Which questions aim to more clearly understand why net income is decreasing when revenues are increasing?

Why did it happen? What are the root causes of past results?

What happened? What is happening?

Will it happen in the future? What is the probability something will happen? Is it forecastable?

What should we do based on what we expect will happen? How do we optimize our performance based on potential constraints?

What type of visualization is used to track overtime labor on a continuous, real-time basis?

Bar chart for the past 10 months

Which management accounting question will require predictive analytics?

Can we forecast future sales for this company?

Why did labor expenses increase over the past year as compared to prior years?

Should the company rent or lease its headquarters office building?

Why did our cost structure (fixed and variable costs) change over the past year?

Which management accounting question will require prescriptive analytics?

Should the company manufacture its product, or should it outsource the production of its products to an outside contractor?

Why did the company perform worse this year than last year?

Can we forecast future sales, earnings, and cash flows for this company?

What was the total revenue last quarter?

Which of the following is mandatory information that a company's accountants is required to maintain?

The calculation of the difference between actual and budgeted performance

The cost drivers used to allocate overhead

The product price that should be charged to maximize profits

The amount of dividends paid to shareholders

Which entity sponsors the certification of management accountants as a CMA?

Institute of Management Accountants

Institute of Certified Public Accountants

American Institute of Management Accountants

Association of Certified Management Accountants

Which of the following applies to management accounting?

A source of management accounting data comes from a cost accounting system.

There are required audits of management accounting information.

Management accounting works to minimize the cost of compliance with regulatory entities.

Common output is the income statement.

To estimate costs using prior data, regression analysis is preferable to the high-low method because:

Regression analysis makes use of more data.

Regression analysis is not influenced by data outliers.

Regression analysis is computationally simpler.

Regression analysis emphasizes data that are more recent.

Which of the following is not an advantage of using regression analysis to estimate costs rather than the high-low method?

Regression uses simpler calculations.

Regression is likely more accurate because it uses more data points in the calculations.

Regression provides an estimate of fixed costs.

Regression can be used to predict future costs.

In a regression analysis examining the effect of customer visits on total office costs, R is 0.12. Interpret R.

There is little or no linear relationship between customer visits and total office costs.

There is a strong positive correlation between customer visits and total office costs.

There is a strong negative correlation between customer visits and total office costs.

There is a curvilinear relationship between customer visits and total office costs.

Snack Pantry regresses total costs on units produced. Results of the regression indicate a statistically significant coefficient of 2.5 on the units produced variable. How should this result be interpreted?

Each unit costs an average of $2.50 to produce.

Each unit has an average variable cost of $2.50.

Each unit has an average fixed cost of $2.50.

Each unit has an average labor cost of $2.50.

Which of the following equations is incorrect?

(Contribution margin per unit * units) - Fixed cost per unit = sales price

Contribution margin - fixed costs = operating income

Contribution margin per unit + variable cost per unit = sales price

Revenue - variable costs -operating income = fixed costs

Which of the following costs is deducted from revenue to calculate contribution margin?

Hourly wages for the sales department

All things equal, how will the purchase of additional production equipment affect a company's breakeven point?

The breakeven point will increase.

The breakeven point will decrease.

The breakeven point will remain the same.

It depends on the price of the production equipment.

Trader Mo's is a furniture company. The company has decided to alter its strategy by selling its automated production equipment and producing furniture using skilled labor instead. However, in the short-term, the company is unable to cut fixed costs due to contractual obligations related to production equipment. In the short-term, how will this change in strategy affect the breakeven point?

The breakeven point will increase.

The breakeven point will decrease.

The breakeven point will remain the same.

Indeterminable without knowing the average selling price of the furniture.

Gouda Vibes Company must increase profitability this year to avoid bankruptcy. Gouda Vibes can sell all units produced, but it faces a production constraint: a shortage of skilled labor. To maximize profit, Gouda Vibes should produce:

products that have the highest contribution margin per hour of skilled labor.

products that have the highest contribution margin.

products that have the highest sales price.

products that use the least amount of skilled labor.

All things equal, which of the following will decrease a company's operating leverage?

Hiring supervisors who work on salary

Purchasing production equipment

Automating production to decrease direct labor

Which of the following is considered a period cost under variable costing?

Variable manufacturing overhead

All of the following are reasons why companies are likely to use applied, rather than actual, overhead for job costing EXCEPT:

Companies have significant amounts of indirect costs.

Companies have difficulty tracing supervisor labor costs.

Companies face a delay when gathering indirect cost data.

Companies decide not to trace certain materials costs.

In job costing, costs are accumulated by a specific cost object. Which of the following is not a cost object in job costing?

Monthly factory production costs

Which of the following information is not contained on a job cost sheet?

Amount of direct materials purchased

Zen Craft applies overhead at a rate of $4.50 per direct labor hour. Zen Craft's actual overhead rate was $4.25. Which of the following is correct?

Actual total overhead must be lower than estimated total overhead.

Actual total overhead must be higher than estimated total overhead.

Zen Craft had fewer direct labor hours than anticipated during the year.

There is insufficient data to determine the relationship between estimated and actual overhead.

Bake It Easy incurred more overhead costs than it applied. Prior to any adjusting entries, which of the following must be true?

The manufacturing overhead account has a debit balance.

The overhead application rate was higher than the actual overhead rate.

Bake It Easy produced more goods than anticipated.

Shield Bunny had the following information: Allocation base: Direct labor hours (DLH) Estimated DLH: 20,000 hours Actual DLH: 25,000 hours Estimated overhead cost/DLH: $5/DLH Actual overhead cost/DLH: $4/DLH Assuming no adjusting entry to manufacturing overhead, which of the following is true?

There will be a credit balance in the Manufacturing Overhead account.

There will be a debit balance in the Manufacturing Overhead account.

There will be a zero balance in the Manufacturing Overhead account.

The balance in the Manufacturing Overhead account can

Under a job costing system, which of the following is most likely to be considered indirect labor during the construction of a chair?

Moderate labor used to closely supervise the production of chairs

Significant labor used to shape and cut wood

Moderate labor used to assemble wood

Minimal labor used to stain the chair

Management Accounting Quiz

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which component of the AMPS model addresses the question of the best way for management accountants to communicate their analyses with decision-makers?

Ask the question

Master the data

Perform the analysis

Share the story

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is considered discretionary information for a company's accountants to provide?

The break-even level of a new product

The annual report submitted to shareholders detailing financial performance

The federal tax return

Sales information as part of the sales tax return

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following value chain activities is considered to be a primary activity?

Procurement

Inbound logistics

Human resources management

Information technology

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What requires context to create information?

Knowledge

Data

Facts

Data stores

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The analysis of variances (e.g., actual performance is different from budgeted performance) is most often associated with which type of analytics?

Descriptive analytics

Diagnostic analytics

Predictive analytics

Prescriptive analytics

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Summary statistics are most often associated with which type of analytics?

Descriptive analytics

Diagnostic analytics

Predictive analytics

Prescriptive analytics

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Time series analysis is most often associated with which type of analytics?

Descriptive analytics

Diagnostic analytics

Predictive analytics

Prescriptive analytics

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Management Accounting Quiz

Which component of the AMPS model addresses the question of the best way for management accountants to communicate their analyses with decision-makers?

Which of the following is considered discretionary information for a company's accountants to provide?

Which of the following value chain activities is considered to be a primary activity?

What requires context to create information?

The analysis of variances (e.g., actual performance is different from budgeted performance) is most often associated with which type of analytics?

Summary statistics are most often associated with which type of analytics?

Time series analysis is most often associated with which type of analytics?

Which of the following is not one of the four overarching ethical principles mentioned in the 2017 IMA Statement of Ethical Professional Practice?

Which questions aim to more clearly understand why net income is decreasing when revenues are increasing?

What type of visualization is used to track overtime labor on a continuous, real-time basis?

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