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Exam 18: Managerial Accounting Concepts and Principles

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Question 21

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_______________ are beliefs that distinguish right from wrong.

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Question 22

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A primary difference between variable costs and fixed costs is:

A) Variable costs per unit change in varying increments while fixed costs per unit change in equal increments over the relevant range of activity.
B) Variable costs per unit fluctuate and fixed costs per unit remain constant over the relevant range of activity.
C) Variable costs per unit are fixed and fixed costs per unit are variable over the relevant range of activity.
D) Variable costs per unit change in equal increments while total fixed costs change in proportion to the level of activity over the company's relevant range.
E) Total variable costs are fixed and fixed costs per unit never change over the relevant range of activity.

F) A) and B)
G) B) and C)

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Question 23

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A _________________ cost changes in proportion to changes in the volume of activity.

Using the information below, calculate the cost of goods manufactured for the period.

Expenditures incurred in the process of converting raw materials to finished goods, that include direct labor and factory overhead are known as ______________________.

Cost concepts such as variable, fixed, mixed, direct and indirect apply only to manufacturers and not to service companies.

___________________ is the process of setting goals and making plans to achieve them.

_____________________ inventory consists of goods a company acquires to use in making products.

An approach to managing inventories and production operations such that units of materials and products are obtained and provided only as they are needed is called:

An opportunity cost is:

Which of the following represents the correct formula for calculating cycle time for a manufacturer?

List the four goals of an internal control system.

Factory overhead costs normally include all of the following except:

A manufacturer's inventory that is not completely finished is called __________________.

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

A _________________ cost does not change in proportion to changes in the volume of activity within the relevant range.

The ________________________ aids continuous improvement by augmenting financial measures with information on the drivers or indicators of future financial performance along four dimensions: (1) financial, (2) customer, (3) internal business processes, and (4) learning and growth.

Costs that are incurred as part of the manufacturing process but are not clearly associated with specific units of product or batches of production, including all manufacturing costs other than direct material and direct labor costs, are called:

The salary paid to the supervisor of an assembly line would normally be classified as:

The potential benefit lost by taking a specific action from two or more choices is an __________________________.