MULTIPLE CHOICE
1. In comparing financial and management accounting, which of the following more accurately describes management accounting information? (Points : 1)
2. One major difference between financial and management accounting is that _______. (Points : 1)
3. Which of the following is not a valid method for determining product cost? (Points : 1)
4. Cost accounting is directed toward the needs of _______. (Points : 1)
5. Financial accounting _______. (Points : 1)
6. Which of the following statements is true? (Points : 1)
7. Which of the following statements is false? (Points : 1)
8. The set of processes that convert inputs into services and products that consumers use is called _______. (Points : 1)
9. The balanced scorecard perspective that focuses on using a firm's intellectual capital to adapt to customer needs through product or service innovations is the ________. (Points : 1)
10. The world has essentially become smaller because of _______. (Points : 1)
11. The term "relevant range" as used in cost accounting means the range over which ______. (Points : 1)
12. When cost relationships are linear, total variable prime costs will vary in proportion to changes in ______. (Points : 1)
13. An example of a fixed cost is _______. (Points : 1)
14. A(n) ____ cost increases or decreases in intervals as activity changes. (Points : 1)
15. When the number of units manufactured increases, the most significant change in unit cost will be reflected as a(n) ________. (Points : 1)
16. A cost driver _______. (Points : 1)
17. Product costs are deducted from revenue _______. (Points : 1)
18. Which of the following is not a product cost component? (Points : 1)
19. Davis Company manufacturers desks. The beginning balance of Raw Material Inventory was $4,500; raw material purchases of $29,600 were made during the month. At month end, $7,700 of raw material was on hand. Raw material used during the month was _______. (Points : 1)
20. Urban Company manufacturers tables. If raw material used was $80,000 and Raw Material Inventory at the beginning and end of the period, respectively, was $17,000 and $21,000, what was amount of raw material was purchased? (Points : 1)
Click here for the solution: 1. In comparing financial and management accounting, which of the following more accurately describes management accounting information? (Points : 1)
