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BUS 302L MANAGERIAL ACCOUNTING EXAM
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BUS 302L MANAGERIAL ACCOUNTING EXAM ...
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Budgets are -- ANSWER Individuals, staff, and managers all use this.Management accountants lay more attention on which of the following? -
Answer future activities.
What is the list of line items that the organisation will use to classify its
accounting information? ANSWER balance sheet
The fundamental purpose for carrying out "cost accounting activity" is to plan
operations.
Cost volume profit (CVP) analysis is used to determine whether of the
following - ANSWER ALL.
The amount of overhead imposed to a product or service is often calculated as. -
ANSWER Divide the estimated overhead by the estimated units of the cost
driver.
Comparing actual outcomes to budget outcomes and following up is an example
of - ANSWER controlling activities.
Which of the following is usually the beginning point for the budgeting
process? - Answer a sales budget.
Tax accounting is generally most used by: - Internal Revenue Service (IRS).
, In cost and managerial accounting, the word "product cost" refers to... -
ANSWER all manufacturing or production costs for the product.
Which of the following organisations would be most likely to implement a
process costing system? - ANSWER paper manufacturing
The discount rate used in capital budgeting decisions is also known as the
minimum needed rate of return.
Which of the following refers to management accounting? - ANSWER Is not
subject to GAAP?
The primary goal of management accounting is to offer data to? ANSWER
Managers
The combination of direct materials plus direct labour is defined as Prime Cost.
Zero-based budget? - ANSWER Require managers to create budgets from the
ground up
Which of the following combinations best shows the cost of traceability? -
ANSWER Variable and fixed costs.
Find the cost volume profit (CVP). Variable and fixed costs.
When does Over and Under Over Head occur? - ANSWER when the overhead
cost driver is erroneously estimated.
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