Preparation of financial statements to be submitted to government regulator agencies for perusal of the firm's stakeholders require the use of ___ costing method. A. Absorption B. variable C. throughput D. activity based
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Q: A
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Preparation of financial statements to be submitted to government regulator agencies for perusal of the firm's stakeholders require the use of ___ costing method.
A. Absorption
B. variable
C. throughput
D. activity based
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- Managers in which of the following responsibility centers are held responsible forprofits? (You may select more than one answer.)a. Revenue centersb. Cost centersc. Profit centersd. Investment centersA responsibility accounting system utilizes and assigns costs on the basis of their a. controllability b. variability c. timing of recognition d. traceabilityA responsibility center in which the department manager has responsibility for and authority over costs and revenues is called a(n) _____ center. a.investment b.cost c.profit d.volume
- With the aid of relevant examples ,explainthe following management accounting concepts A.theory of constraints B.total quality management C. Just in timeInstructions: Designate the best answer for each of the following questions. 1.Which of the following is a responsibility center that incurs expenses, generates revenues, and is responsible for generating a return on assets? a. Cost center b. Revenue center c. Profit center d. Investment center 2.Which one of the following is the most useful measure for evaluating a manager's performance in controlling revenues and costs in a profit center? a. Contribution margin b. Contribution net income c. Contribution gross profit d. Controllable margin 3.Hanover Corporation desires to earn target net income of $42,000. The selling price per unit is $18, unit variable cost is $5.60, and total fixed costs are $123,912. How many units must the company sell to earn its target net income? a. 13,380 b. 9,993 c. 3,387 d. 9,217 4.Remark…What is the relationship between the value chain and management accounting? With the use of suitable examples, distinguish among a cost centre, profit centre and an investment centre.
- 1. Which of the following are the example of appropriate subject matter related to assurance engagement? i. Budget ii. Financial statements iii. Standard costing iv. Take-over target a. Only i, iii, & iv b. Only i, ii, & iv c. i, ii, iii & iv d. Only ii, iii & ivUsing performance reports to evaluate cost, revenue, and profit centers Management by exception is a term often used in performance evaluation. Describe management by exception and how it is used in the evaluation of cost, revenue, and profit centers.Reporting financial information imposes costs and obviously these costs should be justified by the ____________ of reporting that information. a. Availability • b. Benefits c Timeliness d. Quality
- 1. For each numbered (1-10) performance measure characteristic, select the appropriate lettered (A-J) descriptor that best explains the characteristic. Financial _____ A. Readily quantified Internal _____ B. Monetary units Mandatory _____ C. Processes and capabilities Lead _____ D. Performance drivers Objective _____ E. Required by regulator Nonfinancial _____ F. Discretion of management Subjective _____ G. Nonmonetary units External _____ H. Customers and shareholders Lag _____ I. Judgment based Optional _____ J. Outcome resultsClassify the following activities as per value chain analysis: 1.Communication, pricing and channel management 2.Installation, repairs & replacement 3.Planning and management 4.Infrastruacture of the companyFinancial and cost accounting are both highly concerned witha. Preparing budgetsb. Determining product costc. Determining performance standards.d. Providing managers with information necessary for control purposes.
