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Practice Test

In: Business and Management

Submitted By vikasjagwani111
Words 5875
Pages 24
Managerial Accounting

Exam 1

1. Managerial accounting places considerable weight on:

A) generally accepted accounting principles.

B) the financial history of the entity.

C) ensuring that all transactions are properly recorded.

D) detailed segment reports about departments, products, and customers.

Answer: D AACSB: Reflective Thinking AICPA BB: Critical Thinking AICPA FN: Measurement LO: 1 Level: Easy

2. The plans of management are often expressed formally in:

A) financial statements.

B) performance reports.

C) budgets.

D) ledgers.

Answer: C AACSB: Reflective Thinking AICPA BB: Resource Management AICPA FN: Measurement LO: 1 Level: Easy

3. The phase of accounting concerned with providing information to managers for use in planning and controlling operations and in decision making is called:

A) throughput time.

B) managerial accounting.

C) financial accounting.

D) controlling.

Answer: B AACSB: Reflective Thinking AICPA BB: Resource Management AICPA FN: Measurement LO: 1 Level: Easy

4. The cost of the cushions that are used to manufacture sofas is best described as a:

A) manufacturing overhead cost.

B) period cost.

C) variable cost.

D) conversion cost.

Ans: C AACSB: Reflective Thinking AICPA BB: Critical Thinking AICPA FN: Reporting LO: 1,2,5 Level: Medium

5. A security guard's wages at a factory would be an example of:

| |Indirect labor |Fixed manufacturing overhead |
|A) |No |No |
|B) |Yes |Yes

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