Managerial Accounting Exam 1 Questions – Flashcards

The five-step decision process

In supporting managers, management accountants have three guidelines. These guidelines are:

_____ management exists to provide advice and assistance to those responsible for attaining the objectives of the organization.

The Treasurer

Which of the following is not one of the ethical responsibilities of a management accountant?

The Institute of Management Accountants issues which certification?

Galway Co. management desires cost information regarding its Celtic brand. The Celtic brand is a(n)

The cost of printer paper on a college campus would be a direct cost to the college but would need to be allocated as an indirect cost to

Rosland Graphics successfully bid on a job printing standard notebook covers during the year using last year's price of $0.27 per cover. This amount was calculated from prior year costs, noting that no changes in any costs had occurred from the past year to the current year. At the end of the year, the company manager was shocked to discover that the company had suffered a loss. "How could this be?" she exclaimed. "We had no increases in cost and our price was the same as last year. Last year we had a healthy income." What could explain the company's loss in income this current year?

Which type of company converts raw materials into finished products?

The three categories of inventories commonly found in many manufacturing companies are:

Inventoriable costs are

Period costs are

If Prime Costs are $195, Conversion Costs are $221 and Direct Material Costs are $85, what are Factory Overhead Costs?

The primary focus of cost management is to

A cost-allocation base may be any of the following except a

A company that manufactures dentures for use by local dentists would use

The first step in the seven-step approach to job costing is to

Using normal costing rather than actual costing requires that the allocating of indirect manufacturing costs to work-in-process be

Manufacturing Overhead Control

Which of the following accounts is always zeroed-out at the end of the accounting period?

The costs incurred on jobs that are currently in production but are not yet complete would appear in the

Why might a firm want to use an annualized predetermined or budgeted rate for direct or professional labor cost (instead of the actual payments to professionals when they are working on a client)?