92 Free Test Bank for Managerial Accounting 4th Edition by Jiambalvo 

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Which of the following is most likely to make use of Spruce Company’s managerial accounting information?

•  A. the IRS
•  B. an individual contemplating an investment in Spruce Company
•  C. a company that is one of Spruce’s main competitors
•  D. the production manager of Spruce’s plant in Minnesota

The benefits that are given up when another alternative is selected is a(n)

•  A. sunk cost.
•  B. controllable cost.
•  C. opportunity cost.
•  D. direct cost.

Which of the following is not a difference between financial accounting and managerial accounting?

•  A. Financial accounting is primarily concerned with reporting the past, while managerial accounting is more concerned with the future.
•  B. Managerial accounting uses more nonmonetary information than is used in financial accounting.
•  C. Managerial accounting is primarily concerned with providing information for external users while financial accounting is concerned with internal users.
•  D. Financial accounting must follow GAAP while managerial accounting is not required to follow GAAP.

Which of the following is a direct cost in relation to the cost of teaching the managerial accounting course you are currently taking?

•  A. The cost of the paper that you receive as handouts for the class
•  B. The cost of the room you are using for the class
•  C. The cost of the registration system that allowed you to enroll in the class
•  D. The cost of the financial aid department that helps you fund the cost of taking the class

The goal of managerial accounting is to provide information that managers need for

•  A. planning.
•  B. control.
•  C. decision making.
•  D. All of the above answers are correct.

Performance reports often compare current period performance with

•  A. performance in a prior period.
•  B. planned (budgeted) performance.
•  C. Both A and B are correct.
•  D. Neither A nor B is correct.

The fundamental difference between managerial and financial accounting is that

•  A. all financial accounting information is audited by Certified Public Accountants whereas managerial accounting information is not audited by anyone.
•  B. managerial accounting is concerned principally with determining the cost of inventory (ending inventory and cost of goods sold), whereas financial accounting is concerned with a wider range of the organization’s activities.
•  C. managerial accounting provides information for decision-makers within the organization, whereas financial accounting provides information for individuals and institutions external to the organization.
•  D. financial accounting information follows U.S. Generally Accepted Accounting Principles, whereas managerial accounting information generally follows rules set forth by the Institute of Management Accountants.

Which of the following is not a reason that actual results may differ from the company’s plan?

•  A. The plan may not have been followed properly.
•  B. The plan may not have been well thought-out.
•  C. Changing circumstances may have made the plan out of date.
•  D. All of the above are reasons that actual results may differ from the company’s plan.

A sunk cost is a cost

•  A. incurred in the past which is not relevant to present decisions.
•  B. incurred in the current period which changes with changes in production activity.
•  C. incurred in the current period which remains constant even though production activity changes.
•  D. which is estimated to occur in the future.

Variable cost per unit

•  A. increases when the number of units produced increases.
•  B. does not change when the number of units produced increases.
•  C. decreases when the number of units produced increases.
•  D. decreases when the number of units produced decreases.

A retailer purchased some trendy clothes that have gone out of style and must be marked down to 40% of the original selling price in order to be sold. Which of the following is a sunk cost in this situation?

•  A. the current selling price
•  B. the original selling price
•  C. the original purchase price
•  D. the anticipated profit

The principle that managers follow when they only investigate departures from the plan that appear to be significant is commonly known as

•  A. small amounts don’t matter.
•  B. management by exception.
•  C. only labor and materials deserve attention.
•  D. exceptional costs yield exceptional results.

Which of the following statements regarding fixed costs is true?

•  A. When production increases, fixed cost per unit increases.
•  B. When production decreases, total fixed costs decrease.
•  C. When production increases, fixed cost per unit decreases.
•  D. When production decreases, total fixed costs increase.

Managerial accounting stresses accounting concepts and procedures that are relevant to preparing reports for

•  A. taxing authorities.
•  B. internal users of accounting information.
•  C. external users of accounting information.
•  D. the Securities and Exchange Commission (SEC).

A company has a cost that is $2.00 per unit at a volume of 12,000 units and $2.00 per unit at a volume of 16,000 units. What type of cost is this?

•  A. fixed
•  B. variable
•  C. sunk
•  D. incremental

Costs incurred in the past which are not relevant to present decisions are

•  A. fixed costs.
•  B. sunk costs.
•  C. opportunity costs.
•  D. indirect costs.

Uno Pizza produced and sold 800 pizzas last month and had total variable ingredients that cost $3,440. If production and sales are expected to increase by 10% next month, which of the following statements is true?

•  A. Total variable materials costs are expected to be $3,784
•  B. Variable material cost per unit is expected to be $4.73
•  C. Total variable materials costs are expected to be $3,444.30
•  D. Total variable materials costs are expected to be $344

It is possible for a manager to receive a positive evaluation when the operation receives a(n)

•  A. favorable evaluation.
•  B. neutral or mixed evaluation.
•  C. unfavorable evaluation.
•  D. All of the above answers are correct.

Opportunity costs are

•  A. considered to be fixed costs in the short term.
•  B. another term for sunk costs.
•  C. able to be controlled by most effective managers.
•  D. the value of benefits foregone when one decision is selected over another.

The financial plans prepared by managerial accountants are referred to as

•  A. budgets.
•  B. financial statements.
•  C. treasurer’s reports.
•  D. controller’s opinions.

Managerial accounting

•  A. is primarily directed at external users of accounting information.
•  B. is required by taxing authorities such as the IRS.
•  C. must follow GAAP.
•  D. is optional.

Which of the following statements regarding direct and indirect costs is true?

•  A. The amount of direct costs in a department is always less than the amount of indirect costs in that department.
•  B. A department with no variable costs will also have no direct costs.
•  C. The distinction between a direct and indirect cost depends on the object of the cost tracing.
•  D. If a cost is indirect to a department within a plant, it will also be indirect for the plant as a whole.

Which of the following costs does not change when the level of business activity changes?

•  A. total fixed costs
•  B. total variable costs
•  C. total direct materials costs
•  D. fixed costs per unit

A cost which is directly traceable to a product, activity, or department is a(n)

•  A. fixed cost.
•  B. managerial cost.
•  C. opportunity cost.
•  D. direct cost.

Marco Diner produced and sold 2,000 bagels last month and had fixed costs of $6,000. If production and sales are expected to increase by 10% next month, which of the following statements is true?

•  A. Total fixed costs will increase.
•  B. Total fixed costs will decrease.
•  C. Fixed cost per unit will increase.
•  D. Fixed cost per unit will decrease.

Which of the following is not likely to be a fixed cost?

•  A. direct materials
•  B. rent
•  C. depreciation
•  D. salary of the human resources director

Sunk costs

•  A. are not relevant for decision making
•  B. would include the cost of your tuition after the refund deadline has passed.
•  C. are costs that have been incurred in the past.
•  D. All of the above are correct.

You own a car and are trying to decide whether or not to trade it in and buy a new car. Which of the following costs is an opportunity cost in this situation?

•  A. the trip to Cancun that you will not be able to take if you buy the car
•  B. the cost of the car you are trading in
•  C. the cost of your books for this term
•  D. the cost of your car insurance last year