Test Review Ch 1-3 Flashcards
Which of the following management responsibilities often involve the use of budgets?
Planning
Managerial accounting differs from financial accounting in that managerial accounting
Emphasizes data relevance over data objectively.
Which of the corporate positions is responsible for raising capital and investing funds?
Treasurer
Of the following skills, which are needed by today’s management accountants?
All of the above.
Which of the following organizations is the professional association for management accounts?
IMA
Which of the following professional standards requires management accountants to mitigate conflicts of interest?
Integraty
Which of the following professional standards requires management accountants to communicate information fairly and objectively
Credibility
Which of the following requires the company’s CEO and CFO to assume responsibility for the company’s financial statements and disclosure?
Sarbenes-Okley Act of 2002 (SOX)
Which of the following is false?
TQM is a standardized coding system used to tag financial and business data so that is can be read by computer systems.
The triple bottom line focuses on:
Profit, People, and the Planet.
Which of the following types of companies would carry raw materials, work in progress, and finished goods inventory?
Manufacturing
Which of the following is NOT an activity in the value chain?
Administration
A cost that can be traced to a cost object is known as a
Direct Costs
Period costs are often referred to as
Both Selling, general, and administrative expenses and Operating expenses.
Primes cost consist of
Direct materials and direct labour.
which of the following is part of manufacturing overhead?
Period costs, such as depreciation on office computers
which of the following types of companies will always have the Cost Of Goods Sold account?
Merchandising and manufacturing companies
Which of the following is a calculated amount, rather then a general ledger account?
Cost of Goods Manufactured
Which of the following is False?
Suck costs are generally relevant to decisions
Which of the following is false?
The avergae cost per unit is valid for predicting total cast as many different output levels
For which of the following would job costing not be appropriate?
Manufacturer os mass-produced carbonated beverages.
Which of the following documents specifies the materials needed to produce a job?
bill of materials
Which of the following documents in used to accumulate all of the manufacturing costs assigned to a job?
Job cost record
The amount of manufacturing over head recorded on a job cost record for a particular job is found by
Allocating manufacturing overhead to the job.
Which of the following is false?
Job cost information is not useful for assessing the profitability of different products.
Which of the following is true?
None of the statements is true
Assuming the amount of manufacturing overhead over allocation or under allocation is not material, which account is adjusted as the end of the period?
Cost of goods sold
Whenever direct material, direct labour, and manufacturing over head are recorded on a job cost record, an associated journal entry is made to debit which of the following accounts?
Work in progress inventory
when a job is completed, the total cost of manufacturing the job should be moved to which of the following general ledger accounts?
Finished goods inventory
Which of the following is true when using job costing as a service firm?
Both direct and indirect costs are assigned to the client jobs
