WorksheetsManagerial Accounting
Total questions: 40
Worksheet time: 20mins
Name
Class
Date
1.
________ gathers, summarizes, and reports on the financial impact of changes to business
a)
Managerial accounting
b)
Planning
c)
Directing
d)
Controlling
2.
Planning involves which of the following activities?
a)
Evaluating the results of operations
b)
Overseeing the company's day-to-day operations
c)
Setting goals and objectives for the company
d)
None of the above
3.
Budgets are a way for managers to communicate their
a)
control.
b)
decision-making
c)
hiring practices
d)
plans
4.
Which of the following statements is true regarding managerial accounting information?
a)
Managerial accounting information is audited by CPAs.
b)
Managerial accounting information emphasizes relevance.
c)
Managerial accounting information is prepared annually and quarterly.
d)
Managerial accounting information must be prepared in conformity with Generally Accepted
5.
The primary goal of managerial accounting is to provide information to
a)
internal decision-makers.
b)
shareholders.
c)
creditors.
d)
both shareholders and creditors.
6.
Managerial accountants may be responsible for
a)
providing decision support.
b)
communicating results.
c)
analyzing data.
d)
All of the above.
7.
The standards of the IMA Statement of Ethical Professional Practice include which of the following?
a)
Objectivity
b)
Fairness
c)
Honesty
d)
Integrity
8.
What ethical standard is being violated when you tell a friend that the company you going to report lower than expected earnings next week? going to report lower than expected earnings next week? work for is
a)
Credibility
b)
Intergrity
c)
Confidentiallity
d)
Competence
9.
Which of the following is not one of the IMA's credibility standards?
a)
To disclose all relevant information
b)
To disclose deficiencies in internal control
c)
To communicate information fairly and objectively
d)
All of the above are part of IMA's credibility standard.
10.
Accepting a job that you know can be better performed by someone else with the required skills
a)
Credibility
b)
Intergrity
c)
competency
d)
confidentiality
11.
Before these materials are used to manufacture its cars, Toyota classifies steel, glass, and plastic as
a)
raw materials inventory.
b)
finished goods inventory.
c)
work in process inventory.
d)
merchandise inventory.
12.
Which of the following items could be found in work in process inventory at a candy bar
a)
Candy bars made but not coated in chocolate
b)
Cocoa products to make candy bars
c)
Sugar products to make candy bars
d)
Candy bars completed but not yet sold
13.
All of the following are part of a company's value chain except
a)
design
b)
distribution
c)
administration
d)
marketing
14.
Joe's Bottling Company provided the following expense information for July: What is the total cost for the production category of the value chain?
a)
$462,600
b)
$310,000
c)
$148,800
d)
$148,100
15.
Which of the following is not one of the primary responsibilities of management?
a)
Adhering to GAAP
b)
Planning
c)
DIrecting
d)
Controlling
16.
Which of the following value chain elements is associated with the costs of shipping
a)
design
b)
distribution
c)
Production and Purchases
d)
Customer Service
17.
Prime costs consist of
a)
direct materials and direct labor.
b)
direct labor and manufacturing overhead.
c)
direct materials and manufacturing overhead.
d)
direct materials, direct labor and manufacturing overhead.
18.
The unit contribution margin is computed by
a)
subtracting the variable cost per unit from the sales price per unit.
b)
dividing the sales revenue by variable cost per unit.
c)
dividing the variable cost psubtracting the sales price per unit from the variable cost per unit.er unit by the sales revenue.
d)
subtracting the sales price per unit from the variable cost per unit.
19.
The primary goal of managerial accounting is to provide information to
a)
internal decision-makers.
b)
shareholders.
c)
creditors.
d)
both shareholders and creditors.
20.
Which of the following types of companies has raw materials, work in process and
a)
Retailers
b)
Manufacturers
c)
Wholesalers
d)
Service companies
21.
A CFO would have all of the following responsibilities except
a)
investing in new production equipment.
b)
managing corporate financing.
c)
manage the preparation of all corporate tax returns.
d)
providing reports to creditors as required.
22.
Which of the following is NOT a technical competency that a managerial accountant needs
a)
Internal Controls
b)
Tax return preparation
c)
Decision Analysis
d)
Technology
23.
Which one of the following items is not one of the three primary manager responsibilities?
a)
Controlling
b)
Planning
c)
Directing
d)
Adjusting
24.
CVP analysis assumes all of the following except
a)
the mix of products will not change.
b)
revenues are linear through the relevant range.
c)
inventory levels will increase.
d)
a change in volume is the only factor that affects
25.
Dairy Days Ice Cream sells ice cream cones for $5 per customer. Variable costs are $2 per cone.
a)
3
b)
2
c)
0.6
d)
5
26.
Which of following statements is true?
a)
Managerial accounting focuses on historical transactions.
b)
Financial accounting focuses on future data.
c)
Management accounting focuses on relevant data.
d)
Managerial accounting uses the cash basis for recording transactions.
27.
Which of the following items could be an example of a cost object?
a)
A manufacturing plant
b)
An international plant
c)
The accounting department
d)
All of the above are examples of potentoal cost ofjects
28.
Who Done It Mystery Theater sells tickets for dinner and a show for $55 each. The cost of
a)
0.9938
b)
0.62
c)
0.34
d)
1.62
29.
What factor has changed the roles of managerial accountants?
a)
Stricter GAAP standards
b)
Technology
c)
Stricter audit standards
d)
None of the above
30.
What ethical standard would you violate if you take pens home from work for personal use?
a)
Integrity
b)
Competence
c)
Confidentiallity
d)
Credibility
31.
Which of the following are merchandising companies?
a)
Manufacturers
b)
Reetailers
c)
Wholesalers
d)
both shareholders and creditors.
32.
A factory janitor's wages would be classified as manufactured product.
a)
an indirect cost
b)
a direct cost
c)
a period cost
d)
None of the above
33.
Conversion costs consist of
a)
an indirdirect materials and direct labor.ect cost
b)
direct labor and manufacturing overhead.
c)
direct materials and manufacturing overhead.
d)
direct materials, direct labor and manufacturing overhead.
34.
What is the contribution margin ratio for food processors?
a)
0.6552
b)
1.6
c)
1.3103
d)
0.2549
35.
Managers can quickly forecast the total contribution margin by multiplying the
a)
projected sales units by the variable cost ratio.
b)
projected sales units by the contribution margin ratio.
c)
projected sales revenue by the unit contribution margin.
d)
projected sales revenue by the contribution margin ratio.
36.
Jackie's Snacks sells fudge, caramels, and popcorn. It sold 8000 units last year. Popcorn
a)
5.6
b)
0.87
c)
2.5
d)
21
37.
What is the breakeven point in units?
a)
2,100
b)
10,800
c)
372
d)
72
38.
a prototype of a new product is an example of a:
a)
Unit-level activity.
b)
Batch-level activity
c)
Product-level activity
d)
Organization-sustaining activity
39.
The activity rate for Activity 3 is closest to:
a)
119.72
b)
116.18
c)
26.67
d)
56.74
40.
The cost per unit of Product A is closest to:
a)
59.23
b)
57.2
c)
47.89
d)
22.7
100 %
