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Homework  1.1 1.2  2.1 2.2  3.1 3.2  4.1 4.2 5.1 5.2  6.1 6.2  7.1  7.2  8.1  8.2  9.1   9.2  10.1  10.2  11.1  11.2  12.1 12.2  13.1  13.2  14.1  14.2  15.1   15.2
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Internal controls are put in place by management to provide assurance to investors that financial disclosures are reliable.
 

   
Which of the following consists of major business functions that add value to a company's products and services?

   
Which of the following parties would be more interested in managerial accounting data than in
financial accounting data (check all that apply)?
 

 
   
Which of the following could happen to the CEO and CFO of a company if they certify financial
statements and disclosures that they know are false?
 

 
   
Which of the following are preventive controls? (Check all that apply.)
 

 
   
Customer value propositions are the essence of strategy. (Enter only one word per blank.)
 

   
Which of the following is an area in which a management accountant has ethical responsibilities?
 

 
   
The Sarbanes-Oxley Act provides a lot of power to the audit committee of the board of directors to be
involved with the accounting firm that audits a company's financial reports. Which of the following
functions are permitted? (Check all that apply.)
 

   
The leadership component of planning includes specifying how to achieve established goals. (Enter
only one word per blank.)
 

   
Which of the following is a series of steps followed to carry out a business task that can span departmental boundaries?
 

   
Customers, employees, suppliers, communities, and environmental and human rights advocates are
all stakeholders which a company might have a corporate social responsibility to serve. (Enter only one word per blank.)
 

   
The lean production management approach: (Check all that apply.)
 

   
A company can decrease the negative effects of a bottleneck by focusing improvement efforts on the:
 

   
Controlling includes gathering feedback needed to ensure that expectations are being met. (Enter
only one word per blank.)
 

   
A(n) is anything that prevents you from getting more of what you want (check all that apply)
 

   
How does the Sarbanes-Oxley Act help companies avoid a conflict of interest between the auditor and the company being audited?
 

   
The Sarbanes-Oxley Act of 2002 was intended to protect the interests of those who invest in publicly traded companies by improving the
reliability and accuracy of corporate financial reports and disclosures.
 

   
Lower inventories, fewer defects, less wasted effort, and quicker customer response time are all benefits of the:
 

   
What is another name for a bottleneck?
 

   
The theory of constraints is based on the insight that effectively managing bottlenecks is a key to success.
 

   
The Sarbanes-Oxley Act specifies that all members of the audit committee must be independent,
meaning that they do not have an affiliation with the company they are overseeing, nor do they receive any consulting
 or advisory compensation from the company. (Enter only one word per blank.)
 

   
Which of the following are reasons why companies are paying closer attention to their corporate social responsibilities
(check all that apply)?
 

   
Which of these managerial accounting functions are relevant to business majors, such as marketing
and human resource management (check all that apply)?
 

   
Which of the following should companies provide to employees in relation to corporate social responsibility?
 

   
A(n) strategy is a game plan that enables a company to attract customers by distinguishing itself from competitors.
(Enter only one word per blank
 

   
Which of the following apply to managerial accounting (check all that apply)?
 

   
Which of the following is not an activity that managers perform on a routine basis?
 

   
A lower standard of living, lower quality goods and services, less from which to choose and higher prices are all possible effects of
abandoning ethical standards.  (Enter only one word per blank.)
 

   
If investors were reluctant to invest in companies with untrustworthy financial statements,
what would happen to the prices of goods and services?
 

   
What should companies provide stockholders with in relation to corporate social responsibility?
 

   
Management's detailed plans for the future are often expressed formally in budgets. (Enter only one word per blank.)
 

   
A(n) performance report compares actual results to budgeted amounts. (Enter only one word per blank.)
 
 
A company's poor social performance is likely to cause:
 

   
When a company says to its targeted customers, "You should choose us because we understand and
respond to your individual needs better than our competitors," the company is following the customer
value proposition called customer intimacy strategy. (Enter only one word per blank.)
 

   
Without ethical behavior, the quality of products and services __ _.
 

   
Corporate Governance is the system by which a company is controlled and directed.
 
 
To become a(n) ___ , a test is required that focuses on financial planning, and decision-making skills.
 

   
A properly implemented corporate governance system should provide incentives to:
 

   
The internal control report must state that it is the responsibility of management to establish and
maintain adequate internal controls. (Enter only one word per blank.)
 

   
Which of the following is a series of steps followed to carry out a business task that can span departmental boundaries?
 

   
If consumers thought every potential deal was a rip-off, what would happen?
 

   
The lean production model organizes resources, such as people and machines, around the flow of
business processes and pulls units through these processes in response to customer orders. (Enter
only one word per blank.)
 

   
Enterprise risk management is a process used by a company to proactively identify and manage
risks. (Enter only one word per blank.
 

   
Which of the following is not one of the basic questions asked during the decision making process?
 

   
The Statement of Ethical Professional Practice describes the ethical responsibilities of management accountants.
 

   
Companies should provide ___ with competent, courteous, and rapid delivery of products and
services and easy-to -use information systems for shipping and tracking orders
 

 
   
Which strategy is a company employing when it says to customers, "You should choose us because
we offer higher quality products than our competitors"?
 

   
Managers need ____ to be able to provide competent, data-driven answers to questions.
 
 
Which of the following statements is true?


Which company was involved in a major financial scandal?
Which of the following statements is correct?
Cost objects include ______.
 
anything for which cost data is desired customers
   
Fantastic Furniture makes custom order couches. The material used to
make a couch is a(n) ______ cost of the customer placing the order.
direct
   
A manufacturing cost that cannot be easily traced to a specific cost
object is a(n)
indirect
   
A type of indirect cost incurred to benefit more than one cost object is
a(n) ______ cost.
common
   
Which of the following statements are true?
 
A direct cost can be easily and conveniently traced to a specific cost object.
A regional sales manager's salary is a direct cost of the regional office in which the sales manager works.
   
Any item for which cost data is desired is called a(n)
 
cost object
   
Costs that can be easily and conveniently traced to a specific product are called ______ costs.
 
direct
   
Manufacturing costs include ______.
 
manufacturing overhead
direct labor
direct materials
   
A cost that can be easily and conveniently traced to a specific cost object is a(n)______________cost of that cost object,
whereas costs that cannot be easily and conveniently traced to that specific cost object are _____________ costs
 
direct or prime
indirect, common or overhead
   
The materials that go into the final product are called_______materials
 
raw
   
Costs that are shared by multiple cost objects in a company are known as ______ costs.
 
common
   
A laptop computer manufacturer would consider the computer's processor chip to be a(n) ______ cost.
 
direct
   
A cost may be direct or indirect, depending on the cost object
 
true
   
Manufacturing costs can be divided into three categories: direct____, _________labor and manufacturing ________________
 
materials
direct or touch
overhead or burden
   
Labor costs that can be easily and conveniently traced to specific products are ______ costs.
 
direct labor
   
True or false: The finished product of one company can become raw materials for another company.
 
true
   
The components of prime costs are direct________ and direct _____ costs
 
material
labor
   
Materials that become an important component of the finished product whose cost can be easily and conveniently
traced to the finished product are_____________materials
 
direct
   
Factory materials, such as cleaning supplies, that are not components of finished products are classified as ______.
 
manufacturing overhead
   
Direct labor is also called______ labor
 
touch
   
Prime costs include ______.
 
direct labor
direct materials
   
Indirect materials include ______.
 
nails, glue, and thread
   
Manufacturing overhead costs include ______.
 
indirect materials, factory supervisors' salaries, and factory depreciation
   
Other names for manufacturing overhead include ______.
 
factory overhead
factory burden
indirect manufacturing costs
   
Direct labor and overhead costs incurred to change raw materials into finished products are known as_______costs
 
conversion
   
Selling and administrative costs are ______ costs.
 
direct or indirect
   
Salaries of factory supervisors and factory maintenance personnel are examples of ______ labor costs.
 
indirect
   
True or false: All of a company's depreciation, property taxes and insurance premiums are considered manufacturing overhead.
 
False
   
Factory burden is a synonym for_______________
 
manufacturing overhead
   
Nonmanufacturing costs include ______.
 
sales commissions
company president's salary
   
Indirect labor costs include ______.
 
assembly-line supervisor salary
factory security guard wages
   
A company purchased a 12 month insurance policy on October 1 for $1,200.
On the December 31 annual financial statements, ______.
 
$300 is reported as a expense and $900 is reported as an asset
   
Direct materials, direct labor, and manufacturing overhead are all ______ costs.
 
product
   
Selling costs include ______.
 
sales salaries
advertising
sales commissions
   
True or false: Labor costs that can be specifically traced to a product are indirect labor costs.
 
False
   
The accrual concept that costs incurred to generate a revenue are expensed in the same period the revenue is
known as the___________principle
 
matching
   
Units that are partially complete are found in ______.
 
Work in Process
   
Product costs are also called____________costs
 
inventoriable or manufacturing
   
Which of the following statements are true?
 
Period costs are expensed when incurred.
Period costs do not flow through the inventory accounts.
   
Prior to being recorded on the income statement, manufacturers' product costs flow through ______.
 
Work in Process
Finished Goods
Raw Materials
   
Differential costs, opportunity costs and sunk costs are all cost classifications used in ______.
 
decision making
   
Period costs are always expensed on the income statement in the period in which ______.
 
they are incurred
   
Salaries of factory supervisors and factory maintenance personnel are examples of ______ labor costs.
 
indirect
   
Differential costs are also known as_________costs
 
incremental
   
The cost of producing one more unit is the ______ cost.
 
marginal
   
Which of the following is not a COST CLASSIFICATION associated with decision making?
 
Indirect costs
   
Differential costs ______.
 
can be fixed or variable
   
The difference in revenues between two alternatives is called ______.
 
differential revenue
   
Opportunity costs ______.
 
are benefits that are given up when selecting one alternative over another should be considered in decision making
   
The revenue obtained from selling one additional unit of product is called______________revenue
 
marginal
   
Costs that have already been incurred and can not be changed by decisions made in the current period or in future periods are
called______________costs
 
sunk
   
Differential costs, opportunity costs and sunk costs are all cost classifications used in ______.
 
decision making
   
Removing expenses that do not differ between alternatives could alter a decision.
 
False
   
A potential benefit that is forfeited or lost when one decision is chosen over another is called a(n)
 
opportunity cost
   
Based on the following information, calculate net income for Dana's Dress Shop using the traditional format.
 
Sales                                                                      $360,000
Gross Margin                                                     $140,000
Contribution Margin                                       $110,000
Total Selling & Administrative Exp.             $60,000
 
$80,000
 
Gross Margin of $140,000 - Total Selling & Admin. Exp. of $60,000 = $80,000.
   
Beginning merchandise inventory + Purchases - Ending merchandise inventory =
cost of goods sold
 
Which of the following are differences between the traditional and contribution format to income statements?
Traditional income statements focus on cost classifications. Contribution format statements focus on cost behavior.
Compared to traditional statements, contribution format statements provide management with a tool to make decision making easier.
   
The contribution approach to constructing income statements
distinguishes between ______ costs.
fixed and variable
   
Contribution margin is ______.
 
sales revenue minus variable costs
   
Based on the following information, compute the cost of goods sold for Spengler Merchandising Corporation.
 
Sales                                                      $400,000
Purchases                                            $300,000
Beginning inventory                        $50,000
Ending inventory                              $90,000
Selling expenses                                $70,000
Administrative expenses                $30,000
Accounts receivable                        $110,000
 
$260,000
 
Beginning Inventory ($50,000) + Purchases ($300,000) - Ending Inventory
($90,000) = Cost of Goods Sold
   
A contribution approach income statement ______.
 
separates costs into their fixed and variable components can assist with management decision making
   
Removing expenses that do not differ between alternatives could alter a decision.
 
False

Homework  1.1 1.2  2.1 2.2  3.1 3.2  4.1 4.2 5.1 5.2  6.1 6.2  7.1  7.2  8.1  8.2  9.1   9.2  10.1  10.2  11.1  11.2  12.1 12.2  13.1  13.2  14.1  14.2  15.1   15.2
Learnsmart  1  2  3  4  5  6  7  8  9  10  11  12  13  14  15   |  Exam  1  2  3  4  5  6  7  8  9  10  11  12   13  14  15  |  Final Exam 1   2    Homework Help?