ACCT 2302 Exam 1_V2_Key (1)

ACCT 2302 Exam 1_V2_Key (1) - Managerial Accounting Exam 1...

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Managerial Accounting Exam 1 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. Answer: D AACSB: Reflective Thinking AICPA BB: Critical Thinking AICPA FN: Measurement LO: 1 Level: Easy 2. The plans of management are often expressed formally in: A) financial statements. B) performance reports. C) budgets. D) ledgers. Answer: C AACSB: Reflective Thinking AICPA BB: Resource Management AICPA FN: Measurement LO: 1 Level: Easy 3. The phase of accounting concerned with providing information to managers for use in planning and controlling operations and in decision making is called: A) throughput time. B) managerial accounting. C) financial accounting. D) controlling. Answer: B AACSB: Reflective Thinking AICPA BB: Resource Management AICPA FN: Measurement LO: 1 Level: Easy
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4.The cost of the cushions that are used to manufacture sofas is best described as a: A) manufacturing overhead cost. B) period cost. C) variable cost. D) conversion cost. Ans: C AACSB: Reflective Thinking AICPA BB: Critical Thinking AICPA FN: Reporting LO: 1,2,5 Level: Medium 5.A security guard's wages at a factory would be an example of: Indirect labor Fixed manufacturing overhead A) No No B) Yes Yes C) Yes No D) No Yes
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Ans: B AACSB: Reflective Thinking AICPA BB: Critical Thinking AICPA FN: Reporting LO: 1,5 Level: Medium Source: CPA, adapted 6. Materials used in the operation of a factory, such as cleaning supplies, that are not an integral part of the final product should be classified as: A) direct materials. B) a period cost. C) administrative expense. D) manufacturing overhead. Ans: D AACSB: Reflective Thinking AICPA BB: Critical Thinking AICPA FN: Reporting LO: 1 Level: Easy 7. Direct costs: A) are incurred to benefit a particular accounting period. B) are incurred due to a specific decision. C) can be easily traced to a particular cost object. D) are the variable costs of producing a product. Ans: C AACSB: Reflective Thinking AICPA BB: Critical Thinking AICPA FN: Reporting LO: 1 Level: Easy 8. Inventoriable (i.e., product) costs that have become expenses can be found in: A) period costs. B) selling expenses. C) cost of goods sold. D) administrative expenses.
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Ans: C AACSB: Reflective Thinking AICPA BB: Critical Thinking AICPA FN: Reporting LO: 2 Level: Medium 9. Which of the following production costs, if expressed on a per unit basis, would be most likely to change significantly as the production level varies? A) Direct materials. B) Direct labor.
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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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ACCT 2302 Exam 1_V2_Key (1) - Managerial Accounting Exam 1...

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