TEST BANK FOR
Fundamental Managerial Accounting Concepts, 10th Edition by Edmonds
Chapter 1-14
Answers Included ✅
Chapter 01 10e
1) Which of the following items are representative of managerial accounting?
Note: Check all that apply.
A) Financial statement in accordance with GAAP
B) Monthly sales reports used internally to allocate funds to divisions
C) Quarterly financial information sent to investors
D) Audited financial statements submitted to bankers with credit application
E) Budget projections used to make logistic decisions
2) Which of the following costs are not included in the cost of manufacturing a product?
Note: Check all that apply.
A) Marketing
B) Production workers' wages
C) Factory janitor's wages
D) CEO salary
E) Depreciation on manufacturing equipment
3) Which of the following is considered a downstream cost?
Note: Check all that apply.
A) Research and development
B) Production wages
C) Advertising cost
D) Warranty cost
E) Cost of internet in manufacturing plant
4) Which of the following are examples of inventory holding costs?
Note: Check all that apply.
SCHOLARVAULT
, A) Cost #hgof #hgwarehouse #hgspace
B) Cost #hgof #hgshipping #hginventory #hgto #hgcustomers
C) Research #hgand #hgdevelopment #hgcost
D) Cost #hgof #hgsupervising #hginventory
E) Inventory#hgspoilage #hgcost
5) Ashley #hgBradshaw #hgis #hgthe #hgmanager #hgof #hgone #hgdepartment #hgin #hga #hglarge #hgstore. #hgIn
#hgthis #hgcapacity, #hgwhich #hgof #hgthe #hgfollowing #hgkinds #hgof #hginformation #hgwould #hgshe #hgbe
#hginterested #hgin?
A) Economic #hgdata
B) Financial #hgdata
C) Nonfinancial #hgdata
D) Financial, #hgeconomic, #hgand #hgnonfinancial #hgdata
6) All #hgof #hgthe #hgfollowing #hgare #hgfeatures #hgof #hgmanagerial #hgaccountingexcept:
A) information #hgis #hgprovided #hgprimarily #hgto #hginsiders #hgsuch #hgas #hgmanagers.
B) information #hgincludes #hgeconomic #hgand #hgnon-financial #hgdata #hgas #hgwell #hgas #hgfinancial #hgdata.
C) information #hgis #hgcharacterized #hgby#hgobjectivity, #hgreliability, #hgconsistency, #hgand #hgaccuracy.
D) information #hgis #hgreported #hgcontinuously #hgwith #hga #hgpresent #hgor #hgfuture #hgorientation.
7) Choose #hgthe #hganswer #hgthat #hgisnot #hga #hgdistinguishing #hgcharacteristic #hgof #hgfinancial
#hgaccounting #hginformation.
A) It #hgis #hgglobal #hginformation #hgthat #hgreflects #hgthe #hgperformance #hgof #hgthe #hgwhole #hgcompany.
B) It #hgis #hgfocused #hgprimarily #hgon #hgthe #hgfuture.
C) It #hgis #hgmore #hgconcerned #hgwith #hgfinancial #hgdata #hgthan #hgphysical #hgor #hgeconomic #hgdata.
D) It #hgis #hgmore #hghighly #hgregulated #hgthan #hgmanagerial #hgaccounting #hginformation.
SCHOLARVAULT
,8) Managerial #hgaccounting #hginformation #hgis #hglimited #hgor #hgrestricted #hgby #hgwhich #hgof #hgthe
#hgfollowing #hgauthorities #hgor #hgprinciples?
A) Securities #hgand #hgExchange #hgCommission
B) Generally #hgAccepted #hgAccounting #hgPrinciples
C) Managerial #hgAccounting #hgStandards #hgBoard
D) Value-Added #hgPrinciple
9) Select #hgtheincorrect #hgstatement #hgregarding #hgthe #hgrelationship #hgbetween #hgtype #hgof #hguser
#hgand #hgtype #hgof #hginformation.
A) Middle #hgmanagers #hgneed #hgmore #hgnonfinancial, #hgor #hgoperational #hgdata #hgthan
#hgdo #hgsenior #hgexecutives.
B) Assembly#hgline #hgsupervisors #hgneed #hgmore #hgimmediate #hgfeedback #hgon #hgperformance
#hgthan #hgdo #hgsenior #hgexecutives.
C) Senior #hgexecutives #hgneed #hgless #hgaggregated #hginformation #hgthan #hgdo #hglower-level #hgmanagers.
D) Senior #hgexecutives #hguse #hggeneral #hgeconomic #hginformation #hgas #hgwell #hgas #hgfinancial
#hginformation.
10) Which #hggroup #hgwould #hguse #hgmanagerial #hgaccounting #hgdata #hgof #hgXY #hgCompany?
A) Stockholders
B) Managers
C) Executives
D) Both #hgmanagers #hgand #hgexecutives
E) All #hgof #hgthe #hggroups #hgwould #hguse #hgmanagerial #hgaccounting #hgdata
11) Which #hgof #hgthe #hgfollowing #hgis #hga #hgfeature #hgof #hgmanagerial #hgaccounting #hginformation?
SCHOLARVAULT
, A) Information #hgis #hgnot #hgdistributed #hgto #hgthe #hgpublic
B) Information #hgreports #hgon #hgthe #hgcompany #hgas #hga #hgwhole
C) Information #hgis #hgfocused #hgon #hgthe #hgpast
D) Information #hgis #hgreported #hgannually
12) Select #hgthecorrect #hgstatement #hgregarding #hgmanagerial #hgand #hgfinancial #hgaccounting.
A) Users #hgof #hgmanagerial #hgaccounting #hginformation #hgdesire #hggreater #hgaggregation #hgthan
#hgdo #hgusers #hgof #hgfinancial #hgaccounting #hginformation.
B) Both #hgmanagerial #hgand #hgfinancial #hgaccounting #hguse #hgeconomic #hgand #hgphysical #hgdata
#hgin #hgaddition #hgto #hgfinancial #hgdata.
C) Financial #hgaccounting #hgis #hgmore #hghighly #hgregulated #hgthan #hgmanagerial #hgaccounting.
D) Timeliness #hgis #hgmore #hgimportant #hgin #hgfinancial #hgaccounting #hgthan #hgin #hgmanagerial #hgaccounting.
13) Which #hgof #hgthe #hgfollowing #hgmost #hgexemplifies #hgthe #hgvalue-added #hgprinciple?
A) An #hgongoing #hgprocess #hgwhere #hgcontinuous #hgimprovement #hgis #hgthe #hggoal.
B) A #hgcompetitive #hgmanagement #hgprogram #hgthat #hgemphasizes #hgquality.
C) Information #hggathering #hgand #hgreporting #hgactivities #hgshould #hgbe #hgrestricted #hgto #hgthose
#hgactivities #hgthat #hgadd #hgvalue #hgin #hgexcess #hgof #hgtheir #hgcost.
D) Managerial #hgaccounting #hginformation #hgis #hgmeasured #hgin #hgeconomic, #hgphysical, #hgand #hgfinancial
terms.
14) Which #hgof #hgthe #hgfollowing #hgcosts #hgwould #hgbe #hgclassified #hgas #hga #hgdirect #hgcost #hgfor #hga
#hgcompany #hgthat #hgproduces #hgmotorcycles?
SCHOLARVAULT
Fundamental Managerial Accounting Concepts, 10th Edition by Edmonds
Chapter 1-14
Answers Included ✅
Chapter 01 10e
1) Which of the following items are representative of managerial accounting?
Note: Check all that apply.
A) Financial statement in accordance with GAAP
B) Monthly sales reports used internally to allocate funds to divisions
C) Quarterly financial information sent to investors
D) Audited financial statements submitted to bankers with credit application
E) Budget projections used to make logistic decisions
2) Which of the following costs are not included in the cost of manufacturing a product?
Note: Check all that apply.
A) Marketing
B) Production workers' wages
C) Factory janitor's wages
D) CEO salary
E) Depreciation on manufacturing equipment
3) Which of the following is considered a downstream cost?
Note: Check all that apply.
A) Research and development
B) Production wages
C) Advertising cost
D) Warranty cost
E) Cost of internet in manufacturing plant
4) Which of the following are examples of inventory holding costs?
Note: Check all that apply.
SCHOLARVAULT
, A) Cost #hgof #hgwarehouse #hgspace
B) Cost #hgof #hgshipping #hginventory #hgto #hgcustomers
C) Research #hgand #hgdevelopment #hgcost
D) Cost #hgof #hgsupervising #hginventory
E) Inventory#hgspoilage #hgcost
5) Ashley #hgBradshaw #hgis #hgthe #hgmanager #hgof #hgone #hgdepartment #hgin #hga #hglarge #hgstore. #hgIn
#hgthis #hgcapacity, #hgwhich #hgof #hgthe #hgfollowing #hgkinds #hgof #hginformation #hgwould #hgshe #hgbe
#hginterested #hgin?
A) Economic #hgdata
B) Financial #hgdata
C) Nonfinancial #hgdata
D) Financial, #hgeconomic, #hgand #hgnonfinancial #hgdata
6) All #hgof #hgthe #hgfollowing #hgare #hgfeatures #hgof #hgmanagerial #hgaccountingexcept:
A) information #hgis #hgprovided #hgprimarily #hgto #hginsiders #hgsuch #hgas #hgmanagers.
B) information #hgincludes #hgeconomic #hgand #hgnon-financial #hgdata #hgas #hgwell #hgas #hgfinancial #hgdata.
C) information #hgis #hgcharacterized #hgby#hgobjectivity, #hgreliability, #hgconsistency, #hgand #hgaccuracy.
D) information #hgis #hgreported #hgcontinuously #hgwith #hga #hgpresent #hgor #hgfuture #hgorientation.
7) Choose #hgthe #hganswer #hgthat #hgisnot #hga #hgdistinguishing #hgcharacteristic #hgof #hgfinancial
#hgaccounting #hginformation.
A) It #hgis #hgglobal #hginformation #hgthat #hgreflects #hgthe #hgperformance #hgof #hgthe #hgwhole #hgcompany.
B) It #hgis #hgfocused #hgprimarily #hgon #hgthe #hgfuture.
C) It #hgis #hgmore #hgconcerned #hgwith #hgfinancial #hgdata #hgthan #hgphysical #hgor #hgeconomic #hgdata.
D) It #hgis #hgmore #hghighly #hgregulated #hgthan #hgmanagerial #hgaccounting #hginformation.
SCHOLARVAULT
,8) Managerial #hgaccounting #hginformation #hgis #hglimited #hgor #hgrestricted #hgby #hgwhich #hgof #hgthe
#hgfollowing #hgauthorities #hgor #hgprinciples?
A) Securities #hgand #hgExchange #hgCommission
B) Generally #hgAccepted #hgAccounting #hgPrinciples
C) Managerial #hgAccounting #hgStandards #hgBoard
D) Value-Added #hgPrinciple
9) Select #hgtheincorrect #hgstatement #hgregarding #hgthe #hgrelationship #hgbetween #hgtype #hgof #hguser
#hgand #hgtype #hgof #hginformation.
A) Middle #hgmanagers #hgneed #hgmore #hgnonfinancial, #hgor #hgoperational #hgdata #hgthan
#hgdo #hgsenior #hgexecutives.
B) Assembly#hgline #hgsupervisors #hgneed #hgmore #hgimmediate #hgfeedback #hgon #hgperformance
#hgthan #hgdo #hgsenior #hgexecutives.
C) Senior #hgexecutives #hgneed #hgless #hgaggregated #hginformation #hgthan #hgdo #hglower-level #hgmanagers.
D) Senior #hgexecutives #hguse #hggeneral #hgeconomic #hginformation #hgas #hgwell #hgas #hgfinancial
#hginformation.
10) Which #hggroup #hgwould #hguse #hgmanagerial #hgaccounting #hgdata #hgof #hgXY #hgCompany?
A) Stockholders
B) Managers
C) Executives
D) Both #hgmanagers #hgand #hgexecutives
E) All #hgof #hgthe #hggroups #hgwould #hguse #hgmanagerial #hgaccounting #hgdata
11) Which #hgof #hgthe #hgfollowing #hgis #hga #hgfeature #hgof #hgmanagerial #hgaccounting #hginformation?
SCHOLARVAULT
, A) Information #hgis #hgnot #hgdistributed #hgto #hgthe #hgpublic
B) Information #hgreports #hgon #hgthe #hgcompany #hgas #hga #hgwhole
C) Information #hgis #hgfocused #hgon #hgthe #hgpast
D) Information #hgis #hgreported #hgannually
12) Select #hgthecorrect #hgstatement #hgregarding #hgmanagerial #hgand #hgfinancial #hgaccounting.
A) Users #hgof #hgmanagerial #hgaccounting #hginformation #hgdesire #hggreater #hgaggregation #hgthan
#hgdo #hgusers #hgof #hgfinancial #hgaccounting #hginformation.
B) Both #hgmanagerial #hgand #hgfinancial #hgaccounting #hguse #hgeconomic #hgand #hgphysical #hgdata
#hgin #hgaddition #hgto #hgfinancial #hgdata.
C) Financial #hgaccounting #hgis #hgmore #hghighly #hgregulated #hgthan #hgmanagerial #hgaccounting.
D) Timeliness #hgis #hgmore #hgimportant #hgin #hgfinancial #hgaccounting #hgthan #hgin #hgmanagerial #hgaccounting.
13) Which #hgof #hgthe #hgfollowing #hgmost #hgexemplifies #hgthe #hgvalue-added #hgprinciple?
A) An #hgongoing #hgprocess #hgwhere #hgcontinuous #hgimprovement #hgis #hgthe #hggoal.
B) A #hgcompetitive #hgmanagement #hgprogram #hgthat #hgemphasizes #hgquality.
C) Information #hggathering #hgand #hgreporting #hgactivities #hgshould #hgbe #hgrestricted #hgto #hgthose
#hgactivities #hgthat #hgadd #hgvalue #hgin #hgexcess #hgof #hgtheir #hgcost.
D) Managerial #hgaccounting #hginformation #hgis #hgmeasured #hgin #hgeconomic, #hgphysical, #hgand #hgfinancial
terms.
14) Which #hgof #hgthe #hgfollowing #hgcosts #hgwould #hgbe #hgclassified #hgas #hga #hgdirect #hgcost #hgfor #hga
#hgcompany #hgthat #hgproduces #hgmotorcycles?
SCHOLARVAULT
