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8/17/2019
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Course 171005- Analyzing Cost Data for Management
  Final Exam
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171005v - Analyzing Cost Data for Management

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Accounting
14 CPE Credit Hours

8/17/2019
Final Exam
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Read 'Chapter 1: Cost Concepts' & answer the following question(s):
1. Managerial accounting is concerned with all but:
2. This is not a function of management:
3. The Cost Accounting Standards Board (CASB) was established by
4. The treasury function is usually not concerned with
5. The professional certification program most suited for one interested in a career in internal auditing leads to which of the following designations?
6. The Certified Management Accountants (CMA) does not require examination of:
7. Manufacturing costs can be classified into all but:
8. All costs related to the selling function in a company are
9. Period costs
10. In a traditional manufacturing operation, direct costs normally include
11. 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)
12. The wages of the factory janitorial staff should be classified as
13. The difference between variable costs and fixed costs is
14. The contribution approach to income determination may not be useful for:
15. The contribution income statement classifies costs by
16. A basic approach to cost accumulation is:
17. Process costing includes all except:
18. Job cost records do not include:
19. Which one of the following is least likely to be an objective of a cost accounting system?
20. This is appropriate when the products are manufactured in identifiable lots or batches or when the products are manufactured to customer specifications.
21. Under this, accounting data are accumulated by the production department (or cost center) and averaged over all of the production that occurred in the department.
22. There are several alternative cost drivers (denominator measures) for applying overhead. Which is not commonly used?
23. Unit costs may not be useful for:
24. Factory overhead costs include all except:
25. Cost drivers for non-manufacturing costs include all except:
26. This is not included in the value chain of business functions:
27. Cost-volume-profit (CVP) analysis allows management to determine the relative profitability of a product by
28. The difference between sales and total variable costs is
29. The dollar amount of revenues needed to attain a desired income is calculated by dividing the contribution margin ratio into
30. When used in cost-volume-profit analysis, sensitivity (what-if) analysis
31. Information about two products is as follows: Product A: Selling price per unit is $20; Variable costs per unit are $11; Contribution margin per unit is $ 9. Product B: Selling price per unit is $25; Variable costs per unit are $18; Contribution margin per unit is $7. Sixty percent of sales in units are expected to be product A (a sales mix of 6:4 or 3:2). Fixed costs are expected to be $82,000. Breakeven in units would be:
32. The most likely strategy to reduce the breakeven point would be to
33. Depreciation based on the straight-line method is classified as what type of cost?
34. Which one of the following categories of cost is most likely not considered a component of fixed factory overhead?
35. Basic break-even and CVP models are subject to limiting assumptions such as:
36. An undertaking of cost behavior is helpful for all except:
37. Variable cost categories do not include:
38. One popular method for estimating the cost-volume formula is:
39. Major steps in preparing the budget do not include:
40. Computer-based models are used for:
41. Responsibility centers can be all except:
42. Performance reports based on analysis of variances do not need to address:
43. a standard cost system, the materials price variance is obtained by multiplying the
44. An unfavorable price variance occurs because of
45. Under a standard cost system, the materials price variances are usually the responsibility of the
46. How is labor rate variance computed?
47. 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?
48. Variance analysis for factory overhead does not consist of:
49. Non-financial performance task measures do not include:
50. The primary difference between centralization and decentralization is
51. Return on Investment (ROI) can be enhanced by the following actions:
52. In some cases, ROI is preferred to RI because.
53. Improving Economic Value Added (EVA) can be achieved by:
54. The corporate balanced scorecard
55. Which of the following would be a nonfinancial measure?
56. Considerations needed to determine which type of transfer policy to use includes all except:
57. A binding constraint can:
58. Common mistakes you make in decision making are to include:
59. Future value is best described as
60. An annuity is a series of payments of a fixed amount for:
61. The present worth of future sums of money is
62. The discount rate (or cost of capital) ordinarily used in present value calculations is the
63. A method of evaluating investment projects does not include:
64. A characteristic of the payback method (before taxes) is that it
65. Jones Company is considering the purchase of a new machine for $57,000. The machine would generate an annual cash flow of $17,411 for five years. At the end of five years, the machine would have no salvage value. The company's cost of capital is 12 percent. The company uses straight-line depreciation with no mid-year convention.What is the internal rate of return for the machine rounded to the nearest percent, assuming no taxes are paid?
66. 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
67. Oakland Shop is considering the purchase of a used printing press costing $9,600. The printing press would generate an annual cash flow of $4,000 per year for three years. At the end of three years, the press would have no salvage value. The company's cost of capital is 10 percent. The company uses straight-line depreciation with no mid-year convention. What is the net present value for the press?
68. 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
69. If the tax rate is 40 percent and a company has $800,000 of income, a depreciation deduction of $160,000 would result in a tax savings of
70. A project’s cash flow will fall into:
Read 'Chapter 2: Job Order Costing' & answer the following question(s):
Read 'Chapter 3: Activity-Based Costing' & answer the following question(s):
Read 'Chapter 4: Break?Even And Cost?Volume?Profit Analysis' & answer the following question(s):
Read 'Chapter 5: Cost Behavior Analysis' & answer the following question(s):
Read 'Chapter 6: Budgeting For Profit Planning' & answer the following question(s):
Read 'Chapter 7: Standard Costs' & answer the following question(s):
Read 'Chapter 8: Performance Evaluation' & answer the following question(s):
Read 'Chapter 9: Transfer Pricing' & answer the following question(s):
Read 'Chapter 10: Decentralization' & answer the following question(s):
Read 'Chapter 11: Long Term Investment and Capital Budgeting Decisions' & answer the following question(s):
Read 'Chapter 12: A Further Look at Capital Budgeting' & answer the following question(s):
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