Multiple choice (w answers)

Multiple choice (w answers) - SECTION 1 OVERVIEW OF...

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SECTION 1 – OVERVIEW OF MANAGERIAL ACCOUNTING 1. Management accounting information can be used for all of the following EXCEPT: D) evaluate the market price of the stock. 2. Which of the following types of information are used in management accounting? D) All of the above are correct. 3. Management accounting: A) is both retrospective, providing feedback about past operations, and also prospective, incorporating forecasts and estimates about future events. 4. Which of the following descriptors refer to management accounting information? D) It is oriented to meeting the decision-making needs of employees and managers inside the organisation. 5. Which of the following would be considered management accounting information? D) Both budgeted production for the year of 2011, and the budgeted balance sheet. 6. Management accounting information includes all of the following EXCEPT: D) market price of the stock. 7. Management accounting reports might include information about: D) All of the above are correct. 8. The person MOST likely to use management accounting information is a(n): D) assembly department supervisor. 9. Which of the following is NOT a function of a management accounting system? B) financial reporting 10. Financial accounting: C) is primarily oriented to external stakeholders, such as investors, creditors, regulators and tax authorities. 11. The person MOST likely to use ONLY financial accounting information is a: C) current shareholder. 12. Historically, management accounting innovations have been developed by: D) Managers. 13. In general, it was not until the 1970s that management accounting systems: C) started to develop innovations in costing and performance-measurement systems due to intense pressure from overseas competitors. 14. Financial accounting information: A) provides a signal that something is wrong. 1
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15. Management accounting information is BEST described as: B) identifying and helping to explain what is wrong. SECTION 2 - COST TERMS, CONCEPTS, AND CLASSIFICATIONS 1. Indirect labour is a part of: B) Conversion cost. 2. The cost of lubricants used to grease a production machine in a manufacturing company is an example of a(n): C) indirect material cost. 3. The salary paid to the president of Tan Thanh Company would be classified on the income statement as a(n): A) administrative expense. 4. Direct labour cost is a part of: Conversion cost Prime cost C) Yes Yes 5. Direct material cost is a: Conversion cost Prime cost B) No Yes 6. Prime cost and conversion cost share what common element of total cost? B) Direct labour. 7. Prime cost consists of: C) direct materials and direct labour. 8. Wages paid to a timekeeper in a factory are a: Prime cost Conversion cost D) No Yes 9. Depreciation on a personal computer used in the marketing department of a manufacturing firm would be classified as: B) a period cost that is fixed with respect to the company's output.
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