exam 1, sp07 - 1. In decision making, managers use: A)...

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1. In decision making, managers use: A) financial accounting information exclusively since it is more objective and precise due to well-established principles and conventions. B) information regarding the organization as a whole rather than segments of the organization in order to capture a broader perspective of the company's operations. C) information that is as precise as humanly possible. D) whatever information is relevant to the decision even though the information may not conform to generally accepted accounting principles. 2. Financial accounting: A) is required by regulatory bodies such as the SEC. B) has its primary emphasis on the future. C) provides data primarily for internal uses by managers. D) is concerned primarily with the performance of segments rather than with the performance of the entire organization. 3. The provisions of The Foreign Corrupt Practices Act of 1977 state that multinational companies: A) must not give nominal "tips" where such tips are common practice for the service performed. B) can give bribes only in countries where giving bribes is common practice in the country in which the multinational company is doing business. C) must devise and maintain a computerized accounting system. D) must devise and maintain a system of internal controls sufficient to ensure that all transactions are executed and recorded properly. 4. Management accounting primarily is concerned with providing: A) information to managers inside the organization as well as information to stockholders, creditors, and others outside the organization. B) information to stockholders, creditors, and others outside the organization. C) information to managers inside the organization. D) information to governmental regulatory agencies.
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5. The salary paid to the maintenance supervisor in a manufacturing plant is an example of: Product Cost Manufacturing Overhead A) No Yes B) Yes No C) Yes Yes D) No No 6. Which of the following would most likely be included as part of manufacturing overhead in the production of a wooden table? A) The amount paid to the individual who stains the table. B) The commission paid to the salesperson who sold the table. C) The cost of glue used in the table. D) The cost of the wood used in the table. Page 2
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Wages paid to factory machine operators of a manufacturing plant are an element of: Prime cost Conversion cost A) No No B) No Yes C) Yes No D) Yes Yes 8. Within the relevant range: A) variable cost per unit decreases as production decreases. B) fixed cost per unit increases as production decreases. C) fixed cost per unit decreases as production decreases. D) variable cost per unit increases as production decreases. 9. All of the following can be differential costs except: A) variable costs. B)
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This test prep was uploaded on 04/22/2008 for the course ACCT 2113 taught by Professor Knapp during the Spring '08 term at The University of Oklahoma.

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exam 1, sp07 - 1. In decision making, managers use: A)...

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