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Course 171023- Cost Management : Accounting and Control
  Final Exam
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171023v - Cost Management : Accounting and Control

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Accounting
20 CPE Credit Hours
4/19/2024
Final Exam
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Read 'Chapter 1: Introduction to Cost Management' & answer the following question(s):
1. Cost management is not concerned with
2. Significant developments in cost management do not include
3. The Cost Accounting Standards Board (CASB) was established by
4. _______________________ is not the function the treasury function is usually concerned with
5. The professional certification program most suited for one interested in a career in management accounting leads to which of the following designations?
Read 'Chapter 2: Cost Classifications, Terminology, and Profit Concepts' & answer the following question(s):
6. TQM seeks evolutionary changes in the processes while the practice called business process reengineering (BPR) seeks to make revolutionary changes. T F
7. Managerial accounting is concerned with all but
8. Management performs all but
9. The Certified Management Accountants (CMA) does not require examination of:
10. Manufacturing costs are those costs associated with the human resource activities of the company.
11. The difference between variable costs and fixed costs is
12. Depreciation based on the straight-line method is classified as what type of cost?
13. The wages of the factory janitorial staff should be classified as
Read 'Chapter 3: Cost Accounting Systems — Job Order Costing' & answer the following question(s):
14. All costs related to the manufacturing function in a company are
15. Period costs
16. In a traditional manufacturing operation, direct costs normally include
Read 'Chapter 4: Activity-Based Costing' & answer the following question(s):
17. For product costing purposes, the cost of production overtime caused by equipment failure that represents idle time plus the overtime premium should be classified as a(n
18. Which one of the following is least likely to be an objective of a cost accounting system?
19. There are several alternative denominator measures for applying overhead. Which is not commonly used?
Read 'Chapter 5: Cost?Volume?Profit Analysis' & answer the following question(s):
20. Manufacturing costs can be classified into all but
21. . The contribution approach to income determination may not be useful for:
22. The traditional income statement classifies costs by
23. Companies characterized by the production of heterogeneous products will most likely use which of the following methods for the purpose of averaging costs and providing management with unit cost data?
24. Companies characterized by the production of basically homogeneous products will most likely use which of the following methods for the purpose of averaging costs and providing management with unit cost data?
25. A basic approach to cost accumulation is
26. Process costing includes all except
Read 'Chapter 6: Analysis of Cost Behavior' & answer the following question(s):
27. Job cost records do not include:
28. A cost accumulation system is a product costing system
29. Unit costs may be misleading for:
30. Factory overhead costs include all except
Read 'Chapter 7: Budgeting for Profit Planning' & answer the following question(s):
31. Cost drivers for non-manufacturing costs include all except
32. The three elements of production cost are direct materials, direct labor, and factory overhead.
33. When products consume overhead activities in different proportions, a firm has product diversity
Read 'Chapter 8: Responsibility Accounting, Standard Costs, and Variances' & answer the following question(s):
34. _________________ is not an activity drive level.
35. ____________________ is not included in the value chain of business functions:
36. The dollar amount of revenues needed to attain a desired income is calculated by dividing the contribution margin ratio into
37. The basic break even and CVP models assumes
38. The most likely strategy to reduce the breakeven point would be to
39. Basic break-even and CVP models are subject to limiting assumptions such as:
40. Linda International's sales are 8,000 racing bicycles and 12,000 5-speed bicycles, respectively. If the selling price and variable costs are $570 and $200 for a racer and $180 and $90 for a 5-speed, respectively, what is the weighted-average contribution margin?
41. When used in cost-volume-profit analysis, sensitivity (what-if) analysis
42. The difference between sales and total variable costs is
43. Cost-volume-profit (CVP) analysis allows management to determine the relative profitability of a product by
Read 'Chapter 9: Control of Profit Centers' & answer the following question(s):
44. An undertaking of cost behavior is helpful for all except
45. Variable cost categories do not include
46. Which one of the following categories of cost is most likely not considered a component of fixed factory overhead?
Read 'Chapter 10: Performance Measurement, Balanced Scorecard, and Transfer Pricing' & answer the following question(s):
47. The following cost functions were developed for manufacturing overhead costs.Electricity: $50 + $10 per direct labor hour; Maintenance: $100 + $15 per direct labor hour; Supervisors’ Salaries: $5,000 per month; Indirect materials:$8 per direct labor hour; If July production is expected to be 1,000 units requiring 1,500 direct labor hours, estimated manufacturing overhead costs would be:
48. One popular method for estimating the cost-volume formula is
49. Major steps in preparing the budget do not include
50. Use the following for information: Projected sales for Tony, Inc. for next year and beginning and ending inventory data are as follows.Sales:20,000 units; Beginning inventory: 1,000 units; Desired ending inventory: 5,000 units. According to the production budget, how many units should be produced?
51. Computer-based models are used for
52. In a standard cost system, the materials price variance is obtained by multiplying the
53. An unfavorable price variance occurs because of
54. Under a standard cost system, the materials price variances are usually the responsibility of the
Read 'Chapter 11: Nonroutine Decisions and Life-Cycle and Target Costing' & answer the following question(s):
55. How is labor rate variance computed?
56. If a manufacturing company uses responsibility accounting, which one of the following items is least likely to appear in performance report for a manager of an assembly line?
57. Responsibility centers can be all except
58. Performance reports based on analysis of variances do not address:
59. Variance analysis for factory overhead does not consist of
60. Non-financial performance task measures do not include
61. New performance measures tend to be nonfinancial and more subjective than standard costs.
62. The sales quantity variance equals
63. The sales mix variance equals
64. Rate of Return on Investment (ROI) can be enhanced by the following actions
Read 'Chapter 12: Capital Budgeting' & answer the following question(s):
65. Improving Economic Value Added (EVA) can be achieved by:
66. The Du Pont formula combines the income statement and balance sheet into a static measure of performance.
67. Residual income is a performance evaluation that is used in conjunction with, or instead of, return on investment (ROI). In many cases, residual income is preferred to ROI because.
68. The primary difference between centralization and decentralization is
Read 'Chapter 13: Capital Budgeting and Income Taxes' & answer the following question(s):
69. Considerations needed to determine which type of transfer policy to use includes all except:
70. A binding constraint can
71. Common mistakes you make in decision making are to include
Read 'Chapter 14: Process Costing, Cost Allocation, and Joint Product Costing' & answer the following question(s):
72. Buying services, products, or components of products from outside vendors instead of producing them is called outsourcing.
73. Future value is best described as
74. The discount rate (or cost of capital) ordinarily used in present value calculations is the
75. The technique that recognizes the time value of money by discounting the after-tax cash flows for a project over its life to time period zero using the company’s minimum rate of return is the
76. The technique that reflects the time value of money and is calculated by dividing the present value of the future net after-tax cash inflows that have been discounted at the desired cost of capital by the initial cash outlay for the investment is the
77. A characteristic of the payback method (before taxes) is that it
78. An annuity is a series of payments of a fixed amount for
79. The present worth of future sums of money is
80. A method of evaluating investment projects does not include
81. The present value of a series of mixed payments is the sum of the present value of each individual payment.
82. __________________ is not a project’s cash flow
Read 'Chapter 15: Total Quality Management and Quality Costs' & answer the following question(s):
83. Which of the following is not a depreciation method used for financial reporting purposes?
84. MACRS rule stands for
85. A realistic depreciation method for an automobile can be based on
86. Income taxes make a difference in many capital budgeting decisions.
87. MACRS abandons the concept of useful life and accelerates depreciation deductions.
88. A corporation manufactures two brands of barbed wire fencing for sale to wholesalers and large ranchers. Which of the following would be the best type of costing system for such a company to use?
89. In the computation of manufacturing cost per equivalent unit, the weighted-average method of process costing considers
90. Allocation of support department costs to the production departments is necessary to
Read 'Chapter 16: Inventory Management and Just-in-Time' & answer the following question(s):
91. The step-down method of support department cost allocation often begins with allocation of the costs of the support department that
92. A major component of total quality management (TQM) is
93. Total quality management (TQM) in a manufacturing environment is best exemplified by
94. One of the main reasons that implementation of a total quality management program works well through the use of teams is
95. One of the main reasons total quality management (TQM) can be used as a strategic weapon is that
96. The carrying costs associated with inventory management include
97. The order costs associated with inventory management include
98. The EOQ model attempts to
99. The EOQ will decline due to
100. The EOQ formula assumes that
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