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ACC 560 WK 2 Quiz 1

TRUE-FALSE STATEMENTS

1. Reports ready in financial audit are general-objective reports, whereas reports ready in managerial accounting are normally special-objective reports.2.

2. Managerial accountancy indevelopment generally pertains to an entity as a whole and is highly aggregated.

3. Managerial accounting uses to all develops of service organizations.

4. Determining the unit expense of production a product is an output of financial accountancy.

5. Managerial audit inner reports are ready even more generally than are classified financial statements.

6. The management attribute of organizing and also directing is largely concerned through setting objectives and objectives for the entity.

7. The Sarbanes-Oxley Act replaces generally welcomed accountancy principles in a manufacturing company.

8. Controlling is the process of determining whether planned goals are being met.

9. Decision-making is an integral part of the planning, directing, and controlling features.

10. Direct materials expenses and instraight materials prices are manufacturing overhead.

11. Manufacturing costs that cannot be classified as direct products or straight labor are classified as manufacturing overhead.

12. Raw products are equal to direct products minus indirect products.

13. Raw materials that deserve to be conveniently and directly linked through a finiburned product are called materials overhead.

14. The complete cost of a finimelted product does not primarily contain equal amounts of materials, labor, and overhead prices.

15. Both straight labor expense and instraight labor price are product prices.

16. Period prices include marketing and also administrative expenses.

17. Instraight materials and also indirect labor are both inventoriable expenses.

18. Direct products and also straight work are the only product costs.

19. Total period expenses are deducted from full price of job-related in procedure to calculate cost of products produced.


20. Period expenses are not inventoriable costs.

21. Ending finished goods inventory appears on both the balance sheet and the income statement of a manufacturing agency.

22. The start job-related in procedure inventory shows up on both the balance sheet and also the cost of goods manufactured schedule of a manufacturing firm.

23. In calculating gross profit for a manufacturing firm, the expense of products made is deducted from net sales.

24. Finished items inventory does not appear on a price of items manufactured schedule.

25. If the ending work-related in process inventory is higher than the beginning occupational in procedure inventory, then the price of products produced will certainly be much less than full production expenses for the duration.

26. Finimelted products inventory for a manufacturing agency is tantamount to merchandise inventory for a merchandising firm.

27. Raw products inventory mirrors the expense of completed products easily accessible for sale to customers.

28. The well balanced scorecard strategy attempts to maintain as little inventory on hand as possible.

29. The supply chain is all the activities connected through giving a product or service.

30. Many service providers have considerably lowered inventory levels and also costs utilizing just-in-time inventory methods.

31. Managerial accountancy is primarily involved via supervisors and also external individuals.

32. Planning requires coordinating the diverse activities and human sources of a agency to produce a smooth running operation.

33. When the physical association of raw materials with the finished product is also small to map in terms of expense, they are typically classified as instraight materials.

34. Product expenses are additionally referred to as inventoriable prices.

35. Direct products come to be a expense of the finiburned goods produced when they are got, not as soon as they are offered.

36. The amount of the direct products prices, straight labor prices, and beginning work-related in procedure is the complete manufacturing expenses for the year.


37. In a production firm balance sheet, production inventories are reported in the existing assets section in the order of their supposed use in production.

MULTIPLE CHOICE QUESTIONS

38. Managerial accountancy uses to each of the complying with forms of businesses except

a. business firms.

b. merchandising firms.

c. production firms.

d. Managerial accounting applies to all forms of firms.

39. Managerial accountancy indevelopment is primarily prepared for

a. stockholders.

b. creditors.

c. managers.

d. regulatory agencies.

40. Managerial bookkeeping information

a. pertains to the entity in its entirety and is highly aggregated.

b. comes to subunits of the entity and also might be exceptionally comprehensive.

c. is prepared only once a year.

d. is constrained by the needs of generally welcomed accounting ethics.

41. The major reporting standard for presenting managerial audit information is

a. relevance.

b. mainly accepted bookkeeping values.

c. the price principle.

d. the existing taxation law.

42. Managerial bookkeeping is additionally called

a. monitoring audit.

b. controlling.

c. analytical accountancy.

d. inside reporting.

43. Which of the adhering to is not an internal user?

a. Creditor

b. Department manager

c. Controller

d. Treasurer

44. Managerial bookkeeping does not encompass

a. calculating product price.

b. calculating income per share.

c. determining price habits.

d. profit planning.

45. Managerial bookkeeping is applicable to

a. service entities.

b. manufacturing entities.

c. not-for-profit entities.

d. all of these.

46. Management accountants would certainly not

a. aid in budobtain planning.

b. prepare reports generally for outside individuals.

c. determine cost behavior.

d. be came to via the impact of cost and volume on profits.

47. Internal reports need to be communicated

a. daily.

b. monthly.

c. each year.

d. as essential.

48. Financial statements for outside users deserve to be defined as

a. user-certain.

b. general-objective.

c. special-function.

d. managerial reports.

49. Managerial audit reports have the right to be described as

a. general-purpose.

b. macro-reports.

c. special-purpose.

d. classified financial statements.

50. The reporting typical for outside financial reports is

a. industry-particular.

b. company-particular.

c. mostly welcomed accountancy ethics.

d. department-certain.

51. Which of the adhering to statements around internal reports is not true?

a. The content of interior reports might extend beyond the double-enattempt accounting mechanism.

b. Internal reports may display all quantities at market worths.

c. Internal reports may talk about prospective events.

d. Most inner reports are summarized rather than comprehensive.

52. In an analogous sense, external user is to internal user as primarily welcomed bookkeeping values are to

a. timely.

b. special-function.

c. relevance to decision.

d. SEC.

53. Internal reports are generally

a. aggregated.

b. in-depth.

c. regulated.

d. undependable.

54. A differentiating attribute of managerial accountancy is

a. external individuals.

b. general-purpose reports.

c. incredibly comprehensive reports.

d. quarterly and also annual reports.

55. What tasks and obligations are not linked through management"s functions?

a. Planning

b. Accountability

c. Controlling

d. Directing

56. Planning is a role that involves

a. hiring the right human being for a details job.

b. coordinating the bookkeeping information system.

c. setting purposes and goals for an entity.

d. analyzing financial statements.

57. The managerial attribute of controlling

a. is perdeveloped only by the controller of a firm.

b. is only applicable once the agency sustains a loss.

c. is involved mostly with operating a manufacturing segment.

d. has performance evaluation by management.

58. Which of the following is not a monitoring function?

a. Constraining

b. Planning

c. Controlling

d. Directing

59. A manager that is establishing missions is percreating which management function?

a. Controlling

b. Directing

c. Planning

d. Constraining

60. The administration attribute that calls for managers to look ahead and create missions is

a. managing.

b. directing.

c. planning.

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d. constraining.

61. In determining whether planned goals are being met, a manager is percreating the feature of