Question 1

Willow Manufacturing manufactures custom tabletops.For each cost listed below,place an "X" in all of the appropriate categories.

Accepted Answer

<img  loading="lazy" src="/assets/images/blured-textbook.svg" class="d-inline m-1" alt="blured image" width="139" height="30"> Direct materials are the traceable mate...

Question 2

Which of the following is not one of the factors affecting the accounting reporting environment focused on by the Sarbanes-Oxley Act?

Accepted Answer

A)  Industry
B)  Opportunity
C)  Character
D)  IncentivesE) A) and B)
F) A) and C)

Question 3

Which of the following functions of management involves providing feedback for future plans?

Accepted Answer

A)  Planning
B)  Implementing
C)  Reviewing
D)  ControlE) All of the above
F) None of the above

Question 4

Robin Company has the following balances for the current month:  What are Robin's prime costs?

Accepted Answer

A)  $60,800
B)  $56,000
C)  $75,200
D)  $65,600E) C) and D)
F) All of the above

Question 5

Pretend you are the president of the Managerial Accounting Club and you are responsible for executing the club's most important event: A recruiting event for members and local firms.How might you use the Plan-Implement-Control cycle?

Accepted Answer

A)  To plan,I would prepare a preliminary list of goals and plans and then hold a kick-off meeting with the club's membership to present and revise the plan.
B)  To control,I would identify two additional individuals within the club to help lead the event.
C)  To control,I would create a timeline and schedule of key tasks leading up to the event and assign responsibility for each task to key members of the club.
D)  To implement,I would hold regular check-in meetings to monitor progress.E) A) and B)
F) A) and C)

Question 6

Fixed costs are:

Accepted Answer

A)  costs that are not worth the effort to trace to a specific cost object.
B)  costs that change,in total,in direct proportion to changes in activity levels.
C)  always irrelevant.
D)  costs that remain constant,in total,no matter the activity level.E) None of the above
F) A) and B)

Question 7

Which of the following is not a characteristic of managerial accounting?

Accepted Answer

A)  Information is used by internal parties.
B)  Information is subjective,relevant,and future-oriented.
C)  Reports are prepared as needed.
D)  Reports are prepared according to GAAP.E) A) and D)
F) A) and C)

Question 8

Managerial accounting information includes all of the following except:

Accepted Answer

A)  budgets.
B)  performance evaluations,for example budget-to-actual reports.
C)  cost reports.
D)  financial statements prepared in accordance with generally accepted accounting principles.E) A) and C)
F) B) and C)

Question 9

An actual outlay of cash is a(n) :

Accepted Answer

A)  out-of-pocket cost.
B)  opportunity cost.
C)  direct cost.
D)  cost object.E) All of the above
F) A) and D)

Question 10

Melinda's Custom Homes,a construction company that builds custom-designed houses,incurred costs for the following items.
  Calculate each of the following,where the cost object is the houses built by the company:
a.Total variable costs
b.Total fixed costs
c.Total direct costs
d.Total indirect costs

Accepted Answer

Total variable costs: $478,900 = $105,00...

Question 11

A sustainable business is one with the ability to meet the needs of today without sacrificing the ability of future generations to meet their own needs.

Accepted Answer

A) True 
 B)False

Question 12

Which of the following is an example of a variable cost for a manufacturing firm?

Accepted Answer

A)  The cost of rent on the factory.
B)  The cost of factory supervision.
C)  The cost of raw materials.
D)  The cost of depreciation on equipment.E) B) and C)
F) All of the above

Question 13

Fixed costs stay the same,on a per-unit basis,as activity level changes.

Accepted Answer

A) True 
 B)False

Question 14

Which of the following is an example of the variety of big data?

Accepted Answer

A)  Data collected from YouTube videos
B)  The collection of petabytes of data per hour
C)  Data that is created in real time
D)  Delivering data as quickly as possibleE) C) and D)
F) B) and D)

Question 15

The Sarbanes-Oxley Act of 2002 focuses on three factors that affect the accounting reporting environment: ethics,fraud,and managers.

Accepted Answer

A) True 
 B)False

Question 16

What determines the difference between a direct and an indirect cost?

Accepted Answer

A)  Whether it changes when activity levels change.
B)  Whether it is relevant to a particular decision.
C)  Whether it can be traced to a specific cost object.
D)  Whether it is related to manufacturing or nonmanufacturing activities.E) All of the above
F) A) and B)

Question 17

Imagine purchasing a cup of coffee.Which of the following statements correctly classifies the direct,indirect,variable,and fixed costs associated with that purchase,assuming the cost object is the cup of coffee?

Accepted Answer

A)  The cost of the cup and the lid is an indirect cost because it can be readily traced to the cost object.
B)  The shop supervisor's salary is a direct cost because it cannot be readily and feasibly traced to the cost object.
C)  The volume of coffee beans purchased is a variable cost because it changes along with the changing volume of cups of coffee sold.
D)  The shop's monthly water bill is a fixed cost because it changes along with the changing volume of sales.E) None of the above
F) B) and D)

Question 18

Prime costs are the same as:

Accepted Answer

A)  manufacturing costs minus non-manufacturing costs.
B)  manufacturing costs minus manufacturing overhead.
C)  manufacturing costs minus fixed costs.
D)  manufacturing costs minus direct materials.E) B) and D)
F) A) and B)

Question 19

Alameda Manufacturing manufactures a variety of wooden picture frames using recycled wood from old barns.Alameda Manufacturing has reported the following costs for the previous year.Assume no production inventories.
  Compute the following:
a.Direct material costs
b.Direct labor cost
c.Manufacturing overhead
d.Total manufacturing cost
e.Prime cost
f.Conversion cost
g.Total period cost

Accepted Answer

a.Direct material costs: $208,000 = $86,...

Question 20

An opportunity cost is the cost of not doing something.

Accepted Answer

A) True 
 B)False

Exam 1: Introduction to Managerial Accounting

An actual outlay of cash is a(n) :

Correct Answer
verified

The Sarbanes-Oxley Act of 2002 focuses on three factors that affect the accounting reporting environment: ethics,fraud,and managers.

Correct Answer
verified

Which of the following is not one of the factors affecting the accounting reporting environment focused on by the Sarbanes-Oxley Act?

Correct Answer
verified

An opportunity cost is the cost of not doing something.

Correct Answer
verified

Robin Company has the following balances for the current month: What are Robin's prime costs?

Correct Answer
verified

Imagine purchasing a cup of coffee.Which of the following statements correctly classifies the direct,indirect,variable,and fixed costs associated with that purchase,assuming the cost object is the cup of coffee?

Correct Answer
verified

Prime costs are the same as:

Correct Answer
verified

Melinda's Custom Homes,a construction company that builds custom-designed houses,incurred costs for the following items. Calculate each of the following,where the cost object is the houses built by the company: a.Total variable costs b.Total fixed costs c.Total direct costs d.Total indirect costs

Correct Answer
verified
Total variable costs: $478,900 = $105,00...
View Answer

What determines the difference between a direct and an indirect cost?

Correct Answer
verified

A sustainable business is one with the ability to meet the needs of today without sacrificing the ability of future generations to meet their own needs.

Correct Answer
verified

Which of the following is not a characteristic of managerial accounting?

Correct Answer
verified

Fixed costs are:

Correct Answer
verified

Correct Answer
verified
a.Direct material costs: $208,000 = $86,...
View Answer

Willow Manufacturing manufactures custom tabletops.For each cost listed below,place an "X" in all of the appropriate categories.

Correct Answer
verified
Direct materials are the traceable mate...
View Answer

Managerial accounting information includes all of the following except:

Correct Answer
verified

Which of the following is an example of the variety of big data?

Correct Answer
verified

Which of the following is an example of a variable cost for a manufacturing firm?

Correct Answer
verified

Pretend you are the president of the Managerial Accounting Club and you are responsible for executing the club's most important event: A recruiting event for members and local firms.How might you use the Plan-Implement-Control cycle?

Correct Answer
verified

Which of the following functions of management involves providing feedback for future plans?

Correct Answer
verified

Fixed costs stay the same,on a per-unit basis,as activity level changes.

Correct Answer
verified

Exam 1: Introduction to Managerial Accounting

An actual outlay of cash is a(n) :

Correct AnswerverifiedShow Answer

The Sarbanes-Oxley Act of 2002 focuses on three factors that affect the accounting reporting environment: ethics,fraud,and managers.

Correct AnswerverifiedShow Answer

Which of the following is not one of the factors affecting the accounting reporting environment focused on by the Sarbanes-Oxley Act?

Correct AnswerverifiedShow Answer

An opportunity cost is the cost of not doing something.

Correct AnswerverifiedShow Answer

Robin Company has the following balances for the current month: What are Robin's prime costs?

Correct AnswerverifiedShow Answer

Imagine purchasing a cup of coffee.Which of the following statements correctly classifies the direct,indirect,variable,and fixed costs associated with that purchase,assuming the cost object is the cup of coffee?

Correct AnswerverifiedShow Answer

Prime costs are the same as:

Correct AnswerverifiedShow Answer

Melinda's Custom Homes,a construction company that builds custom-designed houses,incurred costs for the following items. Calculate each of the following,where the cost object is the houses built by the company: a.Total variable costs b.Total fixed costs c.Total direct costs d.Total indirect costs

Correct AnswerverifiedTotal variable costs: $478,900 = $105,00...View AnswerShow Answer

What determines the difference between a direct and an indirect cost?

Correct AnswerverifiedShow Answer

A sustainable business is one with the ability to meet the needs of today without sacrificing the ability of future generations to meet their own needs.

Correct AnswerverifiedShow Answer

Which of the following is not a characteristic of managerial accounting?

Correct AnswerverifiedShow Answer

Fixed costs are:

Correct AnswerverifiedShow Answer

Correct Answerverifieda.Direct material costs: $208,000 = $86,...View AnswerShow Answer

Willow Manufacturing manufactures custom tabletops.For each cost listed below,place an "X" in all of the appropriate categories.

Correct Answerverified Direct materials are the traceable mate...View AnswerShow Answer

Managerial accounting information includes all of the following except:

Correct AnswerverifiedShow Answer

Which of the following is an example of the variety of big data?

Correct AnswerverifiedShow Answer

Which of the following is an example of a variable cost for a manufacturing firm?

Correct AnswerverifiedShow Answer

Pretend you are the president of the Managerial Accounting Club and you are responsible for executing the club's most important event: A recruiting event for members and local firms.How might you use the Plan-Implement-Control cycle?

Correct AnswerverifiedShow Answer

Which of the following functions of management involves providing feedback for future plans?

Correct AnswerverifiedShow Answer

Fixed costs stay the same,on a per-unit basis,as activity level changes.

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Total variable costs: $478,900 = $105,00...
View Answer

Correct Answer
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Correct Answer
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Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
a.Direct material costs: $208,000 = $86,...
View Answer

Correct Answer
verified
Direct materials are the traceable mate...
View Answer

Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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