BUS 215- Quiz 1 & 2 answers || All correct.
Which one of the following concepts are considered one of the three pillars of managerial
accounting?
-the value chain
-strategic management
-budgeting
-decision making correct answers decision making
T/F: managerial accounting reports need not follow GAAP correct answers true
The process used by a company to identify risks and develop responses to those risks that
enable a company to be reasonably assured of meeting a goal is known as... correct answers
enterprise risk management
The focal point of a companies strategy should be... correct answers its target customers
The customer value proposition that focuses on understanding and responding to individual
customer needs is known as: correct answers customer intimacy
A customers corporate social responsibility is. a concept whereby organizations consider the
needs of all stakeholders when making decisions. Which of the follow is not considered a
stakeholder? correct answers Competitors
the costs of the human resources department at central hospital would be considered by the
emergency care department to be... correct answers Indirect costs
which of the following would be considered a selling cost in the production of a pair of jean
pants? correct answers the advertising cost paid to run a commercial ad on tv for the jeans
all of the following would be classified as product costs except: correct answers Salaries of
the IT department
when the level of activity decreases, fixed costs will: correct answers increase per unit
the __________ is the amount remaining from sales revenue after all variable expenses have
been deducted correct answers contribution margin
T/F: contribution margin format is the required format for all external income statement
reports correct answers false
T/F: the calculation of a units product cost includes adding actual direct materials, actual
direct labor, and applied manufacturing overhead correct answers true
in computing predetermined overhead rate, an allocation base is uses because... correct
answers many types of manufacturing overhead costs are fixed even though output fluctuates
during the period
a pre-determined overhead rate is calculated using... correct answers estimated total
manufacturing overhead cost for the coming period
Which one of the following concepts are considered one of the three pillars of managerial
accounting?
-the value chain
-strategic management
-budgeting
-decision making correct answers decision making
T/F: managerial accounting reports need not follow GAAP correct answers true
The process used by a company to identify risks and develop responses to those risks that
enable a company to be reasonably assured of meeting a goal is known as... correct answers
enterprise risk management
The focal point of a companies strategy should be... correct answers its target customers
The customer value proposition that focuses on understanding and responding to individual
customer needs is known as: correct answers customer intimacy
A customers corporate social responsibility is. a concept whereby organizations consider the
needs of all stakeholders when making decisions. Which of the follow is not considered a
stakeholder? correct answers Competitors
the costs of the human resources department at central hospital would be considered by the
emergency care department to be... correct answers Indirect costs
which of the following would be considered a selling cost in the production of a pair of jean
pants? correct answers the advertising cost paid to run a commercial ad on tv for the jeans
all of the following would be classified as product costs except: correct answers Salaries of
the IT department
when the level of activity decreases, fixed costs will: correct answers increase per unit
the __________ is the amount remaining from sales revenue after all variable expenses have
been deducted correct answers contribution margin
T/F: contribution margin format is the required format for all external income statement
reports correct answers false
T/F: the calculation of a units product cost includes adding actual direct materials, actual
direct labor, and applied manufacturing overhead correct answers true
in computing predetermined overhead rate, an allocation base is uses because... correct
answers many types of manufacturing overhead costs are fixed even though output fluctuates
during the period
a pre-determined overhead rate is calculated using... correct answers estimated total
manufacturing overhead cost for the coming period
