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1. Which of the following is not a distinction between management accounting and financial accounting
   1. Mgt. accounting generates special purposes reports while financial acctg. generates general purpose statements
   2. Mgt. accounting emphasizes on objective data while financial acctg. allow subjective data
   3. Mgt. accounting information is directed to internal management while financial acctg. information is primarily intended to external users
   4. Financial acctg. must conform to GAAP which are not imposed in management acctg.

2. A few of the functions of treasurer are (a) provision of capital (b) investor relations (c) short term financing and (d) banking and custody. Some of the functions of controller include the following, except
   1. Planning for control b. Reporting & interpreting c. Credit & collection d. Tax administration

3. Measuring the net income of an enterprise segment
   1. Avoids arbitrary cost allocation
   2. Involves consideration of more than the controllable and traceable items
   3. Is identical to measuring its activity (traceable items only)
   4. Is identical to measuring the performances of its managers

4. One of the pre-requisites for a responsibility accounting system is an organizational chart and also include the following except
   1. A defined budget b. A system of review c. Variance analysis d. Personnel relations

5. The concept of management by exception refers to managements
   1. Consideration of only those items which vary materially from plans c. Consideration of items selected at random
   2. Consideration of only rare events d. Lack of predetermined plan
6. The focus of control shifts from a detailed analysis of revenues and expenses to the evaluation of the net results is referred to as
   1. Cost center b. Revenue center c. Profit center d. Investment center
7. Reports which present historical data on financial position and operating results and issued regularly for management use in planning and policy determination are known as
   1. Planning reports b. Control reports c. Information reports d. Special reports
8. Which of the following are examples of accounting reports usually submitted to foreman and supervisors?
   1. Performance reports showing direct labor costs and overhead expenses c. Sales analysis by customers
   2. Report showing actual and budgeted expenses d. Sales analysis by salesmen
9. Which of the following costs may be used as a transfer price?
   1. Full cost b. Marginal costs c. Variable cost d. Standard cost

10. These reports show either in detail or in summary, the essential costs data of production or distribution includes budgeted or standard costs and variance for the purpose of measuring performance
    1. Budgets b. Departmental statements c. Costs reports d. Trend reports
11. Which of the following planning decisions is made at lower levels of management?
    1. Plant layouts b. Basic company objectives c. Introduction of new products d. Major company policies
12. Which of the following is not true about a responsibility accounting system?
    1. It is a basis for judging management performance c. It consists of a series of reports
    2. It is helpful in pinpointing inefficiency d. It holds management equally responsible for all costs

13. Of most relevance in deciding how indirect costs should be assigned to product?
    1. Causability b. Avoidability c. Controllability d. Linearity