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EXAM ONE: PRE-TESTS & POST-TESTS REVIEW

If a company abandons a segment of its operation, the loss would be reported on the:
income statement immediately after income from continuing operations
A company that is leveraged is one that:
contains debt financing
_____ is the use of debt to finance a company or increase the return on an investment:
leverage
The number of times interest charges are earned is computed as:
[(income, before income tax) + (interest expense)] / (interest expense)
The formula used to calculate inventory turnover is:
(cost of goods sold) / (average inventory)
Which of the following clarifies information presented in the financial statements, as well as expands upon it where additional detail is needed?

(a) Report on fairness of financial statement
(b) Management discussion and analysis section
(c) President’s state of the company report
(d) Report on adequacy of internal control

Management discussion and analysis section
Where is a gain or loss from discontinued operations reported in the financial statements:
immediately following income from continuing operations on the income statement
A change from straight-line depreciation to double-declining balance depreciation would be reported as:
a prospective change in estimate
An analysis in which all the components of a balance sheet are expressed as a percentage of total assets is called ______ analysis
vertical analysis
Corporate annual reports typically do NOT contain which of the following:

(a) Auditor’s report
(b) Next year’s budget
(c) Management discussion and analysis
(d) Accompanying footnotes

next year’s budget
Management’s analysis of the results of operations and its opinion about future performance are found in the:
management discussion and analysis section
In a common size income statement, which of the following is given a percentage of 100 percent?
net sales
Unusual items affecting prior period statements include:
changes from one generally accepted accounting principle to another
In the annual report, where would a financial-statement reader find out if the company’s financial statements give a fair depiction of its financial position and operating results?
the report of independent registered accounting firm
An annual report includes all of the following except:
resumes of all key executives
Loss from discontinued operations is reported on the:
income statement after income from continuing operations
In horizontal analysis, each item is expressed as a percentage of the:
base year figure
All of the following would be defined as extraordinary items except:
a gain in a company’s capital stock due to a bankrupt competitor
The managerial process that monitors operations and compares actual results to expected results is the __________ phase:
controlling
Which of the following positions would have salaries or wages that are classified as a direct labor cost by a baking company:
baker
Which of the following positions would have salaries or wages that are classified as a factory overhead cost by a baking company:
factory supervisor
Managerial decisions will include all except one of the following:

(a) Purchase of capital equipment.
(b) Setting of capital stock prices.
(c) Product costs.
(d) Selling price.

setting of capital stock prices
A company will use managerial reports to:

(a) Determine product selling prices.
(b) All of these choices are correct.
(c) Reduce direct labor costs.
(d) Determine spoilage.

all of these choices are correct
Managerial accounting information can be used for:

(a) Determining the effect of changes in product costs.
(b) All of these choices are correct.
(c) Determining the selling price.
(d) Evaluating product costs.

all of these choices are correct
Which of the following is the correct formula for determining cost of goods manufactured?
(beginning work in process)
+ (total manufacturing costs)
– (ending work in process inventory)
Managerial accounting information uses:
historical and estimated data
Which of the following is one of the five phases in the management process?
decision making
Which of the following would not be considered a conversion cost by a baking company?

(a) Baker.
(b) Depreciation on oven.
(c) Electric costs.
(d) Flour.

flour
Monitoring the operating results of implemented plans and comparing the actual results with expected results is:
controlling
Inherent in planning, directing, controlling, and improving is:
decision making
Long-range courses of action is:
planning
Isolating significant departures from plans for further investigation and possible remedial action. It may lead to a revision of future plans is:
controlling
Process by which managers, given their assigned levels of responsibilities, run day-to-day operations is:
directing
Rejects solving individual problems with temporary solutions that fail to address the root cause of the problem is:
improving
Office supplies used at the company headquarters is an exampled of _______ costs:
period
Which of the following would probably not be determined using managerial accounting reports:
earnings per share
Management develops the company’s objectives (goals) in the __________ phase:
planning
Which of the following is not one of the five phases in the management process:
analyzing
Which of the following accounts will never be included in the inventory accounts on the balance sheet for a baking company:
president’s salary
Managerial reports will include all of the following except:
income tax expense
A balance sheet for a manufacturing company includes all of the following inventories except:
direct labor
Which of the following will be classified as an indirect cost by a baking company:
salaries of production supervisors
Which of the following would be classified as a factory overhead cost by a baking company:
depreciation of factory equipment
A company will use managerial reports to:

(a) Determine actual product costs.
(b) Consider computerized manufacturing processes.
(c) Estimate product costs.
(d) All of these choices are correct.

all of these choices are correct
The following are considered manufacturing costs except:
selling and administrative expenses
Financial accountants provide information to:

(a) The creditors.
(b) The general public.
(c) The stockholders.
(d) All of these choices are correct.

all of these choices are correct

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