Exam (elaborations)
UIUC accy 200 EXAM 2 | Questions And Answers Latest {} A+ Graded | 100% Verified
- Course
- Institution
UIUC accy 200 EXAM 2 | Questions And Answers Latest {} A+ Graded | 100% Verified
[Show more]
Content preview
UIUC accy 200 EXAM 2 | Questions And Answers Latest {2024- 2025} A+ Graded | 100%Verified
Managerial accounting, as opposed to financial accounting, is primarily concerned with:
A) The financial condition of the organization as a whole.
B) Meeting the requirements of generally accepted accounting principles.
C) Emphasizing the future.
D) Providing data for investors and creditors.
E) Determining exact results. - Emphasizing the future
Activities included in a generally accepted definition of the management process include:
A) Planning, organizing, controlling.
B) Planning, operating, reporting.
C) Preparing, operating, creating.
D) Preparing, organizing, converting.
E) None of the above. - Planning, organizing, controlling
Contribution margin can be expressed as:
A) Sales minus variable expenses.
B) Sales minus cost of goods sold.
C) Sales minus fixed expenses.
D) The level of sales required to cover variable expenses.
E) The level of sales required to cover fixed and variable expenses. - Sales minus variable expenses
The contribution margin income statement:
A) Reports expenses based upon cost behavior pattern rather than cost function.
B) Unitizes fixed costs.
C) Shows contribution margin rather than operating income as the bottom line.
D) Is sometimes used for financial reporting purposes.
,E) None of the above. - reports expenses based upon cost behavior patterns rather than cost function.
The relevant range concept refers to:
A) A firm's range of profitability.
B) A firm's range of sales.
C) A firm's range of rates of return.
D) A firm's range of activity.
E) A firm's range of expenses. - A firm's range of activity
Cost behavior refers to:
A) Costs that are both good and bad.
B) Costs that are variable or fixed.
C) Costs that decrease at a quicker rate than others.
D) Costs that increase at a quicker rate than others.
E) None of the above. - cost that are variable or fixed
Which of the following is the correct calculation for the contribution margin ratio?
A) Revenue divided by variable costs.
B) Revenue divided by contribution margin.
C) Contribution margin divided by variable costs.
D) Contribution margin divided by fixed costs.
E) Contribution margin divided by revenue. - contribution margin divided by revenue.
Cost-volume-profit analysis assumes fixed costs:
A) Remains constant on a per unit basis as activity changes.
B) Remains constant from one period to the next.
C) Increases in total as activity increases.
D) Remains constant as activity changes.
E) None of the above - remains constant as activity changes
, At the break-even point:
A) Fixed cost is always less than the contribution margin.
B) Fixed cost is always equal to the contribution margin.
C) Fixed cost is always more than the contribution margin.
D) Fixed cost is always more than variable cost.
E) Fixed cost is always equal to variable cost. - Fixed cost will always equal to the contribution margin
Which of the following will increase a company's break-even point?
A) Increasing variable cost per unit.
B) Decreasing variable cost per unit.
C) Reducing total fixed costs.
D) Increasing selling price per unit.
E) Increasing contribution margin per unit. - Increasing variable cost per unit
A management decision that would have a long term influence on the operating leverage of a firm
would be:
- having a season-end sale of seasonal products.
- increasing the advertising budget.
- increasing prices in proportion to raw material cost increases.
- substituting robots for hourly paid production workers. - substituting robots for hourly paid production
workers
Which of the following statements does not describe a characteristic of management accounting?
- Management accounting places a great deal of emphasis on the future.
- Management accounting must conform to GAAP.
- Approximate amounts rather than accurate amounts or refined estimates are often used in
management accounting.
- Management accounting is more concerned with units of the organization rather than with the
organization as a whole - Management accounting must conform to GAAP
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller oneclass. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.48. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67096 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
