1. Management accounting reports might include information about:

1. Management accounting reports might include information about:

1. Management accounting reports might include information about: customer complaints.net income for the year on budgeted income statement.total assets on budgeted balance sheet.All of the above are correct.2. Which of the following types of information are used in management accounting? financial informationnonfinancial informationinformation focused on the long termAll of these are correct.3. The person MOST likely to use management accounting information is a(n): banker evaluating a credit applicationshareholder evaluating a stock investmentgovernmental taxing authorityassembly department supervisor4. The person MOST likely to use ONLY financial accounting information is a: factory shift supervisorvice president of operationscurrent shareholderdepartment manager5. A weekly report comparing machine time used to available machine time is information MOST useful to: a front-line employeethe manager of operationsthe chief executive officerthe accounting department6. Product costs are expensed on the income statement when: raw materials for the product are purchasedraw materials are requisitioned for the productthe product completes the manufacturing processthe product is sold7. The cost of inventory reported on the balance sheet may include the cost of all the following EXCEPT: advertisingwages of the plant supervisordepreciation of the factory equipmentparts used in the manufacturing process8. The plans of management are often expressed formally in: financial statements.performance reports.budgets.ledgers.9. For a manufacturing company, what type of position (line or staff) is each of the following? a. Manager of a Data Processing Departmentb. Manager of a Production Departmenta. Staffb. Staffa. Staffb. Linea. Lineb. Staffa. Lineb. Line10. Which of the folloiwng is NOT one of the five steps in the lean thinking model discussed in the text? Continuously pursue perfection in the business process.Identify value in specific products/services.Implement an enterprise system.Create a pull system that responds to customer orders.11. The five step framework used to guide Six Sigma improvement efforts includes all of the following EXCEPT: Analyze.Control.Digitize.Measure.12. Which of the following is NOT one of the Institute of Management Accountants five Standards of Ethical Conduct? CompetenceConfidentialityIndependenceIntegrity13. Materials used in the operation of a factory, such as cleaning supplies, that are not an integral part of the final product should be classified as: direct materials.a period cost.administrative expense.manufacturing overhead.14. All of the following are examples of product costs except: depreciation on the companys retail outlets.salary of the plant manager.insurance on the factory equipment.rental costs of the factory facility.15. The following costs were incurred in July: Direct materials $35,000Direct labor $13,000Manufacturing overhead $15,000Selling expense $14,000Administrative expenses $30,000Prime costs during the month totaled:$48,000 $28,000$107,000$63,00016. In July direct labor was 40% of conversion cost. If the manufacturing overhead cost for the month was $34,000 and the direct materials cost was $23,000, the direct labor cost was: $22,667 $15,333$51,000$34,50017. The following data are for a recent periods operations: Beginning finished goods inventory $150,475Ending finished goods inventory $145,750Sales $400,000Gross margin $120,000The cost of goods manufactured was:$115,275$284,725$275,275 $124,725


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