Question;27.;Selected current year company information;follows;The total asset turnover is;A.;2.24 times;B.;2.81;times;C.;3.64 times;D.;4.67 times;E.;6.28 times;28.;Managerial accounting information;A.;Is used mainly by external users.;B.;Involves;gathering information about costs for planning and control decisions.;C.;Is generally the only accounting;information available to managers.;D.;Can be used for control purposes but not;for planning purposes.;E.;Has little to do with controlling costs.;29.;Which of the following items represents a;difference between financial and managerial accounting?;A.;Users of the information.;B.;Flexibility of practices.;C.;Timeliness and time dimension of the;information reported.;D.;Nature of the information.;E.;All of;these.;30.;Which of the following items are management;concepts that were created to improve companies' performances?;A.;Just-in-time manufacturing.;B.;Customer orientation.;C.;Total quality management.;D.;Continuous improvement.;E.;All of;these.;31.;Continuous improvement;A.;Is a measure of profits.;B.;Is a measure of costs.;C.;Rejects;the notion of "good enough.;D.;Is not applicable to most businesses.;E.;Is possible only in service businesses.;32.;A direct cost is a cost that is;A.;Identifiable as controllable.;B.;Variable with respect to the volume of;activity.;C.;Fixed with respect to the volume of;activity.;D.;Traceable;to a cost object.;E.;Sunk with respect to a cost object.;33.;Classifying costs by behavior;involves;A.;Identifying;fixed cost and variable cost.;B.;Identifying cost of goods sold and;operating costs.;C.;Identifying all costs.;D.;Identifying costs in a physical manner.;E.;Identifying both quantitative and;qualitative cost factors.;34.;Last year, Smith Company sold 10,000 units;of its only product. If sales increase by 15% in the current year, how will;unit variable cost and unit fixed cost be affected?;A.;Choice A;B.;Choice B;C.;Choice C;D.;Choice D;E.;Choice E;35.;Costs that are first assigned to inventory;are called;A.;Period costs.;B.;Product;costs.;C.;General costs.;D.;Administrative costs.;E.;Fixed costs.;36.;Labor costs that are clearly associated;with specific units or batches of product because the labor is used to convert;raw materials into finished products called are;A.;Sunk labor.;B.;Direct;labor.;C.;Indirect labor.;D.;Finished labor.;E.;All of these.;37.;Which of the following is never included in;direct materials costs?;A.;Invoice costs of direct materials.;B.;Outgoing;delivery charges.;C.;Materials storage costs.;D.;Materials handling costs.;E.;All of these are direct material costs.
Paper#51180 | Written in 18-Jul-2015Price : $22