ACC 560 Week 2 Quiz – Strayer NEW


Click On The Link Below to Purchase A+ Graded Material
Instant Download

http://budapp.net/ACC-560-Week-2-Quiz-Strayer-NEW-ACC560W2Q.htm


Week 2 Quiz 1: Chapter 1

TRUE-FALSE STATEMENTS

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

Ans:, LO: 1, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector, AICPA FN: Reporting, AICPA PC: Communication, IMA: Reporting

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

Ans:, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector, AICPA FN: Reporting, AICPA PC: Communication, IMA: Reporting

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

Ans:, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector, AICPA FN: Reporting, AICPA PC: Communication, IMA: Reporting

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

Ans:, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: FSA

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

Ans:, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector, AICPA FN: Reporting, AICPA PC: Communication, IMA: Reporting

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

Ans:, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector, AICPA FN: Decision Modeling, AICPA PC: Leadership, IMA: Decision Analysis

    7.     The Sarbanes-Oxley Act replaces generally accepted accounting principles in a manufacturing company.

Ans:, LO: 2, Bloom: C, Difficulty: Easy, Min: 1, AACSB: Ethics, AICPA BB: Legal/Regulatory, AICPA FN: Reporting, AICPA PC: None, IMA: Reporting

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

Ans:, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector, AICPA FN: Decision Modeling, AICPA PC: Leadership, IMA: Internal Controls

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

Ans:, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Strategic/Critical Thinking, AICPA FN: Decision Modeling, AICPA PC: Leadership, IMA: Decision Analysis

  10.     Direct materials costs and indirect materials costs are manufacturing overhead.

Ans:, LO: 3, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: Cost Management

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

Ans:, LO: 3, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: Cost Management

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

Ans:, LO: 3, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: Cost Management

  13.     Raw materials that can be conveniently and directly associated with a finished product are called materials overhead.

Ans:, LO: 3, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: Cost Management

  14.     The total cost of a finished product does not generally contain equal amounts of materials, labor, and overhead costs.

Ans:, LO: 3, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: Cost Management

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

Ans:, LO: 4, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: Cost Management

  16.     Period costs include selling and administrative expenses.

Ans:, LO: 4, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: Cost Management

  17.     Indirect materials and indirect labor are both inventoriable costs.

Ans:, LO: 4, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: Cost Management

  18.     Direct materials and direct labor are the only product costs.

Ans:, LO: 4, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: Cost Management
  19.     Total period costs are deducted from total cost of work in process to calculate cost of goods manufactured.

Ans:, LO: 4, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: Cost Management

  20.     Period costs are not inventoriable costs.

Ans:, LO: 4, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory, AICPA FN: Reporting, AICPA PC: None, IMA: Reporting

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

Ans:, LO: 5, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory, AICPA FN: Reporting, AICPA PC: None, IMA: Reporting

  22.     The beginning work in process inventory appears on both the balance sheet and the cost of goods manufactured schedule of a manufacturing company.

Ans:, LO: 5, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory, AICPA FN: Reporting, AICPA PC: None, IMA: Reporting

  23.     In calculating gross profit for a manufacturing company, the cost of goods manufactured is deducted from net sales.

Ans:, LO: 5, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory, AICPA FN: Reporting, AICPA PC: None, IMA: Reporting

  24.     Finished goods inventory does not appear on a cost of goods manufactured schedule.

Ans:, LO: 6, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory, AICPA FN: Reporting, AICPA PC: None, IMA: Reporting

  25.     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.

Ans:, LO: 6, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: Cost Management

  26.     Finished goods inventory for a manufacturing company is equivalent to merchandise inventory for a merchandising company.

Ans:, LO: 7, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory, AICPA FN: Reporting, AICPA PC: None, IMA: Reporting

  27.     Raw materials inventory shows the cost of completed goods available for sale to customers.

Ans:, LO: 7, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory, AICPA FN: Reporting, AICPA PC: None, IMA: Reporting

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

Ans:, LO: 8, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector, AICPA FN: Risk Analysis, AICPA PC: Problem Solving, IMA: Performance Measurement

  29.     The supply chain is all the activities associated with providing a product or service.

Ans:, LO: 8, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector, AICPA FN: Measurement, AICPA PC: None, IMA: Global Business

  30.     Many companies have significantly lowered inventory levels and costs using just-in-time inventory methods.

Ans:, LO: 8, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector, AICPA FN: Risk Analysis, AICPA PC: None, IMA: Cost Management

  31.     Managerial accounting is primarily concerned with managers and external users.

Ans:, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector, AICPA FN: Decision Modeling, AICPA PC: None, IMA: Business Economics

  32.     Planning involves coordinating the diverse activities and human resources of a company to produce a smooth running operation.

Ans:, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector, AICPA FN: Decision Modeling, AICPA PC: None, IMA: Business Economics

  33.     When the physical association of raw materials with the finished product is too small to trace in terms of cost, they are usually classified as indirect materials.

Ans:, LO: 3, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory, AICPA FN: Measurement, AICPA PC: None, IMA: Cost Management

  34.     Product costs are also called inventoriable costs.

Ans:, LO: 4, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, A

Comments

Post a Comment

Popular posts from this blog

MKT 510 Week 2 Assignment 1 – Strayer NEW

Click On The Link Below to Purchase A+ Graded Material Instant Download http://budapp.net/MKT-510-Assignment-1-Strayer-NEW-MKT510A1.htm Assignment 1: Culture and Marketing Strategy Briefly describe the chosen advertisement, and explain where you located it. Analyze the underlying assumptions that the authors of the ad seem to make about the consumers that this advertisement targets.  Determine how the ad is using these perceived assumptions to evoke a consumer response. Determine at least one consumer group that the ad excludes, and provide a rationale for why the ad would not appeal to the group that you have identified. Evaluate this advertisement and its relationship with cultural values (i.e…determine if the ad is designed to emphasize a set of values or if it is designed to change a cultural value in society).
Read more

PAD 500 Week 2 Discussion Questions – Strayer NEW

Click On The Link Below to Purchase A+ Graded Material Instant Download http://budapp.net/PAD-500-Week-2-Discussion-Questions-Strayer-NEW-PAD500W2D.htm Week 2 DQ 1 "Relationships of Leadership."  Please respond to the following: ·          Construct an analysis of public administration at the present moment as it relates to the duties of the Executive, Legislative, and Judicial branches of government.  ·          Evaluate the three basic forms of city government from the point of view of a departmental head. Week 2 DQ 2 "The Political Context. Based on the reading of Federalist Paper 51"  Please respond to the following: ·          Describe how the Founders' conception of the Constitution (reflected in Madison's arguments) influenced the evolution of American public administration.  ·     ...
Read more

LEG 500 Week 2 Discussion Question – Strayer NEW

Click on the Link Below to Purchase A+ Graded Material Instant Download: http://budapp.net/LEG-500-Week-2-Discussion-Question-Strayer-NEW-LEG500W2D.htm Week 2 DQ "The Duty of Loyalty and Whistleblowing"  Please respond to the following: ·          Analyze the duty of loyalty in whistleblower cases to determine to whom loyalty is owed and who shows the greater duty of loyalty. Support your analysis with specific examples. Then, suggest at least one (1) change to an existing law. ·          Reexamine the  Citizens United  decision in Chapter 1, and determine which of the following groups has the greatest free speech rights: corporations, public employees, or private employees. Provide a rationale for your determination.
Read more