Managerial accounting | Accounting homework help


QUESTION 1                                   Managerial accounting must conform to which of the following standards?                                           Generally Accepted Accounting Principles (GAAP)                                               International Financial Reporting Standards (IFRS)                                               Internal Revenue Service tax code                                                 None of the above                                   2.5 points                    QUESTION 2                                   Which of the following mathematical expressions best describes a mixed cost?                                           Y = bX                                                     Y = a                                                     Y = a + bX                                                     Y = ai                                   2.5 points                    QUESTION 3                                   The introduction of production technology to replace labor in a manufacturing process would likely result in which of the following?                                     An increase in fixed cost                                                   An increase in general and administrative expenses.                                               An increase in direct labor hours.                                                 A decrease in contribution margin.                               2.5 points                    QUESTION 4                                   An increase in volume within the relevant range will cause:                                             Unit fixed costs to increase.                                                 Unit variable costs to decrease.                                                 Total fixed costs to stay the same.                                                     Total variable costs to decrease.                               2.5 points                    QUESTION 5                                   Which of the following is one of the three major components of product costs?                                           Research and development expenses                                                 Manufacturing overhead                                                     Marketing costs related to specific products                                               Selling, general and administrative expenses                             2.5 points                    QUESTION 6                                   Which of the following would be classified as a fixed selling and administrative cost?                                         Sales Commissions                                                   Depreciation on office equipment                                                     Depreciation on factory equipment                                                 Wages of production supervisor                                                 2.5 points                    QUESTION 7                                   In the following equation for total cost, Y = a + bX, “a” represents which of the following?                                         Total Cost                                                     Fixed Cost                                                     Variable Cost                                                   Volume                                   2.5 points                    QUESTION 8                                   Managerial accounting is primarily focused on:                                               Providing information for internal and external users                                               Providing general purpose financial statements                                               Providing special-purpose information and reports                                               Following generally accepted accounting principles                             2.5 points                    QUESTION 9                                   Examples of activity cost drivers include all of the following except:                                           Inspecting incoming raw materials                                                 Machine time spent working on a product                                               Deciding how to arrange raw materials inventory within the warehouse                                             Receiving (loading) raw materials into the warehouse                             2.5 points                    QUESTION 10                                 The following information pertains to Marvolo, Inc.:                                                                 Selling price per unit               $100                 Variable costs per unit               $75                 Total fixed costs               $425,000                 Tax rate                 40%                                                     The sales volume required to obtain a target after-tax profit of $108,000 is:                         6,000 units                                                     8,572 units                                                     24,200 units                                                     20,000 units                                   2.5 points                    QUESTION 11                                 The scatter diagram method of cost estimation:                                               Uses only the high and low data points                                                 Is superior to other methods in its ability to distinguish between discretionary and committed fixed costs                                       Requires the use of judgment                                                 Provides a measure of the goodness of fit                             2.5 points                    QUESTION 12                                 What is the purpose for using predetermined overhead rates?                                             Delays in product costing can be avoided                                               Variation in cost assignment due to seasonality can be prevented                                             Variation in cost assignment due to short-term variations in volume can be prevented                                         Use of predetermined overhead rates serves all the above purposes                         2.5 points                    QUESTION 13                                 Which of the following aspects of manufacturing must be understood in order to implement activity based costing in a production setting?                                     The production process                                                   The activities that occur in the production process must be known                                             The cost drivers that generate activities within the production process                                           All of the above                                   2.5 points                    QUESTION 14                                 Determine the unit break-even point, assuming fixed costs are $60,000 per period, variable costs are $16.00 per unit, and the sales price is $25.00 per unit.                                     5,000                                                     6,667                                                     15,000                                                     12,000                                   2.5 points                    QUESTION 15                                 Total contribution margin is calculated by subtracting:                                             Cost of goods sold from total revenues                                                 Fixed costs from total revenues                                                 Total manufacturing costs from total revenues                                               Total variable costs from total revenues                               2.5 points                    QUESTION 16                                 Wesley’s income statement is as follows:                             Sales (10,000 units)               $150,000                 Less variable costs               -48,000                 Contribution margin               $102,000                 Less fixed costs               -24,000                 Net income                 $78,000                                                     If sales increase by 1,000 units, profits will:                             Increase by $12,000                                                   Increase by $10,200                                                   Increase by $4,800                                                   Increase by $8,000                                 2.5 points                    QUESTION 17                                 The introduction of production technology to replace labor in a manufacturing process would likely result in which of the following?                                     A shift in costs from variable costs to fixed costs.                                               A shift in costs from fixed costs to variable costs.                                               An increase in total manufacturing costs.                                               An increase in employment                               2.5 points                    QUESTION 18                                 Financial accounting is primarily focused on:                                               Providing the Internal Revenue Service with information to determine the amount of taxes owed                                       Providing investors with useful information for valuing securities                                             Providing information for internal users                                                 None of the above                                 2.5 points                    QUESTION 19                                 When finished goods are sold, there is an increase in which of the following accounts?                                         Cost of Goods Sold                                                   Cost of Goods Manufactured                                                 Finished Goods Inventory                                                   Work-in-Process                                 2.5 points                    QUESTION 20                                 As volume increases, which of the following statements is not correct?                                           Variable cost per unit will remain the same.                                               Total fixed will remain the same.                                                 Average cost per unit will increase.                                                 Total variable costs will increase.                               2.5 points                    QUESTION 21                                 Peoria Corporation reported the following on their contribution format income statement:                                                           Sales (12,000 units)               $350,000                 Less: variable expenses               200,000                 Contribution margin               $150,000                 Less: fixed expenses               125,000                 Net operating income               $25,000                                                     What is the contribution margin ratio?                               38.57%                                                     42.86%                                                     57.14%                                                     4.30%                                   2.5 points                    QUESTION 22                                 Chattanooga, Inc. has two categories of overhead: maintenance and inspection. Costs expected for these categories for the coming year are as follows:                   Maintenance $800,000               Inspection 400,000                                 The following data have been assembled for use in developing a bid for a proposed job:                       Direct materials               $6,000                 Direct labor                 $16,000                 Machine-hours               400                 Number of inspections               4                 Direct labor-hours               800                                                     The total estimate for machine-hours for all jobs during the year is 25,000, and for inspections is 800. These are the cost drivers for maintenance and inspection costs, respectively Using the appropriate cost drivers, the total cost of the potential job is:                         $22,000                                                     $62,800                                                     $33,600                                                     $36,800                                   2.5 points                    QUESTION 23                                 The following information pertains to Oliwander’s 2014 operations:                                                             Selling price per unit               $50                 Variable costs per unit               $20                 Total fixed costs               $110,000                                                     Oliwander’s break-even point in units is:                             2,000 units                                                     3,333 units                                                     3,667 units                                                     60,000 units                                   2.5 points                    QUESTION 24                                 The Chateau Company manufactures 4,000 telephones per year. The full manufacturing costs per telephone are as follows:                                                       Direct materials               $4                 Direct labor                 16                 Variable manufacturing overhead             12                 Average fixed manufacturing overhead             12                 Total                 $44                                                     The Quick Assembly Company has offered to sell Chateau 4,000 telephones for $31 per unit. If Chateau accepts the offer, $20,000 of fixed overhead will be eliminated.                                      Chateau should:                                 Make the telephones; the savings is $4,000                                               Buy the telephones; the savings is $35,000                                               Buy the telephones; the savings is $24,000                                               Make the telephones; the savings is $24,000                             2.5 points                    QUESTION 25                                 Direct labor used in manufacturing digital cameras would best be classified as what type of cost?                                       Variable cost                                                     Fixed cost                                                     Mixed cost                                                     Step cost                                   2.5 points                    QUESTION 26                                 If a trucking company were operating at capacity, but had an opportunity to fill a one-time high volume special order, which of the following ramifications could occur?                                     Lost revenues from regular customers                                                 Long-term revenue loss from customers who change service to competitors                                           Questions from regular customers about commitment to service                                             eAll of the above                                 2.5 points                    QUESTION 27                                 From a managerial accounting standpoint, which of the following areas of the Sarbanes-Oxley Act of 2002 (SOX) are most pertinent?                                     External auditing standards                                                 Review of internal controls                                                   Codes of ethics for financial officers                                                 Penalties for fraud                                 2.5 points                    QUESTION 28                                 Future costs that differ among competing alternatives are:                                             Absorption costs                                                   Relevant costs                                                   Replacement costs                                                   Variable overhead costs                                 2.5 points                    QUESTION 29                                 According to Michael Porter, which of the following is an example of cost leadership as a business strategy?                                     A regional beer brewer that caters to local tastes.                                               A glass manufacturer utilizing research and development to identify new applications for glass and ceramics.                                     An online bookseller utilizing efficient scale facilities and overhead cost control p.9.                                               A manufacturer focused on designing and building corporate jet aircraft.                         2.5 points                    QUESTION 30                                 Activity-based costing’s primary benefit is that it provides:                                             Absolutely accurate product costing information                                               Data for external financial reporting purposes                                               More precise cost data for internal decision-making purposes                                             All of the above                                 2.5 points                    QUESTION 31                                 The most appropriate cost driver for the activity of cleaning (bussing) tables in a restaurant is:                                         The number of cooks in the kitchen                                                 The number of tables cleaned                                                 The number of employees assigned to the job of cleaning tables                                             The amount of money deposited to the bank each day                           2.5 points                    QUESTION 32                                 Cari German uses gas to heat her home. She has accumulated the following information regarding her monthly gas bill and monthly heating degree-days. The heating degree-days value for a month is found by first subtracting the average temperature for each day from 65 degrees and then summing these daily amounts together for the month.                   Month                 Heating Degree-Days               Gas Bill                 February                 1,900                 $254                 April                 600                 $101                                                     What will be the increase in Cari’s monthly gas bill per heating degree-day using the high-low method?                     $0.33                                                     $0.12                                                     $46.00                                                     $153.00                                   2.5 points                    QUESTION 33                                 All of the following are assumptions used in cost-volume-profit analysis, except:                                           All costs are classified as fixed or variable                                               The total cost function is linear                                                 The total revenue function is linear                                                 All of the above are assumptions used in cost-volume-profit analysis                         2.5 points                    QUESTION 34                                 Gross margin is calculated by subtracting:                                               Total variable costs from total revenues                                                 Total manufacturing overhead costs from total revenues                                             Fixed costs from total revenues                                                 Cost of goods sold from total revenues                               2.5 points                    QUESTION 35                                 The total contribution margin at the break-even point:                                             Equals total fixed costs                                                   Is zero                                                     Is greater than total variable costs                                                 Plus total fixed costs equal total revenues                                                                                                                       2.5 points                    QUESTION 36                                 Partially completed goods that are in the process of being converted into a finish product are defined as:                                       Work-in-process inventories                                                   Conversion inventories                                                   Raw materials inventories                                                   Operational inventories                                 2.5 points                    QUESTION 37                                 Which of the following is not included in work-in-process inventory?                                           Direct materials costs                                                   Applied manufacturing overhead                                                 Direct manufacturing labor costs                                                 Sales commissions                                 2.5 points                    QUESTION 38                                 Which of the following procedures best describes activity-based costing?                                           All overhead costs are recorded as expenses as incurred.                                             Overhead costs are assigned directly to products.                                               Overhead costs are assigned to activities; then costs are assigned to products.                                           Overhead costs are assigned to departments; then costs are assigned to products.                       2.5 points                    QUESTION 39                                 The contribution margin ratio is:                                                 The difference between price and variable cost per unit                                             The percentage difference between sales and cost of goods sold                                             The portion (or percent) of revenues available for covering fixed costs and providing a profit                                         The percentage difference between total revenues and total costs                           2.5 points                    QUESTION 40                                 Although adding more activity cost pools to an activity-based costing system may improve the precision of product costing, this increase in precision must be judged against:                                     The cost of the product                                                   The price of the product                                                   The cost of developing and maintaining the additional cost pools                                             All of the above              
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