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Business math Essay

Uses cost-benefit analysis to determine the amount of detail presented. Prepares general-purpose reports for people outside an organization. Presents summary historical data In compliance with generally accepted accounting principles. Correct Feedback Uses cost-benefit analysis to determine the amount of detail presented. Incorrect Feedback Uses cost-benefit analysis to determine the amount of detail presented. Question The best example of using managerial accounting information to help organizations succeed includes which of the following? Answer implementing strategies. rocessing travel vouchers. racking employee time and attendance. reconciling petty cash balances. Correct Feedback Implementing strategies. Incorrect Feedback Implementing strategies. Question Managerial accounting information is used by which of the following managers? Answer marketing managers to help price products and assess their profitability. production managers to manage quality and costs and to assure on-time delivery. general managers to measure employee performance and create incentives. All of the answers are correct. Correct Feedback All of the answers are correct.

Incorrect Feedback All of the answers are correct. Question Considering the time dimension, how does managerial decision making compare with external performance evaluation? Managerial Decision Making External Performance Past Future Future Past Future Future Correct Feedback Managerial decision making is focused on the future. External performance relates to what

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has already taken place within an organization, i. e. , the past. Incorrect Question The question “How much information is enough? ” for managerial purposes should be answered on Answer a cost/benefit basis. cost, but not benefit, basis. a benefit, but not cost, basis. neither costs nor benefits, but some other criteria. Correct Feedback a cost/benefit basis. Incorrect Feedback a cost/benefit basis. Question Accounting data used for managerial reports Answer must be the same data used for reporting to shareholders, but may be different for tax purposes. must be the same data used for tax purposes, but may be different data for reporting to shareholders. must be the same data used for both tax purposes and reporting to shareholders. ay be different from data used for both tax purposes and reporting to shareholders. Correct Feedback may be different from accounting data used for both tax purposes and reporting to shareholders. Incorrect Feedback may be different from accounting data used for both tax purposes and reporting to shareholders. 1 of 17 Question Who manages cost and managerial accounting in most organizations? Answer Controller Treasurer Board of directors Chief executive officer Correct Feedback Controller Incorrect Feedback Controller Question Who manages cash flows and raises cash for operations in most organizations?

Answer Controller Correct Feedback Treasurer Incorrect Feedback Treasurer Question Who is the manager in charge of raising cash for operations and managing cash and near-cash assets? Answer Chief financial officer. Controller. Treasurer. Internal auditor. Correct Feedback Treasurer. Incorrect Feedback Treasurer. Question Which of the following works in planning, decision making, designing information systems, designing incentive systems, and helping managers make operating decisions? Question Who is the chief accounting officer that oversees providing information to managers? Answer Chief financial officer.

Correct Feedback Controller. Incorrect Feedback Controller. Question What organization publishes a Journal called Strategic Finance, numerous policy statements, and research studies on accounting issues? Answer Institute of Management Accountants Cost Accounting Standards Board General Accounting Office American Institute of Certified Public Accountants Correct Feedback Institute of Management Accountants Incorrect Feedback Institute of Management Accountants Question The Sarbanes-Oxley Act of 2002 has increased the interaction between the audit committee of the board of directors and the which of the following?

Answer controller. treasurer. internal auditor. production manager. Correct Feedback internal auditor. Incorrect Feedback internal auditor. 2 of 17 Question In 2002, Congress passed the Sarbanes-Oxley Act. Which of the following is not a provision of that act? Answer The law empowered the American Institute of Certified Public Accountants (AICPA) to oversee licensure of auditors. The Chief Executive Officer (CEO) must sign the company’s financial statements attesting to the inclusion of all material information. The Public Company Accounting Oversight Board (PCAOB) was created.

The CEO and Chief Financial Officer (CFO) must indicate that they are responsible for the company’s system of internal control. Correct Feedback The AICPA was formed many years prior to the passing Sarbanes- Oxley. This is not part of the act. Incorrect Feedback The AICPA was formed many years prior to the passing Sarbanes-Oxley. This is not part of the act. Add Question Here Question What organization developed the “Standards of Ethical Conduct for Management Accountants” mandating that management accountants have a responsibility to maintain the highest levels of ethical conduct?

Answer Institute of Management Accountants Question Which of the following accurately describes the managerial accountants’ professional environment and ethical responsibilities? Answer Stockholders have an thical responsibility to report accurately even when their own compensation suffers. Financial analysts have an ethical responsibility to report accurately even when their own compensation suffers. Managers have an ethical responsibility to report accurately even when their own compensation suffers.

Managers do not have an Correct Feedback Managers have an ethical responsibility to report accurately even when their own compensation suffers. Incorrect Feedback Managers have an ethical Question Here Question How is cost, as used in managerial accounting, distinguished from expense, as used in financial accounting? Answer A cost is a sacrifice of resources and expenses are recorded in accounting records, but not all costs appear in accounting records. All expenses are costs, but not all costs are expenses in the period of incurrence, even though they will become expenses in some later period.

Managerial accounting deals primarily with costs, not expenses, while financial accounting primarily deals with expenses for financial reporting as defined by generally accepted accounting principles. All of the answers are correct. Feedback All of the answers are correct. Question In principle, a cost is Answer a sacrifice of resources. omething used up to produce revenues in a particular accounting period. only comprised of direct material and direct labor. something measured in conformity with generally accepted accounting principles.

Correct Feedback a sacrifice of resources. Incorrect Feedback a sacrifice of resources. Question What is an opportunity cost? Answer The historical cost of goods or services used. The foregone income from using an asset in its best alternative. A sacrifice of resources. A sacrifice of investment opportunities. Correct Feedback The foregone income from using an asset in its best alternative. Incorrect Feedback The foregone income from using an asset in its best alternative. Answer The difference in total costs which results from selecting one choice instead of another.

The profit forgone by selecting one choice instead of another. A cost that may be saved by not adopting an alternative. A cost that may be shifted to the future with little or no effect on current operations. Correct Feedback The profit forgone by selecting one choice instead of another. Incorrect Feedback The profit forgone by selecting one choice instead of another. 3 of 17 Question Income forgone from not using an asset in its best economic alternative is n example of which of the following type of cost? Answer outlay cost. direct cost. indirect cost. opportunity cost.

Correct Feedback opportunity cost. Incorrect Feedback opportunity cost. Question Any item for which the manager wishes to measure cost is called a(n) Answer direct cost. cost object. target cost. Correct Feedback cost object. Incorrect Feedback cost object. Question What is the term that describes costs that relate directly to a cost object? sunk cost. Correct Feedback direct cost. Incorrect Feedback direct cost. Question Costs that do not relate directly to a cost object are its Answer marginal cost. Correct Feedback indirect cost. Incorrect Feedback indirect cost.

Question Costs that change in total as the level of activity changes are which of the following? Answer direct costs. indirect costs. variable costs. fixed costs. Correct Feedback variable costs Incorrect Feedback variable costs Question Which of the following terms describes a cost that does not relate directly to a cost object? Answer outlay cost. Question Which of the following is a cost that does not change in total as the level of activity changes? Answer fixed cost. variable cost. Correct Feedback fixed cost. Incorrect Feedback fixed cost. f 17 Question Which of the following statements is true concerning variable costs? Answer Variable costs are likely to respond to the amount of attention devoted to them by a management. Variable costs are associated with marketing, shipping, warehousing, and billing activities. Variable costs do not change in total for a given period but decrease on a per unit basis. Variable costs change in total with changes in production activity. Correct Feedback Variable costs change in total with changes in production activity. Incorrect Feedback Variable costs change in total with changes in production activity.

Add Question Here Question When the number of units manufactured increases, the most significant change in average unit cost will be reflected as Answer an increase in the nonvariable component. a decrease in the variable component. a decrease in the nonvariable component. an increase in the variable component. Correct Feedback a decrease in the nonvariable component. Incorrect Feedback a decrease in the nonvariable component. Question The nursing station on the fourth floor of Columbia Hospital for Women is responsible for the care of patients who have Just given birth.

The costs of drugs dministered by the nurses to patients would be classified as Answer direct costs. overhead costs. period costs. Incorrect Feedback direct costs. Question The costs of staffing and operating the accounting department at Columbia Hospital for Women would be considered by the Department of Surgery to be which of the following? Answer direct costs. incremental costs. controllable costs. Correct Feedback indirect costs. Incorrect Feedback indirect costs. Question Which of the following statements is true concerning total variable costs? Answer Total variable costs do not vary in total within the relevant range.

Total variable costs vary in total in proportion to the activity level. Total variable costs vary in total in an inverse relationship with production. Total variable costs vary in total, but not in proportion to changes in the activity level. Correct Feedback Total variable costs vary in total in proportion to the activity level. Incorrect Feedback Total variable costs vary in total in proportion to the activity level. Add Question Here Question Fixed costs expressed on a per unit basis Answer will react directly with changes in activity. will react inversely with changes in activity. e not affected by activity. should be ignored in making decisions since they cannot change over the long run. Correct Feedback will react inversely with changes in activity. Incorrect Feedback will react inversely with changes in activity. Add Question Here Question Data for Cost A and Cost B are as follows: # of Units Produced Total Cost cost A1 $10 10 100 100 1,000 # of Units Per Unit Cost cost B 1 5,000 10500 10050 Which of the following best describes the behavior of Costs A and B? 5 of 17 Answer Cost A is fixed, Cost B is variable. Cost A is variable, Cost B is fixed.

Both Cost A and Cost B are variable. Both Cost A and Cost B are fixed. Incorrect Feedback Cost A is variable, Cost B is fixed. Question A cost that changes in total as the level of activity changes is known as which of the following? Answer fixed cost. Correct Feedback variable cost. Incorrect Feedback variable cost. Question External financial statements Answer promote internal management planning and decision making. do not show variable and fixed costs. are not in accordance with generally accepted accounting principles. show direct and Correct Feedback do not show variable and fixed costs.

Incorrect Feedback do not show variable and fixed costs. Question The income statement presentation that helps managers plan and make decisions shows the distinction between Answer sunk and opportunity costs. controllable and non-controllable costs. discretionary and outlay costs. Correct Feedback variable and fixed costs. Incorrect Feedback variable and fixed costs. Question Which of the following concepts is least useful for managing costs more effectively? Answer Activity-based management. Value-added and non-value-added activities. The value chain. Generally accepted accounting principles.

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