentralized Operations
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Sample Questions
Q1) Separate office staff
A)Advantage of decentralization
B)Disadvantage of decentralization
C)Neither an advantage or disadvantage
Q2) In evaluating the profit center manager, the income from operations should be compared
A)across profit centers
B)to historical performance or budget
C)to the competitor's net income
D)to the total company earnings per share
Q3) Tom's Tool Factory is an investment center and is responsible for all of its net income and the use of its assets.This year, the invested assets totaled $475,000, and net income was $275,000.What is the rate of return on assets?
A)57.9%
B)172.3%
C)5.0%
D)115.0%
Q4) Office salaries expense for a department store is an indirect expense.
A)True
B)False
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Chapter 9: Differential Analysis, Product Pricing, and
Activity-Based Costing
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Sample Questions
Q1) A commercial oven with a book value of $67,000 has an estimated remaining 5 year life.A proposal is offered to sell the oven for $8,500 and replace it with a new oven costing $110,000.The new machine has a 5-year life with no residual value.The new machine would reduce annual maintenance costs by $23,000.Provide a differential analysis on the proposal to replace the commercial oven.
Q2) When a bottleneck occurs between two products, the company must determine the contribution margin for each product and manufacture the product that has the highest contribution margin per bottleneck hour.
A)True
B)False
Q3) The unit selling price for the company's product is
A)$16.32
B)$13.44
C)$12.10
D)$13.72
Q4) The differential revenue of producing Product P is $82 per pound.
A)True
B)False
Page 12
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Chapter 10: Capital Investment Analysis
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Sample Questions
Q1) A company is planning to purchase a machine that will cost $24,000, have a 6-year life, and have no salvage value.The company expects to sell the machine's output of 3,000 units evenly throughout each year.Total income over the life of the machine is estimated to be $12,000.The machine will generate net cash flows per year of $6,000.The payback period for the machine is 12 years.
A)True
B)False
Q2) Uses present value concepts to compute the rate of return on an investment from a capital investment proposal based on its' expected net cash flows
A)Capital rationing
B)Annuity
C)Capital investment analysis
D)Internal rate of return method
E)Payback period
F)Accounting rate of return
Q3) An 8-year project is estimated to cost $400,000 and have no residual value.If the straight-line depreciation method is used and the average rate of return is 5%, determine the estimated annual net income.
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Page 13
Chapter 11: Cost Allocation and Activity-Based Costing
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Sample Questions
Q1) Service companies can effectively use activity-based costing to compute product service costs.
A)True
B)False
Q2) Determine the activity rate for production per machine hour.
A)$62.50
B)$150.00
C)$75.00
D)$176.47
Q3) Using the single plantwide factory overhead rate with an allocation base of direct labor hours, how much factory overhead will Challenger Factory allocate to regular widget production if budgeted production for the period is 75,000 units and actual production for the period is 72,000 units?
A)$168,750
B)$324,000
C)$162,000
D)$337,500
Q4) Explain why it is imperative that proper factory overhead be allocated in factories that produce multiple products.
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Chapter 12: Lean Principles, Lean Accounting, and Activity Analysis
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Sample Questions
Q1) Which of the following is an example of value-added time?
A)Processing time
B)Wait time during inspection
C)Wait time in inventory
D)Both B and C
Q2) Accounting for lean operations requires fewer transactions because
A)large batches of inventory are combined in a smaller number of transactions.
B)costs are accumulated in one department and then transferred to the next department.
C)combined material and conversion costs are transferred to finished goods.
D)costs are transferred from department to department allowing for better controls in costs.
Q3) A process-oriented layout segments production facilities into functional departments.
A)True
B)False
Q4) In a lean environment, process problems are more visible than they are in a traditional environment.
A)True
B)False
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Chapter 13: Statement of Cash Flows
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Sample Questions
Q1) A corporation uses the indirect method for preparing the statement of cash flows.A fixed asset has been sold for $25,000 representing a gain of $4,500.The value in the operating activities section regarding this event would be
A)$25,000
B)$4,500
C)$29,500
D)$4,500.
Q2) acquisition of treasury stock
A)increase cash from operating activities
B)decrease cash from operating activities
C)increase cash from investing activities
D)decrease cash from investing activities
E)increase cash from financing activities
F)decrease cash from financing activities
G)noncash investing and financing supplement
Q3) Under GAAP, cash receipts from interest and dividends are classified as
A)financing activities
B)operating activities.
C)investing activities.
D)either financing or investing activities.
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Chapter 14: Financial Statement Analysis
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Sample Questions
Q1) When you are interpreting financial ratios, it is useful to compare a company's ratios to some form of standard.
A)True
B)False
Q2) working capital
A)assess the profitability of the assets
B)assess the effectiveness in the use of assets
C)indicate the ability to meet currently maturing obligations
D)indicate the margin of safety to creditors
E)indicate instant debt-paying ability
F)assess the profitability of the investment by common stockholders
G)indicate future earnings prospects
H)indicate the extent to which earnings are being distributed to common stockholders
Q3) In the vertical analysis of a balance sheet, the base for current liabilities is total liabilities.
A)True
B)False
Q4) Why would you compare or not compare Coca-Cola and Pepsi-Cola PepsiCo as companies to each other?
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