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# Quiz - Accounting - 41 Questions

### Resolved Question:

Hello,

Need this by Wednesday 6/27.

I tried attaching the file. If its not there, let me know.

Submitted: 3 years ago.
Category: Homework
Expert:  FiveStarLaw replied 3 years ago.
Hi

Unfortunately the file was not attached
Customer: replied 3 years ago.

41 Questions

1. All of the following
are service organization, except:

 a. a dry cleaners b. a public accounting firm c. A manufacturer of sporting goods d. a real estate brokerage

2. Reviewing the output of the
department is an example of:

 a. planning b. controlling c. budgeting d. Analyzing

3. The Gotcha Company held a Christmas
party. The company expected attendance of 200 persons and prepared the
following budget:

Hotel room
rental \$600

Food 500

Entertainment
800

Decorations
300

Totals
\$2,200

After all
bills for the party were paid, the total came to \$2,315. Details are: \$575 for
hotel room rental; \$640 for food; \$750 for entertainment; and \$350 for
decorations. Two hundred persons attended the party.

What is the
total budget variance?

 a. \$115 unfavorable is the total budget variance. b. \$115 favorable is the total budget variance. c. \$25 favorable is the total budget variance. d. \$140 unfavorable is the total budget variance

4. The Gotcha Company held a Christmas
party. The company expected attendance of 200 persons and prepared the
following budget:

Hotel room
rental \$600

Food 500

Entertainment
800

Decorations
300

Totals
\$2,200

After all
bills for the party were paid, the total came to \$2,315. Details are:\$575 for
hotel room rental; \$640 for food; \$750 for entertainment; and \$350 for
decorations. Two hundred persons attended the party.

What is the
main reason for the unfavorable total budget variance?

 a. Hotel room rent is the main reason. b. Food is the main reason c. Entertainment is the main reason. d. Decorations are the main reason.

5. Which scorecard function is
associated with making nonroutine decisions?

 a. Scorekeeping is associated with making nonroutine decisions. b. Attention directing is associated with making nonroutine decisions c. Problem solving is associated with making nonrouting decisions. d. None of these answers is correct.

6. The primary users of management
accounting information are:

 a. bankers b. governmental regulatory authorities c. internal decision makers d. suppliers

7. ____________refers to accounting
information developed for managers within an organization.

 a. Internal auditing b. Managerial accounting c. Financial accounting d. Tax accounting

8. The various stages through which a
product passes are called the:

 a. product life cycle b. production plan c. market analysis d. product initiative

9. At a clothing
manufacturer, line authority is held by the head of which department?

 a. The head of the assembly department holds line authority. b. The head of the receiving department holds line authority. c. The head of the shipping department holds line authority. d. All of these anwsers are correct.

10. Which of the following
statements is not true?

 a. Management accounting does not play a vital role in the achievement of a company's goals and objectives. b. Management accounting information is used across the entire value chain of activities. c. Management accounting information is used throughout the life cycle of products and services. d. External accountants are expected to adhere to standards of ethical conduct.

11. Managers should focus
their efforts on managing:

 a. activities required to make products or deliver services b. products and services c. revenues d. None of these answers is correct

12. Which of the following
is not a cost driver of customer services costs?

 a. Hours spent servicing products are not a cost driver of customer services costs. b. Travel costs are not a cost driver of customer services costs. c. Number of service calls is not a cost driver of customer services costs. d. All of these answers are correct.

13. _________is how the
activities of an organization affect its costs.

 a. Cost behavior b. Cost driver c. Volume-related cost drivers d. Non of these answers is correct

14. As the cost-driver activity level increases within the relevant
range:

 a. total fixed costs remain unchanged b. fixed costs per unit increases c. total variable costs decrease d. variable costs per unit increases

15. As the cost driver activity level decreases within the relevant
range:

 a. total fixed costs increase b. fixed costs per unit decreases c. total variable costs decrease d. variable costs per unit decreases

16. An increase in total variable cost usually indicates:

 a. the cost-driver activity level is decreasing b. the cost-driver activity level is increasing c. variable costs per unit is decreasing d. variable costs per unit is increasing

17. Relevant range applies to:

 a. the variable costs b. fixed costs c. both fixed and variable costs d. cost driver activity levels

18. The level of sales at which revenues equal expenses and net
income is zero is called the:

 a. margin of safety b. contribution margin c. break-even point d. marginal income point

19. If the sales price per unit is \$20, the unit contribution
margin is \$8, and total fixed costs are \$24,000, the break-even point in units
is:

 a. 3,000 b. 1,200 c. 857 d. 2,000

20. Meredith Company wishes to earn after-tax net income of
\$18,000. Total fixed costs are \$84,000, and the contribution margin per unit is
\$6.00. Meredith's tax rate is 40%. The number of units that must be sold to
breakeven is

 a. 14,000 units b. 17,000 units c. 19,000 units d. 21,500 units

21. _________will decrease a company's break-even point.

 a. Reducing its total fixed costs b. Increasing contribution margin per unit c. Increasing variable cost per unit d. Decreasing the selling price per unit

22. If the sales price per unit is \$180, variable cost per unit is
\$96, targeted net income is \$52,800, and total fixed costs are \$39,600, the
number of units that must be sold is:

 a. 513 b. 629 c. 963 d. 1,100

23. ______________is the excess of sales over the cost of goods
sold.

 a. Gross margin b. Contribution-margin ratio c. Variable-cost ratio d. The sales mix

24. ____________is the relative proportions or combinations of
quantities of products that comprise total sales.

 a. Sales mix b. Gross margin c. Contribution-margin ratio d. Variable-cost ratio

25. The cost of using the telephone, which involves a flat rate per
month plus a fee for extra usage, world be considered a:

 a. step cost b. fixed cost c. variable cost d. mixed cost

26. Costs that change abruptly at intervals of activity because the
resources and their costs come in indivisible chucks called:

 a. mixed costs b. variable costs c. fixed costs d. step costs

27. Palmer, Inc., currently
produces 140,000 units at a cost of \$440,000. Next year Palmer, Inc., expects
to produce 150,000 units. Palmer's relevant range is 100,000 to 150,000 units.
If the cost is fixed and 150,000 units are produced, the fixed cost:

 a. will stay the same b. will increase to \$480,000 c. will decrease d. will be indeterminate

28. A thorough knowledge of
cost behavior helps managers to:

 a. plan costs b. obtain feedback c. decide on the efficient use of resources d. All of these answers are correct.

29. The following three data points appear to be:

Units Costs

100 \$400

110 440

120 480

 a. a variable cost b. a mixed cost c. a fixed cost d. a step cost

30. The following three data
points appear to be:

Unit Cost

600 \$700

650 700

700 700

 a. Mixed costs b. Step costs c. Committed fixed costs d. Discretionary fixed costs

31. __________change
abruptly at intervals of activity because the resources and their costs are
only available in indivisible chunks.

 a. Mixed costs b. Step Costs c. Committed fixed costs d. Discretionary fixed costs

32. A car lease payment
computed by the number of miles driven can be identified as a:

 a. purely variable cost b. discretionary fixed cost c. committed fixed cost d. mixed cost

33. Costs that
may be essential to the long-run achievement of the organization's goals, but
that managers can almost reduce to zero in the short run, are called:

 a. engineered costs b. mixed costs c. committed fixed costs. d. discretionary fixed costs

34. A mortgage
payment would most likely be identified as a:

 a. purely variable cost b. discretionary fixed cost c. committed fixed cost d. mixed cost

35. ___________need
agregate rather than detailed cost information.

 a. External users b. Internal users c. External stockholders d. Both internal and external users

36. ______________need
agregate measures of inventory value and cost of goods sold.

 a. Investors b. Creditors c. External stockholders d. All of these answers are correct.

37. A_____________is
a activity for which a separate measurement is desired.

 a. cost objective b. period cost c. product cost d. cost accumulation system

38. ________________Glue
is not a direct cost of a furniture manufacturer.

 a. Paint for finished products b. Wood c. Glue d. Glass for table tops

39. Where a
specific product is the cost object, the hourly wages of assembly workers who
work on ony that product would be classified as a(n):

 a. direct, varialbe cost b. direct, fixed cost c. indirect, variable cost d. idirect, fixed cost

40. ____________is
the sum of direct labor and direct materials

 a. Conversion costs b. Prime costs c. Period costs d. Indirect costs

41. ______________is
not a product cost.

 a. Wages of factory guards b. Indirect labor c. Depreciation on factory equipment d. A sales commission

Expert:  FiveStarLaw replied 3 years ago.
Thank you so much. I will begin working on your answers and will post later tonight
Expert:  FiveStarLaw replied 3 years ago.

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Experience: Lawyer, Accountant and Researcher

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