27.
Selected current year company information follows:
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The total asset turnover is:
A.
2.24 times
B.
2.81 times
C.
3.64 times
D.
4.67 times
E.
6.28 times
28.
Managerial accounting information:
A.
Is used mainly by external users.
B.
Involves gathering information about costs for planning and control decisions.
C.
Is generally the only accounting information available to managers.
D.
Can be used for control purposes but not for planning purposes.
E.
Has little to do with controlling costs.
29.
Which of the following items represents a difference between financial and managerial accounting?
A.
Users of the information.
B.
Flexibility of practices.
C.
Timeliness and time dimension of the information reported.
D.
Nature of the information.
E.
All of these.
30.
Which of the following items are management concepts that were created to improve companies’ performances?
A.
Just-in-time manufacturing.
B.
Customer orientation.
C.
Total quality management.
D.
Continuous improvement.
E.
All of these.
31.
Continuous improvement:
A.
Is a measure of profits.
B.
Is a measure of costs.
C.
Rejects the notion of “good enough.”
D.
Is not applicable to most businesses.
E.
Is possible only in service businesses.
32.
A direct cost is a cost that is:
A.
Identifiable as controllable.
B.
Variable with respect to the volume of activity.
C.
Fixed with respect to the volume of activity.
D.
Traceable to a cost object.
E.
Sunk with respect to a cost object.
33.
Classifying costs by behavior involves:
A.
Identifying fixed cost and variable cost.
B.
Identifying cost of goods sold and operating costs.
C.
Identifying all costs.
D.
Identifying costs in a physical manner.
E.
Identifying both quantitative and qualitative cost factors.
34.
Last year, Smith Company sold 10,000 units of its only product. If sales increase by 15% in the current year, how will unit variable cost and unit fixed cost be affected?
A.
Choice A
B.
Choice B
C.
Choice C
D.
Choice D
E.
Choice E
35.
Costs that are first assigned to inventory are called:
A.
Period costs.
B.
Product costs.
C.
General costs.
D.
Administrative costs.
E.
Fixed costs.
36.
Labor costs that are clearly associated with specific units or batches of product because the labor is used to convert raw materials into finished products called are:
A.
Sunk labor.
B.
Direct labor.
C.
Indirect labor.
D.
Finished labor.
E.
All of these.
37.
Which of the following is never included in direct materials costs?
A.
Invoice costs of direct materials.
B.
Outgoing delivery charges.
C.
Materials storage costs.
D.
Materials handling costs.
E.
All of these are direct material costs.
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