Acctg 305 Spring 2010 Test 1 Practice Test Ch1-3

Acctg 305 Spring 2010 Test 1 Practice Test Ch1-3 - Acctg...

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Unformatted text preview: Acctg 305 Spring 2010 - Test 1 Practice Test - Chapters 1-3 Multiple Choice Identify the choice that best completes the statement or answers the question. ____ 1. _______________ is devoted to providing information for external users. a. Management accounting b. Financial accounting c. Internal accounting d. Cost accounting ____ 2. Which of the following is NOT part of the financial accounting information system? a. filing reports with the SEC. b. reporting a large contingent liability to current and potential shareholders. c. determining the future cashflows of a proposed flexible manufacturing system. d. preparing GAAP financial statements. ____ 3. Costing of products and services is an objective of a companys: a. Cost management system b. EDI system c. Financial accounting system d. all of the above ____ 4. An example of a managerial decision that would require cost information is: a. make a component internally or buy it from a supplier b. accept a special order for a product c. discontinuation of a product line d. all of the above ____ 5. The primary objective of management accounting is a. to provide stockholders and potential investors with useful information for decision mak- ing. b. to provide banks and other creditors with information useful in making credit decisions. c. to provide management with information useful for planning and control of operations. 1 d. to provide the Internal Revenue Service with information about taxable income. ____ 6. A(n) _______________ is a computerized information system that strives to input data once and make it available to people across the company for different purposes. a. cost management information system b. enterprise resource planning system c. internal accounting system d. financial accounting information system ____ 7. In JIT manufacturing, each operation produces a. only what is necessary for the succeeding operations. b. all that it can to offset fixed costs. c. a fixed percentage in excess of orders to ensure adequate quality stock. d. all that it can in order to build inventories. ____ 8. Total quality management emphasizes (P10) a. zero defects. b. continual improvement. c. elimination of waste. d. all of the above. ____ 9. Performance reports provide feedback a. only for external users b. only for the president of the company c. that is often subjective d. by comparing budget to actual data ____ 10. Setting the company's profit targets for the upcoming year is an example of the management function of a. planning b. control c. variance analysis d. internal auditing ____ 11. Evaluating the performance of a segment of the company is an example of a. planning b. control c. internal auditing d. both a and c ____ 12. Inspecting units produced to determine if they meet specifications is an example of a. planning b. control c. decision making d. both a and c ____ 13. Principles of personal ethical behavior include: a. integrity b. respect for others c. fairness d. all of the above ____ 14. The acceptance of a savings bond from a supplier would be a violation of which standard of ethical conduct...
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This note was uploaded on 10/24/2010 for the course ACCT 305 taught by Professor Zhou during the Spring '09 term at Binghamton University.

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Acctg 305 Spring 2010 Test 1 Practice Test Ch1-3 - Acctg...

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