29 Jun Question 1. Divulging company information (when not legally obligated to do so) would be a violation of which part of the IMA Code of Conduct?
Question
1. Divulging company information (when not legally obligated to do so) would be a violation of which part of the IMA Code of Conduct?
competence
confidentiality
independence
credibility
2. Which of the following accounts would appear on the financial statements of ONLY a manufacturing firm?
bonds payable
materials inventory
prepaid insurance
retained earnings
3. In resolving an ethical conflict, which of the following would NEVER be appropriate?
discussing the matter with the chief executive officer
discussing the matter with an external member of the board of directors
taking the matter to the press where there is no legal requirement
resigning from the position because of a conflict
4. Which of the following costs would NOT be included in calculating inventory values under the absorption-costing basis?
direct materials
direct labor
fixed overhead
selling and administrative expenses
5. Which of the following costs would be included as part of direct materials in the production of an automobile?
glue for a sticker applied to the automobile
steel
gasoline used to fuel machines in production
none of these
6. Which of the following costs is a product cost?
lease payments on cars used by salespersons
president’s salary
property taxes on factory building
depreciation on office equipment
7. In a traditional manufacturing company, product costs include
direct materials only
direct materials, direct labor, and factory overhead.
direct materials and direct labor only.
direct labor only
8. Which of the following would be an example of a unit-based cost driver?
engineering orders
direct labor hours
inspection hours
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