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64 Test Bank for Managerial Accounting 5th Edition

by Jiambalvo Multiple Choice Questions - Part 1

Opportunity costs are

1 A considered to be fixed costs in the short-term

2 B another term for sunk costs

3 C costs that are controlled by most effective managers

4 D the value of benefits forgone when one decision alternative is selected over another

Bagel Time produced and sold 2,500 bagels last month and

incurred fixed costs totaling $8,000 If production and sales are expected to decrease by 10% next month, which of the following statements is true?

1 A Total fixed costs will increase

2 B Total fixed costs will decrease

3 C Fixed cost per unit will increase

4 D Fixed cost per unit will decrease

Which of the following is a difference between financial accounting and managerial accounting?

1 A Managerial accounting is primarily concerned with reporting the past, while financial accounting is more concerned with future decisions that external users may need to make

2 B Managerial accounting uses monetary and nonmonetary information, whereas financial accounting reports monetary information

3 C Managerial accounting is primarily concerned with providing information for external users while financial accounting is concerned with internal users

4 D Financial accounting is rather detailed, while managerial accounting is more summarized

A sunk cost is a cost

1 A expected to be incurred in the future which is not relevant to present

decisions

2 B incurred in the current period which changes with changes in production activity

3 C incurred in the current period which remains constant even though activity changes

4 D incurred in the past that is not relevant for future decisions

The financial plans prepared by managerial accountants are

referred to as

1 A budgets

2 B financial statements

3 C treasurer’s reports

4 D controller’s opinions

Managerial accounting stresses accounting concepts and

procedures that are relevant to preparing reports for

1 A investors and banks

2 B internal users of accounting information

3 C shareholders and creditors

4 D the Securities and Exchange Commission (SEC)

Which one of the following is true as it relates to the management function of control?

1 A It is achieved by evaluating the performance of managers

2 B It is achieved by evaluating the operations for which a manager is

responsible

3 C It is necessary only when performance is less than expected

4 D It is achieved by evaluating the performance of managers and the

operations for which they are responsible

Kilwin’s Candies produced and sold 600 boxes of chocolate

covered popcorn last month and had total variable costs of $2,100 that reflected the costs of chocolate and popcorn (ingredients) Each box of popcorn sells for $12.00 If production and sales are expected to increase by 10% next month, which of the following statements is true?

1 A Total variable costs are expected to be $1,785

2 B Variable cost per unit is expected to be $3.50

3 C The incremental cost per unit is costs expected to be $0.35

4 D Unit variable costs are expected to be $2.10

Which of the following is most likely to be a fixed cost?

1 A Cost of wheels for a lawn mower manufacturer

2 B Rent on a factory building

3 C Cost of labor for cashiers at a retail store

4 D Supplies used by the housekeeping staff that cleans hotel rooms

Sunk costs

1 A can be incremental or not incremental, depending on the decision to be made

2 B include all incremental costs to management decisions

3 C are costs that cannot be directly traded to a product, activity, or

department

4 D None of these answer choices are correct

The fundamental difference between managerial and financial

accounting is that

1 A all financial accounting information is audited by Certified Public

Accountants whereas managerial accounting information is audited by the IMA

2 B managerial accounting is concerned principally with budgets, whereas financial accounting is concerned with a wider range of the organization’s activities

3 C managerial accounting provides information for decision-makers within the organization, whereas financial accounting provides information for individuals and institutions external to the organization

4 D financial accounting information follows U.S Generally Accepted

Accounting Principles, whereas managerial accounting information generally follows rules set forth by the Institute of Management Accountants

The goal of managerial accounting is to provide information that managers need for

1 A planning, control, and financial reporting

2 B control, evaluation, and financial reporting.

3 C planning, control, and decision making

4 D preparing reports for external users

A cost which is directly traceable to a product, activity, or

department is a(n)

1 A fixed cost

2 B managerial cost

3 C opportunity cost

4 D direct cost

A company has a cost that is $3.00 per unit at a volume of 9,000 units and $3.00 per unit at a volume of 11,000 units What type of cost is this?

1 A Fixed

2 B Variable

3 C Sunk

4 D Noncontrollable

Which of the following is a benefit given up when one decision alternative is selected over another?

1 A Sunk cost

2 B Controllable cost

3 C Opportunity cost

4 D Incremental cost

A retailer purchased some trendy clothes that have gone out of style and must be marked down to 60% of the original selling price

in order to be sold Which of the following is a sunk cost in this situation?

1 A The current selling price

2 B The original selling price

3 C The original purchase price

4 D The anticipated profit

Which of the following statements regarding direct and indirect costs is true?

1 A Direct costs are always variable and indirect costs are always fixed

2 B Sunk costs are always direct, and opportunity costs are always fixed

3 C The distinction between a direct and indirect cost depends on the product, activity, or department to which the cost pertains

4 D If a cost is indirect to a department within a plant, it will also be indirect for the plant as a whole

Variable cost per unit

1 A increases when the number of units produced increases

2 B does not change when the number of units produced increases

3 C decreases when the number of units produced increases

4 D decreases when the number of units produced decreases

Which of the following statements regarding fixed costs is true?

1 A When production increases, fixed cost per unit increases

2 B When production decreases, total fixed costs decrease

3 C When production increases, fixed cost per unit decreases

4 D When production decreases, total fixed costs increase

Which one of the following is most likely to make use of Ralston Enterprises’ managerial accounting information?

1 A The IRS

2 B An individual contemplating an investment in Ralston Enterprises

3 C A company that is one of Ralston’s main suppliers

4 D The production manager of Ralston’s plant in Georgia

Which of the following is a direct cost in relation to the cost of

teaching the managerial accounting course in a college?

1 A The cost of the paper that is given as handouts in the class

2 B The cost of the electricity to light the classroom

3 C The cost of the registration system

4 D The cost of the financial aid department of the college

Which of the following is not a reason that current period

performance results may differ from the company’s budget for that period?

1 A The plan may not have been followed properly

2 B The plan may not have been well thought-out

3 C Changing circumstances may have made the plan out of date

4 D All of the above are reasons that actual results may differ from the

company’s plan

Costs incurred in the past that are not incremental to present

decisions are

1 A fixed costs

2 B sunk costs

3 C opportunity costs

4 D variable costs

Which of the following is likely to be a noncontrollable cost of a department supervisor?

1 A Labor in the department

2 B Materials used in the department

3 C Insurance on the plant

4 D Overtime premium pay earned by those working in the department

Managerial accounting

1 A is primarily directed at external users of accounting information

2 B is required by taxing authorities such as the IRS

3 C must follow GAAP

4 D focuses on future performance

On which of the following costs should a manager not be

evaluated?

1 A Noncontrollable costs

2 B Opportunity costs

3 C Fixed costs

4 D Variable costs

Which of the following costs will change when the level of business activity changes?

1 A Total fixed costs

2 B Variable cost per unit

3 C A company’s total costs

4 D Sunk cost

Which one of the following is the last step in the planning and

control process?

1 A Implement a plan

2 B Construct a plan

3 C Make decisions based on the evaluation of the results

4 D Compare actual results to the planned results

Wilson Company’s managers investigate departures from the

budget that appear to be significant What principle is being

followed?

1 A Small amounts do not matter

2 B Management by exception

3 C Incremental analysis

4 D You get what you measure

You own a car and are trying to decide whether to trade it in and buy a new car Which of the following costs is an opportunity cost in this situation?

1 A The trip to Europe that you will not be able to take if you buy the car

2 B The cost of the car you are trading in

3 C The cost of toothpaste and soap that you need for the next few months

4 D The cost of your meals for the last week

Performance reports often compare current performance with

1 A a competing company’s performance

2 B shareholders’ expected level of performance.

3 C industry standards

4 D performance in a prior period or budgeted performance

When using management by exception, a difference between actual costs and budgeted costs

1 A should be investigated if the amount is large

2 B indicates that the planned cost was poorly estimated

3 C indicates that the manager is doing a poor job

4 D should be ignored if it increases profit

64 Free Test Bank for Managerial Accounting 5th

Edition by Jiambalvo Multiple Choice Questions - Part 2

Which of the following would most likely be a Customer

Relationship Management System component?

1 A A system allowing customers to do online banking

2 B A system that prepares a master production schedule

3 C A system that links the company’s suppliers electronically to its databases

4 D A system that manages human resources

Which of the following statements regarding incremental analysis is true? Assume that there are no opportunity costs and that the

capacity exists to complete any of the alternatives

1 A The preferred alternative will have revenues that are greater than the revenues of the other alternatives

2 B The preferred alternative will have expenses that are greater than the expenses of the other alternatives

3 C The preferred alternative will have fixed expenses that are less than the fixed expenses of the other alternatives

4 D The preferred alternative will have profits that are greater than the profits of the other alternatives

Flash Eyes sells mascara In June, it produced and sold 10,000 tubes of mascara Total variable costs were $21,000 and fixed

costs totaled $24,000 Which of the following statements is correct

if, Flash Eyes produced and sold 9,000 units in July?

1 A Fixed cost per unit will be $2.67

2 B Total fixed costs will be $21,600

3 C Variable costs in total will be $40,500

4 D Variable costs per unit will be $2.33

Which of the following is not usually a responsibility of the

controller?

1 A Preparing budgets and performance reports

2 B Filing tax returns

3 C Managing cash and marketable securities

4 D Providing information for management decisions

“You get what you measure!” refers to the relationship between

1 A managerial accounting and financial accounting

2 B ethical and unethical behavior

3 C duties of the CEO and duties of the controller

4 D performance measures and actions of managers

Sweet Time Candies projects its factory rent to be $8,000 in August when 4,000 pounds of candy are expected to be produced If rent is

a fixed cost, and if production is expected to increase to 6,000 units

in September, what is the expected cost of rent in September?

1 A $12,000

2 B $8,000

3 C $7,000

4 D Not enough information is provided to determine the answer

Which one of the following will most likely influence the actions of managers?

1 A Sunk costs

2 B Performance measures

3 C Noncontrollable costs

4 D GAAP

For which one of the following is a company’s treasurer typically held responsible?

1 A Reporting information to the IRS

2 B Maintaining relationships with investors and creditors

3 C Preparing audited financial statements

4 D Preparing and analyzing budgets

Rincon Gifts had the following costs in May when 400 ceramic pots were produced: materials, $4,200; hourly labor, $1,600;

depreciation, $800; rent, $700; and other fixed costs, $500 If the production level changes to 500 units, how much will the total costs be?

1 A $9,750

2 B $7,800

3 C $9,250

4 D $1,950

Vita Boost Pets produces a line of cat food In August, it produced and sold 1,000 bags of food Total fixed costs were $19,000 In September, it produced 2,000 bags of food Which of the following statements is true for September?

1 A Total fixed costs will be $38,000

2 B Total fixed costs will be $9,500

3 C Fixed cost per unit will be $19.00

4 D Fixed costs per unit will be $9.50

Triatt Resort has 200 rooms Each room rents at $130 per night and variable costs total $42 per room per night of occupancy The fixed costs total $18,700 per month If 70% of the rooms are occupied each of the 30 nights in June, how much will total variable costs be for June?

1 A $546,000

2 B $369,600

3 C $176,400

4 D $252,000

The Institute of Management Accountants (IMA)

1 A is the professional organization of managerial accountants

2 B administers the comprehensive examination which must be passed before

a person can become a CMA

3 C has developed a set of standards of ethical conduct and maintains an ethics hotline

4 D All of these answer choices are correct

The organization which administers the Certificate in Management Accounting program is the

1 A GAAP

2 B SCM

3 C CRM

4 D IMA

In a period when anticipated production is 20,000 units, budgeted variable costs are $85,000 and budgeted fixed costs are $45,000 If 15,000 units are actually produced, what is the expected total cost?

1 A $130,000

2 B $97,500

3 C $108,750

4 D $118,750

Many companies have a chief financial officer (CFO) Which of these positions is most likely to report directly to the CFO?

1 A Controller

2 B Chief executive officer

3 C Janitor

4 D Production supervisor