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Chapters 1-4The Accounting Cycle
Chapters 5-8Current Assets
Chapters 9-11Long-Term Assets
Chapters 12-14Liabilities/Equities
Chapters 15-16Using Information
- Chapter 15: Financial Reporting and Concepts
- Chapter 16: Financial Analysis and the Statement of Cash Flows
Chapters 17-20Managerial/Cost
Chapters 21-24Budgeting/Decisions

Chapters 1-4The Accounting Cycle
Chapters 5-8Current Assets
Chapters 9-11Long-Term Assets
Chapters 12-14Liabilities/Equities
Chapters 15-16Using Information
- Chapter 15: Financial Reporting and Concepts
- Chapter 16: Financial Analysis and the Statement of Cash Flows
Chapters 17-20Managerial/Cost
Chapters 21-24Budgeting/Decisions

Chapter 17 – Goals Achievement

By admin / February 23, 2016

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Goals Achievement
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Question 1 of 14

1. Question
Managerial accounting is more free formed than financial accounting, and tends to focus on products, departments, or activities.
- true
- false
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Question 2 of 14

2. Question
The Institute of Management Accountants sponsors professional designations such as the CMA and:
- CPA
- CFM
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3. Question
Decision making can be viewed as an integral part of planning and control rather than as a separate independent management function.
- true
- false
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Question 4 of 14

4. Question
There are various types of budgets that can be prepared including operating budgets, capital budgets, and:
- depreciation budgets
- financing budgets
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Question 5 of 14

5. Question
Product costing is an important cost accounting function, and can occur under a variety of methods. The method that is best suited to production that occurs in a homogenous continuous flow is the:
- process costing method
- job order method
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Question 6 of 14

6. Question
Modern technology has enabled electronic data exchange between companies, facilitating procurement and other business processes. The acronym that is oftentimes used for this phenomena is:
- B2B
- EOQ
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Question 7 of 14

7. Question
Which of the following seeks to improve performance by keying on and eliminating bottlenecks within an organization?
- theory of constraints
- total quality management
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Question 8 of 14

8. Question
For expediency, minor materials are normally accounted for as indirect materials which are:
- included in the direct materials account
- treated as part of manufacturing overhead
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Question 9 of 14

9. Question
Direct labor costs should include:
- gross wages
- net wages
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Question 10 of 14

10. Question
The costs that go into inventory are termed:
- prime costs
- product costs
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Question 11 of 14

11. Question
Which of the following costs is expensed during the current period?
- product costs
- period costs
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Question 12 of 14

12. Question
On the balance sheet of a manufacturing concern, three key inventory accounts include finished goods, work in process, and:
- indirect materials
- raw materials
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Question 13 of 14

13. Question
Cost of goods sold is synonymous with cost of goods manufactured for a manufacturing concern.
- true
- false
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Question 14 of 14

14. Question
Indirect materials used is included in calculations on a schedule of cost of goods manufactured.
- true
- false
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