multiple choice all

. A manufacturer would treat direct materials, direct labor, and overhead as: inventoriable product costs. period costs. both inventoriable product and period costs. neither inventoriable product nor period costs.

A

1. A company issued common stock for property valued at $900,000. How would this transaction be reported by the company? A. On the schedule of non-cash transactions on the statement of cash flows B. On the statement of cash flows as an investing activity C. On the statement of retained earnings On none of the above

A

1. Which of the following activities is an investing activity? A. Purchase of used equipment B. Issuance of common stock C. Purchase of merchandise inventory D. Payment of cash dividends

A

1. Which of the following statements is INCORRECT regarding the indirect method of preparing a statement of cash flows? A. An increase in inventory is added to net income. B. A loss on the sale of an investment is added to net income. C. Depreciation expense is added to net income. D. A decrease in wages payable is subtracted from net income.

A

1. Which section of the statement of cash flows is affected by the decision to use either the direct or the indirect method? A. Operating B. Investing C. Financing D. Both investing and financing

A

5. Which of the following companies has all costs along the value chain accounted for as period costs? A. Service Corporation B. Merchandising Corporation C. Manufacturing Corporation D. None of the above

A

Management accountants must comply with all of the following ethical standards EXCEPT: reporting ethical breaches to the IMA. maintaining professional competence. performing duties with credibility. preserving confidentiality of information.

A

The individual responsible for managing all of the operations of the organization, such as product packaging, is the: COO. CFO. CEO. CPA.

A

Which of the following is an indirect cost in the construction cost of a home for a building company? Insurance B. Paint C. Lumber D. Carpeting

A

1. On a statement of cash flows, the net increase in cash was $37,000. Cash provided from operations was $45,000. If the net cash inflow from investing activities was $14,000, then what was the net cash flow from financing activities? A. A net inflow of $22,000 B. A net outflow of $22,000 C. A net inflow of $6,000 A net outflow of $6,000

B

1. Which of the following is TRUE about managerial accounting vs. financial accounting? A. Both managerial and financial reports are prepared quarterly and annually. B. Managerial accounting is primarily utilized by internal users, while financial accounting is primarily utilized by external users. . C. The primary information characteristics for managerial accounting are reliability and objectivity, while the primary information characteristic for financial accounting is relevance. D. The IMA requires managerial accounting reports and the SEC requires financial accounting reports.

B

1. Which of the following is an example of controlling? Management decides to open a new storage facility in Canada. After comparing budget to actual, management adjusts its plan to keep the company on goal. After reviewing the daily sales, management revises its staffing schedule. Management sets goals to meet in the next fiscal year.

B

10. Rocketspray's manufacturing costs for July are: * Materials cost: $4,000 * Labor cost: $3,200 * Overhead: $800 If Rocketspray's one plant employee manufactured 10 bottles per hour, and worked 8 hours per day for 20 days in July, what is the cost per bottle? $3 C. $20 $5 D. $24

B

What type of company is illustrated? Service Corporation Merchandising Corporation Manufacturing Corporation Not-for-profit Corporation

B

Which of the following is NOT a relevant cost when buying new manufacturing equipment? Sales tax Cost of machine being replaced Purchase price Insurance on the machine

B

Which of the following statements is FALSE? A. Managers are concerned with the internal use of accounting information. B. Managerial accounting information relies heavily on its reliability and objectivity. C. Managerial accounting reports are not required by any authoritative body. D. Managerial accounting information must be relevant.

B

1. Which of the following activities is an operating activity? A. Purchase of land B. Collection of interest from a note receivable C. Issuance of common stock for a building D. Payment of cash dividends

Bbbbb

1. Which of the following activities would NOT be considered a financing activity? A. Issuance of bonds payable B. Payment of cash dividends C. Purchase of land for cash Borrowing money by issuing a long-term note

C

1. Which of the following are a manager's four primary responsibilities? Budgeting, Directing, Controlling, Decision-Making Budgeting, Planning, Controlling, Decision-Making Planning, Directing, Controlling, Decision-Making Budgeting, Planning, Directing, Controlling

C

Which of the following is a direct cost in the production of tire jacks for a machine shop? A. Utilities B. Taxes C. Steel D. Rent

C

1. Which of the following statements is INCORRECT about a statement of cash flows? A. A statement of cash flows is separated into operating, investing, and financing sections. B. Two different methods may be used to compute the net cash flows from operating activities. C. Non-cash investing and financing activities do not need to be disclosed. D. The statement of cash flows reports the changes in cash and cash equivalents.

Ccccc

1. Which of the following statements is correct regarding the indirect method of preparing a statement of cash flows? A. Depreciation expense is added. B. A gain on the sale of property, plant and equipment is subtracted. C. A loss on the sale of an investment is added. D. All of the statements above are correct.

D

Which of the following is NOT a value chain activity? Research & Development Production Distribution Quality Control

D

Which of the following is a fixed cost for a plant that manufactures iPods? Plastic used to make the cases Employee wages for assembly Computer chip used in each iPod Straight-line depreciation on stamping machine used to form iPod cases

D

Which of the following is a variable cost for a plant that manufactures iPods? Advertising costs Salary of payroll clerk Straight line depreciation of warehouse building Wire used for the headphones

D

Which of the following skills is NOT required of management accountants? Analytical skills Ability to work on a team Oral and written communication skills Speak a foreign language

D

Which of the following statements is FALSE? The treasurer and controller report directly to the CFO. B. The COO is responsible for the company's operations. C. The board of directors hires the CEO to manage the company on a daily basis. D. The internal audit department reports solely to the CFO.

D

Which of the following is a cash equivalent? A)Money market funds B)certificate of deposits that mature in less then 3 months C)U.S. treasury bills D) All

Dcccc