I-Asgn1 - LESSON 1 Assignment Note: For multiple-choice...

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LESSON 1 Assignment Note: For multiple-choice questions, identify the best response. Answer each item by giving the letter of your choice. For example, if (4) is the best answer for (a), write a(4) as your answer. Select only one answer for each item. If more than one answer is given, it will not be marked. Incorrect answers will be marked as zero. No marks will be given to any explanation you offer. Question 1 (14 marks) Multiple choice (1 mark each) a. Which of the following is concerned with both financial and managerial accounting? 1) The stewardship over the company as a whole 2) The stewardship over the parts of the company 3) Stewardship, but managerial accounting is concerned with stewardship over the company as a whole, whereas financial accounting is concerned with the stewardship over the parts of the company. 4) Stewardship, but managerial accounting is concerned with the stewardship over the parts of the company, whereas financial accounting is concerned with the stewardship over the company as a whole. b. The nursing station on the fourth floor of Central Hospital is responsible for the care of patients who have undergone orthopaedic surgery. The costs of drugs administered by the nursing station to patients are substantial. How should these costs be classified? 1) As direct costs 2) As indirect costs 3) As overhead costs 4) As period costs c. Crandall Company manufactures a variety of products. The controller is considering how to account for labour fringe benefits. Which of the following methods provides the best measure of the relative cost of manufacturing its different products? 1) Treat all labour fringe benefits as indirect labour by adding them in total to manufacturing overhead. 2) Treat all labour fringe benefits as direct labour. 3) Treat labour fringe benefits that relate to direct labour as additional direct labour cost and fringe benefits that relate to indirect labour as part of manufacturing overhead. 4) Treat labour fringe benefits as period expenses and expense these costs as incurred. Management Accounting Fundamentals Assignment 1 1
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d. Which of the following statements is true? 1) Differential costs can be only fixed costs. 2) Differential costs can be only variable costs. 3) Differential costs can be either fixed or variable. 4) Differential costs can be incremental but not decremental. e. Which of the following is known as the function of management that compares planned results against actual results? 1) Planning 2) Directing and motivating 3) Controlling 4) Decision making f. Which of the following statements is true with respect to large work-in-progress inventories? 1) They are a key part of just-in-time systems. 2) They are essential for efficient operations.
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I-Asgn1 - LESSON 1 Assignment Note: For multiple-choice...

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