ACTY 2110 CHAPTER 1 EXAM
QUESTIONS AND ANSWERS
Decisions such as deciding how many employees to hire, salary schedules, and training
policies are made during the ______ phase of the management process. - Answer-
implementation
The standards of conduct for judging right from wrong is referred to as: - Answer-ethics
Controlling involves ______. - Answer-measuring actual results
The Sarbanes-Oxley (SOX) Act focuses on three factors that affect the accounting
reporting environment: __________, _____________, and _____________ - Answer-
opportunity, incentives, and character
Which type of firm converts materials into finished products? - Answer-manufacturing
Manufacturing costs can be divided into three categories: direct materials, direct
___________ and _____________ _____________. - Answer-direct materials, direct
labor, and manufacturing overhead.
Any item a manager wants to know the cost of is called a(n) ________ _________. -
Answer-cost object
Labor costs that can be easily and conveniently traced to specific products are ______
costs.
Multiple choice question. - Answer-direct labor
The difference between ________ costs and _________ costs determines how and
when the cost will be matched up against revenue on the income statement. - Answer-
period; product
A(n) ______ cost will not influence a decision. - Answer-irrelevant
Which of the following people would be more interested in managerial accounting data
than in financial accounting data? - Answer-Business Owners
Employees
, The future-oriented part of the management cycle is ______________. - Answer-
planning
Decisions made during the ______________ phase are sometimes called operational
decisions. - Answer-implementation
Managers keep track of how they are doing and determine if adjustments are needed
during the _______________ phase. - Answer-control
Levi Strauss and Ford Motors are examples of _________________ firms. - Answer-
manufacturing
What is the primary difference between managerial and financial accounting? - Answer-
Managerial accounting provides information for internal use and financial accounting
provides information to external users.
Wholesalers and retailers are both ____________ types of companies. - Answer-
merchandising
The first step in ___________ is to establish goals or objectives and tactics to achieve
them. - Answer-planning
Hotels and airlines are examples of _______________ companies. - Answer-service
Companies with strong ethical cultures ______. - Answer-have higher productivity than
those without such cultures
have higher levels of customer satisfaction
A department store is part of the ______ companies category of business. - Answer-
merchandising
When making a decision, ______. - Answer-cost control is a critical concern for most
organizations
Which of the following statements is true?
Every firm can be identified as one type of organization: manufacturer, merchandiser or
service company.
Some firms operate as more than one type of organization: manufacturer, merchandiser
and/or service company. - Answer-Some firms operate as more than one type of
organization: manufacturer, merchandiser and/or service company.
Which of the following statements are true?
QUESTIONS AND ANSWERS
Decisions such as deciding how many employees to hire, salary schedules, and training
policies are made during the ______ phase of the management process. - Answer-
implementation
The standards of conduct for judging right from wrong is referred to as: - Answer-ethics
Controlling involves ______. - Answer-measuring actual results
The Sarbanes-Oxley (SOX) Act focuses on three factors that affect the accounting
reporting environment: __________, _____________, and _____________ - Answer-
opportunity, incentives, and character
Which type of firm converts materials into finished products? - Answer-manufacturing
Manufacturing costs can be divided into three categories: direct materials, direct
___________ and _____________ _____________. - Answer-direct materials, direct
labor, and manufacturing overhead.
Any item a manager wants to know the cost of is called a(n) ________ _________. -
Answer-cost object
Labor costs that can be easily and conveniently traced to specific products are ______
costs.
Multiple choice question. - Answer-direct labor
The difference between ________ costs and _________ costs determines how and
when the cost will be matched up against revenue on the income statement. - Answer-
period; product
A(n) ______ cost will not influence a decision. - Answer-irrelevant
Which of the following people would be more interested in managerial accounting data
than in financial accounting data? - Answer-Business Owners
Employees
, The future-oriented part of the management cycle is ______________. - Answer-
planning
Decisions made during the ______________ phase are sometimes called operational
decisions. - Answer-implementation
Managers keep track of how they are doing and determine if adjustments are needed
during the _______________ phase. - Answer-control
Levi Strauss and Ford Motors are examples of _________________ firms. - Answer-
manufacturing
What is the primary difference between managerial and financial accounting? - Answer-
Managerial accounting provides information for internal use and financial accounting
provides information to external users.
Wholesalers and retailers are both ____________ types of companies. - Answer-
merchandising
The first step in ___________ is to establish goals or objectives and tactics to achieve
them. - Answer-planning
Hotels and airlines are examples of _______________ companies. - Answer-service
Companies with strong ethical cultures ______. - Answer-have higher productivity than
those without such cultures
have higher levels of customer satisfaction
A department store is part of the ______ companies category of business. - Answer-
merchandising
When making a decision, ______. - Answer-cost control is a critical concern for most
organizations
Which of the following statements is true?
Every firm can be identified as one type of organization: manufacturer, merchandiser or
service company.
Some firms operate as more than one type of organization: manufacturer, merchandiser
and/or service company. - Answer-Some firms operate as more than one type of
organization: manufacturer, merchandiser and/or service company.
Which of the following statements are true?
