Test zBank zFundamental zManagerial zAccounting zConcepts, z10th zEdition zby
zEdmonds
Answers zIncluded
Chapter z01
z10e
1) Which zof zthe zfollowing zitems zare zrepresentative zof zmanagerial zaccounting?
Note: zCheck zall zthat zapply.
A) Financial zstatement zin zaccordance zwith zGAAP
B) Monthly zsales zreports zused zinternally zto zallocate zfunds zto zdivisions
C) Quarterly zfinancial zinformation zsent zto zinvestors
D) Audited zfinancial zstatements zsubmitted zto zbankers zwith zcredit zapplication
E) Budget zprojections zused zto zmake zlogistic zdecisions
2) Which zof zthe zfollowing zcosts zare znot zincluded zin zthe zcost zof zmanufacturing za zproduct?
Note: zCheck zall zthat zapply.
A) Marketing
B) Production zworkers' zwages
C) Factory zjanitor's zwages
D) CEO zsalary
E) Depreciation zon zmanufacturing zequipment
3) Which zof zthe zfollowing zis zconsidered za zdownstream zcost?
Note: zCheck zall zthat zapply.
A) Research zand zdevelopment
B) Production zwages
C) Advertising zcost
D) Warranty zcost
E) Cost zof zinternet zin zmanufacturing zplant
4) Which zof zthe zfollowing zare zexamples zof zinventory zholding zcosts?
Note: zCheck zall zthat zapply.
1
, A) Cost zof zwarehouse zspace
B) Cost zof zshipping zinventory zto zcustomers
C) Research zand zdevelopment zcost
D) Cost zof zsupervising zinventory
E) Inventory zspoilage zcost
5) Ashley zBradshaw zis zthe zmanager zof zone zdepartment zin za zlarge zstore. zIn zthis
zcapacity, zwhich zof zthe zfollowing zkinds zof zinformation zwould zshe zbe zinterested zin?
A) Economic zdata
B) Financial zdata
C) Nonfinancial zdata
D) Financial, zeconomic, zand znonfinancial zdata
6) All zof zthe zfollowing zare zfeatures zof zmanagerial zaccountingexcept:
A) information zis zprovided zprimarily zto zinsiders zsuch zas zmanagers.
B) information zincludes zeconomic zand znon-financial zdata zas zwell zas zfinancial zdata.
C) information zis zcharacterized zby zobjectivity, zreliability, zconsistency, zand zaccuracy.
D) information zis zreported zcontinuously zwith za zpresent zor zfuture zorientation.
7) Choose zthe zanswer zthat zisnot za zdistinguishing zcharacteristic zof zfinancial
zaccounting zinformation.
A) It zis zglobal zinformation zthat zreflects zthe zperformance zof zthe zwhole zcompany.
B) It zis zfocused zprimarily zon zthe zfuture.
C) It zis zmore zconcerned zwith zfinancial zdata zthan zphysical zor zeconomic zdata.
D) It zis zmore zhighly zregulated zthan zmanagerial zaccounting zinformation.
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,8) Managerial zaccounting zinformation zis zlimited zor zrestricted zby zwhich zof zthe
zfollowing zauthorities zor zprinciples?
A) Securities zand zExchange zCommission
B) Generally zAccepted zAccounting zPrinciples
C) Managerial zAccounting zStandards zBoard
D) Value-Added zPrinciple
9) Select ztheincorrect zstatement zregarding zthe zrelationship zbetween ztype zof zuser zand
ztype zof zinformation.
A) Middle zmanagers zneed zmore znonfinancial, zor zoperational zdata zthan zdo
zsenior zexecutives.
B) Assembly zline zsupervisors zneed zmore zimmediate zfeedback zon zperformance
zthan zdo zsenior zexecutives.
C) Senior zexecutives zneed zless zaggregated zinformation zthan zdo zlower-level zmanagers.
D) Senior zexecutives zuse zgeneral zeconomic zinformation zas zwell zas zfinancial zinformation.
10) Which zgroup zwould zuse zmanagerial zaccounting zdata zof zXY zCompany?
A) Stockholders
B) Managers
C) Executives
D) Both zmanagers zand zexecutives
E) All zof zthe zgroups zwould zuse zmanagerial zaccounting zdata
11) Which zof zthe zfollowing zis za zfeature zof zmanagerial zaccounting zinformation?
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, A) Information zis znot zdistributed zto zthe zpublic
B) Information zreports zon zthe zcompany zas za zwhole
C) Information zis zfocused zon zthe zpast
D) Information zis zreported zannually
12) Select zthecorrect zstatement zregarding zmanagerial zand zfinancial zaccounting.
A) Users zof zmanagerial zaccounting zinformation zdesire zgreater zaggregation zthan zdo
zusers zof zfinancial zaccounting zinformation.
B) Both zmanagerial zand zfinancial zaccounting zuse zeconomic zand zphysical zdata zin
zaddition zto zfinancial zdata.
C) Financial zaccounting zis zmore zhighly zregulated zthan zmanagerial zaccounting.
D) Timeliness zis zmore zimportant zin zfinancial zaccounting zthan zin zmanagerial zaccounting.
13) Which zof zthe zfollowing zmost zexemplifies zthe zvalue-added zprinciple?
A) An zongoing zprocess zwhere zcontinuous zimprovement zis zthe zgoal.
B) A zcompetitive zmanagement zprogram zthat zemphasizes zquality.
C) Information zgathering zand zreporting zactivities zshould zbe zrestricted zto zthose
zactivities zthat zadd zvalue zin zexcess zof ztheir zcost.
D) Managerial zaccounting zinformation zis zmeasured zin zeconomic, zphysical, zand zfinancial
terms.
14) Which zof zthe zfollowing zcosts zwould zbe zclassified zas za zdirect zcost zfor za
zcompany zthat zproduces zmotorcycles?
4
zEdmonds
Answers zIncluded
Chapter z01
z10e
1) Which zof zthe zfollowing zitems zare zrepresentative zof zmanagerial zaccounting?
Note: zCheck zall zthat zapply.
A) Financial zstatement zin zaccordance zwith zGAAP
B) Monthly zsales zreports zused zinternally zto zallocate zfunds zto zdivisions
C) Quarterly zfinancial zinformation zsent zto zinvestors
D) Audited zfinancial zstatements zsubmitted zto zbankers zwith zcredit zapplication
E) Budget zprojections zused zto zmake zlogistic zdecisions
2) Which zof zthe zfollowing zcosts zare znot zincluded zin zthe zcost zof zmanufacturing za zproduct?
Note: zCheck zall zthat zapply.
A) Marketing
B) Production zworkers' zwages
C) Factory zjanitor's zwages
D) CEO zsalary
E) Depreciation zon zmanufacturing zequipment
3) Which zof zthe zfollowing zis zconsidered za zdownstream zcost?
Note: zCheck zall zthat zapply.
A) Research zand zdevelopment
B) Production zwages
C) Advertising zcost
D) Warranty zcost
E) Cost zof zinternet zin zmanufacturing zplant
4) Which zof zthe zfollowing zare zexamples zof zinventory zholding zcosts?
Note: zCheck zall zthat zapply.
1
, A) Cost zof zwarehouse zspace
B) Cost zof zshipping zinventory zto zcustomers
C) Research zand zdevelopment zcost
D) Cost zof zsupervising zinventory
E) Inventory zspoilage zcost
5) Ashley zBradshaw zis zthe zmanager zof zone zdepartment zin za zlarge zstore. zIn zthis
zcapacity, zwhich zof zthe zfollowing zkinds zof zinformation zwould zshe zbe zinterested zin?
A) Economic zdata
B) Financial zdata
C) Nonfinancial zdata
D) Financial, zeconomic, zand znonfinancial zdata
6) All zof zthe zfollowing zare zfeatures zof zmanagerial zaccountingexcept:
A) information zis zprovided zprimarily zto zinsiders zsuch zas zmanagers.
B) information zincludes zeconomic zand znon-financial zdata zas zwell zas zfinancial zdata.
C) information zis zcharacterized zby zobjectivity, zreliability, zconsistency, zand zaccuracy.
D) information zis zreported zcontinuously zwith za zpresent zor zfuture zorientation.
7) Choose zthe zanswer zthat zisnot za zdistinguishing zcharacteristic zof zfinancial
zaccounting zinformation.
A) It zis zglobal zinformation zthat zreflects zthe zperformance zof zthe zwhole zcompany.
B) It zis zfocused zprimarily zon zthe zfuture.
C) It zis zmore zconcerned zwith zfinancial zdata zthan zphysical zor zeconomic zdata.
D) It zis zmore zhighly zregulated zthan zmanagerial zaccounting zinformation.
2
,8) Managerial zaccounting zinformation zis zlimited zor zrestricted zby zwhich zof zthe
zfollowing zauthorities zor zprinciples?
A) Securities zand zExchange zCommission
B) Generally zAccepted zAccounting zPrinciples
C) Managerial zAccounting zStandards zBoard
D) Value-Added zPrinciple
9) Select ztheincorrect zstatement zregarding zthe zrelationship zbetween ztype zof zuser zand
ztype zof zinformation.
A) Middle zmanagers zneed zmore znonfinancial, zor zoperational zdata zthan zdo
zsenior zexecutives.
B) Assembly zline zsupervisors zneed zmore zimmediate zfeedback zon zperformance
zthan zdo zsenior zexecutives.
C) Senior zexecutives zneed zless zaggregated zinformation zthan zdo zlower-level zmanagers.
D) Senior zexecutives zuse zgeneral zeconomic zinformation zas zwell zas zfinancial zinformation.
10) Which zgroup zwould zuse zmanagerial zaccounting zdata zof zXY zCompany?
A) Stockholders
B) Managers
C) Executives
D) Both zmanagers zand zexecutives
E) All zof zthe zgroups zwould zuse zmanagerial zaccounting zdata
11) Which zof zthe zfollowing zis za zfeature zof zmanagerial zaccounting zinformation?
3
, A) Information zis znot zdistributed zto zthe zpublic
B) Information zreports zon zthe zcompany zas za zwhole
C) Information zis zfocused zon zthe zpast
D) Information zis zreported zannually
12) Select zthecorrect zstatement zregarding zmanagerial zand zfinancial zaccounting.
A) Users zof zmanagerial zaccounting zinformation zdesire zgreater zaggregation zthan zdo
zusers zof zfinancial zaccounting zinformation.
B) Both zmanagerial zand zfinancial zaccounting zuse zeconomic zand zphysical zdata zin
zaddition zto zfinancial zdata.
C) Financial zaccounting zis zmore zhighly zregulated zthan zmanagerial zaccounting.
D) Timeliness zis zmore zimportant zin zfinancial zaccounting zthan zin zmanagerial zaccounting.
13) Which zof zthe zfollowing zmost zexemplifies zthe zvalue-added zprinciple?
A) An zongoing zprocess zwhere zcontinuous zimprovement zis zthe zgoal.
B) A zcompetitive zmanagement zprogram zthat zemphasizes zquality.
C) Information zgathering zand zreporting zactivities zshould zbe zrestricted zto zthose
zactivities zthat zadd zvalue zin zexcess zof ztheir zcost.
D) Managerial zaccounting zinformation zis zmeasured zin zeconomic, zphysical, zand zfinancial
terms.
14) Which zof zthe zfollowing zcosts zwould zbe zclassified zas za zdirect zcost zfor za
zcompany zthat zproduces zmotorcycles?
4
