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BU330 Exam Accounting for Managers Part-2

1. By balancing all stakeholders' needs, managers are more likely to achieve their objectives in:
a. the long term.
b. the short telID.
c. the short term as well as the long term.
d. all areas of the organization.
2. Which of the following is an example of a performance measurement?
a. Product quality
b. Number of customer complaints
c. Customer satisfaction
d. All of these choices
3. In a standard costing system, standard costs eventually flow into the:
a. Cost of Goods Sold account.
b. Standard Cost account.
c. Selling and Administrative Expenses account.
d. Sales account.
4. Service organizations do not develop standards for:
a. any service costs.
b. overhead.
c. direct materials.
d. labor.
5. A standard costing system:
a. is not typically used by management for cost planning and cost control purposes.
b. is a system in which all costs affecting the three inventory accounts and the Cost of Goods Sold
account are stated in terms of actual costs incurred.
c. depends on actual costs rather than planned costs.
d. is employed with an existing job order costing or process costing system and is not a full cost
accounting system in itself.
6. Cost information for short-run decision making focuses on:

a. why it happened.
b. what is happening.
c. what happened.
d. what will happen.
7. Qualitative factors used by decision makers include all of the following except:
a. social issues.
b. competition.
c. annual or projected revenues.
d. timeliness.
8. All management decisions should be supported by:
a. analysis of alternative courses of action.
b. stockholder approval.
c. . analysis of one course of action.
d. detailed analysis of relevant data, usually consisting of past costs and revenues.
9. An example of a pricing objective is to:
a. have prices that top the market.
b. maintain or gain market share.
c. maximize losses.
d. minimize quality and cost.
10. To stay in business, a company must have a selling price that is:
a. acceptable to the customer.
b. able to recover the variable costs of production.
c. the highest in the marketplace.
d. equal to or lower than the company's costs per unit.
11. When making the decision on a product's price, the manager must consider:
a. all products at the same time.
b. the minimum price that will produce a profit.
c. only cost-based information.
d. the product's total variable costs.

12. All of the following are capital investment decisions, except whether or not to:
a. replace old equipment.
b. issue stock to raise capital.
c. acquire another company.
d. add a new product line.
13. Which of the following items can be described as a noncash expense?
a. Wages
b. Advertising
c. Income taxes
d. Depreciation
14. The primary focus of a management information system is on the management of:
a. people.
b. costs.
c. activities.
d. time.
15. Information captured by a management information system allows managers to do all of the following
a. determine accurate product or service costs.
b. improve processes.
c. provide timely feedback.
d. satisfy all customer inquiries.
16. How does an ERP system differ from an MIS?
a. The ERP system informally links the different areas of management for specific purposes.
b. There is no difference.
c. The ERP system combines all areas of management into one centralized data warehouse.
d. The ERP system can be used only in a service business.
17. The overall objective of controlling the costs of quality is to eliminate:
a. appraisal costs.
b. costs of nonconformance.
c. costs of conformance.

d. the costs of quality.

18. Service department costs are allocated so that:
a. budgeting purposes are fulfilled.
b. they can be properly managed.
c. a business can then assess the profitability of a product or service.
d. they will have a zero balance at the end of the accounting period.
19. Which of these would not be considered an activity center in a warehouse operation?
a. Receiving
b. Distribution
c. Facility Maintenance
d. Product Design
20. Which of the following is not a directly traceable cost to a store in a restaurant chain?
a. Food prepared in the store
b. Company newsletter and website
c. Manager's salary
d. Wait staff
21. Joint costs are:
a. incurred prior to the separation of joint products.
b. incurred after separation of joint products.
c. incurred prior and after separation of joint products.
d. None of the above
22. Executive officers' compensation is typically comprised of all of the following except:
a. incentive bonuses.
b. declared dividends.
c. stock option awards.
d. annual base salaries.
23. Market strength refers most closely to the ability to:
a. survive for many years.
b. pay bills when they fall due.

c. earn a satisfactory net income.

d. increase the wealth of stockholders.
24. The ability to pay bills when due and to meet unexpected needs for cash most closely describes:
a. cash flow adequacy.
b. long-term solvency.
c. liquidity.
d. profitability.
25. Financial performance measurement is useful for all of the following except assessment of:
a. accounting methods.
b. return by investors.
c. risk by creditors.
d. risk by investors.

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