BUS 302L Managerial Accounting Exam

Which phrase best describes the current role of the managerial accountant? - Managerial accountants facilitate the decision-making process within an organization. An example of qualitative data is: - customer satisfaction Product and service costing information is prepared for - -manufacturing companies with inventory. -merchandising companies. -service providers. -each of the other four answers.. -manufacturing companies without inventory. Manufacturing costs typically consist of - direct materials, direct labor, and manufacturing overhead. In comparison to the traditional manufacturing environment, overhead costs in a JIT environment all the following are true except: a. are more easily tracked to products. b. are frequently direct in nature. c. include rent, insurance and utilities. d. most of the costs are likely to be indirect in nature. e. labor need not be tracked to the product. - most of the costs are likely to be indirect in nature. As production increases within the relevant range - variable costs will vary in total. You are given the cost and volume information below: Volume 1 unit / Cost $ 15 10 units / $150 100 units / $1500 What type of a cost is given? - variable cost Which of the following statements regarding graphs of fixed and variable costs is true? - Variable costs are zero when production is equal to zero. All of the following statements regarding budgeting is true except a. Budgeting helps managers determine the resources needed to meet their goals and objectives. b. Budgeting is a key ingredient in good decision-making. c. Budgeting is a bookkeeping task d. The focus of budgeting is planning. e. Budgeting is an executive responsibility. - Budgeting is a bookkeeping task