ACC 200 Exam (NCSU Test #2 Managerial ACC
(ch 1-5)); Questions & Answers 100% Verified
Planning Activities Correct answer-Involve the development of both short- term and long-
term objectives and goals, and the identification of the resources needed to achieve them.
Operating Activities Correct answer-Involve the activities that management must do to
run the business on a day-to- day basis.
Controlling Activities Correct answer-Involve the motivation and monitoring of
employees and other resources used in the business.
(T/F) Relevant costs differ among alternatives. Correct answer-True
(T/F) Decision making should not take into account ethical considerations. Correct
answer-False
(T/F) The first step in the decision making process is to define the problem. Correct
answer-True
(T/F)Managerial accounting is more timely than financial accounting. Correct answer-True
(T/F)Most decisions do not involve risk. Correct answer-False
, ACC 200 Exam (NCSU Test #2 Managerial ACC
(ch 1-5)); Questions & Answers 100% Verified
(T/F)Managerial accounting reports should always follow GAAP. Correct answer-False
(T/F)Sunk costs are always irrelevant in decision making. Correct answer-True
(T/F)Opportunity costs are not relevant to decision making. Correct answer-False
(T/F)One of the steps in stakeholder analysis requires the company to understand the nature of
each stakeholder's interests. Correct answer-True
(T/F)Managerial accounting is more focused on the past than financial accounting.
Correct answer-False
(T/F) Inventory is "pulled" from one factory area to another in a traditional manufacturing
environment whereas inventory is "pushed" from one factory area to another in a JIT
manufacturing environment. Correct answer-False
(T/F)It is normal to accumulate buffers of raw materials or finished goods inventories in a
traditional manufacturing environment. Correct answer-True
(T/F) The JIT manufacturing process begins when a customer places an order. Correct
answer-True
, ACC 200 Exam (NCSU Test #2 Managerial ACC
(ch 1-5)); Questions & Answers 100% Verified
(T/F) It is not as important for companies that have a JIT manufacturing environment to have
reliable suppliers and employees than companies that have a traditional manufacturing
environment. Correct answer-False
Which of the following statements is (are) false?
a) Job-order costing systems can be used by service firms.
b) Costs are traced to departments and then allocated to units of product when job-order
costing
is used.
c) Companies that produce many different products or services would probably use job-order
costing systems.
d) All of the above. Correct answer-b) Costs are traced to departments and then
allocated to units of product when job-order costing
is used.
In a job order cost system, the usage of direct materials would be recorded as a credit
(reduction) to:
a) Finished Goods inventory. b) Work in Process inventory. c) ManufacturingOverhead. d) Raw
Materials inventory. Correct answer-d) Raw Materials inventory.
(ch 1-5)); Questions & Answers 100% Verified
Planning Activities Correct answer-Involve the development of both short- term and long-
term objectives and goals, and the identification of the resources needed to achieve them.
Operating Activities Correct answer-Involve the activities that management must do to
run the business on a day-to- day basis.
Controlling Activities Correct answer-Involve the motivation and monitoring of
employees and other resources used in the business.
(T/F) Relevant costs differ among alternatives. Correct answer-True
(T/F) Decision making should not take into account ethical considerations. Correct
answer-False
(T/F) The first step in the decision making process is to define the problem. Correct
answer-True
(T/F)Managerial accounting is more timely than financial accounting. Correct answer-True
(T/F)Most decisions do not involve risk. Correct answer-False
, ACC 200 Exam (NCSU Test #2 Managerial ACC
(ch 1-5)); Questions & Answers 100% Verified
(T/F)Managerial accounting reports should always follow GAAP. Correct answer-False
(T/F)Sunk costs are always irrelevant in decision making. Correct answer-True
(T/F)Opportunity costs are not relevant to decision making. Correct answer-False
(T/F)One of the steps in stakeholder analysis requires the company to understand the nature of
each stakeholder's interests. Correct answer-True
(T/F)Managerial accounting is more focused on the past than financial accounting.
Correct answer-False
(T/F) Inventory is "pulled" from one factory area to another in a traditional manufacturing
environment whereas inventory is "pushed" from one factory area to another in a JIT
manufacturing environment. Correct answer-False
(T/F)It is normal to accumulate buffers of raw materials or finished goods inventories in a
traditional manufacturing environment. Correct answer-True
(T/F) The JIT manufacturing process begins when a customer places an order. Correct
answer-True
, ACC 200 Exam (NCSU Test #2 Managerial ACC
(ch 1-5)); Questions & Answers 100% Verified
(T/F) It is not as important for companies that have a JIT manufacturing environment to have
reliable suppliers and employees than companies that have a traditional manufacturing
environment. Correct answer-False
Which of the following statements is (are) false?
a) Job-order costing systems can be used by service firms.
b) Costs are traced to departments and then allocated to units of product when job-order
costing
is used.
c) Companies that produce many different products or services would probably use job-order
costing systems.
d) All of the above. Correct answer-b) Costs are traced to departments and then
allocated to units of product when job-order costing
is used.
In a job order cost system, the usage of direct materials would be recorded as a credit
(reduction) to:
a) Finished Goods inventory. b) Work in Process inventory. c) ManufacturingOverhead. d) Raw
Materials inventory. Correct answer-d) Raw Materials inventory.
