1.The IMA issues which of the following certifications?

A. CMA

B. CIA

C. CFP

D. CPA

Answer: CMA

2. Communicating information fairly and objectively is an example of which ethical standard?

A. Credibility

B. Integrity

C. Competence

D. Confidentiality

Answer: Credibility

3. The person who is directly responsible for all financial functions is the:

A. Treasurer.

B. CEO.

C. CFO.

D. COO.

Answer: CFO

4. Refusing gifts or favors that could be perceived to influence your actions is an example of which ethical standard?

A. Credibility

B. Integrity

C. Confidentiality

D. Competence

Answer: Integrity

5. Porches, Inc., sells lawn furniture. Selected financial information for the most recent year follows.

Beginning merchandise inventory on January 1 was $33,000.

Ending merchandise inventory on December 31 was $35,000.

Purchases during the year were $92,000.

Selling and administrative expenses were $75,000.

Sales for year were $262,000.

What was the value of goods available for sale?

A. $125,000

B. $127,000

C. $170,000

D. $ 97,000

Answer: $97000
92000+33200=125200-35000=90200
262900-90200=172700-75700=97000

6. Internal parties receive information about past performance from:

A. audit reports.

B. budget reports.

C. planning reports.

D. managerial accounting reports.

Answer: managerial accounting reports.

7. The costs associated with reengineering machinery and its location within the factory to increase efficiency would be considered which part of the value chain?

A. Customer service

B. Marketing

C. Research and development

D. Design

Answer:Design

8. Which of the following types of companies has raw materials, work in process, and finished goods inventory?

A. Retailers

B. Manufacturers

C. Wholesalers

D. Service companies

Answer: Manufacturers

9. _________ gathers, summarizes, and reports on the financial impact of changes to business operations.

A. Managerial accounting

B. Planning

C. Directing

D. Controlling

Answer: Managerial Accounting.

10. Evaluating results against the plan is an example of which of the following management functions?

A. Planning

B. Controlling

C. Analyzing

D. Directing

Answer: Controlling

11. A wave of accounting scandals around the turn of the 21st century prompted which of the following?

A. XBRL

B. IFRS

C. SOX

D. ISO

Answer: SOX

12. Costs that remain the same among alternatives are:

A. sunk costs.

B. irrelevant costs.

C. controllable costs.

D. uncontrollable costs.

Answer: irrelevant costs.

13. Which of the following people is most likely to use only financial accounting information?

A. Vice president of plant operations

B. Product manager

C. Plant manager

D. Bank loan officer

Answer: Bank loan officer

14. Which of the following describes the way in which total fixed costs behave?

A. They will decrease as production increases.

B. They will decrease as production decreases.

C. They will remain the same throughout production levels within the relevant range.

D. They will increase as production decreases.

Answer: They will remain the same throughout production levels within the relevant range.

15. ________ is the business philosophy and a strategy of manufacturing without waste.

A. ISO 9001

B. Lean thinking

C. TQM

D. Thin manufacturing

Answer: Lean thinking

16. Which of the following is NOT an example of an indirect cost incurred in manufacturing automobiles?

A. Plant supervisor salary

B. Machinery depreciation in the factory

C. Plant utilities

D. Cost of the automobile engines

Answer: Cost of the automobile engines.

17. Which of the following costs could be found in work in process inventory for a candy bar manufacturer?

A. Assembly worker wages

B. Utilities for administrative offices

C. Depreciation on sales office

D. Customer order forms

Answer: Assembly worker wages

18. Winner’s Sporting Equipment manufactures sporting goods. Selected costs from the past year include the following.

Plastics used to make products $151,000

Heating and lighting costs for factory 65,000

Factory janitor wages 67,000

Costs of shipping to customers 11,000

Lubricants used in factory equipment 2,000

Lighting costs for sales office 20,000

Depreciation on factory equipment 23,000

Office supplies for sales office 6,000

Insurance costs for factory 13,000

Maintenance worker wages 99,000

Freight-in (on plastics) 7,500

Aluminum used to make products 175,000

Assembly-line worker wages 142,000

Salaries of salespeople 74,000

Period costs for Winner’s Sporting Equipment totaled:

A. $91,000.

B. $37,000.

C. $188,000.

D. $111,000.

Answer: D. $111,000.

19. Lots of Stuff Company reports the following data for its first year of operation.

Work in process inventory, beginning $0

Work in process inventory, ending 140,000

Direct materials used 110,000

Direct Labor 115,000

Manufacturing overhead 185,000

Finished goods inventory, beginning 0

Finished goods inventory, ending 90,000

What are the total manufacturing costs?

A. $455,000

B. $410,000

C. $750,000

D. $520,000

Answer: $410,000

20. Indirect materials, indirect labor, and indirect manufacturing costs are what type of manufacturing cost?

A. Direct labor

B. Direct materials

C. Manufacturing overhead

D. Prime costs

Answer: Manufacturing overhead

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