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Study Resources (Accounting)

38) Place the letter for the appropriate value chain element on the line in front of each item. Letters may be used more than once or not at all. A. Research and development D. Marketing B. Design E. Distribution C. Production or purchases F. Customer service _____ Delivery of products and services _____ Detailed engineering plans for products _____ Payment to sponsor a racing team _____.
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11) Conversion costs consist of: A) direct labor and manufacturing overhead. B) direct materials and direct labor. C) direct materials and manufacturing overhead. D) direct materials, direct labor and manufacturing overhead. 12) Which of the following is an example of direct labor? A) Salary of a production manager B) Salary of the vice-president of operations C) Wages of.
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1) An inventoriable cost could be the cost of the marketing and distribution of a product. 2) Inventoriable product costs consist of manufacturing overhead, direct labor and direct materials. 3) All of the following are product costs for a manufacturer EXCEPT: A) direct labor. B) direct materials. C) freight out. D) manufacturing overhead. 4) Period costs are: A).
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27) On the line in front of each statement, enter the letter corresponding to the term that best fits that statement. You may use a letter more than once and some letters may not be used at all. A. Materials inventory E. Work in process inventory B. Service companies F. Manufacturing companies C. Merchandise inventory G. Merchandising companies D. Finished goods inventory _____ Typically have.
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1) The Sarbanes-Oxley Act was designed to hold corporations accountable for internal control and financial reporting functions. 2) The Sarbanes-Oxley Act has significantly impacted the responsibility for financial reporting by publicly traded corporations. 3) CA firms cannot provide consulting services for their current audit clients. 4) Trends in the modern business environment include.
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11) Which of the following certifications is issued by the Society of Management Accountants? A) CPA B) CMA C) CIA D) CFP 12) A CFO would have all of the following responsibilities EXCEPT: A) preparing all corporate tax returns. B) managing corporate financing. C) providing reports to creditors as required. D) investing in new equipment. 13) Who typically manages the.
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11) Which of the following management responsibilities are being fulfilled when management uses feedback to take corrective action on the budgets? A) Directing and planning B) Planning and decision-making C) Controlling and decision-making D) Planning and controlling 12) Which of the following management responsibilities is being fulfilled when management decides to move production to another.
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11) ________ costs include all costs associated with the production of a product. A) Direct B) Inventoriable C) Mixed D) Overhead 12) Manufacturing overhead costs for a product include: A) direct material. B) operating expenses. C) prime costs. D) indirect manufacturing costs. 13) When do inventoriable costs become expenses? A) When direct materials are purchased B) When the manufacturing process begins C) When.
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21) Managerial accountants may be responsible for: A) analyzing data. B) communicating results. C) providing decision support. D) all of the above. 22) Which of the following skills are required of managerial accountants? A) The ability to work on a team B) Analytical skills C) Oral and written communication skills D) All of the above 23) Which would be a.
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1) The SMA is the professional association for managerial accountants. 2) The CMA designation is issued by the Society of Management Accountants of Canada. 3) Your company sends you to a conference to update your skills. You decide to skip the afternoon session and go sightseeing. This violates the professional competency and.
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25) For each of the decision/action described below indicate which of the four stages of management it involves: a. Making a determination about the appropriate level of advertising expenditures. b. Increasing marketing efforts. c. Implement an employee training program to improve moral. d. Setting a target level of employee turnover. 26) For each of the.
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14) Preparing financial statements in accordance with GAAP is an example of: A) competence. B) integrity. C) objectivity. D) credibility. 15) Communicating information fairly and objectively represents what ethical standard? A) Competence B) Confidentiality C) Credibility D) Integrity 16) Performing duties in accordance with relevant laws, regulations, and technical standards make up which SMA professional ethics standard? A) Competence B) Confidentiality C) Credibility D).
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1) Retailers sell their products to other wholesalers. 2) Merchandising companies include both wholesalers and retailers. 3) All companies have the same types of inventories. 4) Merchandising and manufacturing companies have finished goods inventory. 5) Which of the following are merchandising companies? A) Manufacturers B) Retailers C) Wholesalers D) Both Retailers and Wholesalers 6) Raw materials, work in process.
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21) Which of the following statements is FALSE? A) Financial accounting provides sufficient information for managers to effectively plan and control operations. B) Financial accounting reports help creditors make decisions. C) Financial accounting helps investors make decisions. D) Financial accounting provides external reports. 22) Which of the following is TRUE? A) Managerial accounting reports are audited.
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41) Managerial accounting is needed by which type of company? A) Manufacturers B) Retailers C) Service D) All of the above 42) Which services are CA firms allowed to provide to audit clients? A) Bookkeeping B) Consulting C) Information systems design D) Tax preparation 43) Exchanging information to reduce costs, speed delivery, and improve quality is the definition of: A) ERP. B).
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28) Describe service, merchandising, and manufacturing companies. 29) Explain the difference between raw materials inventory, work in process inventory, and finished goods inventory. 30) Describe a company that has some elements of all three types of companies. It is part service company, part manufacturer, and part merchandiser. 31) Why do service firms not.
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21) What are the four primary responsibilities of managers as described in the chapter? Give an example of each type of responsibility. 22) Indicate which of the four primary responsibilities of managers is described by each of the following statements: a. Setting goals and objectives b.The process in which management engages while it.
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1) The CFO of a company is responsible for the day-to-day running of the company. 2) The treasurer and the controller report directly to the CFO. 3) The internal audit department reports directly to the subcommittee of the board of directors called the audit committee. 4) In most companies, managerial accountants no longer.
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18) A company decision as to where to locate a new store would be considered: A) customer service. B) marketing. C) production. D) research and development. 19) Farm Fresh Dairy provided the following expense information for May: Assembly-line workers' wages $72,000 Caps for milk bottles 2,000 Reconfiguring the assembly line 155,000 Customer support hotline 8,000 Delivery expenses 17,000 Depreciation on factory equipment 81,000 Plastic milk bottles 52,000 Salaries of salespeople 63,000 Salaries.
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Learning Objective 12.7 Questions 1) When the PEG ratio for a stock is less than 0.5, this indicates that the A) market believes the earnings growth estimate reflected in the consensus forecast is too low. B) market expects the future EPS growth to be greater than currently reflected in the analysts' consensus forecast.
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31) Describe the position of the CFO, the treasurer, and the controller within the organization. Describe the main functions of the treasurer and the controller. 32) Which of the following skills are required of managerial accountants? A) Solid knowledge of financial accounting B) Problem solving and analytical skills C) Knowledge of how a business.
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41) Assume the costs listed below are incurred by an Telcra Manufacturing. Place the letter for the appropriate value chain element on the line in front of each item. Letters may be used more than once or not at all. A. Research and development D. Marketing B. Design E. Distribution C. Production or purchases F. Customer service Costs: _____ Salaries for the engineers who.
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11) XBRL will be required of both public and private companies. 12) Managerial accounting has its roots in the industrial age of manufacturing. 13) Lean production is both a philosophy and a business strategy of manufacturing without waste. 14) To resolve ethical dilemmas, management accountants should first : A) consult an attorney regarding legal.
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21) Which element in the value chain would contain inventoriable costs for a manufacturer? A) Research and development B) Design C) Production D) Distribution 22) Uniquely Me Shoppe, a clothing retailer, had the following total costs as grouped by value chain element: Research and development $53,000 Design $17,000 Purchases $99,000 Marketing $42,000 Distribution $68,000 Customer service $27,000 What were the company's inventoriable costs? A) $99,000 B) $116,000 C) $17,000 D) $169,000 23) Uniquely.
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1) The design of a management accounting system should consider how reports affect employees' behavior. 2) GAAP must be followed when managerial accounting reports are prepared. 3) Management accounting requires independent audits of the firm's books. 4) The primary purpose of managerial accounting information is to help external users make investing and lending.
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21) Comfy Furniture Company manufactures furniture at its Akron, Ohio, factory. Some of its costs from the past year include: Depreciation on sales office $11,000 Depreciation on factory equipment $16,000 Factory supervisor salary $52,500 Sales commissions $23,000 Lubricants used in factory equipment $3,000 Insurance costs for factory $21,000 Wages paid to maintenance workers $115,000 Fabric used to upholster furniture $7,000 Freight-in (on raw materials) $2,500 Costs of delivery to.
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21) IFRS stands for: A) International and Foreign Reporting Systems. B) International Financial Reporting Standards. C) Important Foreign Registering Systems. D) International and Foreign Registering Standards. 22) XBRL stands for: A) eXtensible Business Reporting Language. B) eXisting Business Responsibility Language. C) eXtensive Business Registering Location. D) eXtractable Business Reporting Location. 23) The advantages of XBRL include decreases in the need.
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40) Assume the costs listed below are incurred by an Telcra Manufacturing. Place the letter for the appropriate value chain element on the line in front of each item. Letters may be used more than once or not at all. A. Research and development D. Marketing B. Design E. Distribution C. Production or purchases F. Customer service Costs: ____ Salaries of sales persons ____ Depreciation.
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32) A company which is in the business of providing intangible services is what type of company? A) Manufacturing B) Service company C) Retailer D) Wholesaler 33) A company which is in the business of reselling tangible products purchased from suppliers to final users is what type of company? A) Manufacturing B) Service company C) Retailer D) Wholesaler 34) A.
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1) Controlling means overseeing the company's day-to-day operations. 2) Managerial accounting gathers, summarizes, and reports the cost and revenue data relevant to each decision that is made. 3) Evaluating the results of business operations against a plan and then making adjustments to that plan is called budgeting. 4) The four primary responsibilities of.
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51) Edwards Restaurant Supplies is investigating the possibility of adopting a lean production philosophy throughout their organization. Estimated costs to set up the computer system are $650,000; training employees in lean production is estimated to cost $175,000; and the general expenses of establishing the program are estimated at $35,000. The.
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8) All of the following activities are included in the value chain EXCEPT for: A) customer service. B) design. C) production. D) reporting. 9) Which of the following would NOT be a cost object? A) Built-to-order web sales B) Costs in the legal department C) Sales of a particular model in the southeast D) All of these could serve.
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28) Sunnybrook Orange Groves processes a variety of fresh juices. The company has the following expenses for July: Depreciation expense on bottling machines $63,000 Glass juice bottles $53,000 Commissions for salespeople $27,000 Salaries of nutrition researchers $89,000 Cost of maintaining website used for  customer orders $4,000 Wages of factory workers $75,000 Freshness seals/caps for juice bottles $3,000 Reconfigure the factory layout $102,000 Customer help line $2,000 Cost of refrigerated.
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11) The standards of the Society of Management Accountants Code of Professional Ethics include which of the following? A) Integrity B) Honesty C) Fairness D) Objectivity 12) Categorize each of the following activities as to which management responsibility it fulfills: planning, directing, controlling, or decision making. a. The decision to increase sales in the next fiscal period. b..
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23) Indicate which of the four primary responsibilities of managers is described by each of the following statements: a. Determining how to achieve company goals and objectives. b. Making adjustments to keep the company pressing towards its goals. c. The process in which management engages while it plans directs and controls operations. d. Management.
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31) Under Sarbanes-Oxley, companies must have their internal audit procedures assessed: A) annually. B) monthly. C) quarterly. D) at any time they choose. 32) Under Sarbanes-Oxley, what is the maximum number of years of imprisonment for knowingly destroying or creating documents to obstruct any federal investigation? A) 5 years B) 10 years C) 15 years D) 20 years 33) Which.
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24) An example of the IMA's competence standard is to: A) abstain from engaging in or supporting any activity that might discredit the profession. B) communicate information fairly and objectively. C) keep information confidential, except when disclosure is legally required. D) provide decision support that is accurate, clear, concise and timely. 25) Attending class to.
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11) What type of company resells products it previously purchased ready-made from suppliers? A) Merchandiser B) Retailer C) Wholesaler D) All of the above 12) Before these materials are used to manufacture its cars, Honda classifies steel, glass, and plastic as: A) finished goods inventory. B) raw materials inventory. C) work in process inventory. D) merchandise inventory. 13) Wal-Mart classifies.
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54) Match the appropriate terms with the correct definitions.    Definition    Term 1.  _____ Exchange of information with suppliers to reduce costs, improve quality, and speed delivery of goods and services from suppliers to the company itself and on to customers. a. SOX 2.  _____ A philosophy and business strategy of manufacturing without.
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11) Which of the following statements is TRUE about managerial accounting information? A) It is prepared annually and quarterly. B) It is audited by CPAs. C) It emphasizes relevance. D) It must be prepared in conformity with generally accepted accounting principles (GAAP). 12) Management accounting focuses on: A) external reporting. B) internal reporting. C) tax preparation. D) auditing. 13) The.
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34) Place the letter for the appropriate value chain activity on the line in front of each item. Letters may be used more than once or not at all. Assume a manufacturer. A. Research and development D. Marketing B. Design E. Distribution C. Production or purchases F. Customer service _____ Depreciation expense on equipment in factory _____ Delivery expense _____ Toll free line for customer.
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26) Using "D" for direct materials and "I" for indirect materials classify for auto manufacturer each of the following costs assuming the cost object is a new vehicle A. _____ Seats B. _____ Depreciation expense on administrative offices. C. _____ Assembly workers wages D. _____ Plant utilities E. _____ Production supervisors salaries 27) Using "D" for.
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21) In ________, inventory consists of freight-in and the cost of the product which is to be resold. A) a service company B) a merchandising company C) a manufacturing company D) all of these companies 22) Which type of company has the highest percentage of labor costs? A) Service company B) Merchandising company C) Manufacturing company D) All companies.
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28) ABC Company makes wooden furniture. Identify each of the following as either an inventoriable product cost or a period cost. If it is an inventoriable product cost, classify it as direct materials, direct labor, or manufacturing overhead. A. ________ Insurance on the plant building B. ________ Cost of shipping the furniture.
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