MANAGERIAL ACCOUNTING-MBA PREP WORKS
FINAL
true - Answers -as the production level increases the cost per unit decreases for a fixed
cost (true or false)
controller - Answers -Eric Henley is starting his career as a management accountant
with Jalo, INC. Most likely, he will be placed in which department?
true - Answers -in the long run, all fixed costs become variable (true or false)
IMA - Answers -a certifies management accountant (CMA) is expected to live by a code
of ethics promulgated by the ______
backward looking - Answers -financial information reported in an annual report is
_______ _________
forward looking - Answers -financial information reported in internal management
documents are ______ _____
false - Answers -fixed cost per unit remains the same over all levels of production (true
or false)
CFO and Board of Directors - Answers -The director of auditing in most large
corporations has two bosses, the ______ and ______ ___ _____
certified public accountant - Answers -what does CPA stand for?
a managerial accountant - Answers -the budget is a document usually prepared by:
management - Answers -managerial accounting reports are prepared for:
there are none - Answers -which of the following is a managerial accounting GAAP?
production department - Answers -what department has a flexible budget?
variable costs - Answers -costs that change in total with increased production are
true - Answers -decreasing cost per unit indicates an element of fixed cost is present
(true or false)
auditing - Answers -which area houses the largest group of management accountants?
, true - Answers -a variable cost changes in total over increasing amounts of units
produced (true or false)
False - Answers -Direct materials are a conversion cost (true or false)
false - Answers -period costs may be contained in finished goods inventory (true or
false)
False - Answers -producing cans of evaporated milk would lend itself to a job ordering
costing system (true or false)
False - Answers -Job order costing requires the use of equivalent units (true or false)
added to the cost for the period - Answers -in the schedule of cost of goods
manufactured, work in process beginning inventory is _____
False - Answers -building houses would lend itself to a process costing system (true or
false)
direct materials, direct labor, overhead - Answers -what are inventoriable items?
direct materials and direct labor - Answers -prime costs are _____ and _____
composite unit - Answers -the _____ _____ does change if the sales mix changes, but
so does the break-even point
straight lines - Answers -to find the break-even point graphically, we assume the
depiction of costs and revenues are ___ ___
remains constant - Answers -the slope
True - Answers -absorption costing yields a higher net income if the units produced
exceed the units sold (true or false)
variable costing - Answers -does not include fixed factory overhead in inventory.
fixed factory overhead costs - Answers -GAAP says that ____ ____ ____ ____ are
inventoriable
absorption costing - Answers -it inventories a piece of the fixed factory overhead in
each unit
$5 - Answers -if the breakeven is 5000 units, the fixed costs are $20,000, the variable
cost per unit is $1, what is the selling price?
FINAL
true - Answers -as the production level increases the cost per unit decreases for a fixed
cost (true or false)
controller - Answers -Eric Henley is starting his career as a management accountant
with Jalo, INC. Most likely, he will be placed in which department?
true - Answers -in the long run, all fixed costs become variable (true or false)
IMA - Answers -a certifies management accountant (CMA) is expected to live by a code
of ethics promulgated by the ______
backward looking - Answers -financial information reported in an annual report is
_______ _________
forward looking - Answers -financial information reported in internal management
documents are ______ _____
false - Answers -fixed cost per unit remains the same over all levels of production (true
or false)
CFO and Board of Directors - Answers -The director of auditing in most large
corporations has two bosses, the ______ and ______ ___ _____
certified public accountant - Answers -what does CPA stand for?
a managerial accountant - Answers -the budget is a document usually prepared by:
management - Answers -managerial accounting reports are prepared for:
there are none - Answers -which of the following is a managerial accounting GAAP?
production department - Answers -what department has a flexible budget?
variable costs - Answers -costs that change in total with increased production are
true - Answers -decreasing cost per unit indicates an element of fixed cost is present
(true or false)
auditing - Answers -which area houses the largest group of management accountants?
, true - Answers -a variable cost changes in total over increasing amounts of units
produced (true or false)
False - Answers -Direct materials are a conversion cost (true or false)
false - Answers -period costs may be contained in finished goods inventory (true or
false)
False - Answers -producing cans of evaporated milk would lend itself to a job ordering
costing system (true or false)
False - Answers -Job order costing requires the use of equivalent units (true or false)
added to the cost for the period - Answers -in the schedule of cost of goods
manufactured, work in process beginning inventory is _____
False - Answers -building houses would lend itself to a process costing system (true or
false)
direct materials, direct labor, overhead - Answers -what are inventoriable items?
direct materials and direct labor - Answers -prime costs are _____ and _____
composite unit - Answers -the _____ _____ does change if the sales mix changes, but
so does the break-even point
straight lines - Answers -to find the break-even point graphically, we assume the
depiction of costs and revenues are ___ ___
remains constant - Answers -the slope
True - Answers -absorption costing yields a higher net income if the units produced
exceed the units sold (true or false)
variable costing - Answers -does not include fixed factory overhead in inventory.
fixed factory overhead costs - Answers -GAAP says that ____ ____ ____ ____ are
inventoriable
absorption costing - Answers -it inventories a piece of the fixed factory overhead in
each unit
$5 - Answers -if the breakeven is 5000 units, the fixed costs are $20,000, the variable
cost per unit is $1, what is the selling price?
