Question details

Focuses on estimating future revenues, costs, and other measures to forecast
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Page

1

TUTOR’S COPY

ACCT2112

Management Accounting

Tutorial

Questions with Suggested Answers

C

hapter 1: The

Manager and Management Accounting

Section A: Multiple Choice Questions

Instruction:

Select the

best

answers for the following questions.

1

.

Managem

ent accounting

a.

focuses on estimating future revenues, costs, and other measures to forecast

activities and their results.

b.

provides information about the company as a whole.

c.

reports information that has occurred in the past that is verifiable a

nd reliable.

d.

provides information that is generally available only

on a quarterly or annual

basis.

e.

none of the above.

2.

Management accounting differs from financial accounting in that financial accounting

is

a.

more oriented toward the future

.

b.

primarily concerned with external financial reporting.

c.

concerned with non

-

quantitative information.

d.

heavily involved with decision analysis and implementation of decisions

e.

none of the above.

3

.

The person MOST likely to use management a

ccounting information is a(n)

a.

banker evaluating a credit application.

b.

shareholder evaluating a stock investment.

c.

governmental taxing authority.

d.

assembly department supervisor.

e.

none of the above.

 

 

 

Page

2

4

.

Planning decisions focus on

a.

s

electing organization goals.

b.

predicting result under various alternative ways of achieving those goals.

c.

deciding how to attain the desired goals

d.

communicating the goals and how to attain them to the entire organization..

e.

all of the above.

f.

none of the above.

5.

Control includes

a.

implementing planning decisions.

b.

evaluating performance.

c.

providing feedback to help with future decision making.

d.

all of the above.

e.

none of the above.

6.

Place the five

-

step in the decision

-

making process in the correct order:

A = Obtain information

B = Make decisions by choosing among alternatives

C = Identify the problem and uncertainties

D = Implement the decision

E = Make predictions about the future

a.

D, B, E, A, C.

b.

E, D, A,

B, C.

c.

C, A, E, B, D.

d.

A, E, B, D, C.

e.

none of the above.

7

.

Place the four business functions in the order they appear along the value chain:

A = Customer service

B = Design

C = Distribution

D = Production

a.

A B D C

b.

A C D B

c.

B D C A

d.

B A D C

 

 

Page

3

8

.

The value chain is the sequence of business functions in which

a.

value is deducted from the products or services of an organization.

b.

value is proportionately added to the products or services of an organization.

c.

product

s and services are evaluated with respect to their value to the supply chain.

d.

usefulness is added to the products or services of an organization.

e.

none of the above.

THE FOLLOWING INFORMATION APPLIES TO QUESTION

S

9

THROUGH

1

6

.

Burger King is a ham

burger fast food restaurant

. Classify each of the

following

cost

item

into

one of the business functions of the value chain shown in Exhi

bit 1

-

2 (see Horngren et al

20

1

5

,

p.

28

)

9

.

Cost of oil for the deep fryer

.”

a.

Research and development (R&D)

.

b.

Design of products, services or processes

.

c.

Production

.

d.

Marketing

.

e.

Distribution

.

f

.

Customer service

.

1

0

.

Wages of the counter help who give customers the food they order

.”

a.

Research and development (R&D)

.

b.

Design of products, s

ervices or processes

.

c.

Production

.

d.

Marketing

.

e.

Distribution

.

f.

Customer service

.

1

1

.

Cost of the costume for the King on the Burger King television commercials

.

a.

Research and development (R&D)

.

b.

Design of products, services or proces

ses

.

c.

Production

.

d.

Marketing

.

e.

Distribution

.

f.

Customer service

.

 

Available solutions