Management Accounting Multiple Choice Questions (MCQ)

1. Managerial accounting information is generally prepared for

a. stockholders.

b. creditors.

c. managers.

d. regulatory agencies.

2. Managerial accounting information

a. pertains to the entity as a whole and is highly aggregated.

b. pertains to subunits of the entity and may be very detailed.

c. is prepared only once a year.

d. is constrained by the requirements of generally accepted accounting principles.

3. The major reporting standard for presenting managerial accounting information is

a. relevance.

b. generally accepted accounting principles.

c. the cost principle.

d. the current tax law.

4. Managerial accounting is also called

a. management accounting.

b. controlling.

c. analytical accounting.

d. inside reporting.

Managerial Accounting True-False Statements

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Managerial Accounting True-False Statements in $3.50 only

1. Reports prepared in financial accounting are general-purpose reports, whereas reports

prepared in managerial accounting are usually special-purpose reports.

2. Managerial accounting information generally pertains to an entity as a whole and is highly aggregated.

3. Managerial accounting applies to all forms of business organizations.

4. Determining the unit cost of manufacturing a product is an output of financial accounting.

5. Managerial accounting internal reports are prepared more frequently than are classified financial statements.

6. The management function of directing and motivating is mainly concerned with setting goals and objectives for the entity.

7. An organization chart in a manufacturing company replaces the chart of accounts.

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 motivating, and controlling functions.

10. Both direct labor cost and indirect labor cost are product costs.

Economics Questions (Objective Type)

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1. Economics

  • studies human behavior when scarcity exists and choices must be made
  • provides the only reasonable explanation of how people make decisions
  • can accurately explain all human behavior since it is based on the assumption of rationality
  • is better at showing the way things ought to be than the other social sciences are

2. The expression “There’s no such thing as a free lunch” means

  • that even if the lunch is free, we pay for it in extra calories
  • that resources used up in producing the lunch are not available to satisfy other wants
  • the same thing as “The best things in life are free”
  • you have to work before you can eat

3. To say that people make marginal decisions means that

  • they usually wait until the last minute before making a decision to buy
  • they weigh the additional costs and additional benefits of various activities before they make a decision
  • most people just barely get by on the incomes they earn and live from day to day on the very edge of subsistence
  • given a choice, most people would prefer to make their own decisions concerning the things that affect their lives

4. Economic theories are

  • useful because they are as exact as theories in the physical sciences
  • useless because they are based on abstractions
  • useful because they allow us to make predictions
  • too complex to understand because they include all of reality

5. Economists believe that individuals respond in a predictable way to changes in costs and benefits. The term that best describes this belief is

  • rational behavior
  • scarcity
  • demand
  • supply

Management Accounting Case Report Assignment 2015

Management Accounting Case Report Assignment 2015 in $17 only (Instant Download)

Having impressed the Board of Directors with the analysis that you prepared for Maureen Pistana, the Chief Financial Officer at Greenwood Industries, you have been invited to be present at the next senior managers’ meeting. Before you attended the meeting, Maureen spoke to you. “Be careful with what you promise them in the meeting as you will be held accountable for that. Don’t go promising to do things that you cannot, otherwise I won’t be able to back you up. Trust me, your first analysis is not going to save you if you take on too much and stuff-up here!”
All the divisional managers were present at the meeting and these included Michael Fowler (Birchtree: electronic medical products), Gordon Stapleton (Pinetree: video cameras), Shirley Robson (Oaktree: large screen TVs), Alice Nguyen (Cedartree: kitchen accessories) and Vijay Chandra (Gumtree: sound systems). Additionally, the CEO, Charles Kim, was present along with Maureen. This made for a very large and noisy meeting.

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Groovy Music Company: Accept Special Order or Not

Groovy Music Company: Accept Special Order or Not

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Groovy Music Company: Accept Special Order or Not in $4.50 Only

Groovy Music Company produces compact discs of background music for restaurants and other retail shops. Its disc recording machines are capable of producing 50 discs per hour. The unit-related cost of producing the discs is $3.00. The discs sell for $12.00 each. Food Mood Music Co. has asked the company to produce 10,000 copies of a disc for $9.00. Groovy Music estimates that for this special order the unit-related cost of producing the disc will be $5.00 and that, due to the unique nature of the recording, its machines will only be able to produce 20 discs per hour. Groovy Music has a total of 5,000 machine hours of capacity. In addition, to accept the special order, Groovy Music will have to purchase an additional special-purpose machine that will cost $6,000.

Required:
1) Assume that demand for Groovy Music’s compact discs is 200,000 units and that the special order has to be either taken in full or rejected. Prepare an analysis that indicates whether or not the special order should be accepted.

2) Assume that Groovy Music is currently selling 230,000 compact discs to its regular customers and that the special order has to be either taken in full or rejected. Prepare a financial analysis that indicates whether or not the special order should be accepted.
3) Assume that demand for Groovy Music’s compact discs is 230,000 units and that the special order has to be either taken in full or rejected. Groovy Music’s wants the Food Mood Music job but doesn’t want to decrease its earnings. Prepare a financial analysis that indicates the price that Groovy Music must receive in order to break even on the special order.

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Managerial Accounting True-False Statements III

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Managerial Accounting True-False Statements III

  1. Ending finished goods inventory appears on both the balance sheet and the income statement of a manufacturing company.
  2. The beginning work in process inventory appears on both the balance sheet and the cost of goods manufactured schedule of a manufacturing company.
  3. In calculating gross profit for a manufacturing company, the cost of goods manufactured is deducted from net sales.
  4. Finished goods inventory does not appear on a cost of goods manufactured schedule.
  5. If the ending work in process inventory is greater than the beginning work in process inventory, then the cost of goods manufactured will be less than total manufacturing costs for the period.
  6. Finished goods inventory for a manufacturing company is equivalent to merchandise inventory for a merchandising company.
  7. Raw materials inventory is not an asset until it is used to make a product.
  8. Raw materials inventory shows the cost of completed goods available for sale to customers.
  9. In preparing closing entries for a manufacturing company, all revenue and expense account balances are closed to a Manufacturing Summary account.
  10. To balance the Cost of Goods Manufactured columns of a work sheet for a manufacturing company, an entry must be made in the income statement debit column.

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If you need any type of help regarding Homework, Assignments, Projects, Case study, Essay writing or any thing else then just email us at [email protected]solvemyquestion.com.  We will get back to you ASAP. Do not forget to maintain the time frame you need you work to be done.