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ACC 560 WK 2 Quiz 1

TRUE-FALSE STATEMENTS

1. Reports ready in financial accounting are general-purpose reports, conversely, reports prepared in managerial accountancy are commonly special-purpose reports.2.

2. Managerial bookkeeping information generally comes to an reality as a whole and also is extremely aggregated.

3. Managerial accounting applies come all develops of service organizations.

4. Identify the unit cost of manufacturing a product is an output of financial accounting.

5. Managerial accountancy internal reports space prepared more frequently than are classified jae won statements.

6. The management role of organizing and also directing is mainly pertained to with setup goals and also objectives for the entity.

7. The Sarbanes-Oxley action replaces typically accepted bookkeeping principles in a production company.

8. Regulating is the procedure of determining even if it is planned purposes are being met.

9. Decision-making is an integral part of the planning, directing, and controlling functions.

10. Straight materials costs and indirect materials expenses are manufacturing overhead.

11. Manufacturing prices that cannot be divide as straight materials or straight labor room classified as production overhead.

12. Raw materials are equal to straight materials minus indirect materials.

13. Raw products that deserve to be conveniently and directly linked with a perfect product are dubbed materials overhead.

14. The full cost that a perfect product walk not usually contain equal amounts of materials, labor, and overhead costs.

15. Both direct labor cost and also indirect labor price are product costs.

16. Duration costs incorporate selling and also administrative expenses.

17. Indirect materials and indirect labor are both inventoriable costs.

18. Direct materials and direct labour are the just product costs.

19. Total duration costs room deducted from total cost of work-related in procedure to calculate expense of products manufactured.


20. Period costs room not inventoriable costs.

21. Ending finished goods inventory appears on both the balance sheet and also the revenue statement that a manufacturing company.

22. The start work in procedure inventory shows up on both the balance sheet and the price of goods manufactured schedule of a manufacturing company.

23. In calculating gross benefit for a production company, the price of items manufactured is deducted from net sales.

24. Finished goods inventory does not show up on a cost of items manufactured schedule.

25. If the ending work in process inventory is greater than the beginning work in procedure inventory, then the price of items manufactured will certainly be much less than total manufacturing costs for the period.

26. Finished goods inventory because that a manufacturing firm is equivalent to was inventory because that a merchandising company.

27. Raw materials inventory mirrors the cost of perfect goods available for sale to customers.

28. The balanced scorecard strategy attempts to keep as small inventory top top hand together possible.

29. The supply chain is every the tasks associated with giving a product or service.

30. Numerous companies have significantly lowered perform levels and costs making use of just-in-time list methods.

31. Managerial accountancy is primarily came to with managers and also external users.

32. Planning entails coordinating the diverse tasks and human resources of a firm to create a smooth to run operation.

33. When the physical association the raw materials with the finished product is too tiny to trace in terms of cost, they are usually classified together indirect materials.

34. Product expenses are additionally called inventoriable costs.

35. Straight materials become a price of the finished products manufactured when they room acquired, not once they space used.

36. The sum of the direct materials costs, direct labor costs, and beginning job-related in process is the full manufacturing prices for the year.


37. In a manufacturing firm balance sheet, manufacturing inventories space reported in the current assets section in the bespeak of their meant use in production.

MULTIPLE selection QUESTIONS

38. Managerial audit applies to every of the following varieties of companies except

a. company firms.

b. Merchandising firms.

c. Production firms.

d. Managerial audit applies come all species of firms.

39. Managerial accounting information is typically prepared for

a. Stockholders.

b. Creditors.

c. Managers.

d. Regulatory agencies.

40. Managerial accounting information

a. Pertains to the entity as a whole and also is highly aggregated.

b. Involves subunits the the entity and also may be really detailed.

c. Is ready only when a year.

d. Is constrained by the demands of generally accepted accountancy principles.

41. The significant reporting traditional for presenting managerial audit information is

a. Relevance.

b. Typically accepted accountancy principles.

c. The expense principle.

d. The current tax law.

42. Managerial accounting is also called

a. Management accounting.

b. Controlling.

c. Analysis accounting.

d. Within reporting.

43. I m sorry of the following is no an inner user?

a. Creditor

b. Room manager

c. Controller

d. Treasurer

44. Managerial accountancy does not encompass

a. Calculating product cost.

b. Calculating income per share.

c. Determining price behavior.

d. Profit planning.

45. Managerial accounting is applicable to

a. Organization entities.

b. Production entities.

c. Not-for-profit entities.

d. All of these.

46. Management accountants would certainly not

a. Aid in budget planning.

b. Prepare reports mainly for exterior users.

c. Determine price behavior.

d. Be came to with the affect of cost and volume on profits.

47. Internal reports should be communicated

a. Daily.

b. Monthly.

c. Annually.

d. Together needed.

48. Gaue won statements for external users can be described as

a. User-specific.

b. General-purpose.

c. Special-purpose.

d. Managerial reports.

49. Managerial accounting reports can be explained as

a. General-purpose.

b. Macro-reports.

c. Special-purpose.

d. Classified jae won statements.

50. The reporting traditional for outside financial reports is

a. Industry-specific.

b. Company-specific.

c. Generally accepted accounting principles.

d. Department-specific.

51. I beg your pardon of the following statements around internal reports is no true?

a. The content of inner reports may extend past the double-entry bookkeeping system.

b. Internal reports may show all quantities at sector values.

c. Inner reports may talk about prospective events.

d. Most interior reports space summarized quite than detailed.

52. In one analogous sense, external user is to interior user as usually accepted accounting principles room to

a. Timely.

b. Special-purpose.

c. Relevance to decision.

d. SEC.

53. Internal reports room generally

a. Aggregated.

b. Detailed.

c. Regulated.

d. Unreliable.

54. A distinguishing feature that managerial audit is

a. Exterior users.

b. General-purpose reports.

c. Very detailed reports.

d. Quarterly and annual reports.

55. What activities and responsibilities are not linked with management"s functions?

a. Planning

b. Accountability

c. Controlling

d. Directing

56. To plan is a duty that involves

a. Hiring the right human being for a specific job.

b. Coordinating the bookkeeping information system.

c. Setting goals and objectives for an entity.

d. Assessing financial statements.

57. The managerial duty of controlling

a. Is performed just by the controller of a company.

b. Is just applicable once the agency sustains a loss.

c. Is came to mainly through operating a manufacturing segment.

d. Includes performance review by management.

58. I m sorry of the adhering to is no a management function?

a. Constraining

b. Planning

c. Controlling

d. Directing

59. A manager that is creating objectives is performing which monitoring function?

a. Controlling

b. Directing

c. Planning

d. Constraining

60. The management function that requires managers to look at ahead and establish objectives is

a. Controlling.

b. Directing.

c. Planning.

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d. Constraining.

61. In determining whether planned purposes are being met, a manager is performing the function of