ARRIANE STUDY SHOP TEST BANKS AND QUALITY REVISION MATERIALS

Which of the following statements is not true about managerial accounting? a.Reports are generated as needed. b.It is highly aggregated. c.It does not require an audit by a CPA. d.It is primarily for internal users such as officers and managers. - correct answer b. It is highly aggregated. Which of the following answer choices lists the three manufacturing costs? a.Indirect materials, indirect labor, and factory-related costs b.Raw materials, work in process, and finished goods c.Wo...

Balance Sheets - correct answer 1. snapshot of resources (assets) and claims (liability+equity) 2. based on accounting equation Statement of Earnings (Income Statement) - correct answer - operating performance over period of time - Revenues and expenses Statement of Cash Flows - correct answer - flows of cash over time - Shows operating, investing, and financing activities Financial vs. Managerial Accounting - correct answer - Financial accy: users are external persons, has a histor...

Which of the following management responsibilities often involves BUDGETS? a. controlling b. directing c. planning d. none of the above - correct answer c. planning Managerial accounting differs from financial accounting in that managerial accounting... a. emphasizes data relevance over data objectivity. b. is used primarily by external decision makers. c. is required by Generally Accepted Accounting Principles (GAAP). d. tends to report on the company as a whole rather than segment...

Managerial accounting is the provision of accounting for a company's external users. - correct answer False Providing an analysis for a company regarding adding a particular product line, retracting sales markets, or dealing with risks or opportunities are some of the responsibilities of managerial accountants. - correct answer True Which of the following is referred to as controlling? A.The provision of accounting information for a company's internal users. B.The process of choosi...

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...

Manufacturing overhead - correct answer all manufacturing costs except direct materials and direct labor; i.e. indirect manufacturing costs, maintenance and reparis on production equipment, property taxes, depreciation, insurance on manufacturing facilities Direct Materials - correct answer Materials that become an integral part of a finished product and whose costs can be conveniently traced to it. Direct Labor - correct answer Factory labor costs that can be easily traced to individual u...

Balanced Scorecard - correct answer an integrated set of performance measures that are derived from and support the organization's strategy Common fixed cost - correct answer a fixed cost that supports more than one business segment, but is not traceable in whole or in part to any one of the business segments Cost center - correct answer a business segment whose manager has control over costs but has no control over revenue or investments in operating assets Decentralized organizatio...

Cash Inflows - correct answer Activities which increase cash Cash Outflows - correct answer Activities which decrease cash Operating Activities - correct answer Is the result of everything you do in the Day to Day Operations, includes current assets and liabilities Investing Activities - correct answer Is the buying and selling of long term assets and short term investments; Equipment, building, and property; long term assets and liabilities Financing Activities - correct answer Is a...

The reporting standard for external financial reports is: a) company-specific. b) generally accepted accounting principles. c) department-specific. d) industry-specific. - correct answer b) generally accepted accounting principles. A manufacturing process requires small amounts of glue. The glue used in the production process is classified as a(n) a) indirect material. b) direct material. c) period cost. d) miscellaneous expense - correct answer a) indirect mater...

Straighterline Micro 250 final prep exam questions and revised correct answers Microbiology Straighterline Exam questions and verified correct answers StraighterLine BIO250 - Microbiology Final Exam Study Guide questions and revised correct answers