29 Jun Question 81. Under variable costing, fixed manufacturing o
Question
81. Under variable costing, fixed manufacturing overhead costs would be classified as:
A. Period costs.
B. Product costs.
C. Selling costs.
D. Inventory costs.
82. Under full costing, fixed manufacturing overhead costs would be classified as:
A. Period costs.
B. Product costs.
C. Selling costs.
D. Inventory costs.
83. Under the principal-agent model of contract relationships, situations such as machine breakdowns or a decrease in market demand would be classified under:
A. Lack of observability.
B. Lack of responsibility.
C. Uncertainty.
D. Decentralization.
84. In a formal management control system, top management sets expectations for desired manager performance. Which of the following is not one of the areas in which a formal individual management control system would be used?
A. Hiring practices.
B. Promotion policies.
C. Operations.
D. Sales.
E. Organizational culture.
85. The type of strategic business unit (SBU) where the SBU focuses on the selling function of a specific product line or by a geographical location is referred to as a(n):
A. Profit center.
B. Cost center.
C. Revenue center.
D. Investment center.
E. All of the above.
86. SBU is the acronym for:
A. Small Business Unit.
B. Sustainable Business Unit.
C. Standard Business Unit.
D. Strategic Business Unit.
87. Quick Technology Company is a supplier of high-end research equipment for the pharmaceutical industry. Quick currently has a variety of different firms producing computer chips for increased memory and improved processing speeds which are installed in Quick’s equipment. In this case, having another firm provide supplies for Quick’s equipment is an example of:
A. Strategic positioning.
B. Opportunity costing.
C. Profitability maximization.
D. Outsourcing.
E. Value chain analysis.
88. Which of the following is not a criterion for choosing a cost allocation method?
A. Provide an incentive for managers to make decisions consistent with top management’s goals.
B. Provide an opportunity for managers to make decisions consistent with the manager’s goals.
C. Provide a basis for a fair evaluation of manager’s performance.
D. Motivate managers to exert a high level of effort.
89. Which one of the following is not an order-filling cost?
A. Freight.
B. Warehousing.
C. Inspection.
D. Collections.
90. Controllable fixed costs:
A. Are those costs that the profit center manager can influence in approximately a year or less.
B. Are those costs that the profit center manager can influence in approximately a year or more.
C. Include variable costs.
D. Have no effect on operating income.
91.
Using the balanced scorecard to describe the firm’s strategy in detail through the use of a cause-and-effect diagram which is also known as
a(n):
A. Status Diagram.
B. Strategy Map.
C. Performance Flowchart.
D. Organizational Diagram.
E. Operational Work-through.
92. The cost method that is input-oriented and considers costs largely uncontrollable at the planning stage is called the:
A. Engineered-cost method.
B. ABC costing.
C. Discretionary-cost method.
D. Job costing.
E. Standard costing.
93. Costs such as depreciation, taxes and insurance and usually extending beyond one year are considered:
A. Controllable fixed costs.
B. Noncontrollable fixed costs.
C. Noncontrollable variable costs.
D. Controllable variable costs.
E. Controllable margin costs.
94. Which of the following is not a revenue driver factor which affects sales volume for a manufacturing firm?
A. Price changes.
B. Customer service.
C. Delivery dates.
D. Discounts.
E. Productivity.
95. Which of the following is an argument against the use of variable costing?
A. Full costing overstates the balance sheet value of inventories.
B. Variable factory overhead is a period cost.
C. Fixed factory overhead is difficult to allocate properly.
D. Fixed factory overhead is necessary for the production of a product.
96. Table Inc. planned and manufactured 250,000 units of its single product in 2010, its first year of operations. Variable manufacturing costs were $30 per unit of production. Planned and actual fixed manufacturing costs were $500,000. Marketing and administrative costs (all fixed) were $300,000 in 2010. Table Inc. sold 200,000 units of product in 2010 at $50 per unit. Sales for 2010 are calculated to be:
A. $1,000,000.
B. $5,000,000.
C. $7,500,000.
D. $10,000,000.
E. $12,500,000.
97. Table Inc. planned and manufactured 250,000 units of its single product in 2010, its first year of operations. Variable manufacturing costs were $30 per unit of production. Planned and actual fixed manufacturing costs were $500,000. Marketing and administrative costs (all fixed) were $300,000 in 2010. Table Inc. sold 200,000 units of product in 2010 at $50 per unit. Full costing operating income for 2010 is calculated to be:
A. $1,000,000.
B. $3,200,000.
C. $3,300,000.
D. $4,200,000.
E. $4,300,000.
98. Table Inc. planned and manufactured 250,000 units of its single product in 2010, its first year of operations. Variable manufacturing costs were $30 per unit of production. Planned and actual fixed manufacturing costs were $500,000. Marketing and administrative costs (all fixed) were $300,000 in 2010. Table Inc. sold 200,000 units of product in 2010 at $50 per unit. Variable costing operating income for 2010 is calculated to be:
A. $1,000,000.
B. $3,200,000.
C. $3,300,000.
D. $4,200,000.
E. $4,300,000.
99. Strategic performance measurement is a(n):
A. Accounting system used by top management for the evaluation of SBU managers.
B. System of shared responsibility.
C. Accounting system for determining strategy.
D. System to design and implement the balanced scorecard.
100. Managers who are risk averse:
A. Seek to accept options with low risk and would choose an option with lower expected value if it had more risk.
B. Seek to avoid options with low risk and would choose an option with higher expected value if it had more risk.
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