MANAGERIAL aCCOUNTING CHAPTER 1

Which of the following statements are true?

-Most managers today are driven primarily by economic results. -The triple bottom line is a component of sustainability accounting. -Most public companies now issue corporate social responsibility (CSR) reports.

Cost objects include ______.

-customers -anything for which cost data is desired -activities

Companies with strong ethical cultures ______.

-have higher productivity than those without such cultures -have higher levels of customer satisfaction

A(n)_______lays out plans in financial terms so that managers can determine the resources needed to achieve their objectives.

Budget

Which of the following people would be more interested in managerial accounting data than in financial accounting data?

Business owner Employee

In an automobile manufacturing plant, assembly-line workers' wages are__________,_________

Direct Labor

The first step in ___________ is to establish goals or objectives and tactics to achieve them.

Planning

Which of the following is not an activity that managers perform on a regular, routine basis?

budgeting

Any item a manager wants to know the cost of is called a(n)_________________,______________

cost object

A cost that can be easily traced to a specific cost object is a(n)_____________cost, whereas costs that cannot be traced or are not worth the effort to trace are_______________________costs

direct or prime indirect or common

A(n)____________cost does not change in total and a(n)___________Incorrect Unavailable cost does not change per unit

fixed variable

When faced with an ethical dilemma ______.

identify and evaluate the alternative courses of action identify the parties that will be affected by the situation

Decisions such as deciding how many employees to hire, salary schedules, and training policies are made during the ______ phase of the management process.

implementation

Decisions made during the _______________phase are sometimes called operational decisions

implementation or implementing

Materials are treated as__________ costs when it is not worth the cost or effort to trace them to specific products.

indirect or overhead

When classifying costs,__________costs relate to making a product and________________costs relate to delivering and selling a product.

manufacturing or product nonmanufacturing, period, or non-manufacturing

Controlling involves ______.

measuring actual results

Determining tactics that management will use to achieve objectives is part of ______.

planning

The future-oriented part of the management cycle is ____________

planning

The continuous, ongoing cycle of management functions include ______.

planning, implementing, and controlling

Providing managers with a broader set of information to meet the needs of multiple stakeholders, with the goal of ensuring the company's long-term survival in an uncertain and resource-constrained world is the goal of ____________accounting

sustainability

When applied to business,________________means a company can meet today's needs without sacrificing future generations from meeting their own needs

sustainability

Costs that remain constant on a per unit basis are called__________costs

variable