Managerial Accounting

Topics: Variable cost, Costs, Fixed cost Pages: 7 (2425 words) Published: May 3, 2012
1.The building blocks of financial statement analysis include: Liquidity and Efficiency, Solvency, Profitability, Market Prospects. 2.The ability to meet short-term obligations and to efficiently generate revenues is called: Liquidity and Efficiency 3.The ability to generate future revenues and meet long-term obligations is referred to as: Solvency 4.The ability to provide financial rewards sufficient to attract and retain financing is called: Profitability 5.The ability to generate positive market expectations is called: Market Prospects 6.Standards for comparisons in financial statement analysis include: Intra-company, Competitor, Industry, Guidelines 7.The comparison of a company's financial condition and performance across time is known as: Horizontal Analysis 8.A company's sales in 2004 were $ and in 2005 were $. Using 2004 as the base year, the sales trend percent for 2005 is: Analysis Period amount/Base Period Amount x100 9.One of several ratios that reflects solvency includes the: Debt-to-equity ratio 10.Current assets divided by current liabilities is the: Current Ration 11.

Ch.18Managerial accounting is different from financial accounting in that: (users and decision makers, purpose of info, flexibility of practice, timeliness of information, time decision, focus of information, nature of information) 12.Which of the following items are management concepts that were created to improve companies' performances? All of the above- just in time manufacturing, customer orientation, total quality management, and continuous improvement. 13.An attitude of constantly seeking ways to improve company operations, including customer service, product quality, product features, the production process, and employee interactions, is called: Continuous improvement 14.A management concept that encourages all managers and employees to be in tune with the wants and needs of customers, and which leads to flexible product designs and production processes, is called: customer orientation. 15.An approach to managing inventories and production operations such that units of materials and products are obtained and provided only as they are needed is called: just-in-time manufacturing. 16.The model whose goal is to eliminate waste while satisfying the customer and providing a positive return to the company is: Lean Business model 17.A direct costs is a cost that is: traceable to a single cost object. 18.An opportunity cost is: the potential benefit lost by choosing a specific action from two or more alternatives. 19.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: Direct Labor 20.Costs that are incurred as part of the manufacturing process but are not clearly associated with specific units of product or batches of production, including all manufacturing costs other than direct material and direct labor costs, are called: Product Costs 21.Materials that are used in support of the production process but that do not become a part of the product and are not clearly identified with units or batches of product are called: Indirect Materials 22.Classifying costs by behavior involves: Fixed or Variable costs 23.Raw materials that physically become part of the product and can be traced to specific units or batches of product are called: Direct Costs 24.A mixed cost: a combination of fixed and variable costs

25.A fixed cost: does not change in the volume of activity. 26.Which of the following costs is not included in factory overhead? Direct materials or direct labor 27.The three major cost components of a manufactured product are: Direct materials, direct labor, and factory overhead 28.Costs that are first assigned to inventory are called: Product costs 29.Costs that flow directly to the current income statement are called: period costs 30.Products that are completed and are ready to be sold by...
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