Bored-JS - Name:_ BSAD 530 Managerial Accounting...

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Name:__________________________ BSAD 530 Managerial Accounting Examination #1 TRUE or FALSE (20 points) ____F_1. Financial accounting and managerial accounting reports must be prepared in accordance with generally accepted accounting principles (GAAP). ___F__2. The Chief Financial Officer of an organization should present facts and refrain from offering advice and personal opinion. ___F__3. A strategy requires effective use of Six Sigma improvement techniques. __F___4. The sum of all costs of manufacturing costs except direct materials is called manufacturing overhead. ___T__5. Thread used in the production of mattresses, an indirect material, is classified as manufacturing overhead. ___T__6. The cost of goods sold of a manufacturing company equals beginning finished goods inventory + cost of goods manufactured - ending finished goods inventory. _T____7. A flour manufacturer is more likely to use process costing than job-order costing whereas a manufacturer of customized leather jackets is more likely to use job-order costing than process costing. __T___8. If direct labor-hours is used as the allocation base in a job-order costing system, but overhead costs are not caused by direct-labor-hours, then jobs with high direct labor requirements will tend to be overcosted relative to jobs with low direct labor requirements. __F___9. Under the weighted-average method, the equivalent units used to compute the unit costs of ending inventories relate only to work done during the current period. __T___10. In calculating cost per equivalent unit under the weighted-average method, prior period costs are combined with current period costs.
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MULTIPLE CHOICE (40 points) 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. Which of the following is NOT one of the five steps in the lean thinking model discussed in the text? A) Continuously pursue perfection in the business process. B) Identify value in specific products/services. C) Implement an enterprise system. D) Create a pull system that responds to customer orders. 3. All of the following are characteristics of a pull production system EXCEPT: A) Inventories are reduced to a minimum by purchasing raw materials and producing units only as needed to meet consumer demand. B) Raw materials are released to production far in advance of being needed to
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Bored-JS - Name:_ BSAD 530 Managerial Accounting...

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