A306 FINAL EXAM QUICK CHECKS
QUESTIONS & ANSWERS VERIFIED
100% CORRECT!!
1 of 34
Term
When making a make or buy decision, managers should consider:
a.Alternatives uses for any facility currently being used to make
the product.
b.The costs of direct materials included in making the product.
c. Qualitative factors such as whether the supplier can deliver
the item on time and to the company's quality standards.
d. All of the statements above.
Give this one a try later!
, d. Decrease operating assets d. All of the above
d. Credit sales made during July d. All of the statements above.
Don't know?
2 of 34
Term
Which statements best describe management accounting?
a. Management accounting is mainly focused on past results.
b. Management accounting reports are rules-based using GAAP.
c.The main users of Management accounting information
are outside the firm.
d. Management accounting reports are prepared following the
National Management Accounting Standards (NMAS)
e. Management accounting is primarily used for decision making.
Give this one a try later!
c. In a centralized decision-making
c. Financial accounting information
environment, the manager
emphasizes decision making for the
delegates decision making to
future.
individuals with relevant experience
and knowledge.
c. Fixed costs divided by unit e. Management accounting is
contribution margin. primarily used for decision
making.
, Don't know?
3 of 34
Term
Job WR53 at NW Fab, Inc. required $200 of direct materials and 10
direct labor hours at $15 per hour. Estimated total overhead for
the year was $760,000 and estimated direct labor hours were
20,000.
What would be recorded as the cost of job WR53?
a. $200
b. $350
c. $380
d. $730
Give this one a try later!
d. $730 b. $2,000
d. $90,000 d. $375,000
Don't know?
4 of 34
Term
Which of the following statements is false?
a. Prime costs are always direct costs.
QUESTIONS & ANSWERS VERIFIED
100% CORRECT!!
1 of 34
Term
When making a make or buy decision, managers should consider:
a.Alternatives uses for any facility currently being used to make
the product.
b.The costs of direct materials included in making the product.
c. Qualitative factors such as whether the supplier can deliver
the item on time and to the company's quality standards.
d. All of the statements above.
Give this one a try later!
, d. Decrease operating assets d. All of the above
d. Credit sales made during July d. All of the statements above.
Don't know?
2 of 34
Term
Which statements best describe management accounting?
a. Management accounting is mainly focused on past results.
b. Management accounting reports are rules-based using GAAP.
c.The main users of Management accounting information
are outside the firm.
d. Management accounting reports are prepared following the
National Management Accounting Standards (NMAS)
e. Management accounting is primarily used for decision making.
Give this one a try later!
c. In a centralized decision-making
c. Financial accounting information
environment, the manager
emphasizes decision making for the
delegates decision making to
future.
individuals with relevant experience
and knowledge.
c. Fixed costs divided by unit e. Management accounting is
contribution margin. primarily used for decision
making.
, Don't know?
3 of 34
Term
Job WR53 at NW Fab, Inc. required $200 of direct materials and 10
direct labor hours at $15 per hour. Estimated total overhead for
the year was $760,000 and estimated direct labor hours were
20,000.
What would be recorded as the cost of job WR53?
a. $200
b. $350
c. $380
d. $730
Give this one a try later!
d. $730 b. $2,000
d. $90,000 d. $375,000
Don't know?
4 of 34
Term
Which of the following statements is false?
a. Prime costs are always direct costs.
