Managerial Accounting Midterm Paper

Topics: Manufacturing, Costs, Inventory Pages: 26 (4465 words) Published: May 31, 2011
Mid-term Review Chapters 1-4

1.Chapter -1

Multiple Choice Questions
21.Which of the following is not one of the three basic activities of a manager? A)Planning
C)Directing and motivating
D)Compiling management accounting reports

Answer: D Level: Easy LO: 2

22.The delegation of decision making to lower levels in an organization is known as: A)the planning and control cycle.
D)none of these.

Answer: C Level: Easy LO: 2

23.Which of the following statements are false concerning line and staff functions?

I. Persons occupying staff functions have authority over persons occupying line functions. II. Both line and staff functions are depicted on the organization chart. III. Line functions are directly related to the basic objectives of an organization.

A)Only I
B)Only II
C)Only I and II
D)I, II, and III

Answer: A Level: Medium LO: 2

24.Which of following would normally be found on a manufacturing company's organization chart? A)the layout of the factory assembly lines
B)a list of the materials needed to produce each of the company's products C)the informal lines of reporting and communication D)none of the above

Answer: D Level: Easy LO: 2

25.For a hospital, what type of position (line or staff) is each of the following?

| |Emergency Room Manager |Human Resources (Personnel) Manager | |A) |Staff |Staff | |B) |Staff |Line | |C) |Line |Staff | |D) |Line |Line |

Answer: C Level: Easy LO: 2

26.A detailed financial plan for the future is known as a: A)budget.
B)performance report.
C)organization chart.

Answer: A Level: Easy LO: 2

27.A performance report is:
A)a detailed report comparing budgeted data to actual data for a specific time period. B)a formal statement of plans for the upcoming period. C)required to be filed monthly by the Securities and Exchange Commission. D)not used in decentralized organizations.

Answer: A Level: Easy LO: 2

28.A clustering of two or more machines at a single workstation is referred to as: A)a manufacturing cell.
B)an activity center.
C)a functional layout.
D)a setup.

Answer: A Level: Medium LO: 3

29.A focused factory is:
A)a factory that makes only a single product.
B)a factory that performs a single step in the production process and subcontracts the other steps. C)a plant layout in which all machines needed to make a particular product are brought together in one location. D)required to bid for defense contracts.

Answer: C Level: Easy LO: 3

30.Large work in process inventories:
A)are essential for efficient operations.
B)reduce defect rates.
C)increase throughput time.
D)are a key part of Just-In-Time systems.

Answer: C Level: Medium LO: 3

31.Ideally, how many units should be produced in a just-in-time manufacturing system? A)budgeted customer demand for the current week.
B)budgeted customer demand for the following...
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