spring2009olexamone(2) - ACCOUNTING 203 ONLINE EXAM #1...

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ACCOUNTING 203 ON-LINE EXAM #1 (CHS. 15,16) 150 PTS. DUE DATE:  Thursday, April 23 (by midnight) Nitish Venkatesh 10 Multiple-Choice 2 pts. each 1. Management accounting provides reports that are future oriented. A) True B) False 2. Management accounting information is more subjective than financial accounting information. A) True B) False 3. Internal accounting reports should be prepared when they are needed, without regard to calendar dates or regularity of issue. A) True B) False 4. Management accounting data may be gathered for small segments or large divisions and may be expressed in units of measurement other than historical dollars. A) True B) False 5. Financial accounting usually involves analyses of various segments of a business, such as cost centers, profit centers, or departments, or of some specific aspect of its operations. A) True B) False Page 1
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6. Financial accounting information is determined objectively and is verifiable, whereas management accounting usually represents subjective estimates of future events. A) True B) False 7. Like balance sheets and income statements, management accounting formats are much the same from company to company. A) True B) False 8. If a report is urgently needed, some accuracy may have to be sacrificed in the interest of timeliness. A) True B) False 9. In a JIT system, workers are trained to specialize in one specific task. A) True B) False 10. In a JIT system, materials and parts are not stockpiled. A) True B) False 25 Multiple-Choice 4 pts. each 11. Depreciation expense could be A) a period cost. B) a product cost. C) a fixed cost. D) all of these.
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12. An example of a period cost is A) advertising costs. B) indirect materials. C) product design costs. D) direct materials. 13. Another term for product cost is A) period cost. B) direct cost. C) value-adding cost. D) inventoriable cost. 14. Which of the following is not a product cost? A) Depreciation of office furniture B) Overhead C) Direct labor D) Direct materials 15. Which of the following is a typical example of a variable cost? A)
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spring2009olexamone(2) - ACCOUNTING 203 ONLINE EXAM #1...

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