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Quiz - Accounting - 41 Questions

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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







Thank you so much. I will begin working on your answers and will post later tonight
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