
Final Exam Review
Authored by Adam Madonia
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27 questions
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1.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
The four standard GAAP financial statements answer which of the following questions?
How many units a business needs to sell to breakeven
How a business can be more efficient
Which managers are performing to expectations
Should the business close a plant
None of the above
2.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Which statement(s) describes managerial accounting, as presented in this class?
A. The primary users are outside the company
B. Reports must conform to specific standards
C. Reports are generated on an as-needed basis
A and C
A and B
3.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Below are costs incurred by a manufacturing company.
Cost of raw materials used, travel expenses for sales staff, cost of packing materials, sales commission paid, electricity used to operate machines in the factory, CEO salary
Which costs are classified as product costs on a GAAP income statement?
Cost of raw materials used, CEO salary, cost of packing materials
CEO salary, sales commission paid, cost of raw materials used
Electricity used to operate machines in the factory, cost of raw materials used, cost of packing materials
Sales commission paid, travel expenses for sales staff, CEO salary
Cost of packing materials, travel expenses for sales staff, sales commission paid
4.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Unit contribution margin is defined as
Total revenue dollars less total variable expense dollars
Total revenue dollars less total fixed expense dollars
Selling price per unit less unit variable cost
Selling price per unit less unit fixed cost
Total profit before taxes dollars less total fixed expense dollars
5.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Which statement about product costs and period expenses is true?
Period expenses are inventoriable, but product costs are not
The cost of goods sold is recorded on the income statement for the period
The costs of production are accumulated in the raw materials account
Period costs are deducted from revenues to calculate gross margin
6.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
With respect to the number of tiles produced, which costs are best classified as variable
Janitorial supplies and utility costs
Cost of raw materials and maintenance costs on copiers
Human resource manager's salary and CEO's salary
Production manager's salary and advertising on national television
Cost of raw materials and production employee wages
7.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
The Criders Company has 12,000 units of obsolete inventory. The units originally cost $6,000.
The company can either sell them for scrap at $0.20 per unit or they can invest $2,000 to be able to sell them at a price of $0.60 per unit.
With regard to this decision, the cost of the original units would be considered:
Relevant and sunk
Not relevant and sunk
Not relevant and variable
Relevant and variable
None of the above
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