Managerial Accounting-MBA Prep Works
Final Exam-Latest Update
variable costs and fixed costs associated with overhead - CORRECT ANSWERS-the
manufacturing overhead budget accounts for ___________________
true - CORRECT ANSWERS-direct labor costs are part of the cost of goods sold budget
(true or false)
accounts receivable - CORRECT ANSWERS-in projecting cash receipts, a critical
element needed is ____ _____
units produced - CORRECT ANSWERS-what provides the flex in flexible budget?
after the cash receipts budget - CORRECT ANSWERS-the budgeted balance sheet is
done ________________-
sales budget - CORRECT ANSWERS-budgeting begins with ________
budgeted balance sheet - CORRECT ANSWERS-the timing of cash receipts and cash
disbursements is essential to the development of the ____ _____ ____
cash - CORRECT ANSWERS-the most critical items needed in the budgeted balance
sheet is _____
desired ending inventory and beginning inventory - CORRECT ANSWERS-a key item in
the production budget is _________ and ________
production budget - CORRECT ANSWERS-after the sales budget, the next budget
produced is the ____ _____
activity based costing - CORRECT ANSWERS-helps to refine the costs associated with
overhead not direct materials
cost driver - CORRECT ANSWERS-is something that relates to volume of production or
to the complexity of production
activity based costing - CORRECT ANSWERS-divide the overhead into finer pieces and
then apply them to the product
discount factor - CORRECT ANSWERS-the reverse of compounding future cash flows
and interest rates, and allows investors to quantify a figure which would make them
indifferent to the returns from an investment
, decreases - CORRECT ANSWERS-as the interest rate used to discount future cash
flows is increased, present value of future cash inflows _______
present value calculations - CORRECT ANSWERS-can provide managers with a
means of identifying the best investment choices
true - CORRECT ANSWERS-as the production level increases the cost per unit
decreases for a fixed cost (true or false)
controller - CORRECT ANSWERS-Eric Henley is starting his career as a management
accountant with Jalo, INC. Most likely, he will be placed in which department?
true - CORRECT ANSWERS-in the long run, all fixed costs become variable (true or
false)
IMA - CORRECT ANSWERS-a certifies management accountant (CMA) is expected to
live by a code of ethics promulgated by the ______
backward looking - CORRECT ANSWERS-financial information reported in an annual
report is _______ _________
forward looking - CORRECT ANSWERS-financial information reported in internal
management documents are ______ _____
false - CORRECT ANSWERS-fixed cost per unit remains the same over all levels of
production (true or false)
CFO and Board of Directors - CORRECT ANSWERS-The director of auditing in most
large corporations has two bosses, the ______ and ______ ___ _____
certified public accountant - CORRECT ANSWERS-what does CPA stand for?
a managerial accountant - CORRECT ANSWERS-the budget is a document usually
prepared by:
management - CORRECT ANSWERS-managerial accounting reports are prepared for:
there are none - CORRECT ANSWERS-which of the following is a managerial
accounting GAAP?
production department - CORRECT ANSWERS-what department has a flexible budget?
variable costs - CORRECT ANSWERS-costs that change in total with increased
production are
Final Exam-Latest Update
variable costs and fixed costs associated with overhead - CORRECT ANSWERS-the
manufacturing overhead budget accounts for ___________________
true - CORRECT ANSWERS-direct labor costs are part of the cost of goods sold budget
(true or false)
accounts receivable - CORRECT ANSWERS-in projecting cash receipts, a critical
element needed is ____ _____
units produced - CORRECT ANSWERS-what provides the flex in flexible budget?
after the cash receipts budget - CORRECT ANSWERS-the budgeted balance sheet is
done ________________-
sales budget - CORRECT ANSWERS-budgeting begins with ________
budgeted balance sheet - CORRECT ANSWERS-the timing of cash receipts and cash
disbursements is essential to the development of the ____ _____ ____
cash - CORRECT ANSWERS-the most critical items needed in the budgeted balance
sheet is _____
desired ending inventory and beginning inventory - CORRECT ANSWERS-a key item in
the production budget is _________ and ________
production budget - CORRECT ANSWERS-after the sales budget, the next budget
produced is the ____ _____
activity based costing - CORRECT ANSWERS-helps to refine the costs associated with
overhead not direct materials
cost driver - CORRECT ANSWERS-is something that relates to volume of production or
to the complexity of production
activity based costing - CORRECT ANSWERS-divide the overhead into finer pieces and
then apply them to the product
discount factor - CORRECT ANSWERS-the reverse of compounding future cash flows
and interest rates, and allows investors to quantify a figure which would make them
indifferent to the returns from an investment
, decreases - CORRECT ANSWERS-as the interest rate used to discount future cash
flows is increased, present value of future cash inflows _______
present value calculations - CORRECT ANSWERS-can provide managers with a
means of identifying the best investment choices
true - CORRECT ANSWERS-as the production level increases the cost per unit
decreases for a fixed cost (true or false)
controller - CORRECT ANSWERS-Eric Henley is starting his career as a management
accountant with Jalo, INC. Most likely, he will be placed in which department?
true - CORRECT ANSWERS-in the long run, all fixed costs become variable (true or
false)
IMA - CORRECT ANSWERS-a certifies management accountant (CMA) is expected to
live by a code of ethics promulgated by the ______
backward looking - CORRECT ANSWERS-financial information reported in an annual
report is _______ _________
forward looking - CORRECT ANSWERS-financial information reported in internal
management documents are ______ _____
false - CORRECT ANSWERS-fixed cost per unit remains the same over all levels of
production (true or false)
CFO and Board of Directors - CORRECT ANSWERS-The director of auditing in most
large corporations has two bosses, the ______ and ______ ___ _____
certified public accountant - CORRECT ANSWERS-what does CPA stand for?
a managerial accountant - CORRECT ANSWERS-the budget is a document usually
prepared by:
management - CORRECT ANSWERS-managerial accounting reports are prepared for:
there are none - CORRECT ANSWERS-which of the following is a managerial
accounting GAAP?
production department - CORRECT ANSWERS-what department has a flexible budget?
variable costs - CORRECT ANSWERS-costs that change in total with increased
production are
