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1) Department performance reports can be used to help department heads determine _____. 2) Performance reports _____. 3) According to the Financial Executives Institute, one function of controllership is _____. 4) Which of the following is not a major factor causing changes in management accounting today? A. Increasing importance of the service sector of the economy is not a major factor. 5) Ethical accountants are important to society because _____. 6) According to the Institute of Management Accountantsâ€™ Statement of Ethical Professional Practice, the standard of competence includes: 7) Which scorecard function is associated with making non-routine decisions? 8) The primary users of management accounting information are _____. 9) _____ is the field of accounting that develops information for external decision makers such as stockholders, suppliers, banks, and government regulatory agencies. 10) The _____ is also called the statement of financial position. 11) Etiwanda Companyâ€™s accountant recorded a debit to Accounts Payable and a credit to Cash. This transaction will_____. 12) The _____ is not one of the three major financial statements. 13) The accounting convention of _____ guides the relative sophistication of the accounting system. 14) The accounting convention of _____ means selecting the method of measurement that yields the gloomiest immediate results. 15) The use of acquisition cost less depreciation in valuing an asset on the balance sheet is the logical result of the _____ accounting convention.
16) The statement of cash flows is used for all of the following except_____. 17) The Rebecca Company acquired merchandise inventory costing $10,000 on September 1. The company will not pay for the inventory until October 1. This transaction will affect the Rebecca Company by increasing the Merchandise Inventory account by $10,000 and _____. 18) Output measures of both resources and activities are _____. 19) Nonoperating items on the income statement_____. 20) Number of engineering hours is a likely cost driver for which value chain function? 21) Which value chain function would include advertising costs? 22) Walnut Corporation sells desks at $480 per desk. The costs associated with each desk are as follows: Direct materials $195 Direct labor 126 Variable factory overhead 51 23) If the sales price per unit is $100, the unit variable cost is $75, and total fixed costs are $150,000, then the break even volume in dollar sales rounded to the nearest whole dollar is _____. 24) Hug Me Company produces dolls. Each doll sells for $20.00. Variable costs per unit total $14.00, of which $6.25 is for direct materials and $5.25 is for direct labor. If total fixed costs are $435,000, then the break even volume in dollars is _____. 25) The _____ method of measuring cost functions is the least reliable. 26) _____ of approximating cost functions does not involve the analysis of past costs. 27) Managers should apply two principles to obtain accurate and useful cost functions. These principles are ____ 28) The change from traditional costing to activity-based costing may reveal that _____. 29) _____ need cost accounting systems. 30) A sales forecast is _____. 31) _____ is an example of the external financial reporting purpose of the cost management systems. 32) _____ models are mathematical models of the master budget that can react to any set of assumption about sales, costs, and product mix. 33) A _____ gives the expected sales under a given set of conditions. 34) A _____ gives the expected sales under a given set of conditions. 35) Important factors considered by sales forecasters include all of the following except _____.
36) The master budget includes forecasts for all of the following except _____. 37) The master budget quantifies targets for all of the following except _____. 38) _____ are components of a master budget. 39) Differences between the static budget and the flexible budget are due to _____. 40) The use of budgeted service department cost rates protects using departments from _____. 41) Cost allocation base refers to the _____. 42) The preferred guidelines for allocating service department costs include _____. 43) Murphy Company has two service departments, Maintenance and Personnel, as well as two production departments, Mixing and Finishing. Maintenance costs are allocated based on square footage while personnel costs are allocated based on number of employees. The following information has been gathered for the current year: 44) Gomez Company has two service departments, Maintenance and Personnel, as well as two production departments, Mixing and Finishing. Maintenance costs are allocated based on square footage while personnel costs are allocated based on number of employees. The following information has been gathered for the current year _____. Maintenance Personnel Mixing Finishing Direct dept. costs $126,000 $84,000 $105,000 $175,000 45) Serena Company has two service departments, Maintenance and Personnel, as well as two production departments, Mixing and Finishing. Maintenance costs are allocated based on square footage while personnel costs are allocated based on number of employees. The following information has been gathered for the current year: Maintenance Personnel Mixing Finishing 46) In absorption costing, costs are separated into the major categories of_____. 47) Absorption costing assigns _____ to the product. 48) Factory overhead appears on the absorption-costing income statement as_____. 49) _____ is the first step in designing a management control system. 50) _____ is (are) the most basic component of a management control system. 51) Identify which of the following is not a characteristic of a management control system. 52) The following information is available for the Peter Company: Sales $500,000 Invested Capital 312,500 ROI 10% 53) _____ is a measure of income or profit divided by the investment required to obtain that income or profit.
54) The following information is available for the Peter Company: Sales $150,000