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In comparing financial and management accounting, which of the following more accurately describes management accounting information

In comparing financial and management accounting, which of the following more accurately describes management accounting information
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Solution Guide / Answer Key:

ACCOUNTING

MULTIPLE CHOICE

1. In comparing financial and management accounting, which of the following more accurately describes management accounting information? (Points : 1)

2. One major difference between financial and management accounting is that _______. (Points : 1)

3. Which of the following is not a valid method for determining product cost? (Points : 1)

4. Cost accounting is directed toward the needs of _______. (Points : 1)

5. Financial accounting _______. (Points : 1)

6. Which of the following statements is true? (Points : 1)

7. Which of the following statements is false? (Points : 1)

8. The set of processes that convert inputs into services and products that consumers use is called _______. (Points : 1)

9. The balanced scorecard perspective that focuses on using a firm's intellectual capital to adapt to customer needs through product or service innovations is the ________. (Points : 1)

10. The world has essentially become smaller because of _______. (Points : 1)

11. The term "relevant range" as used in cost accounting means the range over which ______. (Points : 1)

12. When cost relationships are linear, total variable prime costs will vary in proportion to changes in ______. (Points : 1)

13. An example of a fixed cost is _______. (Points : 1)

14. A(n) ____ cost increases or decreases in intervals as activity changes. (Points : 1)

15. When the number of units manufactured increases, the most significant change in unit cost will be reflected as a(n) ________. (Points : 1)

16. A cost driver _______. (Points : 1)

17. Product costs are deducted from revenue _______. (Points : 1)

18. Which of the following is not a product cost component? (Points : 1)

19. Davis Company manufacturers desks. The beginning balance of Raw Material Inventory was $4,500; raw material purchases of $29,600 were made during the month. At month end, $7,700 of raw material was on hand. Raw material used during the month was _______. (Points : 1)

20. Urban Company manufacturers tables. If raw material used was $80,000 and Raw Material Inventory at the beginning and end of the period, respectively, was $17,000 and $21,000, what was amount of raw material was purchased? (Points : 1)

 

FILE: MS WORD

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