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20 questions
A field of accounting that provides economic and financial information for managers and other internal user is called:
Managerial Accounting
Financial Accounting
Cost Accounting
Auditing
Involves the measuring, recording, and reporting of product costs. From the data accumulated, companies determine both the total cost and the unit cost of each product.
Managerial Accounting
Financial Accouting
Cost Accouting
Management Services
As a result of the Sarbanes-Oxley Act of 2002, managerial accounting reports must now comply with generally accepted accounting principles (GAAP).
True
False
Manufacturing consists of activities and processes that convert raw materials into finished goods. Manufacturing costs are typically classified into Direct Materials, Direct Labor and Manufacturing Overhead
True
False
Raw materials that can be physically and directly associated with the finished product during the manufacturing process are called:
Direct Materials
Indirect Materials
Variable Cost
Manufacturing Overhead
The work of factory employees that can be physically and directly associated with converting raw materials into finished goods is called:
Direct Labor
Indirect Labor
Variable Cost
Manufacturing Overhead
A costs that are matched with the revenue of a specific time period rather than included as part of the cost of a salable product. These are non manufacturing costs which includes selling and administrative expenses.
Period Cost
Product Cost
Fixed Cost
Variable Cost
A report that provides details on cost elements used in calculating cost of goods manufactured.
Cost of Goods Manufactured
Cost of Goods Sold
Job Cost Sheet
None of the above
This refers to all activities associated with providing a product or service.
Value Chain
Production
Sales and Marketing
Customer Relation
Companies allocate overhead based on each product’s use of activities in making the product. For example, companies can keep track of their cost of setting up machines for each batch of a production process. Then companies can allocate part of the total set-up cost to a particular product based on the number of set-ups that product required. This type of product costing is called.
Job Order Costing
Process Costing
Hybrid Costing
Activity Based Costing
Under this type of product costing, the company assigns costs to each job or to each batch of goods.
Job Order Costing
Process Costing
Hybrid Costing
Activity Based Costing
This type of product costing applies to manufactures with a large volume of similar products.
Job Order Costing
Process Costing
Hybrid Costing
Activity Based Costing
A performance-measurement approach that uses both financial and non-financial measures to evaluate all aspects of a company’s operations in an integrated fashion. The performance measures are linked in a cause and effect fashion to ensure that they all tie to the company’s overall objectives.
Balanced Scorecard
Theory of Constraints
Strategic Audit
Total Quality Management
A rate based on the relationship between estimated annual overhead costs and expected annual operating activity, expressed in terms of a common activity base.
Predetermined Overhead Rate
Underapplied Overhead
Overapplied Overhead
Fixed Overhead Rate
A study of the effects of changes in costs and volume on a company’s profits.
Cost Volume Profit Analysis
Break-even Analysis
Marginal Analysis
Incremental Analysis
A key relationship in CVP analysis is the level of activity at which total revenues equal total costs (both fixed and variable). This is called:
Cost Volume Profit Analysis
Break-even Analysis
Marginal Analysis
Incremental Analysis
The amount of revenue remaining after deducting variable costs.
Contribution Margin
Net Revenue
Net Profit
Residual Income
The process used to identify the financial data that change under alternative courses of action is called:
Cost Volume Analysis
Break-even Analysis
Marginal Analysis
Incremental Analysis
The selling price that will provide the desired profit on a product when the seller has the ability to determine the product’s price.
Target Selling Price
Negotiated Selling Price
Transfer Price
Cost-based transfer Price
A formal written statement of management’s plans for a specified future time period, expressed in financial terms.
Budget
Proposal
Quotation
Management Letter
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