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Managerial and Financial Accounting Principles: A Comprehensive Review

An assignment comparing managerial and financial accounting concepts, decision-making applications, and financial reporting standards.

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    Managerial and Financial Accounting Principles: A Comprehensive Review 1. ____ refers to accounting information developed for managers within an organization. a. Internal auditing b. Managerial accounting c. Financial accounting d. Tax accounting 2. Ethical accountants are important to society because _____. a. they pay their taxes b. the information produced is reliable c. they will not go to prison and waste taxpayers’ money d. none of these answers is correct 3. Performance reports _____. a. are quantitative expressio ns of action plans b. provide feedback by comparing results with plans and by highlighting deviations from plans c. are deviations from a plan d. ignore areas that are presumed to be running smoothly 4. Output measures of both resources and activities are _____. a. cost drivers b. stages of production c. fixed activities d. variable activities 5. An accountant may have difficulty classifying costs as fixed or variable because _____. a. costs may behave in a nonlinear way b. costs may be affected by more than one cost driver c. the decision situation may cause the costs to be fixed in the short term d. all of these answers are correct 6. If the proportions in a sales mix change, the _____. a. contribution margin per unit increases b. break even point will remain the same c. cost volume profit relationship also changes d. net income will not be altered 7. _____ will decrease a company's break - even point.

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    a. Reducing its total fixed costs b. Decreasing contribution margin per unit c. Increasing variable cost per unit d. Decreasing the selling price per unit 8. Costs that change abruptly at intervals of activity because the resources and their costs come in ind ivisible chunks are called _____. a. mixed costs b. variable costs c. fixed costs d. step costs 9. _____ arise as a result of strategic decisions about the scale and scope of an organization's activities. a. Capacity costs b. Discretionary costs c. Mixed costs d. Engineered costs 10. _____ is the first step in estimating or predicting costs as a function of appropriate cost drivers. a. Cost measurement b. Cost determination c. Cost behavior investigation d. Cost driver identification 11. The process of identifying appropriate cost drivers an d their effects on the costs of making a product or providing a service is called _____. a. cost prediction b. cost measurement c. activity analysis d. budgeting 12. _____ is not a primary purpose of a cost management system. a. Providing aggregate measures of inventory value and cost of goods sold b. Providing cost information for strategic management decisions c. Providing cost information for operational control d. All of these answers are correct 13. Where a specific product is the cost object, the materials used to manufacture the

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