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Using data to estimate what is likely to occur in the future is an example of:


A) predictive analytics.
B) prescriptive analytics.
C) descriptive analytics.
D) diagnostic analytics.

E) All of the above
F) B) and C)

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


A) Financial reports are prepared according to GAAP.
B) Information is used by external parties.
C) Information is subjective,relevant,and future-oriented.
D) Reports are prepared periodically.

E) B) and C)
F) All of the above

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Costs that are not worth the effort to trace to a specific cost object are:


A) opportunity costs.
B) direct costs.
C) indirect costs.
D) irrelevant costs.

E) B) and D)
F) A) and B)

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Data that is received as events are occurring is an example of:


A) volume
B) velocity
C) variety
D) veracity

E) A) and C)
F) All of the above

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For a cost to be relevant,it must meet which of the following criteria?


A) It must not differ between the decision alternatives and it must be incurred in the future rather than in the past.
B) It must differ between the decision alternatives and it must be incurred in the future rather than in the past.
C) It must not differ between the decision alternatives and it must have occurred in the past rather than in the future.
D) It must differ between the decision alternatives and it must have occurred in the past rather than in the future.

E) A) and D)
F) A) and C)

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Melinda's Custom Homes,a construction company that builds custom-designed houses,incurred costs for the following items.Place an "X" in the appropriate column to indicate whether they are direct or indirect,and whether they are variable or fixed.The cost object is the houses built by the company. Melinda's Custom Homes,a construction company that builds custom-designed houses,incurred costs for the following items.Place an X in the appropriate column to indicate whether they are direct or indirect,and whether they are variable or fixed.The cost object is the houses built by the company.

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blured image Costs that can be traced directly to a ...

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Nonmanufacturing costs are generally classified into what two groups?


A) Conversion costs and prime costs
B) Direct materials and direct labor
C) Marketing costs and administrative costs
D) Direct labor and manufacturing overhead

E) All of the above
F) A) and B)

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Which of the following describes the Control function within the management cycle?


A) Setting short and long-term objectives
B) Comparing actual to budgeted results and taking corrective action
C) Taking actions to implement the plan
D) Arranging the necessary resources to carry out the plan

E) C) and D)
F) None of the above

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Which of the following statements is true about the use of managerial accounting information in nonprofit organizations?


A) Universities do not exist strictly to earn profit for shareholders,so managerial accounting information is not vital to their operations.
B) Unlike other nonprofits,hospitals (which exist with a focus on financial results in addition to health metrics) make use of managerial accounting.
C) Because managers of nonprofit organizations need timely and relevant information to make decisions,managerial accounting is vital to these organizations.
D) Because nonprofit organizations-hospitals,educational institutions,charities-do not exist with a profit motive,they do not use managerial accounting principles.

E) None of the above
F) A) and D)

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Adobe Music Company,which manufactures wooden and metal xylophones,incurred costs for the following items.Place an "X" in the appropriate column to indicate whether they are direct or indirect,and whether they are variable or fixed.The cost object is the xylophones manufactured by the company. Adobe Music Company,which manufactures wooden and metal xylophones,incurred costs for the following items.Place an X in the appropriate column to indicate whether they are direct or indirect,and whether they are variable or fixed.The cost object is the xylophones manufactured by the company.

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blured image Costs that can be traced directly to a ...

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Robin Company has the following balances for the current month: Robin Company has the following balances for the current month: What is Robin's total manufacturing overhead? A) $14,400 B) $28,800 C) $20,800 D) $33,600 What is Robin's total manufacturing overhead?


A) $14,400
B) $28,800
C) $20,800
D) $33,600

E) None of the above
F) C) and D)

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During the last fiscal year,XYZ organization implemented managerial accounting to allocate program costs to its soup kitchen.The kitchen's manager is reviewing actual results from the prior month to compare the outcomes with the organization's objectives.Which function of the Plan-Implement-Control cycle is she conducting?


A) Plan
B) Implement
C) Control
D) Strategize

E) A) and B)
F) All of the above

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Cactus Cookies incurred the following costs this month to manufacture 1,000 jumbo chocolate chip cookies. Cactus Cookies incurred the following costs this month to manufacture 1,000 jumbo chocolate chip cookies. Calculate each of the following: a.The total variable cost this month b.The total fixed cost this month c.The variable cost per cookie this month d.The fixed cost per cookie this month e.The total variable cost if Cactus Cookies had manufactured 2,000 cookies this month f.The total fixed cost if Cactus Cookies had manufactured 2,000 cookies this month g.The variable cost per cookie if Cactus Cookies had manufactured 2,000 cookies this month h.The fixed cost per cookie if Cactus Cookies had manufactured 2,000 cookies this month Calculate each of the following: a.The total variable cost this month b.The total fixed cost this month c.The variable cost per cookie this month d.The fixed cost per cookie this month e.The total variable cost if Cactus Cookies had manufactured 2,000 cookies this month f.The total fixed cost if Cactus Cookies had manufactured 2,000 cookies this month g.The variable cost per cookie if Cactus Cookies had manufactured 2,000 cookies this month h.The fixed cost per cookie if Cactus Cookies had manufactured 2,000 cookies this month

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a.Total variable cost: $502.50 = $75.00 ...

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Which of the following changes introduced by the Sarbanes-Oxley Act is not one intended to encourage good character?


A) Anonymous tip lines
B) Whistle-blower protection
C) Code of ethics
D) Stiffer fines and prison terms

E) All of the above
F) None of the above

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The Sarbanes-Oxley Act of 2002 places full responsibility on the board of directors for the accuracy of the reporting system.

A) True
B) False

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Robin Company has the following balances for the current month: Robin Company has the following balances for the current month: What is Robin's total manufacturing cost? A) $115,200 B) $81,600 C) $33,600 D) $60,800 What is Robin's total manufacturing cost?


A) $115,200
B) $81,600
C) $33,600
D) $60,800

E) A) and B)
F) C) and D)

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To earn summer money,Joe could mow lawns in his neighborhood,or he could work at a local grocery store.Which of the following is an out-of-pocket cost of mowing lawns?


A) The use of his father's truck to get to job sites.
B) The wages he could have earned working at the grocery store.
C) The time spent mowing the lawns.
D) Cash paid for gas to run the lawnmower.

E) A) and C)
F) B) and C)

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Parkside Rentals,a firm that rents tuxedos for special events,incurred costs for the following items.Place an "X" in the appropriate column to indicate whether they are direct or indirect,and whether they are variable or fixed.The cost object is tuxedo rentals. Parkside Rentals,a firm that rents tuxedos for special events,incurred costs for the following items.Place an X in the appropriate column to indicate whether they are direct or indirect,and whether they are variable or fixed.The cost object is tuxedo rentals.

Correct Answer

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blured image Costs that can be traced directly to a ...

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Product costs are reported:


A) only on the balance sheet.
B) only on the income statement.
C) on the balance sheet before goods are sold,and on the income statement after goods are sold.
D) on the income statement before goods are sold,and on the balance sheet after goods are sold.

E) A) and C)
F) B) and C)

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Product costs are sometimes called:


A) relevant costs.
B) sunk costs.
C) differential costs.
D) inventoriable costs.

E) B) and D)
F) A) and C)

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Showing 121 - 140 of 142

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