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Need this by Wednesday 6/27.
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41 Questions
1. All of the followingare 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 thedepartment is an example of:
planning
controlling
budgeting
Analyzing
3. The Gotcha Company held a Christmasparty. The company expected attendance of 200 persons and prepared thefollowing budget:
Hotel roomrental $600
Food 500
Entertainment800
Decorations300
Totals$2,200
After allbills for the party were paid, the total came to $2,315. Details are: $575 forhotel room rental; $640 for food; $750 for entertainment; and $350 fordecorations. Two hundred persons attended the party.
What is thetotal budget variance?
$115 unfavorable is the total budget variance.
$115 favorable is the total budget variance.
$25 favorable is the total budget variance.
$140 unfavorable is the total budget variance
4. The Gotcha Company held a Christmasparty. The company expected attendance of 200 persons and prepared thefollowing budget:
After allbills for the party were paid, the total came to $2,315. Details are:$575 forhotel room rental; $640 for food; $750 for entertainment; and $350 fordecorations. Two hundred persons attended the party.
What is themain reason for the unfavorable total budget variance?
Hotel room rent is the main reason.
Food is the main reason
Entertainment is the main reason.
Decorations are the main reason.
5. Which scorecard function isassociated with making nonroutine decisions?
Scorekeeping is associated with making nonroutine decisions.
Attention directing is associated with making nonroutine decisions
Problem solving is associated with making nonrouting decisions.
None of these answers is correct.
6. The primary users of managementaccounting information are:
bankers
governmental regulatory authorities
internal decision makers
suppliers
7. ____________refers to accountinginformation developed for managers within an organization.
Internal auditing
Managerial accounting
Financial accounting
Tax accounting
8. The various stages through which aproduct passes are called the:
product life cycle
production plan
market analysis
product initiative
9. At a clothingmanufacturer, line authority is held by the head of which department?
The head of the assembly department holds line authority.
The head of the receiving department holds line authority.
The head of the shipping department holds line authority.
All of these anwsers are correct.
10. Which of the followingstatements is not true?
Management accounting does not play a vital role in the achievement of a company's goals and objectives.
Management accounting information is used across the entire value chain of activities.
Management accounting information is used throughout the life cycle of products and services.
External accountants are expected to adhere to standards of ethical conduct.
11. Managers should focustheir efforts on managing:
activities required to make products or deliver services
products and services
revenues
None of these answers is correct
12. Which of the followingis not a cost driver of customer services costs?
Hours spent servicing products are not a cost driver of customer services costs.
Travel costs are not a cost driver of customer services costs.
Number of service calls is not a cost driver of customer services costs.
All of these answers are correct.
13. _________is how theactivities of an organization affect its costs.
Cost behavior
Cost driver
Volume-related cost drivers
Non of these answers is correct
14. As the cost-driver activity level increases within the relevantrange:
total fixed costs remain unchanged
fixed costs per unit increases
total variable costs decrease
variable costs per unit increases
15. As the cost driver activity level decreases within the relevantrange:
total fixed costs increase
fixed costs per unit decreases
variable costs per unit decreases
16. An increase in total variable cost usually indicates:
the cost-driver activity level is decreasing
the cost-driver activity level is increasing
variable costs per unit is decreasing
variable costs per unit is increasing
17. Relevant range applies to:
the variable costs
fixed costs
both fixed and variable costs
cost driver activity levels
18. The level of sales at which revenues equal expenses and netincome is zero is called the:
margin of safety
contribution margin
break-even point
marginal income point
19. If the sales price per unit is $20, the unit contributionmargin is $8, and total fixed costs are $24,000, the break-even point in unitsis:
3,000
1,200
857
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 tobreakeven is
14,000 units
17,000 units
19,000 units
21,500 units
21. _________will decrease a company's break-even point.
Reducing its total fixed costs
Increasing contribution margin per unit
Increasing variable cost per unit
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, thenumber of units that must be sold is:
513
629
963
1,100
23. ______________is the excess of sales over the cost of goodssold.
Gross margin
Contribution-margin ratio
Variable-cost ratio
The sales mix
24. ____________is the relative proportions or combinations ofquantities of products that comprise total sales.
Sales mix
25. The cost of using the telephone, which involves a flat rate permonth plus a fee for extra usage, world be considered a:
step cost
fixed cost
variable cost
mixed cost
26. Costs that change abruptly at intervals of activity because theresources and their costs come in indivisible chucks called:
mixed costs
variable costs
step costs
27. Palmer, Inc., currentlyproduces 140,000 units at a cost of $440,000. Next year Palmer, Inc., expectsto 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:
will stay the same
will increase to $480,000
will decrease
will be indeterminate
28. A thorough knowledge ofcost behavior helps managers to:
plan costs
obtain feedback
decide on the efficient use of resources
29. The following three data points appear to be:
Units Costs
100 $400
110 440
120 480
a variable cost
a mixed cost
a fixed cost
a step cost
30. The following three datapoints appear to be:
Unit Cost
600 $700
650 700
700 700
Mixed costs
Step costs
Committed fixed costs
Discretionary fixed costs
31. __________changeabruptly at intervals of activity because the resources and their costs areonly available in indivisible chunks.
Step Costs
32. A car lease paymentcomputed by the number of miles driven can be identified as a:
purely variable cost
discretionary fixed cost
committed fixed cost
33. Costs thatmay be essential to the long-run achievement of the organization's goals, butthat managers can almost reduce to zero in the short run, are called:
engineered costs
committed fixed costs.
discretionary fixed costs
34. A mortgagepayment would most likely be identified as a:
35. ___________needagregate rather than detailed cost information.
External users
Internal users
External stockholders
Both internal and external users
36. ______________needagregate measures of inventory value and cost of goods sold.
Investors
Creditors
37. A_____________isa activity for which a separate measurement is desired.
cost objective
period cost
product cost
cost accumulation system
38. ________________Glueis not a direct cost of a furniture manufacturer.
Paint for finished products
Wood
Glue
Glass for table tops
39. Where aspecific product is the cost object, the hourly wages of assembly workers whowork on ony that product would be classified as a(n):
direct, varialbe cost
direct, fixed cost
indirect, variable cost
idirect, fixed cost
40. ____________isthe sum of direct labor and direct materials
Conversion costs
Prime costs
Period costs
Indirect costs
41. ______________isnot a product cost.
Wages of factory guards
Indirect labor
Depreciation on factory equipment
A sales commission
Thank you so much. I will begin working on your answers and will post later tonight
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