Multiple choice - Part 5: FOUNDATIONS OF MANAGEMENT...

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Part 5: FOUNDATIONS OF MANAGEMENT ACCOUNTING. 15. Management Accounting and Cost Concepts. 16. Cost Flows and Business Organizations. 17. Activity-Based Costing. Part 6: CONTROL IN A MANAGEMENT ACCOUNTING SYSTEM. 18. Budgeting and Control. 19. Controlling Cost and Profit. Part 7: MAKING DECISIONS USING MANAGEMENT ACCOUNTING. 20. Cost Behavior and Decisions using C-V-P Analysis. 21. Relevant Information and Decisions. 22. Capital Investment Decisions. Part 8: CONTINUOUS IMPROVEMENT IN MANAGEMENT ACCOUNTING. 23. New Measures of Performance. Chap 15 1 Which of the following is true of managerial accounting rather than financial accounting? a. The outputs of this accounting system are the primary financial statements. b. The methods of this accounting system are established by an overseeing board. c. The accounting methods are standardized to allow comparisons among companies. d. The accounting system would be unique to each company. status: not answered () correct: d your answer: 2 Wages paid to workers who perform the work to transform materials into finished goods are called: a. direct labor. b. indirect labor. c. manufacturing overhead. d. none of these choices. status: not answered () correct: a your answer: 3 Insurance on the factory building would be part of:
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a. manufacturing overhead. b. indirect labor. c. direct material. d. operating expenses. status: not answered () correct: a your answer: 4 Costs that are normally incurred for the benefit of several segments are: a. direct costs. b. indirect costs. c. variable costs. d. product costs. status: not answered () correct: b your answer: 5 Another term for incremental costs is: a. sunk costs. b. differential costs. c. fixed costs. d. period costs. status: not answered () correct: b your answer: 6 The benefits lost or forfeited as a result of selecting one alternative over another are called: a. differential costs. b. sunk costs. c. opportunity costs. d. indirect costs. status: not answered () correct: c your answer:
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7 In terms of cost behavior, direct materials costs are: a. variable costs. b. fixed costs. c. both variable and fixed costs. d. neither variable nor fixed costs. status: not answered () correct: a your answer: 8 In a manufacturing company, advertising expense would best be classified as a: a. direct expense. b. manufacturing overhead. c. period expense. d. product expense. status: not answered () correct: c your answer: 9 A cost that is not affected by a future decision is termed: a. differential cost. b. replacement cost. c. manufacturing cost. d. sunk cost. status: not answered () correct: d your answer: 10 If activity increases, which of the following statements about cost behavior is true? a. Fixed cost per unit will increase.
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Multiple choice - Part 5: FOUNDATIONS OF MANAGEMENT...

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