3665037581Chapter1questions.docx

3665037581Chapter1questions.docx

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3665037581Chapter1questions

IntroductiontoManagementAccounting,15e（Horngrenetal）

Chapter1ManagerialAccounting,theBusinessOrganization,

andProfessionalEthics

QuestionsAnsweredwellbyreadingtextbook

1.1Questions

1）________isthefieldthatproducesinformationformanagerswithinanorganization.

A）Financialaccounting

B）Managementaccounting

C）Financialauditing

D）Externalauditing

2）Theprimaryusersofmanagementaccountinginformationare________.

A）bankers

B）governmentalregulatorybodies

C）managersinorganizations

D）managerialaccountants

3）________isthefieldofaccountingthatdevelopsinformationforexternalpartiessuchasstockholders,suppliers,banksandgovernmentalregulatorybodies.

A）Auditing

B）Internalauditing

C）Managementaccounting

D）Financialaccounting

4）WhatstatementaboutmanagementaccountingisFALSE?

A）Managementaccountingistheprocessofidentifying,measuring,accumulating,analyzing,preparing,interpretingandcommunicatinginformation.

B）Managementaccountinghelpsmanagersfulfillorganizationalobjectives.

C）Managementaccountingisusedbymanagerialaccountantstomakestrategicandoperationaldecisions.

D）Managementaccountingproducesinformationformanagersinanorganization.

5）Whencomparingmanagementaccountingandfinancialaccounting,whichofthefollowingstatementsisFALSE?

A）Managementaccountinghasafutureorientationwhereasfinancialaccountinghasapastorientation.

B）Managementaccountingpreparesdetailedreportswhereasfinancialaccountingpreparessummaryreports.

C）ManagementaccountantsareconstrainedbytheprinciplesofreportingpromulgatedbytheInstituteofManagementAccountantswhereasfinancialaccountantsareconstrainedbyGenerallyAcceptedAccountingPrinciples.

D）Behavioralconsiderationsareofprimaryimportanceinmanagementaccounting,butnotinfinancialaccounting.

6）________informationinvolvesroutinereportsthatcompareactualresultstopredictedresults.

A）Budgets

B）Attentiondirecting

C）Scorekeeping

D）Problemsolving

7）________informationhelpsmanagersfocusonoperatingproblems,imperfections,inefficienciesandopportunities.

A）Scorekeeping

B）Attentiondirecting

C）Problemsolving

D）Performance

8）ProblemsolvinginformationwouldNOTbeusedinthissituation.

A）decisiontomakeorbuypartsforamanufacturedproduct

B）decisiontoreplaceequipment

C）decisiontoaddordropadivision

D）evaluatingtheoperatingperformanceofasegmentinthecurrentyear

9）WhichofthefollowingactivitieswouldNOTbecalledscorekeeping?

A）estimatingthecostofmovingthecorporateheadquarterstoanothercity

B）preparingascheduleofdepreciationexpensefortrucksforthecurrentyear

C）preparingascheduleofsalesforthecurrentyear

D）preparingascheduleofplantassetsattheendofthecurrentyear

10）Investigatingthereasonsforthevariancesonadepartment'sperformancereportisanexampleof________.

A）scorekeeping

B）attentiondirecting

C）problemsolving

D）auditing

11）________istheclassification,accumulation,andreportingofdatathathelpusersunderstandandevaluateorganizationalperformance.

A）Scorekeeping

B）Attentiondirecting

C）Problemsolving

D）Costaccounting

12）GenerallyAcceptedAccountingPrinciplesaremostcloselyconnectedto________.

A）managementaccounting

B）financialaccounting

C）internalauditing

D）managementaccounting

13）Whattypeofinformationisusedinmakingnonroutinedecisions,suchasthedecisiontoreplaceatraditionalassemblylinewithfullyautomatedrobots?

A）scorekeepinginformation

B）attentiondirectinginformation

C）problemsolvinginformation

D）auditinginformation

14）WhichofthefollowingisNOTagovernmentregulationthatinfluencesaccountingsystems?

A）Sarbanes-OxleyAct

B）ForeignCorruptPracticesAct

C）taxrulespromulgatedbytheInternalRevenueService

D）InternationalFinancialReportingStandards

15）A（n）________isareviewtodeterminewhetherthepoliciesandproceduresspecifiedbytopmanagementhavebeenimplemented.

A）managementaudit

B）internalaudit

C）internalcontrol

D）internalaccountingcontrol

16）TheForeignCorruptPracticesActrequires________.

A）companiestoacceptbribesfromofficialsinforeigncountries

B）allpubliclyheldcompaniestofollowtheactonlyiftheyconductbusinessoutsidetheUnitedStates

C）companiestomaintaintheiraccountingrecordsinreasonabledetailandaccuracy

D）companiestoprepareaseparatereportontheirsystemofinternalcontrol

1.2Questions

1）Whichofthefollowingitemsshouldbeconsideredbymanagerswhendesigningaccountingsystems?

A）cost-benefitbalances

B）behavioralimplications

C）cost-benefitbalancesandbehavioralimplications

D）noneoftheabove

2）________is（are）theprimaryconsiderationinchoosingamongaccountingsystemsandmethods.

A）Simplicity

B）Behavioralimplications

C）Thecost-benefitbalance

D）Simplicityandbehavioralimplications

3）________is（are）theaccountingsystem'seffectonthebehaviorandthedecisionsofmanagers.

A）Simplicity

B）Behavioralimplications

C）Thecost-benefitbalance

D）Thecodeofethics

1.3Questions

1）Abudget________.

A）isaquantitativeexpressionofaplanofaction

B）providesfeedbackbycomparingactualresultswithplannedresults

C）includesdeviationsfromplannedresults

D）ignoresareasthatarepresumedtoberunningsmoothly

2）Performancereports________.

A）arequantitativeexpressionsofplansforaction

B）providefeedbackbycomparingactualresultswithplannedresults

C）ignoreareasthatarepresumedtoberunningsmoothly

D）provideinformationtoenablemanagerstoselectavaluechainfunctiontoemphasize

3）Variances________.

A）arequantitativeexpressionsofplansofaction

B）ignoreareasthatareproblemareas

C）aredeviationsfromaplan

D）ignoreareasthatarepresumedtoberunningsmoothly

4）Oneadvantageofthemanagement-by-exceptionapproachisthatit________.

A）freesmanagersfromneedlessconcernoveroperationsthatadheretoplans

B）allowsmanagerstoignoreaspectsofthebusinessoutsidetheirareaofexpertise

C）allowsmanagerstoignoreday-to-dayoperations

D）allowsmanagerstoignoreproblemsituations

5）Management-by-exceptionmeansthatmanagersshould________.

A）concentrateonareasthatdeviatefromtheplan

B）intheabsenceofotherevidence,presumethatareasthatconformwithplansarerunningsmoothly

C）AandB

D）noneoftheabove

6）TheHolaCompanyheldaChristmasparty.Thecompanyexpectedattendanceof100peopleandpreparedthefollowingbudget:

Hotelroomrental$500

Food500

Entertainment800

Decorations400

TotalCosts$2,200

Onehundredpeopleattendedtheparty.Thefollowingcostswereincurred:

Hotelroomrental$575

Food640

Entertainment750

Decorations350

TotalCosts$2,315

Whatisthevariancefortotalcosts?

A）$115Unfavorable

B）$115Favorable

C）$25Favorable

D）$140Unfavorable

7）TheHolaCompanyheldaChristmasparty.Thecompanyexpectedattendanceof100peopleandpreparedthefollowingbudget:

Hotelroomrental$600

Food500

Entertainment800

Decorations300

TotalCosts$2,200

Onehundredpeopleattendedtheparty.Thecostsincurredwere:

Hotelroomrental$575

Food640

Entertainment750

Decorations350

TotalCosts$2,315

Whatistheprimaryreasonforthevarianceintotalcosts?

A）Hotelroomrentcostmorethanexpected.

B）Foodcostmorethanexpected.

C）Entertainmentcostmorethanexpected.

D）Decorationscostmorethanexpected.

8）KeyBankheldaparty.KeyBankexpectedattendanceof100peopleandpreparedthefollowingbudget:

Hotelroomrental$600

Food400

Entertainment800

Decorations300

TotalCosts$2,100

Onehundredpeopleattendedtheparty.Thefollowingcostswereincurred:

Hotelroomrental$575

Food640

Entertainment750

Decorations350

TotalCosts$2,315

Whatisthevarianceforthecostoffood?

A）$215Unfavorable

B）$240Favorable

C）$215Favorable

D）$240Unfavorable

9）TheFlintstoneCompanyheldaparty.Thecompanyexpectedattendanceof100peopleandpreparedthefollowingbudget:

Hotelroomrental$600

Food500

Entertainment800

Decorations300

TotalCosts$2,200

Onehundredpeopleattendedtheparty.Thecostsincurredwere:

Hotelroomrental$575

Food640

Entertainment750

Decorations250

TotalCosts$2,215

WhichofthefollowingcostsdeservefurtherexaminationassumingFlintstoneCompanyusesthemanagement-by-exceptionrule?

A）hotelroomrental

B）food

C）entertainment

D）decorations

10）Afraternityheldaparty.Thefraternitypreparedthefollowingbudgetfor25expectedattendees:

Roomrental$150

Food250

Entertainment150

Decorations75

TotalCosts$625

Twenty-fivepeopleattendedtheparty.Thefollowingcostswereincurred:

Roomrental$140

Food320

Entertainment125

Decorations75

TotalCosts$660

Whatisthevariancefortotalcosts?

A）$10Unfavorable

B）$35Unfavorable

C）$35Favorable

D）$70Unfavorable

11）Themanagementaccountantpreparesthefollowingperformancereportforacompany'sfirstyearofoperations:

BudgetActualVariance

Sales$100,000$110,000?

CostofGoodsSold50,00055,000?

SellingExpenses20,00032,000?

AdministrativeExpenses10,00011,000?

OperatingIncome$20,000$12,000?

Required:

A）Computevariancesforeachlineitemontheincomestatement.Alsoindicateifthevariancesarefavorableorunfavorable.

B）Usingthemanagement-by-exceptionapproach,whichvariancesshouldbeinvestigatedfurther?

Answer:

A）

BudgetActualVariance

Sales$100,000$110,000$10,000F

CostofGoodsSold5