Chpters 1-4

Chpters 1-4 - AC 351 Chapters 1 4 Practice Problems 1....

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AC 351 Chapters 1 – 4 Practice Problems 1. Managerial accounting places considerable weight on: a. generally accepted accounting principles. b. the financial history of the entity. c. ensuring that all transactions are properly recorded. *d. detailed segment reports about departments, products, and customers. 2. The phase of accounting concerned with providing information to managers for use in planning  and  controlling operations and in decision making is called: a. throughput time *b. managerial accounting c. financial accounting d. controlling 3. A staff position: a. relates directly to the carrying out of the basic objectives of the organization *b. is supportive in nature, providing service and assistance to other parts of the  organization c. is superior in authority to a line position d. none of these 4. A                                 position in an organization is directly related to the achievement of the  organization’s basic objectives. *a. line b. management c. staff d. none of the above 5. The five step framework used to guide Six Sigma improvement efforts includes all of the  following  EXCEPT: a. Analyze b. Control *c. Digitize d. Measure 6. The Sarbanes-Oxley Act of 2002 contains all of the following provisions EXCEPT: a. The audit committee of the board of directors of a company must hire, compensate, and  terminate the public accounting firms that audits the company’s financial reports.
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*b. Financial statements must be audited once every three years by the Government  Accounting  Office. c. Both the CEO and CFO must certify in writing that their company’s financial statements  and accompanying disclosures fairly represent the results of operations. d. A company’s annual report must contain an internal control report. 7. Direct costs: a. are incurred to benefit a particular accounting period. b. are incurred due to a specific decision. *c. can be easily traced to a particular cost object. d. are the variable costs of producing a product. 8. Prime costs consist of: a. direct materials and the variable portion of manufacturing overhead. b. direct labor and indirect labor. c. indirect labor and the fixed portion of manufacturing overhead. *d. direct labor and direct materials. 9. Which of the following is NOT a period cost? *a. Monthly depreciation of the equipment in a fitness room used by factory workers. b. Salary of a billing clerk c. Insurance on a company showroom, where current and potential customers can  view new products. d.
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Chpters 1-4 - AC 351 Chapters 1 4 Practice Problems 1....

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