Management Accounting Questions, Problems, and Answers

Exam Chapter 1-5 Name 1) Managers usemanagement accounting information to A) implement C) communicate strategy. B) choose D) All of these answers are correct. 2) Place the four business functions in the order they appear along the value chain: Customer service Design Marketing Production A) Design, Production, Marketing, Customer Service B) Customer Service, Design, Production, Marketing C) Design, Customer Service, Production, Marketing D) Customer Service, Marketing, Production, Design 3) Place the five steps inthe decision-making process inthe correct order: A = Obtain information B = Make decisions by choosing among alternatives C = Identify the problem and uncertainties D = Implement the decision†¦show more content†¦18) A is a grouping ofindividual indirect cost items. A) cost assignment C) cost pool 19) B) job-costing system D) cost allocation base costing isused by abusiness to price unique products for different jobs. A) Job B) Traditional C) Actual D) Process 20) Process costing: A) is used exclusivelyin manufacturing B) iscommonly used bygeneral contractors who construct custom-built homes C)results in different costs for different units produced D) allocates allproduct costs, including materials and labor 21) Place the following steps inthe order suggested by the seven steps used to assign costs to individual jobs: A. Identify indirect costs B. Compute the total cost of the job C. Select cost-allocation bases D. Compute the indirect cost rate A)DCAB B)CADB C) ACDB D) BACD 22) Managers and accountants collect most of the cost information that goes into their systems through: A) time surveys B) computer programs C) source documents D) an information databank 23) Product costing informationis used by managers: B) to make decisions and strategy D) All of these answers are correct. A) for cost management C) for planning and control Answer the following questions usingthe information below: Rhett Company has two departments, Machining and Assembly. TheShow MoreRelatedDifference between Financial and Managerial Accounting 637 Words   |  3 PagesThe primary difference between financial and managerial accounting is that financial accounting is used for external members of the company; they do not control or run the businesses’ operations. An example of external members would be customers and shareholders of the business. On the other hand, managerial accounting is used for internal members in the company such as managers and officers. The internal members use managerial accounting to increase efficiency and effectiveness within their companyRead Moreassig11515 Words   |  7 Pagesï » ¿ Assignment – 1 Introduction to Financial Management Question 1: Separate the following list of assets into real assets and financial assets. 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