GB323 Part I Multiple Choice (10 marks) 1. Managerial accounting information Pertains to the entity as a whole and is highly aggregated a. b. Must be prepared according to GAAP C. Pertains to subunits of the entity and may be very detailed d. Is prepared only once a year 2. Which one of the following is true concerning the managerial function of controlling? a. It includes performance evaluation by management b. It is concerned mainly with operating a manufacturing segment C . It is performed only by the controller of a company d. It includes hiring and training employees 3. What term describes all activities associated with providing a product or service? The a. The manufacturing chain b. The supply chain C . The product chain d. The value chain 4. A company incurred manufacturing costs that were product costs, but they are NOT classified as either direct materials or direct labour. What are these called? a. Marketing costs b. Selling and administrative expenses c. Period costs d. Manufacturing overhead 5. The relevant range can be commonly understood to mean a. The normal range of output (activity) within which the company operates b. The range wherein variable costs are strictly curvilinear c. The range wherein fixed costs are always fixed d. The range wherein fixed costs increase in direct relation to the level of a Which of the following represents the two basic types of cost accounting system a. Job order and process cost systems b. Job order and job accumulation systems c. Job order and batch systems d. Process cost and batch systems What is another name for an accounting record of a job? a. A job cost record b. A job cost sheet c. The work in process control account d. Raw materials inventory