Wk 5 – Apply Summative Assessment - Management Accounting-
Planning, Evaluating, and Controlling
Points
175
:
Graded on Mar 12 at 21:52
Your Submission:
Submission
(100.00%)
Score:
Grade Time: Mar 12 at 21:52
Submitted On: Mar 12 at 21:52
1. Why is it important that FINANCIAL accounting provide a common set of standards that are used by all
companies in preparing their financial statements?
o To serve the competitive needs of companies working to uniquely serve specific customers in specific markets
o So that income taxes can be collected in a fair and equitable fashion
o So that outsiders can compare financial reports coming from many different companies
o To provide standardized data used in computing government statistics
FEEDBACK
(100.0%)
2. Why don’t all companies use the same MANAGERIAL accounting systems?
o The systems are required to provide government data once per year, and the operating cycles of companies are often based on di
o The systems must provide different sets of financial statements; some companies don’t provide outsiders with both an income st
o The systems must serve the competitive needs of companies working to uniquely serve specific customers in specific markets.
o The systems are based on publicly available data which are posted in different databases for companies in different industries.
FEEDBACK
(100.0%)
3. Which of the following is a better description of MANAGERIAL accounting than it is of FINANCIAL
accounting?
o Used primarily by investors and creditors
o Standardized across companies
o Compares planned and actual results
o Focuses on the preparation of the balance sheet, income statement, and statement of cash flows
o Emphasizes compliance with generally accepted accounting principles
FEEDBACK
, (100.0%)
4. Which of the following is more true of MANAGERIAL accounting systems than it is of FINANCIAL
accounting systems?
o Use only historical information.
o Have substantial competitive value.
o Rules established by the FASB.
o Primarily based on the statement of cash flows.
o Based on debits and credits.
FEEDBACK
(100.0%)
5. Which ONE of the following questions is related to BREAKEVEN ANALYSIS (also called cost-volume-
profit analysis)?
o When do product costs appear as an expense on the income statement?
o How large is the manufacturing overhead cost compared to the sum of the direct materials and direct labor
o How much will net income be if sales next year decrease by 20%?
o Was the actual cost higher or lower than the budgeted cost?
FEEDBACK
(100.0%)
6. Sheryl Company operates a factory in which pickled olives are prepared and packaged. Of course, in
making her product, Sheryl must purchase a lot of olives. Sheryl has purchased her olives from the same
supplier for 15 years.
For the purpose of doing a cost-volume-profit analysis, what kind of cost is Sheryl’s cost of purchasing
olives?
o Fixed
o Indirect
o Period
o Variable
o Administrative
FEEDBACK
(100.0%)
7. Curie Company operates a restaurant. For the purpose of doing a cost-volume-profit analysis, what kind
of cost is Curie’s cost of paying monthly rent?
o Control
Planning, Evaluating, and Controlling
Points
175
:
Graded on Mar 12 at 21:52
Your Submission:
Submission
(100.00%)
Score:
Grade Time: Mar 12 at 21:52
Submitted On: Mar 12 at 21:52
1. Why is it important that FINANCIAL accounting provide a common set of standards that are used by all
companies in preparing their financial statements?
o To serve the competitive needs of companies working to uniquely serve specific customers in specific markets
o So that income taxes can be collected in a fair and equitable fashion
o So that outsiders can compare financial reports coming from many different companies
o To provide standardized data used in computing government statistics
FEEDBACK
(100.0%)
2. Why don’t all companies use the same MANAGERIAL accounting systems?
o The systems are required to provide government data once per year, and the operating cycles of companies are often based on di
o The systems must provide different sets of financial statements; some companies don’t provide outsiders with both an income st
o The systems must serve the competitive needs of companies working to uniquely serve specific customers in specific markets.
o The systems are based on publicly available data which are posted in different databases for companies in different industries.
FEEDBACK
(100.0%)
3. Which of the following is a better description of MANAGERIAL accounting than it is of FINANCIAL
accounting?
o Used primarily by investors and creditors
o Standardized across companies
o Compares planned and actual results
o Focuses on the preparation of the balance sheet, income statement, and statement of cash flows
o Emphasizes compliance with generally accepted accounting principles
FEEDBACK
, (100.0%)
4. Which of the following is more true of MANAGERIAL accounting systems than it is of FINANCIAL
accounting systems?
o Use only historical information.
o Have substantial competitive value.
o Rules established by the FASB.
o Primarily based on the statement of cash flows.
o Based on debits and credits.
FEEDBACK
(100.0%)
5. Which ONE of the following questions is related to BREAKEVEN ANALYSIS (also called cost-volume-
profit analysis)?
o When do product costs appear as an expense on the income statement?
o How large is the manufacturing overhead cost compared to the sum of the direct materials and direct labor
o How much will net income be if sales next year decrease by 20%?
o Was the actual cost higher or lower than the budgeted cost?
FEEDBACK
(100.0%)
6. Sheryl Company operates a factory in which pickled olives are prepared and packaged. Of course, in
making her product, Sheryl must purchase a lot of olives. Sheryl has purchased her olives from the same
supplier for 15 years.
For the purpose of doing a cost-volume-profit analysis, what kind of cost is Sheryl’s cost of purchasing
olives?
o Fixed
o Indirect
o Period
o Variable
o Administrative
FEEDBACK
(100.0%)
7. Curie Company operates a restaurant. For the purpose of doing a cost-volume-profit analysis, what kind
of cost is Curie’s cost of paying monthly rent?
o Control
