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BA225 FINAL EXAMS MANAGERIAL ACCOUNTING TESTS AND ASSIGNMENTS.docx

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BA225 MANAGERIAL ACCOUNTING TESTS AND ASSIGNMENTS
Complete tests 1, 2, 3, 4, 5, two assignments, and final exam.
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1
.
A cost that contains both fixed and variable elements is referred to as a:
2.
Whirl Company sells cordless razors for $50. Variable costs are 40% of sales and total fixed costs are $40,000. What is the firm's
magnitude of operating leverage if 2,000 units are sold?
3.
Larry's Lawn Care incurs significant gasoline costs. This cost would be classified as a variable cost if the total gasoline cost:
4.
Select the incorrect statement regarding costs and expenses.
5.
Choose the answer that is not a distinguishing characteristic of financial accounting information.
6.
All of the following are features of managerial accounting except:
7.
During her first year with the company, Ann mistakenly accumulated some of the company's period costs in ending inventory. Which
of the following indicates how this error affects the company's financial statements assuming number of units produced exceeded
number of units sold during the period?
8.
As a Certified Management Accountant, Jill is bound by the standards of ethical conduct issued by the Institute of Management
Accountants. If she accepts an expensive gift from a vendor trying to win a contract with her firm, which of the following standards
will she violate?
9.
The excess of a product's selling price over its variable costs is referred to as:
10.
Assuming a company's inventory increased during the period, which of the following misclassifications increases net income?
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Tutorial
A:
Points Awarded
Points Missed
Percentage
Solution Appended at: May. 15, 2010 at 05:01:56AM
Points Awarded 100.00
Points Missed 0.00
Percentage 100.0%
1.
A cost that contains both fixed and variable elements is referred to as a:
A) hybrid cost.
B) mixed cost.
C) half cost.
D) semi cost.
Points Earned: 4.0/4.0

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Correct Answer(s): B
2.
Whirl Company sells cordless razors for $50. Variable costs are 40% of sales and total fixed costs are $40,000. What is the firm\'s
magnitude of operating leverage if 2,000 units are sold?
A) 3.0
B) 2.0
C) 1.5
D) None of the above
Points Earned: 4.0/4.0
Correct Answer(s): A
3.
Larry\'s Lawn Care incurs significant gasoline costs. This cost would be classified as a variable cost if the total gasoline cost:
A) varies inversely with the number of hours the lawn equipment is operated.
B) increases in direct proportion to the number of hours the lawn equipment is operated.
C) is not affected by the number of hours the lawn equipment is operated.
D) A or B
Points Earned: 4.0/4.0
Correct Answer(s): B
4.
Select the incorrect statement regarding costs and expenses.
A) Some costs are initially recorded as expenses while others are initially recorded as assets.
B) Expenses are incurred when assets are used to generate revenue.
C) Manufacturing-related costs are initially recorded as expenses.
D) Non-manufacturing costs should be expensed in the period in which they are incurred.
Points Earned: 4.0/4.0
Correct Answer(s): C
5.
Choose the answer that is not a distinguishing characteristic of financial accounting information.
A) It is global information that reflects the performance of the whole company.
B) Its time horizon is the present and future.
C) It is more concerned with financial data than physical or economic data.
D) It is more highly regulated than managerial accounting information.
Points Earned: 4.0/4.0
Correct Answer(s): B
6.
All of the following are features of managerial accounting except:
A) information is historically based and reported annually.
B) information includes economic and non-financial data as well as financial data.
C) information is provided primarily to insiders such as managers.
D) information is reported continuously with a present or future orientation.
Points Earned: 4.0/4.0
Correct Answer(s): A

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7.
During her first year with the company, Ann mistakenly accumulated some of the company\'s period costs in ending inventory. Which
of the following indicates how this error affects the company\'s financial statements assuming number of units produced exceeded
number of units sold during the period?
A) Cash flows from operations are understated.
B) Gross margin is understated
C) Net income is understated
D) Inventory is overstated
Points Earned: 4.0/4.0
Correct Answer(s): D
8.
As a Certified Management Accountant, Jill is bound by the standards of ethical conduct issued by the Institute of Management
Accountants. If she accepts an expensive gift from a vendor trying to win a contract with her firm, which of the following standards
will she violate?
A) Competence
B) Confidentiality
C) Integrity
D) Objectivity
Points Earned: 4.0/4.0
Correct Answer(s): C
9.
The excess of a product\'s selling price over its variable costs is referred to as:
A) gross profit.
B) contribution margin.
C) gross margin.
D) manufacturing margin.
Points Earned: 4.0/4.0
Correct Answer(s): B
10.
Assuming a company\'s inventory increased during the period, which of the following misclassifications increases net income?
A) Recording administrative salaries as a product cost
B) Recording depreciation on production equipment as an expense
C) Expensing raw material costs instead of including them in inventory
D) B and C
Points Earned: 4.0/4.0
Correct Answer(s): A
11.
Based on the following cost data, items labeled (a) and (b) in the table below are which of the following amounts, respectively?
A) (a) = $3.00; (b) = $3.00
B) (a) = $5.00; (b) = $2.00
C) (a) = $2.50; (b) = $2.00
D) (a) = $5.00; (b) = $4.00
Points Earned: 4.0/4.0
Correct Answer(s): B

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