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Man Ch 1

Authored by Kari Mitchell

Business

KG - University

Used 3+ times

Man Ch 1
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10 questions

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1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

The PRIMARY difference between financial accounting (FA) and managerial accounting (MA) is that:

FA is used by internal parties while MA is used by external parties.
FA is future oriented while MA is historical in nature
FA is used by external parties while MA is used by internal parties.
FA is prepared as needed but MA is prepared periodically (monthly, quarterly, annually).

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Which of the functions of management involves monitoring actual results to see whether the objectives set are being met and determining if corrective action should be taken?

Implementing
Controlling
Planning
Selling

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

If the number of units produced increases, then

Unit variable costs will increase
Unit fixed costs will decrease
Total variable costs will remain the same
Total fixed costs will increase

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Suppose you are trying to decide whether to sell your accounting book at the end of the semester or keep it as a reference book for future courses. If you decide to keep the book, the money you would have received from selling the book is a(n)

sunk cost
opportunity cost
out-of-pocket cost
indirect cost

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

A company that purchases raw materials and converts them into finished products

Merchandising Company
Retailer
Wholesaler
Manufacturer

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Which of the following is NOT one of the functions of management?

Planning
Reviewing
Implementing
Controlling

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Costs that remain the same in total regardless of the level of activity are called

Fixed costs
Variable costs
Direct costs
Sunk costs

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