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Study Resources (Accounting)

64) Is financial accounting or managerial accounting more useful to a plant (factory) manager? Explain your answer. 65) In 2013, the accountant at Star Incorporated, a national time-share company, focused on an internal sales report that illustrates the sales projections to ensure the sales representatives achieve their goals in 2013; however,.
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  1) Evaluating operations by comparing actual results to budgeted results is a part of the controlling responsibility of management. 2) Controlling means overseeing the company's day-to-day operations. 3) The purpose of managerial accounting is to gather, summarize, and report the cost and revenue data relevant to each decision that is made. 4) Budgeting.
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21) Overseeing the day-to-day operations of a company is an example of which of the following management functions? A) Directing B) Planning C) Analyzing D) Controlling 22) Preparing budgets is an example of which of the following management functions? A) Planning B) Directing C) Analyzing D) Controlling 23) Evaluating results against the plan is an example of which of.
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75) Managerial accountants are now considered to be similar to internal consultants and business advisors. 76) Oral and written communications skills are considered among the skills that are critical to management accountants. 77) Technology has been a driving factor in the changing roles of management accountants. 78) Management accountants spend more time.
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181) Companies may adopt which of the following in an attempt to increase their competitive edge? A) TQM B) Green initiatives C) Lean thinking D) All of the above 182) Movements toward sustainability and corporate responsibility often A) result in increased demand for the company's product or service. B) include monetary support of local schools and charities. C).
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11) The ________ database structure is used by data warehouses. 12) ________ is a piece of information about events and objects. 13) Database anomalies are removed through ________ and/or database modeling. 14) The database ________ creates the database model. 15) The database ________ creates the database. Match the database integrity rule to the.
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116) Indirect manufacturing costs should be included in manufacturing overhead. 117) An inventoriable cost could be the cost of the marketing and distribution of a product. 118) Inventoriable product costs consist of manufacturing overhead, direct labor and direct materials. 119) Indirect materials, indirect labor, and indirect manufacturing costs are what type of manufacturing.
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Match the normalization rule to the appropriate definition. A) No field can have multiple values. B) The table identifier (primary key) should not be a composite key. C) Every identifier should be a candidate key 22) Rule 1: First Normal Form (1NF) 23) Rule 2. Second Normal Form (2NF) 24) Rule 3. Boyce-Codd Normal Form (BCNF) 25).
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114) Use the correct number to designate each item below. Assume they are for a manufacturer. 1.direct materials 2.selling and general expenses 3. manufacturing overhead 4.direct labor A)________rent expense on factory building B)________sales supplies used C)________factory supplies used D)________indirect materials used E)________wages of assembly line personnel F)________cost of primary material used to make product G)________depreciation expense on office equipment H)________rent expense on.
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68) The new accountant at the Holiday Card Shoppe reviewed the following information: Is the system a financial system or a managerial system? Is the accountant at the Holiday Card Shoppe a managerial accountant or a financial accountant? Why? 69) The new employee at Cork Manufacturing reported to work and the employee.
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  1) Service companies must carry a large amount of inventory to meet consumer demand. 2) Manufacturing companies usually have three types of inventory. 3) Retailers sell their products to consumers. 4) Merchandising companies include both wholesalers and retailers. 5) All companies have the same types of inventories. 6) Only manufacturing companies have finished goods inventory. 7).
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64) Lucky Cow Dairy provided the following expense information for May: Assembly-line workers' wages $72,000 Caps for milk bottles 3,000 Reconfiguring the assembly line 125,000 Customer support hotline 10,000 Delivery expenses 20,000 Depreciation on factory equipment 75,000 Plastic milk bottles 52,000 Salaries of salespeople 63,000 Salaries of research scientists 70,000 Customer toll-free order line 6,000   What is the total cost for the marketing category of the value chain? A) $69,000 B) $188,000 C).
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127) Which of the following statements is correct concerning product costs? A) Product costs are expensed in the period the related product is sold. B) Product costs are expensed in the period incurred. C) Product costs are shown with operating expenses on the income statement. D) Product costs are shown with current liabilities on.
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11) Schlabig & Associates, a public accounting firm that provides business consulting to a consumer, is what type of company? A) Manufacturer B) Retailer C) Service D) Wholesaler 12) Jiffy Lube, an automotive maintenance company, is primarily what type of company? A) Manufacturer B) Retailer C) Wholesaler D) Service 13) Among other products, Nabisco makes Oreo cookies. Which type of.
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56) Which one of the following financial reports is required to be audited by an outside entity? A) Monthly financial statements B) Annual financial budgets C) Annual financial statements D) All of the above 57) Which of the following groups are external users of financial information? A) Customers of the company B) Potential investors of the company.
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171) Under SOX, a CPA firm is permitted to perform which of the following services for an audit client with pre-approval from the client's audit committee? A) Tax B) Financial information design C) Bookkeeping D) Consulting 172) According to SOX, a company's financial statements must be certified by the company's A) CEO. B) CFO. C) Controller. D) CFO and.
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Objective 2 1) An entity occurrence describes a property of the entity (an object or event). 2) Entity identifiers are attributes that uniquely identify an entity occurrence. 3) For a single occurrence of one entity (one customer), cardinality defines the maximum and minimum number of occurrences that might relate to the other entity.
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35) Managers and other internal users are the primary users of managerial accounting information. 36) The primary managerial accounting product is the company's audited financial statements. 37) Managerial accounting information emphasizes relevance over reliability and objectivity. 38) Managerial accounting information tends to report on segments of the business. 39) Managerial accounting.
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161) Businesses are now viewing sustainability and social responsibility as opportunities for innovation and business development. 162) Company initiatives to address sustainability and corporate responsibility not only "do the right thing," but also can lead to economic profits by increasing demand for the company's products and services. 163) A wave of.
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191) Companies that wish to demonstrate their commitment to international quality standards guidelines may become certified by what organization? A) SEC B) IFRS C) IMA D) ISO 192) Which of the following methods cuts throughput time? A) XBRL B) IFRS C) JIT D) ISO 193) Which type of company utilizes managerial accounting? A) Service B) Manufacturers C) Retailers D) All of the above 194) CPA.
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28) The management accountant at Woodhaven Cycle Shoppe developed a budget to establish the sales goals at the store in 2012. In 2013, the management accountant evaluated the performance in the organization, reviewed the performance of the sales staff, and compared the sales results to the actual budget that the.
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136) Certain materials used in a manufacturing plant cannot be traced to a specific unit. What are these materials called? A) General materials B) Direct materials C) Indirect materials D) Finished materials 137) Rent on a factory building would be considered to be a ________ cost. A) product B) period C) direct D) none of the above 138) The.
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135) Which of the following is an example of the IMA's integrity standard? A) Provide decision support that is accurate, clear, concise and timely. B) Keep information confidential, except when disclosure is legally required. C) Communicate information fairly and objectively. D) Abstain from engaging in or supporting any activity that might discredit the profession. 136).
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145) Sally oversees the accounting operations at Hopewell Distributors. Recently, Sally suspects an accounting manager commits fraud because the accounting manager in the operations division submitted a report that had incorrect account receivable totals. Sally checks the actual receivable totals against the forecasted totals and her assessment is correct. The.
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104) Country Furniture Company manufactures furniture at its Akron, Ohio, factory. Some of its costs from the past year include: Depreciation on sales office $     9,000 Depreciation on factory equipment 16,000 Factory supervisor salary 50,500 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.
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Objective 4 1) In SQL, Data Definition Language statements select, insert, update, and delete database records. 2) SQL DML statements are used to build queries required for accounting and financial applications. 3) ________ is a fourth generation, nonprocedural language designed to define and manipulate relational database objects. 4) In SQL, ________.
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95) The ________ is a subcommittee of the Board of Directors. A) managerial committee B) stockholder committee C) audit committee D) financial committee 96) Which person or group is not an employee of the corporation? A) A member of the audit committee B) The treasurer C) The VP of manufacturing D) The CFO 97) Which person is hired directly by.
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125) Performing duties in accordance with relevant laws, regulations, and technical standards comprise the IMA professional ethics standard of A) credibility. B) competence. C) integrity. D) confidentiality. 126) Inflating your expenses for a company-sponsored conference that discredits the profession is a violation of what ethical standard? A) Credibility B) Integrity C) Competence D) Confidentiality 127) To ensure a.
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44) A company's distribution system is an important part of the value chain. 45) Which of the following value chain elements is associated with the costs of shipping inventory to the retail outlet in a merchandising company? A) Design B) Distribution C) Production and Purchases D) Customer Service 46) All of the following are part of.
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26) Managerial accountants fulfill three primary responsibilities: planning, directing and controlling. Review each of the following tasks that managerial accountants complete in their role as a managerial accountant: (a)The manager at the Pet Store holds a meeting with staff to set goals and to ask the employees how to achieve the.
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21) In the United States, the fastest growing type of company is A) merchandising. B) service. C) manufacturing. D) none of the above. 22) Which of the following is a characteristic of a service company? A) Service companies make a product. B) Service companies have a single category of inventory. C) Service companies generally have no tangible.
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24) Which database architecture is typically used for data warehouses? A) Dimensional B) XBRL C) Relational D) Network 25) Which of the following is not considered a database element? A) Table B) Field C) File D) Record 26) Data integrity refers to data being A) current and active B) current and complete C) accurate and current D) accurate and complete 27) What does a database.
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11) Which of the following is not one of the primary responsibilities of management? A) Adhering to GAAP B) Planning C) Directing D) Controlling 12) Planning involves which of the following activities? A) Evaluating the results of operations B) Overseeing the company's day-to-day operations C) Setting goals and objectives for the company D) None of the above 13) Which of.
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54) Which element of the value chain would depreciation on a factory be classified as? A) Design B) Distribution C) Research and development D) Production 55) Testing ways to increase the strength of your product would be classified as which element of the value chain? A) Design B) Distribution C) Production D) Research and development 56) Which element of the.
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74) Sneider Family 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 $60,000 Commissions for salespeople $30,000 Salaries of nutrition researchers $75,000 Costs of maintaining website used for customer orders $4,000 Wages of factory workers $75,000 Freshness seals/caps for juice bottles .
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45) Which of the following individual is the only individual to use financial accounting information? A) Vice president of plant operations B) Product manager C) Plant manager D) Bank credit officer 46) Managerial accounting would use which of the following types of information? A) Forecasts of future earnings B) Financial information C) Nonfinancial information D) All of the above.
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85) Which of the following positions typically manages the daily operations of a company? A) The controller B) The CEO C) The board of directors D) The stockholders 86) Which of the following positions is responsible for the oversight, strategy formulation, and guidance at a large corporation? A) CEO B) Company president C) Stockholders D) Board of Directors 87) Which.
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36) Describe a company that has some elements of all three types of companies. It is part service company, part manufacturer, and part merchandiser. 37) Explain the type of inventory that is characteristic at a service company. 38) Controlling costs across the whole value chain often requires a trade-off between the individual.
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83) Classify each of the following business costs into one of the six value chain elements. A.cost of a commercial during a TV program B.cost of shipping goods to customers C.costs associated with repairing products under warranty D.costs of developing a new product E.cost of making a prototype of a new product F.cost of labor for.
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11) Which REA diagraming rule states at least two agent entities are required for an event entity. A) Rule 1. Resource-event relationship B) Rule 2. Event-event relationship C) Rule 3. Agent-event relationship D) Rule 4. Agent-agent relationship 12) What are the four rules for designing an REA diagram? Include a definition for each. 13) You are.
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11) ________ depicts the relationship among entities in the database. 12) A specific customer, such as Vincent, is an entity ________. 13) All the entity identifiers that uniquely identify the entity are called ________ keys in the database builder realm. 14) In a one-to-many relationship in an ERD, the entity.
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105) The individuals at Page Manufacturing perform the following duties: Employee C Roles and ResponsibilitiesEmployee D Roles and Responsibilities Manages organization on a daily basisResponsible for the operations at the company Hires other executives to run the organization Identify Employee B and Employee C. B) Treasurer; Controller C) Internal Audit Function; Audit Committee D) Cross-Functional Team; Treasurer E).
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