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Multiple choice

1. Ethical challenges for management accountants include:

a. whether to accept gifts from suppliers, knowing it is an effort to indirectly influence decisions

b. whether to report unfavorable department information that may result in unfavorable consequences for a friend

c. whether to file a tax return this year

d. Both A and B are correct.

2. Cost objects include:

a. departments

b. customers

c. products

d. All of these answers are correct.

3. Actual costs are:

a. the costs incurred

b. estimated costs

c. budgeted costs

d. forecasted costs

4. The collection of accounting data in some organized way is:

a. cost accumulation

b. cost tracing

c. conversion costing

d. cost assignment

5. Cost assignment is:

a. always arbitrary

b. includes tracing and allocating

c. the same as cost accumulation

d. finding the difference between budgeted and actual costs

Solution Preview

1. d. Both A and B are correct.
A and B relate to business decisions and so are an ethical ...

Solution Summary

The solution explains some multiple choice questions in managerial accounting relating to ethical challenges, cost objects, cost assignment