ACCT2302_E1-K (3)

ACCT2302_E1-K (3) - ACCT 2302, Exam 1 1. Management...

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ACCT 2302, Exam 1 1. Management accounting focuses primarily on providing data for: A) Internal uses by managers. B) External uses by stockholders and creditors. C) External uses by the Internal Revenue Service. D) External uses by the Securities and Exchange Commission. Answer: A Level: Easy LO: 1 2. Managerial accounting: A) is more future oriented than financial accounting. B) tends to summarize information more than financial accounting C) is primarily concerned with providing information to external users. D) is more concerned with precision than timeliness. Answer: A Level: Easy LO: 1 3. Compared to financial accounting, managerial accounting places more emphasis on: A) the flexibility of information. B) the precision of information. C) the timeliness of information. D) both A and C above. Answer: D Level: Easy LO: 1 4. Which of the functions of management involves overseeing day-to-day activities? A) Planning B) Directing and motivating C) Controlling D) Decision making Answer: B Level: Easy LO: 2 5. Which of the following is not one of the three basic activities of a manager? A) Planning B) Controlling C) Directing and motivating D) Compiling management accounting reports Answer: D Level: Easy LO: 2 6. The delegation of decision making to lower levels in an organization is known as: A) the planning and control cycle. B) controlling. C) decentralization. D) none of these. Answer: C Level: Easy LO: 2 7. After careful planning, Jammu Manufacturing Corporation has decided to switch to a just-in- time inventory system. At the beginning of this switch, Jammu has 30 units of product in inventory. Jammu has 2,000 labor hours available in the first month of this switch. These hours could produce 500 units of product. Customer demand for this first month is 400 units. If just-in-time principles are correctly followed, how many units should Jammu plan to produce in the first month of the switch? A) 370 B) 400 C) 430 D) 470 Answer: A Level: Medium LO: 3 8. According to the Theory of Constraints, improvement efforts should usually be focused on: A) work centers that are not constraints. Ercan Sinmaz Page  1
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ACCT 2302, Exam 1 B) the work center that is the constraint. C) the work center with the highest total cost. D) the work center with the most obsolete equipment. Answer: B Level: Medium LO: 3 9. For a hospital, what type of position (line or staff) is each of the following? Emergency Room Manager Human Resources (Personnel) Manager A) Staff Staff B) Staff Line C) Line Staff D) Line Line Answer: C Level: Easy LO: 2 10. A detailed financial plan for the future is known as a: A) budget. B) performance report. C) organization chart. D) segment. Answer: A Level: Easy LO: 2 11. Ideally, how many units should be produced in a just-in-time manufacturing system?
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This note was uploaded on 07/01/2011 for the course ACCT 52548 taught by Professor Charleslewis during the Spring '10 term at HCCS.

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ACCT2302_E1-K (3) - ACCT 2302, Exam 1 1. Management...

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