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utorial
Which of the following is considered to be an advantage of using both nonfinancial and financial information in the
balanced scorecard? (Points : 2)
Nonfinancial information is most helpful in analyzing a company's past performance, while financial information
is most useful in evaluating potential future performance.
Nonfinancial information provides the short-term perspective while financial information provides the long-term
perspective of performance.
Nonfinancial information reflects the company's current and potential competitive advantage, while financial
information tends to focus on a firm's achieved financial performance.
Nonfinancial information should be included with financial information because it is more reliable than financial
information.
Question 2.2. Which of the following tend to be non-differential in the short term since they cannot be changed, but
are more likely to be differential in the long term? (Points : 2)
Fixed costs.
Variable costs.
Mixed costs.
Semi-variable costs.
Question 3.3. When managers produce value for the customer, their orientation consists of all the following except:
(Points : 2)
Quality and Service.
Timeliness of delivery.
The ability to respond to the customer's desire for specific features.
State of the art manufacturing facilities.
Question 4.4. Target costing determines the desired cost for a product upon the basis of a given competitive price
such that the product will: (Points : 2)
Earn at least a small profit.
Earn a desired profit.
Earn the maximum profit.
Break even.
Question 5.5. Over the past several years it has become increasingly important for firms to improve achievement
towards their social and environmental responsibilities. What is the best way the management accountant can help
the firm improve on sustainability? (Points : 2)
Participate in programs of environmental organizations.
Develop and implement a legal staff and public relations staff for dealing with sustainability issues that may
affect the firm.
Develop and implement a sustainability scorecard.
Risk management.
Question 6.6. Factory overhead costs for a given period were 2 times as much as the direct material costs. Prime
costs totaled $8,000. Conversion costs totaled $11,350. What are the direct labor costs for the period? (Points : 2)
$4,650.
$3,560.
$4,200.
$3,860.
Question 7.7. Tierney Construction, Inc. recently lost a portion of its financial records in an office theft. The following
accounting information remained in the office files:
COGS = $80,000
WIP Inventory January 1. = $18,500
WIP Inventory December 31 = $14,500
Selling & Administrative Expenses = $16,000
Net Income = $30,000
Factory O/H = $20,000
Direct Materials Inventory, January 1= $26,000
Direct Materials Inventory, December 31= $14,000
COGM = $98,000
Finished Goods Inventory, January 1 = 31,000
Direct labor cost incurred during the period amounted to 2.5 times the factory overhead. The CFO of Tierney
Construction, Inc. has asked you to recalculate the following accounts and to report to him by the end of tomorrow.
What should be the amount in the finished goods inventory at December 31, 2013? (Points : 2)
$55,500.
$35,000.
$43,000.
$49,000.
Question 8.8. The journal entry to record requisitioned and usage of direct materials would include a credit to:
(Points : 2)
Work-in-Process Inventory.
Accrued Payroll.
Factory Overhead.
Materials Inventory.
Finished Goods Inventory.
Question 10.10. Which of the following is most likely to be the cost driver for the packaging and shipping activity?
(Points : 2)
Number of setups.
Number of components.
Number of orders.
Hours of testing.
Number of production runs.
Question 11.11. The ideal criterion for choosing an allocation base for overhead is: (Points : 2)
Ease of calculation.
A cause-and-effect relationship.
Ease of use.
Its preciseness.
Question 12.12. An activity that is performed to support the production of a new custom-order product is a(n):
(Points : 2)
Product-level activity.
Facility-level activity.
Unit-level activity.
Customer-support activity.
Batch-level activity.
Question 14.14. ABC Company uses a Materials Inventory account to record both direct and indirect materials. ABC
charges direct materials to WIP, while indirect materials are charged to the Factory Overhead account. During the
month of April, the company has the following cost information:
$ 90,000
30,000
110,000
50,000
Question 15.15. The cost allocation method most widely used because of its accuracy and ability to provide a
detailed level of analysis is: (Points : 2)
Departmental approach.
Activity-based approach.
Direct approach.
Accounting approach.
Joint product costing.
Question 16.16. Firm X has a production process that has a total joint cost of $15,000. At the split-off point, there are
2,000 pounds of Product 1 and 3,000 pounds of Product 2. What is the cost per pound of Product 1 using the
physical measure method? (Points : 2)
$2.50.
$3.00.
$3.50.
$4.00.
Question 17.17. Which one of the following methods uses units of output to allocate joint costs to joint products?
(Points : 2)
Question 18.18. Cost-volume-profit (CVP) relationships that are curvilinear may be analyzed linearly by considering
only: (Points : 2)
Fixed and semi-variable costs.
Relevant fixed costs.
Relevant variable costs.
A relevant range of volume.
The multi-product/multi-service context.
Question 19.19. The point in a joint production process at which individual products can be identified for the first time
is called the: (Points : 2)
Separable point.
By-pass point.
Split-off point.
Joint identification point.
Question 20.20. Cleaning Care Inc. expects to sell 10,000 mops. Fixed costs (for the year) are expected to be
$10,000, unit sales price is expected to be $12, and unit variable costs are budgeted at $7.
8,000.
9,000.
Question 21.21. Variable costs will generally be relevant for decision making because they: (Points : 2)
Differ between options.
Are volume-based.
Have not been committed and differ between options.
Differ between options and have been committed.
Measure opportunity cost.
Question 22.22. When the net present value (NPV) of a project is calculated based on the assumption that the aftertax cash inflows occur at the end of the year when they actually occur uniformly throughout each year, the NPV will:
(Points : 2)
Not be in error.
Be slightly overstated.
Be unusable for actual decision-making.
Be slightly understated but probably usable.
Question 24.24. Which of the following statements regarding "opportunity costs" is TRUE? (Points : 2)
Question 25.25. Which of the following is not true regarding the appropriate discount rate to be used in conjunction
with discounted cash flow (DCF) decision models? (Points : 2)
For projects of "above average" risk, the appropriate discount rate is the weighted-average cost of capital
(WACC)
It includes an estimate of the after-tax cost of debt.
It can differ across investment projects, according to perceived risk.
It is also sometimes referred to as the "hurdle rate" for capital budgeting purposes.
Question 26.26. In deciding whether to drop or keep a product line, all of the following are relevant to the decision
EXCEPT: (Points : 2)
The level of unavoidable fixed costs.
The segment margin generated by the product line.
Demand interdependencies across product lines of the company.
Effect of the decision on overall company morale.
Question 27.27. Pique Corporation wants to purchase a new machine for $300,000. Management predicts that the
machine can produce sales of $200,000 each year for the next 5 years. Expenses are expected to include direct
materials, direct labor, and factory overhead (excluding depreciation) totaling $80,000 per year. The firm uses
straight-line depreciation with no residual value for all depreciable assets. Pique's combined income tax rate is 40%.
Management requires a minimum after-tax rate of return of 10% on all investments.
What is the payback period for the new machine (rounded to nearest one-tenth of a year)? (Assume that the cash
inflows occur evenly throughout the year.) (Points : 2)
2.5 years.
2.7 years.
3.1 years.
3.6 years.
Question 28.28. Pique Corporation wants to purchase a new machine for $300,000. Management predicts that the
machine can produce sales of $200,000 each year for the next 5 years. Expenses are expected to include direct
materials, direct labor, and factory overhead (excluding depreciation) totaling $80,000 per year. The firm uses
straight-line depreciation with no residual value for all depreciable assets. Pique's combined income tax rate is 40%.
Management requires a minimum after-tax rate of return of 10% on all investments.
What is the present value payback period, rounded to one-tenth of a year? (Points : 2)
2.5 years.
3.0 years.
3.3 years.
3.6 years.
4.0 years.
Question 29.29. A total variable cost variance (such as for direct materials) can be broken down into separate
variances that evaluate: (Points : 2)
Price and efficiency.
Units and cost.
Volume and productivity.
Sales-volume versus sales-mix effects.
Efforts and results.
Question 30.30. The difference between the total actual sales revenue of a period and the total flexible-budget sales
revenue for the units sold during the period is the: (Points : 2)
Total flexible-budget variance.
Question 31.31. Traditional financial control systems have recently been criticized because: (Points : 2)
They use flexible, not static, budgets.
They generally lead to goal-congruent behavior on the part of managers.
They focus more in improving basic business processes than short-term financial results.
They fail to incorporate nonfinancial performance indicators into the evaluation process.
Question 32.32. The "flexible budget" can best be described as a budget that adjusts: (Points : 2)
Revenues for sales-dollar changes.
Revenues and expenses for changes in output (such as sales volume).
Expenses for changes in budgeted output between two periods.
For efficiency, but not selling price and cost variances.
For selling price and cost variances, but not efficiency variances.
Question 33.33. A flexible-budget variance measures the impact on short-term operating profit of: (Points : 2)
Changes in sales volume.
Changes in output during the period.
Differences in sales mixbudgeted versus actual.
Selling price and cost differencesactual versus budgeted.
Selling price, but not cost differencesactual versus budgeted.
Question 34.34. Matinna Co. maintains no inventories and has the following data pertaining to one of its direct
materials in July:
Standard Quantity of DM for the Units Manufactured = 30,000
= $63,000
What was the company's direct materials flexible-budget (FB) variance for July? (Points : 2)
$1,500 favorable.
$3,000 unfavorable.
$3,000 favorable.
$7,500 unfavorable.
$7,500 favorable.
Question 35.35. Lucky Company's direct labor information for the month of February is as follows:
= 61,500
= $774,900
DL Efficiency Variance
$18,000
The actual direct labor rate per hour (AP) is: (Points : 2)
$12.00.
$12.30.
$12.60.
$13.20.
$13.50.