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Man Acct Final

________ gathers, summarizes, and reports on the financial impact of changes to business operations.
managerial accounting
Creating budgets are part of which primary management responsibility?
Planning
Which of the following is being fulfilled when management compares the budget to actual results?
Controlling
When management uses feedback to take corrective action on the budgets, which of the following management responsibilities are being fulfilled?
Controlling
Using product cost information to determine sales prices is an example of
directing
When management reviews product sales reports to set goals and objectives and then evaluates the results of sales operations against the plan and performance results, which of management’s three primary responsibilities is fulfilled?
Directing, controlling, and planning
Overseeing the day-to-day operations of a company is an example of which of the following management functions?
directing
How often should managerial accounting reports be prepared?
as often as necessary
Which of the following statements is true regarding managerial accounting information?
Managerial accounting information emphasizes relevance.
The standards in the IMA Statement of Ethical Professional Practice includes
Competence, Confidentiality, Integrity, and Credibility
Inflating your expenses for a company-sponsored conference that discredits the profession is a violation of what ethical standard?
Integrity
What ethical standard is being violated when you tell a friend that the company you work for is going to report lower than expected earnings next week?
Confidentiality
Which of the following types of companies has raw materials, work in process and finished goods inventory?
Manufacturers
Schlabig & Associates, a public accounting firm that provides business consulting to a consumer, is what type of company?
Service
What type of company resells tangible products it purchases ready-made from suppliers?
Merchandiser
Conversion costs consist of
direct labor and manufacturing overhead
Prime costs consist of
direct materials and direct labor
Rent on a factory building would be considered to be a ________ cost.
product
Manufacturers consider selling and administrative costs to be
period
The two basic types of costing systems are
job costing and process costing
A manufacturer of plywood would use what type of product costing system?
process costing
A manufacturer of luxury yachts would use which type of costing system?
job costing
Underallocated manufacturing overhead results when
actual overhead is greater than allocated overhead
In ABC, how is the activity allocation rate computed?
The total estimated activity cost pool is divided by the total estimated activity allocation base
Variable costs are described by which of the following statements?
They are fixed per unit and vary in total.
With respect to total fixed costs, which of the following statements is true?
They will remain the same as production levels change within the relevant range.
When the number of units produced is less than the number of units sold, how does operating income under variable costing differ from operating income under absorption costing?
It is higher than operating income under absorption costing
How is operating income affected if the number of units sold exceeds the number of units produced?
Operating income would be higher under a variable costing income statement.
Contribution margin ratio is computed by
dividing contribution margin by sales revenue.
The unit contribution margin is computed by
subtracting the variable cost per unit from the sales price per unit.
To find the number of units that need to be sold in order to breakeven or generate a target profit, the formula used is
(fixed expenses + operating income) ÷ contribution margin per unit.
If the sales price per unit increases while the variable cost per unit and total fixed costs remain constant, which of the following statements is true?
The contribution margin increases and the breakeven point decreases.
If the variable cost per unit decreases while the sales price per unit and total fixed costs remain constant, which of the following statements is true?
The contribution margin increases and the breakeven point decreases.
If the variable cost per unit increases while the sale price per unit and total fixed costs remain constant, which of the following statements is true?
Breakeven point in units increases.
A “relevant cost” is best described by which of the following?
Expected future costs that differ among alternatives
Managers should consider ________ when making any sort of decision.
revenues that differ among alternatives
When the extra revenue from processing further is less than the extra cost of processing further, the best decision would be to
not process further
In a sell or process further decision, the company should process further if
the extra cost of processing further is less than the extra revenue.
In which of the following company types would the manager combine cost of goods sold, inventory, and purchases into one budget?
merchandising
The human resources department for Kohl’s Department Stores may be classified as a(n)
cost center
All of the following are potential advantages of decentralization except
potential duplication of costs
Which of the following is the operating income an investment center generates before subtracting common fixed costs that are allocated to the center?
segment margin
The difference between the actual revenues and expenses and the master budget is known as a
master budget variance
A favorable direct materials price variance and an unfavorable direct materials quantity variance might indicate which of the following?
Less expensive, inferior materials requiring more than the standard amount were used in production.
How do you calculate the predetermined manufacturing overhead rate used to allocate manufacturing overhead costs?
By dividing the total estimated manufacturing overhead costs by the total estimated amount of the allocation base
If manufacturing overhead has been overallocated during the period, and most of the jobs produced have been sold, then
Cost of Goods Sold on the income statement should be decreased.
Absorption costing formula
Sales Revenue
– COGS
= Gross Profit
-Operating Expenses

=Operating Income

Variable Costing formula
Sales Revenue
– Variable Costs
= Contribution Margin
– Fixed Costs

=Operating Income

contribution margin
sales rev- variable expenses
contribution margin ratio
contribution margin/ sales rev
sales margin
operating income/sales
capital turnover
sales/total assets
ROI
operating income/ total assets

-sales margin * capital turnover

DM Price variance
(AP-SP) *AQP
DM Quantity variance
(AQ-SQ) *AH
DL rate variance
(AR-SR) * AH
DL efficiency variance
(AH worked – SH) * SR

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