Accounting Final

Front 1

managerial accounting

Back 1

primarily concerned with generating financial and nonfinancial information for use by managers in their decision making roles within a company.

Front 2

relevant costs

Back 2

those that differ between alternatives

Front 3

sunk costs

Back 3

costs that have already been incurred

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fixed costs

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costs that remain the same in total but vary per unit

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variable costs

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vary in direct proportion in total in production volume but constant per unit

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Mixed costs

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include both fixed and a variable component

Front 7

The discipline of managerial accounting

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often emphasizes segments rather than the organization as a whole

Front 8

revelvant costs are those that

Back 8

differ between alternatives

Front 9

when making a decision, what should not be considered?
risk
sunk costs
opportunity costs
relevant costs

Back 9

sunk costs

Front 10

sensitivity analysis

Back 10

is the process of changing values of key variables in decision making to determine how sensitive decsions are to those changes

Front 11

the aftertax benefit of a taxable cash receipt can be calculated as

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pretax (1-TR)

Front 12

the following total cost equation, Y= 65000 + 0x represents

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a fixed cost

Front 13

which of the following would not cause the contribution margin to increase?
a decrease in fixed cost per unit
an increase in sales volume
a decrease in variable cost per unit
an increase in the sale price per unit?

Back 13

a decrease in fixed cost per unit

Front 14

which of the following pieces of infomation would not be relevant to the decision whether to sell a product as ir or process it further?
sales price if processes further
costs incurred up to the decision point
costs of further processing
customer demand with further processing?

Back 14

costs incurred up the decision point

Front 15

as production volume increases fixed costs per unit

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stays the same

Front 16

which of the following types of costs is the most likely to be classified as variable?
factory rent
factory insurance
direct materials
depreciation of factory building

Back 16

direct materials

Front 17

when predicting cost behavior, the volume of production for which the fixed and variable cost relationships are assumed to hold true is called the

Back 17

relevant range

Front 18

when are fixed costs relevant to a make or buy decision?

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they are relevant when they differ among alternatives

Front 19

a particular product like is likely to be dropped when

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its avoidable costs are more than its contribution margin

Front 20

in deciding whether to sell a product as is or prcoess it fruther, which or the following peices of information would be relevant to the decision?
only overhead costs
costs incurred to process furhter
costs incurred up to the decision point
direct materials and direct labor costs only

Back 20

costs incurred to process further

Front 21

calculations of the time value of money are based up the premise that

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a dollar received today is worth more than a dollar recieved in the future

Front 22

what is the relationship between IRR and NPV

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the irr is the discount rate that makes the nvp zero

Front 23

in the budgeting process, which budget is made first?

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the sales budget

Front 24

if a company has unfavorable labor rate variance costs, what would most likely be the reason for this variance?

Back 24

the company had to give employees an unexpected raise due to union negotiations

Front 25

chapman products has a favorable materials usage variance. what would most likely be the reason for this variance?

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the companys machines were better maintained resulting in less waste of materials

Front 26

corporate governance practices are aimed at promoting

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accurate financial statements
corporate fairness
management accountibility

Front 27

which of the following is not one of the internal forces that shapes corporate governance systems?
compensation and incentives systems
corporate boards of directors
corporate code of conduct
generally accepted accounting principles

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generally accepted accounting principles

Front 28

what organization developed the ninternal control framework that is most widely used by organizations in the united states

Back 28

the committe of sponsoring organizations

Front 29

managements attitude and general philosophy about internal control are captured in the

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control enviornment

Front 30

what control activity would most likely reduce the incidence of reporting false hours on employee time cards?

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supervisor review of time cards

Front 31

what is most likely not to be an element of an ethics program

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written codes of ethics

Front 32

deceptive or unethical business practices can have a variety of negative consequences for business including

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decrease the liklihood of unethical behavior by other employees

Front 33

stakeholder analysis should allow a company the opportunity to assess which of the following responsibilities to external stakeholdesr?

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ethical social and economical should all be assessed

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external stakeholders likely include all but which of the follow?
customers
government agencies
management
investors

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management

Front 35

the three types of codes to ethics violatoins should include

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statements of intent

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an organizations response to ethics violatoins should include

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timely
sancations that are fair
a thorough investigation

Front 37

what reguarding fraud is not true?

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management fraud is very easy to detect

Front 38

which of the following parties is most likely to penetrate fraudulent financial reporting

Back 38

members of management