Bus 302L Managerial Accounting Exam Study Guide with Complete Solutions

Bus 302L Managerial Accounting Exam Study Guide with Complete Solutions Budgets are - Answer-Used by individual, staffs, managers department. Management accountant place more emphasis on which of the following: - Answer-future activities A listing of line item that the organization will use to classify its accounting information is? - Answer- balance sheet The primary purpose for carrying on "cost accounting activity" is - Answer-To plan operation Cost volume profit (CVP) analysis to answer which of the following - Answer-ALL The amount of overhead applied to a product or service is normally calculated by. - Answer-Divide estimate overhead by estimated units of the cost driver. Comparing actual outcomes with budget outcomes, then following up, is a example of - Answer- controlling activities Which of the following is typically a starting point for the budget process? - Answer-a sales budget Tax accounting is generally most used by: - Answer-Internal revenue service (IRS) The term "product cost" as used in cost and managerial accounting context means. - Answer-all manufacturing or production cost of the product EMILLYCHARLOTTE 2024/2025 ACADEMIC YAER ©2024 EMILLYCHARLOTTE. ALL RIGHTS RESERVED FIRST PUBLISH SEPTEMBER 2024 Page 2/6 Which of the following organization would be most likely to adopt a process costing system? - Answer-paper manufacture The discount rate for use in capital budgeting decision is also referred to as - Answer-the minimum required rate of return Which of the following is referring Management Accounting? - Answer-Is not subject to GAAP The main purpose of management accounting is to provide information to? - Answer-Managers The sum of direct materials plus Direct Labor is classified - Answer-Prime Cost Zero based budget? - Answer-Require managers to build budget from the ground up Which of the following pairs most accurately represents the ease of traceability cost? - Answer- Variable costs and Fixed costs Find cost volume profit (CVP) - Answer-Variable and fixed cost Over and Under Over Head occurs when? - Answer-when either the overhead cost driver is estimated incorrectly Chief Accounting officer in an organization is: - Answer-Controller Financial accounting information is most generally most useful to: - Answer-External Parties All the following are period cost except: - Answer-factory rent Which of the following would most likely classified as direct material cost? - Answer-an engine in a custom automobile EMILLYCHARLOTTE 2024/2025 ACADEMIC YAER ©2024 EMILLYCHARLOTTE. ALL RIGHTS RESERVED FIRST PUBLISH SEPTEMBER 2024 Page 3/6 Pairs that most accurate for the cost volume analysis - Answer-fixed cost and variable cost target cost + target profit - Answer-Target Pricing Lamar's disc rate 12 %. If the discount rate the present value of an annuity of $1 at 12% for 8 years is 4.968 what is the present value of the salvage value? - Answer-the answer can't be compute kamp corporation has the following info - Answer-$4 Which phrase best describes the current role of a management accountant in an organization? - Answer-managerial accountants facilitate the decisions for an organization A thing of value that is owned by an organization and is expected to provide future benefit is classified as which of the following? - Answer-asset A quantified plan of action for management is - Answer-Budget Which equation best represents the basic production budget? - Answer-Sales b