WorksheetsManagerial exam review with brain break q's
Total questions: 46
Worksheet time: 23mins
A statement that lists the assets, liabilities, and stockholders’ equity. It displays a company’s collateral, liquidity, and net worth.
balance sheet
Income statement
break-even point
budget
The amount of sales required to cover all costs at which net income is zero.
budget
break-even-point
savings
The six steps companies complete when making a budget:
Break-even-point
balance sheet
budget process
I don't know
A comparison of a budgeted income statement to actual results.
balance sheet
budget income sheet
budget variance report
All of the significant materials that are an integral part of the finished product.
direct labor
debt to equity ratio
direct materials
A debt ratio that measures a company’s financial leverage. It shows the proportion of debt to equity used in financing the company’s assets
debt to equity ratio
material ratio
debt to total assets ratio
All of the costs required to manufacture a finished product that are not related to the direct materials or direct labor costs
factory overhead
factory materials
factory ratio
Costs that remain constant regardless of a business’s activity.
break-even-point
fixed cost
flowchart
What does GAAP stand for
generally accepted accocunut principal
generally acting accounting principles
generally accepted accounting principles
The difference between the cost of the products sold and the net sales.
Gross profit
Gross margin
Gross ratio
What an entity owes
profit
revenue
liabilities
How cold does it have to be for water to freeze?
32 degrees
0 degrees
-10 degrees
20 degrees
How often do the Winter Olympics take place?
every year
every 2 years
every 3 years
every 4 years
Who is the mythical figure who is said to be responsible for winter's icy and freezing conditions?
Uncle Sam
Jack Frost
the Abominable Snowman
Frosty the Snowman
Which season precedes winter? (It's OK if you don't know what "precedes" means. It's just for fun. Guess!)
spring
summer
fall
winter
Budgets can play both planning and control roles for management.
True
False
Schultz Company expects to manufacture and sell 30,000 baskets in 20X4 for $6 each. There are 3,000 baskets in beginning finished goods inventory with target ending inventory of 4,000 baskets. The company keeps no work-in-process inventory. What amount of sales revenue will be reported on the 20X4 budgeted income statement?
$174,000
$180,000
&186,000
$204,000
DeArmond Corporation has budgeted sales of 18,000 units, target ending finished goods inventory of 3,000 units, and beginning finished goods inventory of 900 units. How many units should be produced next year?
21,900 units
20,100 units
15,900 units
18,000 units
For next year, Galliart, Inc., has budgeted sales of 60,000 units, target ending finished goods inventory of 3,000 units, and beginning finished goods inventory of 1,800 units. All other inventories are zero. How many units should be produced next year?
58,800 units
60,000 units
61,200 units
64,800 units
Managerial accounting is
Used for internal users
In conformity with GAAP
Used for external users
Backwards looking
Which of the following is calculated by subtracting the actual amount from the budgeted amount?
Linear regression
Cost-profit value
Variance analysis
Cost
Cash inflows are _____.
Expenses
Income
Cash outflows are _____.
Expenses
Income
What is the main objective of financial accounting?
To assist management in decision-making
To create internal reports for managers
To allocate resources within a business
To report on a business's financial health to external parties
What is the main objective of managerial accounting?
To create internal reports for managers
To assist management in decision-making
To allocate resources within a business
To report on a business's financial health to external parties
Who is the target audience of financial accounting?
All employees of the business
Regulators and the public
Existing and potential investors, lenders, and creditors
Internal managers
Who is the target audience of managerial accounting?
All employees of the business
Internal managers
Existing and potential investors, lenders, and creditors
Regulators and the public
What is the focus of financial accounting?
Future planning and decision-making
Presenting information to internal managers
Reporting on past transactions and events
Managing risks within a business
What is the focus of managerial accounting?
Future planning and decision-making
Managing risks within a business
Presenting information to internal managers
Reporting on past transactions and events
Which branch of accounting is heavily regulated?
Tax accounting
Managerial accounting
Audit
Financial accounting
Which branch of accounting is less regulated?
Audit
Tax accounting
Managerial accounting
Financial accounting
What is the main purpose of financial statements?
To assist management in decision-making
To report on a business's financial health to external parties
To create internal reports for managers
To allocate resources within a business
Are management accountants required by law?
Yes, they are legally required for all businesses
No, they are not legally required
Yes, but only for large businesses
No, but they are highly recommended
Who is the best Marvel charector
Spiderman
Black Panther
Nick Fury
Tony Stark
Ant Man
Black Panther
Nana
Who is this?
Doctor Strange
Tony Stark
Loki
When did marvel first cross over with fortnite
2017
2018
2019
2020
What is the Hulk's real name?
Bruce Springsteen
Bruce Lee
Bruce Banner
Bruce Willis
Which country is Black Panther from?
Wakanda
Wulanda
Wagamama
Westeros
Who made Make No Sense?
TAY K
JUICE WRLD
NBA YOUNGBOY
YNW MELLY
Who Made Suge?
Megan Thee Stallion
Nicki Minaj
DaBaby
Lil Yatchy
Who made Ambitionz Az A Ridah?
Biggie
2pac
Eazy E
Dr.Dre
Who made Venom?
Drake
Chris Brown
Eminem
Joyner Lucas
Who Made Gangsta's Paradise?
Coolio and Suge Knight
Coolio and Snoop Dogg
Coolio and LV
Coolio and Desiigner
Who made Panda?
Lil Yatchy
Lil Pump
Desiigner
DC Young Fly
The Weekend
Who made Dead Wrong?
Biggie and Snoop Dogg
Biggie and 2pac
Biggie and Eminem
Biggie and Eazy E
