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ACC 560 WK 2 Quiz 1

TRUE-FALSE STATEMENTS

1. Reports all set in financial accounting are general-purpose reports, vice versa, reports all set in managerial bookkeeping are typically special-purpose reports.2.

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

3. Managerial audit applies to all creates of company organizations.

4. Determining the unit expense of manufacturing a product is an calculation of financial accounting.

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

6. The management duty of organizing and also directing is mainly concerned with setup goals and also objectives because that the entity.

7. The Sarbanes-Oxley act replaces usually accepted accounting principles in a production company.

8. Controlling is the procedure of determining whether planned goals are gift met.

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

10. Direct materials costs and also indirect materials prices are manufacturing overhead.

11. Manufacturing costs that cannot be share as direct materials or direct labor room classified as manufacturing overhead.

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

13. Raw materials that deserve to be conveniently and also directly linked with a perfect product are referred to as materials overhead.

14. The complete cost of a finished product does not usually contain equal amounts of materials, labor, and also overhead costs.

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

16. Duration costs include selling and also administrative expenses.

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

18. Direct materials and direct work are the only product costs.

19. Total period costs space deducted from full cost of work-related in process to calculate price of items manufactured.


20. Period costs are not inventoriable costs.

21. Finishing finished products inventory appears on both the balance sheet and also the income statement the a production company.

22. The start work in process inventory appears on both the balance sheet and the price of items manufactured schedule that a production company.

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

24. Finished items inventory walk not show up on a price of goods manufactured schedule.

25. If the finishing work in procedure inventory is greater than the start work in procedure inventory, climate the price of products manufactured will certainly be much less than total manufacturing expenses for the period.

26. Finished items inventory for a manufacturing firm is tantamount to merchandise inventory for a merchandising company.

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

28. The well balanced scorecard approach attempts to preserve as small inventory ~ above hand as possible.

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

30. Numerous companies have substantially lowered inventory levels and also costs utilizing just-in-time perform methods.

31. Managerial audit is primarily pertained to with managers and also external users.

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

33. Once the physics association of raw materials with the finished product is too tiny to map in terms of cost, they are usually classified as indirect materials.

34. Product prices are likewise called inventoriable costs.

35. Straight materials become a expense of the finished products manufactured once they are acquired, not as soon as they room used.

36. The amount of the direct materials costs, straight labor costs, and also beginning job-related in procedure is the total manufacturing prices for the year.


37. In a manufacturing agency balance sheet, manufacturing inventories space reported in the existing assets ar in the order of their intended use in production.

MULTIPLE an option QUESTIONS

38. Managerial accounting applies to each of the following species of companies except

a. service firms.

b. Merchandising firms.

c. Manufacturing firms.

d. Managerial accounting applies come all species of firms.

39. Managerial audit information is normally prepared for

a. Stockholders.

b. Creditors.

c. Managers.

d. Regulatory agencies.

40. Managerial accountancy information

a. Comes to the reality as a whole and is very aggregated.

b. Involves subunits of the entity and may be an extremely detailed.

c. Is ready only once a year.

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

41. The significant reporting conventional for presenting managerial accountancy information is

a. Relevance.

b. Usually accepted accounting principles.

c. The price principle.

d. The existing tax law.

42. Managerial bookkeeping is also called

a. Administration accounting.

b. Controlling.

c. Analysis accounting.

d. Inside reporting.

43. Which of the following is no an internal user?

a. Creditor

b. Department manager

c. Controller

d. Treasurer

44. Managerial accountancy does no encompass

a. Calculating product cost.

b. Calculating income per share.

c. Determining price behavior.

d. Profit planning.

45. Managerial bookkeeping is applicable to

a. Business entities.

b. Manufacturing entities.

c. Not-for-profit entities.

d. All of these.

46. Monitoring accountants would certainly not

a. Aid in budget planning.

b. Prepare reports mostly for external users.

c. Determine price behavior.

d. Be pertained to with the affect of cost and also volume top top profits.

47. Interior reports should be communicated

a. Daily.

b. Monthly.

c. Annually.

d. Together needed.

48. Financial statements for outside users deserve to be described as

a. User-specific.

b. General-purpose.

c. Special-purpose.

d. Managerial reports.

49. Managerial accounting reports can be defined as

a. General-purpose.

b. Macro-reports.

c. Special-purpose.

d. Classified financial statements.

50. The reporting standard for exterior financial reports is

a. Industry-specific.

b. Company-specific.

c. Typically accepted audit principles.

d. Department-specific.

51. I m sorry of the following statements around internal reports is not true?

a. The content of internal reports might extend past the double-entry audit system.

b. Internal reports may display all quantities at industry values.

c. Inner reports may discuss prospective events.

d. Most interior reports space summarized fairly than detailed.

52. In one analogous sense, external user is to internal user as generally accepted audit principles are to

a. Timely.

b. Special-purpose.

c. Relationship to decision.

d. SEC.

53. Internal reports room generally

a. Aggregated.

b. Detailed.

c. Regulated.

d. Unreliable.

54. A distinguishing feature the managerial accountancy is

a. Exterior users.

b. General-purpose reports.

c. Really detailed reports.

d. Quarterly and annual reports.

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

a. Planning

b. Accountability

c. Controlling

d. Directing

56. To plan is a duty that involves

a. Rental the right people for a details job.

b. Coordinating the bookkeeping information system.

c. Setting goals and objectives because that an entity.

d. Evaluating financial statements.

57. The managerial function of controlling

a. Is performed only by the controller that a company.

b. Is only applicable as soon as the firm sustains a loss.

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

d. Consists of performance testimonial by management.

58. Which 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 management function?

a. Controlling

b. Directing

c. Planning

d. Constraining

60. The management function that requires supervisors to look at ahead and also establish goals is

a. Controlling.

b. Directing.

c. Planning.

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d. Constraining.

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