. A staff position: A related directly to the carryi
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1. A staff position:
related directly to the carrying out of the basic objectives of the organization.
is supportive in nature, providing service and assistance to other parts of the organization.
is superior in authority to a line position.
none of these.
2. The Institute of Management Accountants (IMA):
is a professional organization of management accountants
is a professional organization of financial accountants
issues standards for management accounting
issues standards for financial accounting
3. All of the following are examples of product costs except:
depreciation on the company's retail outlets.
salary of the plant manager.
insurance on the factory equipment.
rental costs of the factory facility.
4. Management accounting reports might include information about:
customer complaints.
net income for the year on budgeted income statement.
total assets on budgeted balance sheet.
All of the above are correct.
5. A daily report on the number of quality units assembled by each employee is information MOST useful to:
a front-line assembly worker
the accounting department
the chief executive officer
the personnel department
6. Which of the following is NOT one of the three major customer value propositions discussed in the text?
customer intimacy
discount pricing
operational excellence
product leadership
7. Conversion costs consist of:
direct and indirect labor.
direct labor and direct materials.
direct labor and manufacturing overhead.
prime costs and manufacturing overhead.
8. Which of the following is NOT a period cost?
Monthly depreciation of the equipment in a fitness room used by factory workers.
Salary of a billing clerk.
Insurance on a company showroom, where current and potential customers can view new products.
Cost of a seminar concerning tax law updates that was attended by the company's controller.
9. The Sarbanes-Oxley Act of 2002 contains all of the following provisions EXCEPT:
The audit committee of the board of directors of a company must hire, compensate, and terminate the public accounting firm that audits the company's financial reports.
Financial statements must be audited once every three years by the Government Accounting Office.
Both the CEO and CFO must certify in writing that their company's financial statements and accompanying disclosures fairly represent the results of operations.
A company's annual report must contain an internal control report.
10. The five step framework used to guide Six Sigma improvement efforts includes all of the following EXCEPT:
Analyze.
Control.
Digitize.
Measure.
11. The Institute of Management Accountants (IMA):
is a professional organization of management accountants
is a professional organization of financial accountants
issues standards for management accounting
Both a and c are correct.
12. All of the following are characteristics of a pull production system EXCEPT:
Inventories are reduced to a minimum by purchasing raw materials and producing units only as needed to meet consumer demand.
Raw materials are released to a production far in advance of being needed to ensure no interruptions in work flows due to shortages of raw materials.
Products are completed just in time to be shipped to customers.
Manufactured parts are completed just in time to be assembled into products.
13. Prime costs consist of:
direct materials and the variable portion of manufacturing overhead.
direct labor and indirect labor.
indirect labor and the fixed portion of manufacturing overhead.
direct labor and direct materials.
14. Nonmanufacturing costs:
include only fixed costs
seldom influence financial success or failure
include the cost of selling, distribution, and after-sales costs for customers
are considered by GAAP to be an element of product costs
15. Shown below are a number of costs incurred last year at Mecca Publishing Co., a manufacturer of elementary school textbooks:
Solvents and cleaners used by the custodians to clean the textbook printing presses $500
Depreciation on the automobiles used by sales representatives $4,200
Fire insurance on factory building $2,000
Shipping costs on textbooks sold $3,700
What is the total of the manufacturing overhead costs above?
$500
$2,500
$6,200
$6,700
16. Which of the following types of information are used in management accounting?
financial information
nonfinancial information
information focused on the long term
All of these are correct.
17. The one cost that would be classified as part of both prime cost and conversion cost would be:
indirect material
direct labor
direct material
indirect labor
18. The phase of accounting concerned with providing information to managers for use in planning and controlling operations and in decision making is called:
throughput time.
managerial accounting.
financial accounting.
controlling.
19. The following costs were incurred in July:
Direct materials $35,000
Direct labor $13,000
Manufacturing overhead $15,000
Selling expense $14,000
Administrative expenses $30,000
Prime costs during the month totaled:
$48,000
$28,000
$107,000
$63,000
20. The following data are for a recent period's operations:
Beginning finished goods inventory $150,475
Ending finished goods inventory $145,750
Sales $400,000
Gross margin $120,000
The cost of goods manufactured was:
$115,275
$284,725
$275,275
$124,725
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Solution Summary
. A staff position: A
related directly to the carrying out of the basic objectives of the organization.
is supportive in nature, providing service and assistance to other parts of the organization.
is superior in authority to a line position.
none of these.
2. The Institute of Management Accountants (IMA): A AND C (they issue various ethical standards and industry guidelines)
is a professional organization of management accountants
is a professional organization of financial accountants
issues standards for management accounting
issues standards for financial accounting
3. All of the following are examples of product costs except: A
depreciation on the company's retail outlets.
salary of the plant manager.
insurance on the factory equipment.
rental costs of the factory facility.
4. Management accounting reports might include information about: D
customer complaints.
net income for the year on budgeted income statement.
total assets on budgeted balance sheet.
All of the above are correct.
5. A daily report on the number of quality units assembled by each employee is information MOST useful to: A
a front-line assembly worker
the accounting department
the chief executive officer
the personnel department
6. Which of the following is NOT one of the three major customer value propositions discussed in the text? B
customer intimacy
discount pricing
operational excellence
product leadership
7. Conversion costs consist of: C
direct and indirect labor.
direct labor and direct materials.
direct labor and manufacturing overhead.
prime costs and manufacturing overhead.
8. Which of the following is NOT a period cost? D
Monthly depreciation of the equipment in a fitness room used by factory workers.
Salary of a billing clerk.
Insurance on a company showroom, where current and potential customers can view new products.
Cost of a seminar concerning tax law updates that was attended by the company's controller.
9. The Sarbanes-Oxley Act of 2002 contains all of the following provisions EXCEPT: B
The audit committee of the board of directors of a company must hire, compensate, and terminate the public accounting firm that audits the company's financial reports.
Financial statements must be audited once every three years by the Government Accounting Office.
Both the CEO and CFO must certify in writing that their company's financial statements and accompanying disclosures fairly represent the results of operations.
A company's annual report must contain an internal control report.
10. The five step framework used to guide Six Sigma improvement efforts includes all of the following EXCEPT: C
Analyze.
Control.
Digitize.
Measure.
11. The Institute of Management Accountants (IMA): D
is a professional organization of management accountants
is a professional organization of financial accountants
issues standards for management accounting
Both a and c are correct.
12. All of the following are characteristics of a pull production system EXCEPT: B
Inventories are reduced to a minimum by purchasing raw materials and producing units only as needed to meet consumer demand.
Raw materials are released to a production far in advance of being needed to ensure no interruptions in work flows due to shortages of raw materials.
Products are completed just in time to be shipped to customers.
Manufactured parts are completed just in time to be assembled into products.
13. Prime costs consist of: D
direct materials and the variable portion of manufacturing overhead.
direct labor and indirect labor.
indirect labor and the fixed portion of manufacturing overhead.
direct labor and direct materials.
14. Nonmanufacturing costs: C
include only fixed costs
seldom influence financial success or failure
include the cost of selling, distribution, and after-sales costs for customers
are considered by GAAP to be an element of product costs
15. Shown below are a number of costs incurred last year at Mecca Publishing Co., a manufacturer of elementary school textbooks:
Solvents and cleaners used by the custodians to clean the textbook printing presses $500
Depreciation on the automobiles used by sales representatives $4,200
Fire insurance on factory building $2,000
Shipping costs on textbooks sold $3,700
What is the total of the manufacturing overhead costs above? B
$500
$2,500
$6,200
$6,700
16. Which of the following types of information are used in management accounting? D
financial information
nonfinancial information
information focused on the long term
All of these are correct.
17. The one cost that would be classified as part of both prime cost and conversion cost would be: B
indirect material
direct labor
direct material
indirect labor
18. The phase of accounting concerned with providing information to managers for use in planning and controlling operations and in decision making is called: B
throughput time.
managerial accounting.
financial accounting.
controlling.
19. The following costs were incurred in July:
Direct materials $35,000
Direct labor $13,000
Manufacturing overhead $15,000
Selling expense $14,000
Administrative expenses $30,000
Prime costs during the month totaled: A
$48,000
$28,000
$107,000
$63,000
20. The following data are for a recent period's operations:
Beginning finished goods inventory $150,475
Ending finished goods inventory $145,750
Sales $400,000
Gross margin $120,000
The cost of goods manufactured was: A
$115,275
$284,725
$275,275
$124,725
Solution Preview
Here are the answers to your study questions:
1. A staff position: A
related directly to the carrying out of the basic objectives of the organization.
is supportive in nature, providing service and assistance to other parts of the organization.
is superior in authority to a line position.
none of these.
2. The Institute of Management Accountants (IMA): A AND C (they issue various ethical standards and industry guidelines)
is a professional organization of management accountants
is a professional organization of financial accountants
issues standards for management accounting
issues standards for financial accounting
3. All of the following are examples of product costs except: A
depreciation on the company's retail outlets.
salary of the plant manager.
insurance on the factory equipment.
rental costs of the factory facility.
4. Management accounting reports might include information about: D
customer complaints.
net income for the year on budgeted income statement.
total assets on budgeted balance sheet.
All of the above are correct.
5. A daily report on the number of quality units assembled by each employee is information MOST useful to: A
a front-line assembly worker
the accounting department
the chief executive officer
the personnel department
6. Which of the following is NOT one of the three major customer value propositions discussed in the ...
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