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I need your help with managerial accounting 511 MCQ questions

Kushalta Bhattarai To tasnuva rahman Feb 29 at 3:42 PM When is the majority of revenue earned for a product that goes through the product life cycle? 1. mature market and phase-out of product stages 2. phase-out of product and introduction to market stages 3. introduction to market and mature market stages 4. product development and mature market stages Generally Accepted Accounting Principles are most closely connected to: 1. financial accounting 2. management accounting 3. internal auditing 4. management auditing Who in a company is involved directly with making and selling a company's products? 1. management accountants 2. line managers 3. staff managers 4. accounting managers If an employee oversees a production process that produces many different products, how would the labor cost of this employee be classified? 1. period costs 2. direct labor costs 3. direct production costs 4. indirect production costs Which of the following costs is an indirect cost for a chair manufactured at a production facility? 1. wood used to manufacture the chair 2. glue used to manufacture the chair 3. fabric used to manufacture the chair 4. salary expense of worker manufacturing the chair How would wages of security guards at corporate office be classified? 1. period cost 2. inventoriable cost 3. ABC cost 4. traditional cost If a Research and Development department in an organization is in charge of creating new product ideas, what is a good cost driver for their activity? 1. number of parts in new products proposed 2. number of new product proposals 3. number of engineering hours 4. number of workers When cost-driver decreases in the relevant range, fixed costs per unit of cost driver _________, but total fixed costs ___________. 1. increase; do not change 2. decrease; do not change 3. do not change; increase 4. do not change; decrease A merchandising firm has _________ inventory account(s). A manufacturing firm has __________ inventory account(s). 1. three; one 2. one; three 3. two; three 4. three; three Goods undergoing the production process but not entered into the production process yet are called ____________. 1. merchandise inventory 2. raw materials inventory 3. finished goods inventory 4. work-in-process inventory What type of cost is property taxes on a factory building? 1. accumulated 2. period 3. depreciable 4. inventoriable In a corporate setting, property taxes are an example of a)n) _____________. 1. discretionary fixed cost 2. engineering cost 3. mixed costs 4. committed fixed cost If a management accountant is offered free tickets to a Monsters hockey game, what IMA ethical standard is this person violating? 1. competence 2. integrity 3. credibility 4. confidentiality Marketing is the function of the value chain that involves ________. 1. the mechanism by which a company delivers products or services to the customer 2. the manner by which individuals or groups learn about the value and features of products or services 3. selling activities and delivery activities 4. selling activities and customer service When does a favorable variance occur on a performance report? 1. the actual cost is greater than the budgeted cost 2. the actual profit is less than the budgeted profit 3. the actual revenue is less than the budgeted revenue 4. the actual profit is greater than the budgeted profit Which of the following is a fixed cost? 1. depreciation expense on factory building 2. cost of dairy ingredients used to produce ice cream 3. fuel used by delivery trucks 4. labor wages of workers who mix dairy ingredients to make ice cream What types of variances should be investigated when looking at performance reports? 1. only favorable variances that are large in size 2. only favorable and unfavorable variances that are large in size 3. all variances 4. only unfavorable variances that are large in size Who is mostly concerned with a company's operations? 1. treasurer 2. controller 3. managerial 4. chief accountant executive officer When evaluating short-term special order decisions, which of the following types of income statements should be used? 1. method that follows U.S. Generally Accepted Accounting Principles 2. method used for external reporting 3. absorption approach 4. contribution approach On a CVP graph, the vertical distance between the revenue line and the total cost line represents _____________ or _____________. 1. variable cost; fixed cost 2. mixed cost; step cost 3. step cost; fixed cost 4. net profit; net loss