MANAGERIAL ACCOUNTING - MBA PREP WORKS FINAL EXAM QUESTIONS WITH CORRECT ANSWERS LATEST UPDATE 2026

MANAGERIAL ACCOUNTING - MBA PREP WORKS FINAL EXAM QUESTIONS WITH CORRECT ANSWERS LATEST UPDATE 2026 true - Answers as the production level increases the cost per unit decreases for a fixed cost (true or false) controller - Answers Eric Henley is starting his career as a management accountant with Jalo, INC. Most likely, he will be placed in which department? true - Answers in the long run, all fixed costs become variable (true or false) IMA - Answers a certifies management accountant (CMA) is expected to live by a code of ethics promulgated by the ______ backward looking - Answers financial information reported in an annual report is _______ _________ forward looking - Answers financial information reported in internal management documents are ______ _____ false - Answers fixed cost per unit remains the same over all levels of production (true or false) CFO and Board of Directors - Answers The director of auditing in most large corporations has two bosses, the ______ and ______ ___ _____ certified public accountant - Answers what does CPA stand for? a managerial accountant - Answers the budget is a document usually prepared by: management - Answers managerial accounting reports are prepared for: there are none - Answers which of the following is a managerial accounting GAAP? production department - Answers what department has a flexible budget? variable costs - Answers costs that change in total with increased production are true - Answers decreasing cost per unit indicates an element of fixed cost is present (true or false) auditing - Answers which area houses the largest group of management accountants? true - Answers a variable cost changes in total over increasing amounts of units produced (true or false) False - Answers Direct materials are a conversion cost (true or false) false - Answers period costs may be contained in finished goods inventory (true or false) False - Answers producing cans of evaporated milk would lend itself to a job ordering costing system (true or false) False - Answers Job order costing requires the use of equivalent units (true or false) added to the cost for the period - Answers in the schedule of cost of goods manufactured, work in process beginning inventory is _____ False - Answers building houses would lend itself to a process costing system (true or false) direct materials, direct labor, overhead - Answers what are inventoriable items? direct materials and direct labor - Answers prime costs are _____ and _____ composite unit - Answers the _____ _____ does change if the sales mix changes, but so does the break-even point straight lines - Answers to find the break-even point graphically, we assume the depiction of costs and revenues are ___ ___ remains constant - Answers the slope