BUS 302L Managerial Accounting
UPDATED Exam Questions and
CORRECT Answers
Which phrase best describes the current role of the managerial accountant? - CORRECT
ANSWER - Managerial accountants facilitate the decision-making process within an
organization.
An example of qualitative data is: - CORRECT ANSWER - customer satisfaction
Product and service costing information is prepared for - CORRECT ANSWER --
manufacturing companies with inventory.
-merchandising companies.
-service providers.
-each of the other four answers..
-manufacturing companies without inventory.
Manufacturing costs typically consist of - CORRECT ANSWER - direct materials, direct
labor, and manufacturing overhead.
In comparison to the traditional manufacturing environment, overhead costs in a JIT
environment all the following are true except:
a. are more easily tracked to products.
b. are frequently direct in nature.
c. include rent, insurance and utilities.
d. most of the costs are likely to be indirect in nature.
e. labor need not be tracked to the product. - CORRECT ANSWER - most of the costs are
likely to be indirect in nature.
, As production increases within the relevant range - CORRECT ANSWER - variable costs will
vary in total.
You are given the cost and volume information below:
Volume 1 unit / Cost $ 15
10 units / $150
100 units / $1500
What type of a cost is given? - CORRECT ANSWER - variable cost
Which of the following statements regarding graphs of fixed and variable costs is true? -
CORRECT ANSWER - Variable costs are zero when production is equal to zero.
All of the following statements regarding budgeting is true except
a. Budgeting helps managers determine the resources needed to meet their goals and
objectives.
b. Budgeting is a key ingredient in good decision-making.
c. Budgeting is a bookkeeping task
d. The focus of budgeting is planning.
e. Budgeting is an executive responsibility. - CORRECT ANSWER - Budgeting is a
bookkeeping task
Broihan Corporation has the following purchases budget for the last half of 2002:
July $100,000 October $ 90,000
August 80,000 November 100,000
September 110,000 December 94,000
UPDATED Exam Questions and
CORRECT Answers
Which phrase best describes the current role of the managerial accountant? - CORRECT
ANSWER - Managerial accountants facilitate the decision-making process within an
organization.
An example of qualitative data is: - CORRECT ANSWER - customer satisfaction
Product and service costing information is prepared for - CORRECT ANSWER --
manufacturing companies with inventory.
-merchandising companies.
-service providers.
-each of the other four answers..
-manufacturing companies without inventory.
Manufacturing costs typically consist of - CORRECT ANSWER - direct materials, direct
labor, and manufacturing overhead.
In comparison to the traditional manufacturing environment, overhead costs in a JIT
environment all the following are true except:
a. are more easily tracked to products.
b. are frequently direct in nature.
c. include rent, insurance and utilities.
d. most of the costs are likely to be indirect in nature.
e. labor need not be tracked to the product. - CORRECT ANSWER - most of the costs are
likely to be indirect in nature.
, As production increases within the relevant range - CORRECT ANSWER - variable costs will
vary in total.
You are given the cost and volume information below:
Volume 1 unit / Cost $ 15
10 units / $150
100 units / $1500
What type of a cost is given? - CORRECT ANSWER - variable cost
Which of the following statements regarding graphs of fixed and variable costs is true? -
CORRECT ANSWER - Variable costs are zero when production is equal to zero.
All of the following statements regarding budgeting is true except
a. Budgeting helps managers determine the resources needed to meet their goals and
objectives.
b. Budgeting is a key ingredient in good decision-making.
c. Budgeting is a bookkeeping task
d. The focus of budgeting is planning.
e. Budgeting is an executive responsibility. - CORRECT ANSWER - Budgeting is a
bookkeeping task
Broihan Corporation has the following purchases budget for the last half of 2002:
July $100,000 October $ 90,000
August 80,000 November 100,000
September 110,000 December 94,000
