Managerial Accounting Final exam questions and revised correct answers
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Course
Managerial Accounting
Institution
Managerial Accounting
Similarity between financial and managerial accounting? - correct answer Both draw upon data from an organization's basic accounting system.
Objective of managerial accounting:Assisting in controlling and evaluating operations. Yes or no - correct answer Yes
Objective of managerial accounting...
Managerial Accounting Final exam
Similarity between financial and managerial accounting? - correct answer Both draw upon data from an
organization's basic accounting system.
Objective of managerial accounting:Assisting in controlling and evaluating operations. Yes or no - correct
answer Yes
Objective of managerial accounting:Providing info for decision making and planning. Yes or no - correct
answer Yes
Objective of managerial accounting:Measuring the performance of managers and sub-units. Yes or No -
correct answer Yes
Objective of managerial accounting:Motivating managers towards the organization's goals. Yes or no -
correct answer Yes
Who is responsible for raising capital and safeguarding the organization's assets? - correct answer
Treasurer
Managerial accounting focuses primarily on? - correct answer The needs of managers internal to the
organization.
Variable costs are those costs that: - correct answer In total vary directly with changes in activity level.
Total costs are $140,000 when a company produces 10,000 units. Of this amount, variable costs are $4
per unit. What are the total costs when 8,000 units are produced? - correct answer 132,000
As a company begins to operate outside the relevant range, the accuracy of cost estimates for fixed and
variable costs: - correct answer Fixed Decrease and Variable Decrease
Fixed costs are those costs that - correct answer Increase on a per unit basis as activity decreases
, Managerial Accounting Final exam
What method of cost estimation fits a cost line using exactly two data points? - correct answer High-low
method
In regression analysis, the fixed cost component is represented by what variable on the regression
analysis output? - correct answer Intercept coefficient
The break-even point in sales dollars can be calculated by dividing - correct answer Fixed expenses by the
contribution margin ratio
Cost-volume-profit analysis general assumptions: Expenses can be categorized as fixed, variable,or semi-
variable(mixed). T or F - correct answer True
Cost-volume-profit analysis general assumptions: The selling price per unit of product will remain
constant as volume varies within the relevant range. T or F - correct answer True
Cost-volume-profit analysis general assumptions: Total fixed expenses remain constant as activity
changes. T or F - correct answer True
Cost-volume-profit analysis general assumptions: The efficiency and productivity of the production
process and workers remain constant. T or F - correct answer True
The difference between the current sales revenue and the break-even sales revenue is the - correct
answer Margin of saftey
Assume that selling price is greater than variable cost. Now suppose both the selling price and the
variable cost per unit decrease by $5.00. What effect would these changes have on the total contribution
margin in dollars and on the contribution margin ratio? - correct answer Total contribution margin($)- No
change
Contribution margin ratio- Increase
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