Performance Management and Control Practice Questions - 2568 Verified Questions

Performance Management and Control Practice Questions https://quizplus.com/study-set/3534 14 Chapters 2568 Verified Questions

Performance Management and Control Practice Questions Course Introduction Performance Management and Control explores the strategies, processes, and tools organizations use to measure, manage, and enhance performance at various levels. This course examines the design and implementation of performance management systems, including setting objectives, developing key performance indicators (KPIs), and employing financial and non-financial measures to drive strategic alignment. Emphasis is placed on the role of managerial control systems, budgeting, variance analysis, and the balanced scorecard in influencing behaviors and achieving organizational goals.

Students

will

frameworks

analyze

to

real-world

support

effective

cases

and

apply

decision-making,

continuous improvement.

Recommended Textbook Managerial Accounting 13th Edition by Carl Warren

Available Study Resources on Quizplus 14 Chapters 2568 Verified Questions 2568 Flashcards Source URL: https://quizplus.com/study-set/3534

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performance organizational

management learning,

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Chapter 1: Managerial Accounting Concepts and Principles Available Study Resources on Quizplus for this Chatper 201 Verified Questions 201 Flashcards Source URL: https://quizplus.com/quiz/70183

Sample Questions Q1) The cost of a manufactured product generally consists of direct materials cost, direct labor cost, and factory overhead cost.

A)True B)False Answer: True Q2) Salesman commissions A)Direct materials B)Direct labor C)Factory overhead D)Non-manufacturing cost Answer: D Q3) The following are all product costs except A)direct materials B)sales and administrative expenses C)direct labor D)factory overhead Answer: B Q4) Differentiate between a line department and a staff department.

Answer: 11ea855c_6e65_c4b0_9aec_5192630972b9_TB6237_00 To view all questions and flashcards with answers, click on the resource link above.

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Chapter 2: Job Order Costing Available Study Resources on Quizplus for this Chatper 195 Verified Questions 195 Flashcards Source URL: https://quizplus.com/quiz/70184

Sample Questions Q1) machine operator A)direct labor B)direct materials C)factory overhead D)not a product cost Answer: A Q2) The finished goods account is the controlling account for the A)cost ledger B)materials ledger C)work in process ledger D)stock ledger Answer: D Q3) Recording jobs shipped and customers billed would include a debit to A)Accounts Payable B)Cash C)Finished Goods D)Cost of Goods Sold Answer: D To view all questions and flashcards with answers, click on the resource link above.

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Chapter 3: Process Cost Systems Available Study Resources on Quizplus for this Chatper 198 Verified Questions 198 Flashcards Source URL: https://quizplus.com/quiz/70185

Sample Questions Q1) focuses on reducing time, cost, and poor quality within the process A)cost of production report B)equivalent units of production C)manufacturing cells D)yield E)just-in-time processing Answer: E Q2) The last step in the preparation of a cost of production report is the calculation of equivalent units of production.

A)True B)False Answer: False Q3) The total conversion costs for the period were A)$59,400 B)$49,500 C)$143,400 D)$9,900 Answer: A To view all questions and flashcards with answers, click on the resource link above.

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Chapter 4: Cost Behavior and Cost-Volume-Profit Analysis Available Study Resources on Quizplus for this Chatper 225 Verified Questions 225 Flashcards Source URL: https://quizplus.com/quiz/70186

Sample Questions Q1) Harley Company has sales of $500,000, variable costs are 75% of sales, and operating income is $40,000.What is Harley's operating leverage?

A)0.0 B)1.2 C)1.3 D)3.1 Q2) Break-even analysis is one type of cost-volume-profit analysis.

A)True B)False Q3) If the unit selling price is $40, the volume of sales is $3,000,000, sales at the break-even point amount to $2,500,000, and the maximum possible sales are $3,300,000, the margin of safety is 14,500 units.

A)True B)False Q4) Cost behavior refers to the manner in which a cost changes as the related activity changes.

A)True B)False To view all questions and flashcards with answers, click on the resource link above.

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Chapter 5: Variable Costing for Management Analysis Available Study Resources on Quizplus for this Chatper 160 Verified Questions 160 Flashcards Source URL: https://quizplus.com/quiz/70187

Sample Questions Q1) Under absorption costing, the cost of finished goods includes direct materials, direct labor, and all factory overhead.

A)True B)False Q2) The amount of income under absorption costing will equal the amount of income under variable costing when units manufactured: A)exceed units sold B)equal units sold C)are less than units sold D)are equal to or greater than units sold Q3) On the variable costing income statement, all of the fixed costs are deducted from the contribution margin.

A)True B)False Q4) Sales mix is generally defined as the relative distribution of sales among the various products sold.

A)True B)False To view all questions and flashcards with answers, click on the resource link above.

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Chapter 6: Budgeting Available Study Resources on Quizplus for this Chatper 197 Verified Questions 197 Flashcards Source URL: https://quizplus.com/quiz/70188

Sample Questions Q1) What is the budgeted unit of production for February?

A)186,000 B)181,000 C)222,000 D)174,000 Q2) When preparing the cash budget, all the following should be considered except A)cash receipts from customers B)depreciation expense C)cash payments to suppliers D)cash payments for equipment Q3) Budgeting supports the planning process by encouraging all of the following activities except A)requiring all organizational units to establish their goals for the upcoming period B)increasing the motivation of managers and employees by providing agreed-upon expectations C)directing and coordinating operations during the period D)improving overall decision making by considering all viewpoints, options, and cost reduction possibilities Q4) Why is the sales budget usually prepared first?

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Chapter 7: Performance Evaluation Using Variances From Standard Costs Available Study Resources on Quizplus for this Chatper 175 Verified Questions 175 Flashcards Source URL: https://quizplus.com/quiz/70189

Sample Questions Q1) Ideal standards are developed under conditions that assume no idle time, no machine breakdowns, and no materials spoilage.

A)True B)False Q2) Tucker Company produced 8,900 units of product that required 3.25 standard hours per unit.The standard variable overhead cost per unit is $4.00 per hour.The actual variable factory overhead was $111,000.

Determine the variable factory overhead controllable variance.

Q3) If the standard to produce a given amount of product is 2,000 units of direct materials at $12 and the actual was 1,600 units at $13, the direct materials quantity variance was $5,200 favorable.

A)True B)False Q4) The direct labor rate variance is A)$5,490 unfavorable B)$5,490 favorable C)$33,000 favorable D)$33,000 unfavorable Page 9 Q5) Compute the direct labor rate and time variances for Taylor Company.

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Chapter 8: Performance Evaluation for Decentralized Operations Available Study Resources on Quizplus for this Chatper 218 Verified Questions 218 Flashcards Source URL: https://quizplus.com/quiz/70190

Sample Questions Q1) The profit margin for Division C is 6% and the investment turnover is 1.2.What is the rate of return on investment for Division B? A)20% B)6.7% C)7.3% D)7.2% Q2) If divisional income from operations is $100,000, invested assets are $850,000, and the minimum rate of return on invested assets is 8%, the residual income is $68,000.

A)True B)False Q3) Which transfer price approach is used when the transfer price is set at the amount sold to outside buyers?

A)market price B)cost price C)negotiated price D)variable price To view all questions and flashcards with answers, click on the resource link above.

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Chapter 9: Differential Analysis, Product Pricing, and Activity-Based Costing Available Study Resources on Quizplus for this Chatper 175 Verified Questions 175 Flashcards Source URL: https://quizplus.com/quiz/70191

Sample Questions Q1) The markup percentage for the sale of the company's product is A)14% B)5.6% C)45.71% D)11.2% Q2) What is the differential cost of producing Product D? A)$6.50 per pound B)$8.55 per pound C)$17.00 per pound D)$5.25 per pound Q3) Since the costs of producing an intermediate product do not change regardless of whether the intermediate product is sold or processed further, these costs are not considered in deciding whether to further process a product.

A)True B)False Q4) The markup percentage on total cost for the company's product is A)21.0% B)22.7% C)15.8% D)24.0%

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Chapter 10: Capital Investment Analysis Available Study Resources on Quizplus for this Chatper 190 Verified Questions 190 Flashcards Source URL: https://quizplus.com/quiz/70192

Sample Questions Q1) Methods that ignore present value in capital investment analysis include the cash payback method.

A)True B)False Q2) A company is contemplating investing in a new piece of manufacturing machinery.The amount to be invested is $100,000.The present value of the future cash flows at the company's desired rate of return is $100,000.The IRR on the project is 12%.Which of the following statements is true?

A)The project should not be accepted because the net present value is negative.

B)The desired rate of return used to calculate the present value of the future cash flows is less than 12%.

C)The desired rate of return used to calculate the present value of the future cash flows is more than 12%.

D)The desired rate of return used to calculate the present value of the future cash flows is equal to 12%.

Q3) An 8-year project is estimated to cost $400,000 and have no residual value.If the straight-line depreciation method is used and the average rate of return is 5%, determine the estimated annual net income.

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Chapter 11: Cost Allocation and Activity-Based Costing Available Study Resources on Quizplus for this Chatper 110 Verified Questions 110 Flashcards Source URL: https://quizplus.com/quiz/70193

Sample Questions Q1) If the budget estimates that a desk lamp will require 1 hours of finishing and 2 hours of production, what is the total amount of factory overhead the Kaumajet Factory will allocate to desk lamps using the multiple production department factory overhead rate method with an allocation base of direct labor hours, if 26,000 units are produced?

A)$540,000 B)$187,200 C)$475,000 D)$288,600 Q2) Which of the following is not a factory overhead allocation method?

A)single plantwide rate B)multiple departmental rates C)factory costing D)activity-based costing Q3) Product costing consists of only direct materials and direct labor.

A)True B)False Q4) A single plantwide overhead rate method is very expensive to apply.

A)True B)False To view all questions and flashcards with answers, click on the resource link above.

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Chapter 12: Lean Principles, Lean Accounting, and Activity Analysis Available Study Resources on Quizplus for this Chatper 137 Verified Questions 137 Flashcards Source URL: https://quizplus.com/quiz/70194

Sample Questions Q1) Materials inspection A)Value-added B)Non-value-added Q2) The lean philosophy views inventory as a necessary buffer to protect against process problems.

A)True B)False Q3) It is easier to quantify costs of controlling quality than the costs of failing to control quality.

A)True B)False Q4) In a lean system, the work in process and raw materials inventory accounts are combined.

A)True B)False Q5) manufacturing deals with several suppliers in hopes of finding the best price.

A)Traditional B)Lean C)Economic

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D)Productivity improvement To view all questions and flashcards with answers, click on the resource link above.

Chapter 13: Statement of Cash Flows Available Study Resources on Quizplus for this Chatper 189 Verified Questions 189 Flashcards Source URL: https://quizplus.com/quiz/70196

Sample Questions Q1) Issuance of bond payable A)Operating activities B)Financing activities C)Investing activities D)Schedule of noncash financing and investing Q2) sale of land A)increase cash from operating activities B)decrease cash from operating activities C)increase cash from investing activities D)decrease cash from investing activities E)increase cash from financing activities F)decrease cash from financing activities G)noncash investing and financing supplement Q3) Purchase of the stock of another company as investment A)Operating activities B)Financing activities C)Investing activities D)Schedule of noncash financing and investing Q4) The cash flows from operating activities are reported by the direct method on the statement of cash Page 15 To view all questions and flashcards with answers, click on the resource link above.

Chapter 14: Financial Statement Analysis Available Study Resources on Quizplus for this Chatper 198 Verified Questions 198 Flashcards Source URL: https://quizplus.com/quiz/70195

Sample Questions Q1) requires a restatement of prior-period financial statements A)discontinued operations B)extraordinary items C)change from one generally accepted accounting principle to another D)horizontal analysis E)vertical analysis F)common-sized financial statements G)current position analysis H)profitability analysis Q2) An advantage of the current ratio is that it considers the makeup of the current assets.

A)True B)False Q3) A company reports the following: Sales $1,200,000 Average accounts receivable net 50,000 Determine the a accounts receivable turnover, and b number of days' sales in receivables.Round your answer to one decimal place.

Q4) The following data are available for Martin Q5) Define solvency and profitability.How are they alike?

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