Question 1

Data received from social media is an example of:

Accepted Answer

A)  volume.
B)  velocity.
C)  variety.
D)  veracity.E) B) and C)
F) A) and C)

Question 2

A cost is $50,000 when 25,000 units are produced,and $50,000 when 50,000 units are produced.This is an example of a(n) :

Accepted Answer

A)  fixed cost.
B)  direct cost.
C)  variable cost.
D)  indirect cost.E) A) and C)
F) B) and C)

Question 3

For each of the following independent cases,compute the missing values:

Accepted Answer

<img  loading="lazy" src="/assets/images/blured-textbook.svg" class="d-inline m-1" alt="blured image" width="139" height="30"> Prime costs are the total of direct mat...

Question 4

Which of the following functions of management involves providing motivation to achieve results?

Accepted Answer

A)  Planning
B)  Implementing
C)  Reviewing
D)  ControlE) C) and D)
F) A) and D)

Question 5

Which of the following types of reports is more characteristic of managerial accounting than financial accounting?

Accepted Answer

A)  An internal report used by management
B)  An external report used by investors
C)  A report prepared according to GAAP
D)  A report prepared periodically (monthly,quarterly,annually) E) C) and D)
F) B) and D)

Question 6

Variable 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 no matter the activity level.E) A) and C)
F) C) and D)

Question 7

Which of the following functions of management involves comparing actual results with budgeted results?

Accepted Answer

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

Question 8

Which of the following functions of management involves setting short and long-term objectives and the tactics to achieve them?

Accepted Answer

A)  Planning
B)  Implementing
C)  Reviewing
D)  ControlE) A) and B)
F) A) and C)

Question 9

A fixed cost:

Accepted Answer

A)  goes up in total when activity increases.
B)  goes up per unit when activity increases.
C)  goes down in total when activity increases.
D)  goes down per unit when activity increases.E) B) and D)
F) None of the above

Question 10

A cost object is:

Accepted Answer

A)  an item for which managers are trying to determine the cost.
B)  an item to which managers must directly trace costs.
C)  an item to which it is not worth the effort of tracing costs.
D)  an item for sale by a business.E) A) and B)
F) None of the above

Question 11

Which of the following is not a manufacturing cost?

Accepted Answer

A)  Raw materials cost
B)  Marketing cost
C)  Direct labor cost
D)  Manufacturing overhead costE) A) and B)
F) None of the above

Question 12

Elektra Enterprises manufactures custom boat covers.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 13

An out-of-pocket cost involves which of the following?

Accepted Answer

A)  Choosing to do one thing instead of another.
B)  Tracing the cost directly to a cost object.
C)  An actual outlay of cash.
D)  Determining how the cost changes with a change in activity level.E) A) and D)
F) B) and C)

Question 14

Which of the following functions of management involves taking corrective action if needed?

Accepted Answer

A)  Planning
B)  Implementing
C)  Reviewing
D)  ControlE) A) and C)
F) A) and B)

Question 15

Quail Company builds snowboards.Quail Company 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: $154,000 = $119...

Question 16

The term "Big data" refers to the:

Accepted Answer

A)  accuracy,completeness,and source of the data.
B)  accuracy,volume,and source of the data.
C)  variety,volume,and velocity of the data.
D)  velocity,veracity,and volume of the data.E) A) and C)
F) B) and C)

Question 17

Predictive analytics is the process of recommending a course of action based upon meaningful patterns and insights from collected data.

Accepted Answer

A) True 
 B)False

Question 18

Which of the following is not one of the categories used to sort costs in managerial accounting?

Accepted Answer

A)  Relevant or irrelevant
B)  Variable or fixed
C)  Out-of-pocket or opportunity
D)  Direct or indirectE) A) and D)
F) None of the above

Question 19

Product costs are:

Accepted Answer

A)  expensed on the income statement when incurred.
B)  treated as an asset and depreciated.
C)  inventoried until the units are sold.
D)  considered current liabilities until paid.E) All of the above
F) A) and B)

Question 20

Which of the following is not a provision of the Sarbanes-Oxley Act?

Accepted Answer

A)  Executives can avoid penalties for fraud by declaring personal bankruptcy.
B)  Stiffer penalties for fraud in terms of monetary fines and jail time decrease the incentive to commit fraud.
C)  Public companies must adopt a code of ethics for senior financial officers.
D)  Management must issue a report that indicates whether internal controls are effective at preventing errors and fraud.E) A) and D)
F) C) and D)

Exam 1: Introduction to Managerial Accounting

A cost object is:

Correct Answer
verified

Elektra Enterprises manufactures custom boat covers.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

An out-of-pocket cost involves which of the following?

Correct Answer
verified

Which of the following functions of management involves taking corrective action if needed?

Correct Answer
verified

Predictive analytics is the process of recommending a course of action based upon meaningful patterns and insights from collected data.

Correct Answer
verified

Which of the following functions of management involves providing motivation to achieve results?

Correct Answer
verified

Which of the following is not one of the categories used to sort costs in managerial accounting?

Correct Answer
verified

The term "Big data" refers to the:

Correct Answer
verified

Correct Answer
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a.Direct material costs: $154,000 = $119...
View Answer

Which of the following is not a provision of the Sarbanes-Oxley Act?

Correct Answer
verified

A fixed cost:

Correct Answer
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Which of the following types of reports is more characteristic of managerial accounting than financial accounting?

Correct Answer
verified

Which of the following is not a manufacturing cost?

Correct Answer
verified

Which of the following functions of management involves setting short and long-term objectives and the tactics to achieve them?

Correct Answer
verified

For each of the following independent cases,compute the missing values:

Correct Answer
verified
Prime costs are the total of direct mat...
View Answer

Product costs are:

Correct Answer
verified

A cost is $50,000 when 25,000 units are produced,and $50,000 when 50,000 units are produced.This is an example of a(n) :

Correct Answer
verified

Which of the following functions of management involves comparing actual results with budgeted results?

Correct Answer
verified

Variable costs are:

Correct Answer
verified

Data received from social media is an example of:

Correct Answer
verified

Exam 1: Introduction to Managerial Accounting

A cost object is:

Correct AnswerverifiedShow Answer

Elektra Enterprises manufactures custom boat covers.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

An out-of-pocket cost involves which of the following?

Correct AnswerverifiedShow Answer

Which of the following functions of management involves taking corrective action if needed?

Correct AnswerverifiedShow Answer

Predictive analytics is the process of recommending a course of action based upon meaningful patterns and insights from collected data.

Correct AnswerverifiedShow Answer

Which of the following functions of management involves providing motivation to achieve results?

Correct AnswerverifiedShow Answer

Which of the following is not one of the categories used to sort costs in managerial accounting?

Correct AnswerverifiedShow Answer

The term "Big data" refers to the:

Correct AnswerverifiedShow Answer

Correct Answerverifieda.Direct material costs: $154,000 = $119...View AnswerShow Answer

Which of the following is not a provision of the Sarbanes-Oxley Act?

Correct AnswerverifiedShow Answer

A fixed cost:

Correct AnswerverifiedShow Answer

Which of the following types of reports is more characteristic of managerial accounting than financial accounting?

Correct AnswerverifiedShow Answer

Which of the following is not a manufacturing cost?

Correct AnswerverifiedShow Answer

Which of the following functions of management involves setting short and long-term objectives and the tactics to achieve them?

Correct AnswerverifiedShow Answer

For each of the following independent cases,compute the missing values:

Correct Answerverified Prime costs are the total of direct mat...View AnswerShow Answer

Product costs are:

Correct AnswerverifiedShow Answer

A cost is $50,000 when 25,000 units are produced,and $50,000 when 50,000 units are produced.This is an example of a(n) :

Correct AnswerverifiedShow Answer

Which of the following functions of management involves comparing actual results with budgeted results?

Correct AnswerverifiedShow Answer

Variable costs are:

Correct AnswerverifiedShow Answer

Data received from social media is an example of:

Correct AnswerverifiedShow Answer

Correct Answer
verified

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

Correct Answer
verified

Correct Answer
verified

Correct Answer
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Correct Answer
verified

Correct Answer
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Correct Answer
verified

Correct Answer
verified
a.Direct material costs: $154,000 = $119...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Prime costs are the total of direct mat...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
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