1. Cost accounting relates to what industry?
a. public accounting b. financial accounting c. service d. manufacturing
2.Sunk costs are ______.
a. future costs b. costs that do not affect the decision
c. costs from the past and cannot be changed. d. choice b & c are both correct
3.Which is not a characteristic of managerial accounting information?
a. Emphasizes the external financial statements b. Emphasizes relevance
c. Provides detailed information about individual parts of the company d. Focuses on the future
4._ cost driver is _____.
a. The secondary factor that causes a cost to increase or decrease based on the cost drivers factor’s usage.
b. The primary factor that causes ...view middle of the document...
Work in Process, possibly Direct Materials Efficiency Variance
b. Materials Inventory, possibly Direct Materials Efficiency Variance c. Direct Materials, possibly Direct Materials Efficiency Variance
d. None of the above is correct choices – Debit – Materials Inventory, possibly Direct Materials Price Variance
11.High-commitment, high-performance team training is a feature of:
a. TQM b. Value-engineering c. ABC d. Value Added Training
12Which of the following are likely to use an activity-based costing system?
a. financial institutions b. retail establishment c. manufacturer d. all of the above are correct
13.CVP analysis takes into account ______?
a. Variable Costs b. Fixed Costs c. Employee Moral d. Choice A & choice B is correct.
14.The term standard cost usually refers to ____ cost. The term budgeted cost usually refers to ____ cost.
a. unit, unit b. unit, total c. total, unit d. total, total
15.A management accountant who avoids conflicts of interest meets the ethical standard of
a. integrity b. credibility c. confidentiality d. competence
16.If a company increases its selling price per unit for Product X, then the new breakeven point will _____.
a. increase b. decrease c. remain the same
17.A system where a company produces just in time to satisfy needs is known as _____.
a. e-commerce b. fifo c. just-in-touch d. just-in-time
18.When a manufacturing company uses direct materials it assigns the cost by debiting.
a. Direct materials b. Materials Inventory c. Work in progress Inventory d. Manufacturing Overhead
19.A transfer-in costs relates to ______.
a. Costs that will be incurred in the next quarter.
b. Costs that were incurred in a previous process
c. Costs that are brought into a later process as part of the product’s cost
d. Choice b & c are both correct
20.Per our text, choose the best answer. What is correct about equivalent units?
a. A process that takes direct labor, direct materials, and factory overhead into consideration
b. Allows the reader of the financial statement to measure the amount of work done on a partially finished group of units
c. Allows the reader of the financial statement to measure the amount of work done on only finished goods
d. Allows us to measure the amount of work done on a partially finished group of units during a period.
21.One possible explanation for a favorable sales volume variance and an unfavoarbable flexible budget variance is:
a. lower than expected sales and costs
b. lower than expected sales and higher than expected costs
c. higher than expected sales and costs
d. higher than expected sales and lower than expected costs
22._What is not a type of quality costs?
a. prevention b. appraisal c. internal failure d. sunk
23.___Which account is not used in JIT costing?
a. Finished goods inventory b. Work in progress inventory
c. Raw and in-process inventory d. Conversion costs
24.___ Sales mix a.k.a. _______ mix.
a. snack b. product c. budget d....