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Although financial and managerial accounting differ in many ways, they are similar in that both rely on the same underlying financial data. 2. Managerial accounting is a branch of financial accounting and serves essentially the same purposes as financial accounting. 3. Managerial accounting places greater emphasis on the future than financial accounting, which is primarily concerned with the past. 4. Managerial accounting is not needed in a non-profit or governmental organization. 5. When carrying out their planning activities, managers select a course of action and specify how the action will be implemented. 6. When carrying out their planning activities, managers obtain feedback to ensure that the plan is actually carried out and is appropriately modified as circumstances change. 7. The controller occupies a line position in an organization. 8. Decentralization means the delegation of decision-making authority throughout an organization by allowing managers at various operating levels to make key decisions relating to their own area of responsibility. 9. A firm's organization chart will normally show both the formal and informal lines of reporting and communication. 10. The Chief Financial Officer of an organization is responsible for ensuring that line operations run smoothly. 11. Traditionally, companies have maintained large amounts of raw materials, work in process, and finished goods inventories to act as buffers so that operations can proceed smoothly even if there are unanticipated disruptions. 12. Process Reengineering is generally considered to be a more radical approach to improvement than Total Quality Management. 13. Process Reengineering emphasizes a team approach involving front-line workers, whereas Total Quality Management is usually implemented using outside specialists and is imposed from above. 14. If ethical standards were not generally followed, one of the results would probably be fewer goods and services available in the marketplace. 15. The Standards of Ethical Conduct for Management Accountants promulgated by the Institute of Management Accountants specifically state that management accountants' sole ethical responsibility is to not break any laws
1. Manufacturing overhead is an indirect cost with respect to units of product. 2. Depreciation on office equipment would not be included in the cost of goods manufactured. 3. Rent on a factory building used in the production process would be classified as a period cost and as a fixed cost. 4. Period costs are found only in manufacturing companies, not in merchandising companies. 5. Depreciation on equipment a company uses in its selling and administrative activities would be classified as a product cost. 6. If the finished goods inventory increases between the beginning and the end of a period, then the cost of goods manufactured is smaller than the cost of goods sold. 7. The cost of goods manufactured is calculated by adding the amount of work in process at the end of the year to the cost of raw materials used, direct labor worked, and manufacturing overhead incurred for the year and then subtracting work in process at the beginning of the year. 8. A publisher that sells its books through agents who are paid a constant percentage commission on each book sold would classify the commissions as a fixed cost. 9. Variable costs per unit are affected by changes in activity. 10. A cost is either direct or indirect. The classification will not change if the cost object changes. 11. The amount that a manufacturing company could earn by renting unused portions of its warehouse is an example of an opportunity cost. 12. Labor fringe benefits may be charged to direct labor or manufacturing overhead while overtime premiums paid usually are considered a part of manufacturing overhead. 13. The cost of idle time should be charged as direct labor of the job that is in process when the breakdown occurs. 14. Internal failure costs result from identification of defects during the appraisal process. Such costs may include scrap, rejected products, rework, and downtime. 15. ISO 9000 certification is relatively easy to achieve because little documentation on quality control procedures is needed.
A variable cost is a cost that remains constant in total throughout wide ranges of activity. 2. If the activity level increases, then one would expect the variable cost per unit to increase as well. 3. Fixed costs expressed on a per unit basis vary inversely with changes in activity. 4. Calculation of fixed costs on a per unit basis is critical for internal reporting to managers. 5. Management's strategy will determine to a large degree the classification of a fixed cost as discretionary or committed. 6. Committed fixed costs cannot be reduced to zero without seriously impairing the company's long term goals. 7. Unless the behavior pattern of each cost of a company is understood, the impact of a company's activities on its costs will not be known until after the activity has occurred. 8. When using the high-low method, if the high and low activity levels do not coincide with the high and low levels of cost, then the analyst should use the points with the high and low levels of cost. 9. A traditional functional income statement organizes costs on the basis of behavior. 10. The contribution income statement organizes costs according to behavior. 11. The contribution margin represents the amount available to contribute toward covering fixed expenses and toward profits for the period. 12. Most companies use the contribution approach in preparing financial statements for external reporting purposes. 13. In the least-squares regression method, total cost is considered to be Y, the dependent variable. 14. The least-squares regression method computes the regression line that minimizes the sum of the squared deviations from the plotted points to the line. 15. Account analysis is a special form of least-squares regression in which more than one account is analysed at the same time.