4. The following procedure performed by a candy manufacturer is the best example of a product level activity within a manufacturing cost hierarchy:

Select one:

a. Resetting the packaging equipment to wrap a special 36-count Halloween package

b. Developing an advertising campaign for a special Halloween candy

c. Inspecting the quality of the candy produced during one of the special Halloween package production runs

d. Cleaning the mixing machine for the next production run of candy, a special Halloween candy

8. Which of the following factors is not an advantage of preparing operating budgets?

Select one:

a. Improved basis of performance evaluation

b. Improved planning

c. Improved communications

d. Increased employee loyalty

11. Indicate whether each phrase is more descriptive of financial accounting or managerial accounting. (a) May be subjective

Financial accounting

Managerial accounting

(b) Often used to state corporate goals

Financial accounting

Managerial accounting

(c) Typically prepared quarterly or annually

Financial accounting

Managerial accounting

(d) May measure time or customer satisfaction

Financial accounting

Managerial accounting

(e) Future oriented

Financial accounting

Managerial accounting

(f) Has a greater emphasis on cost-benefit analysis

Financial accounting

Managerial accounting

(g) Keeps records of assets and liabilities

Financial accounting

Managerial accounting

(h) Highly aggregated statements

Financial accounting

Managerial accounting

(i) Must conform to external standards

Financial accounting

Managerial accounting

(j) Special-purpose reports

Financial accounting

Managerial accounting

(k) Decision-making tool

Financial accounting

Managerial accounting

(l) Income statement, balance sheet, and statement of cash flows

Financial accounting

Managerial accounting