Managerial And Cost Accounting
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Table of Contents (click to navigate)Cost Terms & Classifications Answers (1 - 40) 37EOQ & Inventory Control Answers (466 - 480) 7375Manufacturing Costs Answers (41 - 80) 811Financial Ratios Answers (481 - 500) 7678Service Department Allocations Answers (81 - 105) 1216Quality & Other Terms Answers (501 - 520) 7981Variable vs. Absorption Costing Answers 106 - 130 1720Cost Behavior & Estimation Answers (131 - 150) 2123Regression for Estimating Answers (151 - 185) 2428Break-even and Cost-Volume-Profit Answers (186 - 210) 2932Job Costing Answers (211 - 240) 3337Process Costing Answers (241 - 265) 3841Standard Costing - Direct Materials & DirectLabor 42Answers (266 - 305) 46Standard Costing - Manufacturing Overhead 47Answers (306 - 340) 51Activity Based Costing Answers (341 - 375) 5256Joint Costs Answers (376 - 395) 5760Operating Budgets Answers (396 - 420) 6165Capital Budgeting Answers (421 - 445) 6669Decentralized Operations Answers (446 - 465) 7072For personal use by the original purchaser only. Copyright AccountingCoach .com.2
Part 1: Cost Terms & ClassificationsMultiple Choice1.Management accounting is usually associated withexternalinternal2.Fixed, mixed, and variable are terms used to describe howreasonable or relevant range of volume or activities.costsrevenues3.The professional organization with its primary focus on management accounting isAAAAICPAFASBIMA4.Present and future costs that will differ among alternatives are considered to becosts for making decisions.fixedrelevantvariable5.Generally, managerial accounting is focused ondecision making.auditingincome taxesplanning6.Costs that are traceable to a product without allocation are described asproduct costs.assigneddirectindirect7.The salary of the manager of the factory maintenance department will be a direct cost tothat department, and willl beproduct cost.a directan indirecta prime8.Burden is used when referring to which of the following costs?administrativeconversionmanufacturing overhead9.Manufacturing overhead is which type of cost?administrative expensedirect product10.A cost that exists, but is not explicitly stated is best described ascost.an imputeda relevanta variable11.The head of the accounting department in a very large manufacturing firm usually has thetitle ofCEOCFOCIOcontrollerreporting.behave within a, control, and internalindirect productFor personal use by the original purchaser only. Copyright AccountingCoach .com.3
12.The budget that changes for increases or decreases in volume or activity is abudget.capitalflexiblestatic13.The relevant costs for a business decision are thecommondifferentialfixed14.The cost to manufacture one unit of a product is likely to beknown with precisiona reasonable approximation15.Freight-out is best classified as amanufacturing overhead16.A relevant cost could include some fixed costs.TrueFalse17.The lubricants used to operate a factory’s production equipment iscost.a direct productan indirect producta period expense18.The annual depreciation of the factory building is amanager.controllablenoncontrollable19.The accountants’ term incremental cost is related to the economists’ termcost.elasticityequilibriummarginal20.The theory of constraints focuses onbenchmarkingthroughput21.Interest on a loan for operations is classified as acapitalizedperiodprimecost.product22.Selling and delivery expenses are examples ofinventoriablenoninventoriablecosts.product23.The Japanese term for continuous improvement isJITkaizenkanbancosts.past.nonmanufacturing expensecost for the plantvalue addedFor personal use by the original purchaser only. Copyright AccountingCoach .com.six sigma4
24.For decision making,historicalreplacement25.A variable cost is likely to remain the samein totalper unit26.Thecontribution margincosts are likely to be more useful.as volume changes.is defined as revenues minus variable costs.gross profitopportunity costMatchingMatch one of the following terms with the definitions or descriptions listed in 27 - 40 below.Use each term only objectopportunityoverheadperiodprimeThe term which refers to the combination of directmaterials and direct labor costs.This term refers to the combination of direct laborcosts and manufacturing overhead costs.The cost defined as a benefit foregone by havingselected and taken an alternative action.30.31.The term for a past, irrelevant cost.These costs consist of direct materials, directlabor, and manufacturing overhead.32.33.34.productstandardsunkvariableA cost term used instead of semivariable.These costs do not change in total within arelevant range of volume or activity.The total of these costs will change inproportion to the change in activity or volume.For personal use by the original purchaser only. Copyright AccountingCoach .com.5
35.A manufacturer’s indirect product costs are alsoreferred to as manufacturingcosts.36.A cost that is not a product cost is likely to beacost.37.Realistic, predetermined costs for directmaterials, direct labor, and factory overheaddescribescosts.38.39.40.A product, department, service, customer, etc. towhich a cost is assigned is a cost.Raw materials, work-in-process, and finishedgoods are the threeaccountsusually used by manufacturers.Activity-based costing utilizes more than one ofthese in the assigning of costs.For personal use by the original purchaser only. Copyright AccountingCoach .com.6
Answers (1 - .20.internalcostsIMArelevantplanningdirectan indirectmanufacturing overheadindirect productan imputedcontrollerflexibledifferentiala reasonable approximationnonmanufacturing expenseTruean indirect periodnoninventoriablekaizenreplacementper unitcontribution iversFor personal use by the original purchaser only. Copyright AccountingCoach .com.7
This is a Sample PDF of our Managerial and Cost Accounting ExamYou can view the entire Exam (81 pages containing 520 questions plus answers) when you joinAccountingCoach PRO.PRO members also have access to online versions of our exams, which include instant grading.For personal use by the original purchaser only. Copyright AccountingCoach .com.8
Answers (1 - 40) 7 Manufacturing Costs 8 Answers (41 - 80) 11 Service Department Allocations 12 Answers (81 - 105) 16 Variable vs. Absorption Costing 17 Answers 106 - 130 20 Cost Behavior & Estimation 21 Answers (131 - 150) 23 Regression for Estimating 24 Answers (151 - 185) 28 Break-even and Cost-Volume-Profit 29 Answers (186 - 210) 32
Horngren, Datar & Rajan. Cost Accounting: A Managerial Emphasis, 14th Ed. 2012 Reference Books Garison. Noreen and Brewer, Managerial Accounting, 13th Ed. 2010 Gray and Ricketts; “Cost and Managerial Accounting” Heltger and Matulich; “Managerial Accounting” Moore - Jaedicke- Anderson; “Managerial Accounting”
H2: Financial Versus Managerial Accounting 5) A budget is a managerial accounting tool used in the planning process. Answer: TRUE Diff: 1 LO: 16-1 AICPA Functional: Reporting PE Question Type: Concept H2: Financial Versus Managerial Accounting Test Bank for Horngrens Financial and Managerial Accounting The Managerial Chapters 5th Edition by .
Cost Accounting 1.2 Objectives and Functions of Cost Accounting 1.3 Cost Accounting and Financial Accounting — Comparison 1.3 Application of Cost Accounting 1.5 Advantages of Cost Accounting 1.6 Limitations or Objections Against cost Accounting 1.7 Installation of a costing system 1.7 Concept of Cost 1.9 Cost Centre 1.10 Cost Unit 1.11 Cost .File Size: 1MB
Managerial Accounting Study Guide . Table of Contents 1. Introduction to Managerial Accounting 2. Introduction to Cost Terms and Cost Concepts . It is important to note that even though financial accounting reports are aimed primarily at external users and managerial accounting reports are aimed primarily at internal users, managers also make .
Textbook Equity Paperback, Principles of Accounting, Volume 1 , Financial Accounting (Chapters 9 – 18), List Price 14.95 PDF Version, Accounting Principles: Managerial Accounting, Free Download Textbook Equity Paperback, Accounting Principles: Managerial Accounting, 316 pages, (chapters 19 – 26 of the original volume).
Textbook Equity Paperback, Principles of Accounting, Volume 1 , Financial Accounting (Chapters 9 - 18), List Price 14.95 PDF Version, Accounting Principles: Managerial Accounting, Free Download Textbook Equity Paperback, Accounting Principles: Managerial Accounting, 316 pages, (chapters 19 - 26 of the original volume).
Garrison, Managerial Accounting, 12th Edition 3 True/False Questions 1. Although financial and managerial accounting differ in many ways, they are similar in that both rely on the same underlying financial data. Answer: True Level: Medium LO: 1 2. Managerial accounting is a branch of financial accounting and serves essentially the
2. The concepts of managerial cost accounting contained in this statement describe the relationship among cost accounting, financial reporting, and budgeting. The five standards set forth the fundamental elements of managerial cost accounting: (1) accumulating and report
