5. 10 1. Which of the following best describes the function of managerial accounting within an organization? A. It has its primary emphasis on the future B. It is required by regulatory bodies such as the Ontario Securities Commission C. It focuses on the organization as a whole rather than on the organization's segments D. It places more emphasis on precision of data than financial accounting does 2. Samantha Galloway is a managerial accountant in the accounting department of Mustang Industries, Inc. Samantha has just discovered evidence that some of the corporation's marketing managers have been wrongfully inflating their expense reports in order to obtain higher reimbursements from the firm. According to the Institute of Management Accountants Standards of Ethical Conduct, what should Samantha do upon discovering this evidence? A. Notly the controller B. Notify the marketing managers involved D. Ignore the evidence because she is not part of the Marketing Department 3. Both financial and managerial accounting rely on the same underlying financial data but A Emphasizes francial consequences of pastates C. Emphasizes relevance D. Must follow GAP 4. Which of the folowing statements regarding variable cost is true? A. Variable cost increases on a per unit basis as the number of units produced increases B. Variable cost remains constant on a per unit basis as the number of units produced increases C. Variable cost remains the same in total as production increases D. Variable cost decreases on a per unit basis as the number of units produced increases. basis of 5. Which one of the following costs should NOT be considered a direct cost of serving a particular customer who orders a customized personal computer by phone directly from the A. The cost of the hard disk drive installed in the computer B. The cost of shipping the computer to the customer C. The cost of leasing a machine on a monthly basis that automatically tests hard disk drives D. The cost of packaging the computer for shipment 6. In a normal job-order costing system, the journal entry to record the application of overhead A. A credit to the Work in Process inventory account B. A credit to the Manufacturing Overhead account C. A debit to Cost of Goods Sold D. A debit to the Manufacturing Overhead account 7. Which of the following statement is true a company applies overhead to jobs on the of a predetermined overhead rate and reports a credit balance in the Manufacturing A. More overhead cost has been charged to jobs than has been incurred during the period. B C. The amount of overhead cost charged to jobs is greater than the estimated cost for the period. D. The amount of overhead cost charged to jobs is less than the estimated overhead cost for the period. 8. Which of the following aspects of designing a costing system is a higher-level and more A. Accumulating costs by departments B. Applying costs to cost objects. C. Assessing cost benefit trade-offs of different systems D. Assigning cost to jobs andior process. 9. What does the term relevant range" mean? A. The range within which costs may fluctuate B. The range within which a particular cost formula is valid C. The range within which production may vary D. The range within which the relevant costs are incurred. 10. Which of the following items of Sorter Company's expenses andior costs can be misleading if reported on a per unit of production andler sales basis? A. Direct labour B. Direct materials C. Variable administrative expenses 5. who are one 10 1. Which of the following best describes the function of managerial accounting within organization? A It has is primary emphasis on the future B. It is required by regulatory bodies such as the Ontario Securities Commission C.It focuses on the organisation as a whole rather than on the organisations et D. It places more emphasis on precision of data than financial accountingdoes 2. Samantha Galoway is a managerial accountant in the accounting department of Mustang Industries, Inc. Samantha has just discovered evidence that some of the corporation's marketing managers have been wrongfully inflating their expense reports in order to obtain Higher reimbursements from the firm. According to the Institute of Management Accountants Standards of Ethical Conduct what should Samantha do upon discovering this video? A Notly the controller B. Notify the marketing managers involved S. Noly the president of the corporation D. Ignore the evidence because she is not part of the Marketing Department 3. Bon financial and managerial accounting rely on the same underlying france au there are major differences Managerial Accounting A Emphasizes financial consequences of past activities B. Emphasis precision C. Emphasizes relevance D. Must follow GAAP 4. Which of the following statements regarding variable cost is true? A Variable cost increases on a per un basis as the number of units produced in B. Variable cost remains constant on a per unit basis as the number of units produced Increases C. Variable cost remains the same in total as production increases D. Variable cost decreases on a per unit basis as the number of units produced increases 5. Which one of the following costs should NOT be considered a direct cost of ringa particular customer who orders a customized personal computer by phone directly from the manufacturer? A The cost of the hard disk drive installed in the computer C. The cost of leasing a machine on a monthly basis that automatically tests hard disk des D. The cost of packaging the computer for shipment. 6. In a normal job-order costing system. The Journal entry to record the application of overed cost to jobs includes which of the following? A. A credit to the Work in Process inventory account B. Acredit to the Manufacturing Overhead account CA debit to Cost of Goods Sold D. A debit to the Manufacturing Overhead account 7. Which of the following statements is true la company applies overhead to jobs on the basis of a predetermined overhead rate and reports and balance in the Manufacturing Overhead account at the end of any period? A More overhead cost has been charged to jobs than has been incurred during the period B. More overhead cost has been incurred during the period than has been charged to jobs C. The amount of overhead cost charged to jobs is greater than the estimated cost for the period b. The amount of overhead cost charged to jobs is less than the estimated Overhead cost the period 8. Which of the following spects of designing a costing system is a higher level and more A Accumulating costs by departments B. Applying costs to cost objects C. Assessing cost benefit trade-offs of different systems D. Assigning cost to jobs andor process 9. What does the term relevant range mean? A The range within which costs may fluctuate B. The range within which a particular cost formula is valid D 10. Which of the following items of Soner Company's expenses and our costs can be misleading reported on a per unit of production ander se basis? A Direct labour B. Direct materials C. Variable administrative pense D. Freed manufacturing overhead 5. 10 1. Which of the following best describes the function of managerial accounting within an organization? A. It has its primary emphasis on the future B. It is required by regulatory bodies such as the Ontario Securities Commission C. It focuses on the organization as a whole rather than on the organization's segments D. It places more emphasis on precision of data than financial accounting does 2. Samantha Galloway is a managerial accountant in the accounting department of Mustang Industries, Inc. Samantha has just discovered evidence that some of the corporation's marketing managers have been wrongfully inflating their expense reports in order to obtain higher reimbursements from the firm. According to the Institute of Management Accountants Standards of Ethical Conduct, what should Samantha do upon discovering this evidence? A. Notly the controller B. Notify the marketing managers involved D. Ignore the evidence because she is not part of the Marketing Department 3. Both financial and managerial accounting rely on the same underlying financial data but A Emphasizes francial consequences of pastates C. Emphasizes relevance D. Must follow GAP 4. Which of the folowing statements regarding variable cost is true? A. Variable cost increases on a per unit basis as the number of units produced increases B. Variable cost remains constant on a per unit basis as the number of units produced increases C. Variable cost remains the same in total as production increases D. Variable cost decreases on a per unit basis as the number of units produced increases. basis of 5. Which one of the following costs should NOT be considered a direct cost of serving a particular customer who orders a customized personal computer by phone directly from the A. The cost of the hard disk drive installed in the computer B. The cost of shipping the computer to the customer C. The cost of leasing a machine on a monthly basis that automatically tests hard disk drives D. The cost of packaging the computer for shipment 6. In a normal job-order costing system, the journal entry to record the application of overhead A. A credit to the Work in Process inventory account B. A credit to the Manufacturing Overhead account C. A debit to Cost of Goods Sold D. A debit to the Manufacturing Overhead account 7. Which of the following statement is true a company applies overhead to jobs on the of a predetermined overhead rate and reports a credit balance in the Manufacturing A. More overhead cost has been charged to jobs than has been incurred during the period. B C. The amount of overhead cost charged to jobs is greater than the estimated cost for the period. D. The amount of overhead cost charged to jobs is less than the estimated overhead cost for the period. 8. Which of the following aspects of designing a costing system is a higher-level and more A. Accumulating costs by departments B. Applying costs to cost objects. C. Assessing cost benefit trade-offs of different systems D. Assigning cost to jobs andior process. 9. What does the term relevant range" mean? A. The range within which costs may fluctuate B. The range within which a particular cost formula is valid C. The range within which production may vary D. The range within which the relevant costs are incurred. 10. Which of the following items of Sorter Company's expenses andior costs can be misleading if reported on a per unit of production andler sales basis? A. Direct labour B. Direct materials C. Variable administrative expenses 5. who are one 10 1. Which of the following best describes the function of managerial accounting within organization? A It has is primary emphasis on the future B. It is required by regulatory bodies such as the Ontario Securities Commission C.It focuses on the organisation as a whole rather than on the organisations et D. It places more emphasis on precision of data than financial accountingdoes 2. Samantha Galoway is a managerial accountant in the accounting department of Mustang Industries, Inc. Samantha has just discovered evidence that some of the corporation's marketing managers have been wrongfully inflating their expense reports in order to obtain Higher reimbursements from the firm. According to the Institute of Management Accountants Standards of Ethical Conduct what should Samantha do upon discovering this video? A Notly the controller B. Notify the marketing managers involved S. Noly the president of the corporation D. Ignore the evidence because she is not part of the Marketing Department 3. Bon financial and managerial accounting rely on the same underlying france au there are major differences Managerial Accounting A Emphasizes financial consequences of past activities B. Emphasis precision C. Emphasizes relevance D. Must follow GAAP 4. Which of the following statements regarding variable cost is true? A Variable cost increases on a per un basis as the number of units produced in B. Variable cost remains constant on a per unit basis as the number of units produced Increases C. Variable cost remains the same in total as production increases D. Variable cost decreases on a per unit basis as the number of units produced increases 5. Which one of the following costs should NOT be considered a direct cost of ringa particular customer who orders a customized personal computer by phone directly from the manufacturer? A The cost of the hard disk drive installed in the computer C. The cost of leasing a machine on a monthly basis that automatically tests hard disk des D. The cost of packaging the computer for shipment. 6. In a normal job-order costing system. The Journal entry to record the application of overed cost to jobs includes which of the following? A. A credit to the Work in Process inventory account B. Acredit to the Manufacturing Overhead account CA debit to Cost of Goods Sold D. A debit to the Manufacturing Overhead account 7. Which of the following statements is true la company applies overhead to jobs on the basis of a predetermined overhead rate and reports and balance in the Manufacturing Overhead account at the end of any period? A More overhead cost has been charged to jobs than has been incurred during the period B. More overhead cost has been incurred during the period than has been charged to jobs C. The amount of overhead cost charged to jobs is greater than the estimated cost for the period b. The amount of overhead cost charged to jobs is less than the estimated Overhead cost the period 8. Which of the following spects of designing a costing system is a higher level and more A Accumulating costs by departments B. Applying costs to cost objects C. Assessing cost benefit trade-offs of different systems D. Assigning cost to jobs andor process 9. What does the term relevant range mean? A The range within which costs may fluctuate B. The range within which a particular cost formula is valid D 10. Which of the following items of Soner Company's expenses and our costs can be misleading reported on a per unit of production ander se basis? A Direct labour B. Direct materials C. Variable administrative pense D. Freed manufacturing overhead