ACCTG 231 - Ch1 McGrawHill Question
and answers correctly solved || LATEST
UPDATE 2026
Financial or Managerial Accounting?
- Emphasizes decisions affecting the future -CORRECTANSWER Managerial
Financial or Managerial Accounting?
- Emphasizes relevance -CORRECTANSWER Managerial
Financial or Managerial Accounting?
- Emphasizes financial consequences of past activities -CORRECTANSWER Financial
Financial or Managerial Accounting?
- Not required to follow GAAP -CORRECTANSWER Managerial
Financial or Managerial Accounting?
- Emphasizes objectivity -CORRECTANSWER Financial
Planning involves ________.
a) hiring employees
b) setting goals and objectives
,c) analyzing financial statements
d) coordinating company activities -CORRECTANSWER b) setting goals and objectives
All of the following are pillars of managerial accounting except ________.
a) controlling
b) decision making
c) planning
d) maximizing profit -CORRECTANSWER d) maximizing profit
Which of the following is not a business management perspective that goes beyond the
numbers to enable intelligent planning, controlling, and decision making?
a) Enterprise risk management perspective
b) Lean production perspective
c) Corporate social responsibility perspective
d) Leading perspective -CORRECTANSWER b) Lean production perspective
All of the following are pillars of managerial accounting except ________.
a) controlling
b) decision making
c) planning
, d) maximizing profit -CORRECTANSWER d) maximizing profit
The direct materials required to manufacture each unit of product are listed on a
________.
a) bill of materials
b) materials requisition form
c) materials ticket
d) job order cost sheet -CORRECTANSWER a) bill of materials
In the cost formula (Y = a + bX) that is used to estimate the total manufacturing
overhead cost for a given period, the letter "a" refers to the estimated ________.
a) total manufacturing overhead cost
b) total fixed manufacturing overhead cost
c) variable manufacturing overhead cost per unit of the allocation base
d) total amount of the allocation base -CORRECTANSWER b) total fixed manufacturing
overhead cost
The management of Blue Ocean Company estimates that 50,000 machine-hours will be
required to support the production planned for the year. It also estimates $300,000 of
total fixed manufacturing overhead cost for the coming year and $4 of variable
and answers correctly solved || LATEST
UPDATE 2026
Financial or Managerial Accounting?
- Emphasizes decisions affecting the future -CORRECTANSWER Managerial
Financial or Managerial Accounting?
- Emphasizes relevance -CORRECTANSWER Managerial
Financial or Managerial Accounting?
- Emphasizes financial consequences of past activities -CORRECTANSWER Financial
Financial or Managerial Accounting?
- Not required to follow GAAP -CORRECTANSWER Managerial
Financial or Managerial Accounting?
- Emphasizes objectivity -CORRECTANSWER Financial
Planning involves ________.
a) hiring employees
b) setting goals and objectives
,c) analyzing financial statements
d) coordinating company activities -CORRECTANSWER b) setting goals and objectives
All of the following are pillars of managerial accounting except ________.
a) controlling
b) decision making
c) planning
d) maximizing profit -CORRECTANSWER d) maximizing profit
Which of the following is not a business management perspective that goes beyond the
numbers to enable intelligent planning, controlling, and decision making?
a) Enterprise risk management perspective
b) Lean production perspective
c) Corporate social responsibility perspective
d) Leading perspective -CORRECTANSWER b) Lean production perspective
All of the following are pillars of managerial accounting except ________.
a) controlling
b) decision making
c) planning
, d) maximizing profit -CORRECTANSWER d) maximizing profit
The direct materials required to manufacture each unit of product are listed on a
________.
a) bill of materials
b) materials requisition form
c) materials ticket
d) job order cost sheet -CORRECTANSWER a) bill of materials
In the cost formula (Y = a + bX) that is used to estimate the total manufacturing
overhead cost for a given period, the letter "a" refers to the estimated ________.
a) total manufacturing overhead cost
b) total fixed manufacturing overhead cost
c) variable manufacturing overhead cost per unit of the allocation base
d) total amount of the allocation base -CORRECTANSWER b) total fixed manufacturing
overhead cost
The management of Blue Ocean Company estimates that 50,000 machine-hours will be
required to support the production planned for the year. It also estimates $300,000 of
total fixed manufacturing overhead cost for the coming year and $4 of variable
