Managerial Accounting Questions and ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
Answers exam with correct answers ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
Which of the following statements represents a similarity
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
between financial and managerial accounting? ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
a) Both provide information useful to external users
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
b) Both are governed by IFRS/ASPE
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
c) Both use data from the organization's accounting system
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
d) Both rely heavily on published financial statements
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
e) Both are concerned solely with historical transactions -
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
correct answers✔✔c) Both use data from the organization's
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
accounting system ||\\||\\
Each of the following statements describes a function of
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
Management. Identify each as either Planning, Directing, or ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
Controlling
1. Preparing a budget and comparing that to actual results
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
achieved ||\\||\\
2. Examining the viability of explaining into a new geographic
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
market area ||\\||\\ ||\\||\\
,3. Establishing a hiring committee to select a new CFO - correct
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
answers✔✔1. Controlling ||\\||\\
2. Planning
||\\||\\
3. Directing
||\\||\\
The officer responsible for all of the accounting and finance
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
issues a company faces is the: ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
a) Chief of executive officer (CEO)
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
b) Chief financial officer (CFO)
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
c) Controller
||\\||\\
d) Treasurer - correct answers✔✔b) Chief financial officer (CFO)
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
Triple bottom line does NOT include which of the following?
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
a) People
||\\||\\
b) Plants
||\\||\\
c) Profit
||\\||\\
d) Planet - correct answers✔✔b) Plants
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
All activities associated with providing a product or service is
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
referred to as: ||\\||\\ ||\\||\\
,a) The value chain
||\\||\\ ||\\||\\ ||\\||\\
b) Total quality management systems
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
c) Just-in-time inventory methods
||\\||\\ ||\\||\\ ||\\||\\
d) Activity-based costing - correct answers✔✔b) Total quality
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
management systems ||\\||\\
Which of the following is NOT one of the five principles of lean
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
manufacturing:
a) Respond to customer demands
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
b) Aim for reduced defective units
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
c) Identify the value stream
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
d) Specify a value - correct answers✔✔b) Aim for reduced
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
defective units ||\\||\\
Which of the following costs would be variable with respect to
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
the number of cones sold at a Baskin and Robbins shop?
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
a) The cost of lighting the store
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
b) The wages of the store manager
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
c) The cost of ice cream
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
d) The cost of napkins for customers - correct answers✔✔c) The
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
cost of ice cream
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
, d) The cost of napkins for customers
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
Which of the following costs would be variable with respect to ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
the number of people who buy a ticket for a show at a movie
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
theatre?
a) The cost of renting the film
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
b) Royalties on ticket sales
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
c) Wage and salary costs of theatre employees
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
d) The cost of cleaning up after the show - correct
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
answers✔✔b) Royalties on ticket sales ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
c) Wage and salary costs of theatre employees
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
Suppose you are trying to decide whether to drive or take the ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
train to Portland to attend a concert. You have ample cash to do
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
either, but you don't want to waste money needlessly. Is the ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
cost of the pizza you ate last night relevant in this decision? In
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
other words should the cost of the pizza affect the decision of
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
whether you drive or take the train to Portland? ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
a) Yes, the cost of the pizza is relevant
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
b) No, the cost of the pizza is not relevant - correct
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
answers✔✔b) No, the cost of the pizza is not relevant ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
Answers exam with correct answers ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
Which of the following statements represents a similarity
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
between financial and managerial accounting? ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
a) Both provide information useful to external users
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
b) Both are governed by IFRS/ASPE
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
c) Both use data from the organization's accounting system
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
d) Both rely heavily on published financial statements
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
e) Both are concerned solely with historical transactions -
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
correct answers✔✔c) Both use data from the organization's
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
accounting system ||\\||\\
Each of the following statements describes a function of
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
Management. Identify each as either Planning, Directing, or ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
Controlling
1. Preparing a budget and comparing that to actual results
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
achieved ||\\||\\
2. Examining the viability of explaining into a new geographic
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
market area ||\\||\\ ||\\||\\
,3. Establishing a hiring committee to select a new CFO - correct
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
answers✔✔1. Controlling ||\\||\\
2. Planning
||\\||\\
3. Directing
||\\||\\
The officer responsible for all of the accounting and finance
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
issues a company faces is the: ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
a) Chief of executive officer (CEO)
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
b) Chief financial officer (CFO)
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
c) Controller
||\\||\\
d) Treasurer - correct answers✔✔b) Chief financial officer (CFO)
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
Triple bottom line does NOT include which of the following?
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
a) People
||\\||\\
b) Plants
||\\||\\
c) Profit
||\\||\\
d) Planet - correct answers✔✔b) Plants
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
All activities associated with providing a product or service is
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
referred to as: ||\\||\\ ||\\||\\
,a) The value chain
||\\||\\ ||\\||\\ ||\\||\\
b) Total quality management systems
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
c) Just-in-time inventory methods
||\\||\\ ||\\||\\ ||\\||\\
d) Activity-based costing - correct answers✔✔b) Total quality
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
management systems ||\\||\\
Which of the following is NOT one of the five principles of lean
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
manufacturing:
a) Respond to customer demands
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
b) Aim for reduced defective units
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
c) Identify the value stream
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
d) Specify a value - correct answers✔✔b) Aim for reduced
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
defective units ||\\||\\
Which of the following costs would be variable with respect to
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
the number of cones sold at a Baskin and Robbins shop?
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
a) The cost of lighting the store
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
b) The wages of the store manager
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
c) The cost of ice cream
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
d) The cost of napkins for customers - correct answers✔✔c) The
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
cost of ice cream
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
, d) The cost of napkins for customers
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
Which of the following costs would be variable with respect to ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
the number of people who buy a ticket for a show at a movie
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
theatre?
a) The cost of renting the film
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
b) Royalties on ticket sales
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
c) Wage and salary costs of theatre employees
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
d) The cost of cleaning up after the show - correct
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
answers✔✔b) Royalties on ticket sales ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
c) Wage and salary costs of theatre employees
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
Suppose you are trying to decide whether to drive or take the ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
train to Portland to attend a concert. You have ample cash to do
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
either, but you don't want to waste money needlessly. Is the ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
cost of the pizza you ate last night relevant in this decision? In
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
other words should the cost of the pizza affect the decision of
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
whether you drive or take the train to Portland? ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
a) Yes, the cost of the pizza is relevant
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
b) No, the cost of the pizza is not relevant - correct
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
answers✔✔b) No, the cost of the pizza is not relevant ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
