Question 1

All of the following are service organizations, except:

Accepted Answer

A)  a manufacturer of sporting goods 
B)  a dry cleaners 
C)  a real estate brokerage 
D)  a public accounting firm 
A)  a manufacturer of sporting goods 
B)  a dry cleaners 
C)  a real estate brokerage 
D)  a public accounting firm

Question 2

Department performance reports can be used to help department heads determine:

Accepted Answer

A)  how efficiently the department is operating 
B)  how effectively the department is operating 
C)  how effectively and efficiently the department is operating 
D)  who is primarily responsible for any deviations from plans 
A)  how efficiently the department is operating 
B)  how effectively the department is operating 
C)  how effectively and efficiently the department is operating 
D)  who is primarily responsible for any deviations from plans

Question 3

Broad concepts or guidelines and detailed practices that together make up accepted accounting practice at a given time are referred to as:

Accepted Answer

A)  accounting rules and regulations 
B)  GAAP 
C)  IRS regulations 
D)  accounting conventions 
A)  accounting rules and regulations 
B)  GAAP 
C)  IRS regulations 
D)  accounting conventions

Question 4

The value chain revolves around the

Accepted Answer

The answer of The value chain revolves around the...

Question 5

A company earns most product revenue during which stages of the product life cycle?

Accepted Answer

A)  Most product revenue is earned during the mature market and product development stages. 
B)  Most product revenue is earned during the phase- out of product and mature market stages. 
C)  Most product revenue is earned during the introduction to market and mature market stages. 
D)  Most product revenue is earned during the product development and introduction to market stages. 
A)  Most product revenue is earned during the mature market and product development stages. 
B)  Most product revenue is earned during the phase- out of product and mature market stages. 
C)  Most product revenue is earned during the introduction to market and mature market stages. 
D)  Most product revenue is earned during the product development and introduction to market stages.

Question 6

During the product development stage of the product life cycle, companies typically experience:

Accepted Answer

A)  neither costs nor revenues 
B)  costs without revenues 
C)  both costs and revenues 
D)  revenues without costs 
A)  neither costs nor revenues 
B)  costs without revenues 
C)  both costs and revenues 
D)  revenues without costs

Question 7

A management audit would be performed by all of the following except:

Accepted Answer

A)  a hospital 
B)  a sneaker manufacturer 
C)  the General Accounting Office 
D)  All of these answers are correct. 
A)  a hospital 
B)  a sneaker manufacturer 
C)  the General Accounting Office 
D)  All of these answers are correct.

Question 8

A budget uses predicted or estimated revenues and costs.

Accepted Answer

A) True 
 B)False

Question 9

Systems that use computer- aided design and computer- aided manufacturing, together with robots and computer- controlled machines, are called:

Accepted Answer

A)  computer- integrated manufacturing systems 
B)  manufacturing- robotic systems 
C)  robotic- computer systems 
D)  just- in- time systems 
A)  computer- integrated manufacturing systems 
B)  manufacturing- robotic systems 
C)  robotic- computer systems 
D)  just- in- time systems

Question 10

Which scorecard function is associated with the accumulation of data?

Accepted Answer

A)  Problem solving is associated with the accumulation of data. 
B)  Scorekeeping is associated with the accumulation of data. 
C)  Attention directing is associated with the accumulation of data. 
D)  None of these answers is correct. 
A)  Problem solving is associated with the accumulation of data. 
B)  Scorekeeping is associated with the accumulation of data. 
C)  Attention directing is associated with the accumulation of data. 
D)  None of these answers is correct.

Question 11

Production is the function of a value chain that includes:

Accepted Answer

A)  the generation of, and experimentation with, ideas related to new products, services, or processes 
B)  the coordination and assembly of resources to produce a product or deliver a service 
C)  the detail and engineering of products 
D)  the manner by which individuals or groups learn about the value and features of products or services 
A)  the generation of, and experimentation with, ideas related to new products, services, or processes 
B)  the coordination and assembly of resources to produce a product or deliver a service 
C)  the detail and engineering of products 
D)  the manner by which individuals or groups learn about the value and features of products or services

Question 12

Over 80% of United States companies have a code of conduct.

Accepted Answer

A) True 
 B)False

Question 13

The Delta Delta Delta Sorority held a homecoming party. The sorority prepared the following budget for 50 expected attendees: $\begin{array}{ll}
\text { Room rental } & \$ 150 \
\text { Food } & \mathbf{2 5 0} \
\text { Entertainment } & \mathbf{1 5 0} \
\text { Decorations } & \underline{75} \
\text { Totals } & \underline{\underline{\$ 625}}
\end{array}$ After all bills for the party were paid, the total came to $660. Details are: $140 for room rental; $320 for food; $125 for entertainment; and $75 for decorations. Fifty persons attended the party. What is the variance in food?

Accepted Answer

A)  $10 favorable is the food variance. 
B)  $35 favorable is the food variance. 
C)  $30 unfavorable is the food variance. 
D)  $70 unfavorable is the food variance. 
A)  $10 favorable is the food variance. 
B)  $35 favorable is the food variance. 
C)  $30 unfavorable is the food variance. 
D)  $70 unfavorable is the food variance.

Question 14

The set of business functions that add value to the products or services of an organization

Accepted Answer

The answer of The set of business functions that add...

Question 15

Reviewing the output of the department is an example of:

Accepted Answer

A)  controlling 
B)  planning 
C)  analyzing 
D)  budgeting 
A)  controlling 
B)  planning 
C)  analyzing 
D)  budgeting

Question 16

Explain the cost- benefit and behavioral issues involved in designing an accounting system.

Accepted Answer

The cost- benefit balance, weighing know

Question 17

Complexity in accounting systems:

Accepted Answer

A)  can usually be justified on a cost- benefit basis 
B)  is desirable if it reflects the complexity of the underlying business 
C)  is necessary to manage the behavioral implications of the accounting system 
D)  frequently generates costs of gathering and interpreting data that often exceed prospective benefits 
A)  can usually be justified on a cost- benefit basis 
B)  is desirable if it reflects the complexity of the underlying business 
C)  is necessary to manage the behavioral implications of the accounting system 
D)  frequently generates costs of gathering and interpreting data that often exceed prospective benefits

Question 18

The controller is primarily concerned with a company's financial matters, the treasurer with operating matters.

Accepted Answer

A) True 
 B)False

Question 19

Financial accounting reporting is usually for a time period of a year or less.

Accepted Answer

A) True 
 B)False

Question 20

Effect of the system on the behavior of managers and a consideration in choosing among accounting systems and methods

Accepted Answer

Behavioral

All of the following are service organizations, except:

Department performance reports can be used to help department heads determine:

Broad concepts or guidelines and detailed practices that together make up accepted accounting practice at a given time are referred to as:

The value chain revolves around the

A company earns most product revenue during which stages of the product life cycle?

During the product development stage of the product life cycle, companies typically experience:

A management audit would be performed by all of the following except:

A budget uses predicted or estimated revenues and costs.

Systems that use computer- aided design and computer- aided manufacturing, together with robots and computer- controlled machines, are called:

Which scorecard function is associated with the accumulation of data?

Production is the function of a value chain that includes:

Over 80% of United States companies have a code of conduct.

The set of business functions that add value to the products or services of an organization

Reviewing the output of the department is an example of:

Explain the cost- benefit and behavioral issues involved in designing an accounting system.

Complexity in accounting systems:

The controller is primarily concerned with a company's financial matters, the treasurer with operating matters.

Financial accounting reporting is usually for a time period of a year or less.

Effect of the system on the behavior of managers and a consideration in choosing among accounting systems and methods

Introduction to Cost Behavior and Cost Volume Relationships

Measurement of Cost Behavior

Cost Management Systems and Activity-Based Costing

Relevant Information and Decision-Making: Marketing Decisions

Relevant Information and Decision-Making: Product Decisions

The Master Budget

Flexible Budget and Variance Analysis

Management Control Systems and Responsibility Accounting

Management Control in Decentralized Organizations

Capital Budgeting

Cost Allocation

Job-Costing

Process-Costing Systems

Overhead Application: Variable and Absorbtion Costing

Basic Accounting Concepts, Techniques, and Conventions

Understanding Corporate Annual Reports: Basic Financial Statements

Filters

Exam 1: Managerial Accounting and the Business Organization

All of the following are service organizations, except:

Department performance reports can be used to help department heads determine:

Broad concepts or guidelines and detailed practices that together make up accepted accounting practice at a given time are referred to as:

The value chain revolves around the

A company earns most product revenue during which stages of the product life cycle?

During the product development stage of the product life cycle, companies typically experience:

A management audit would be performed by all of the following except:

A budget uses predicted or estimated revenues and costs.

Systems that use computer- aided design and computer- aided manufacturing, together with robots and computer- controlled machines, are called:

Which scorecard function is associated with the accumulation of data?

Production is the function of a value chain that includes:

Over 80% of United States companies have a code of conduct.

The set of business functions that add value to the products or services of an organization

Reviewing the output of the department is an example of:

Explain the cost- benefit and behavioral issues involved in designing an accounting system.

Complexity in accounting systems:

The controller is primarily concerned with a company's financial matters, the treasurer with operating matters.

Financial accounting reporting is usually for a time period of a year or less.

Effect of the system on the behavior of managers and a consideration in choosing among accounting systems and methods

Introduction to Cost Behavior and Cost Volume Relationships

Measurement of Cost Behavior

Cost Management Systems and Activity-Based Costing

Relevant Information and Decision-Making: Marketing Decisions

Relevant Information and Decision-Making: Product Decisions

The Master Budget

Flexible Budget and Variance Analysis

Management Control Systems and Responsibility Accounting

Management Control in Decentralized Organizations

Capital Budgeting

Cost Allocation

Job-Costing

Process-Costing Systems

Overhead Application: Variable and Absorbtion Costing

Basic Accounting Concepts, Techniques, and Conventions

Understanding Corporate Annual Reports: Basic Financial Statements

Filters