Question 1 The controller of an organization participates in Answer a planning b
ID: 2436169 • Letter: Q
Question
Question 1
The controller of an organization participates in
Answer
a
planning
b
controlling
c
decision making
d
all of these
Question 2
The objective of profit maximization
Answer
a
should be the only goal of an organization
b
is an objective of Financial accounting but not Management accounting
c
should be achieved through legal and ethical means
c
should outweigh the goal of product quality
Question 3
Which of the following areas is not emphasized on the CMA examination?
Answer
a
external auditing and business law
b
economics, finance, and management
c
decision analysis and information systems
d
financial accounting and reporting
Question 4
An indirect cost
Answer
a
can be easily and accurately traced to a cost object.
b
is hard to trace.
c
should never be assigned to a cost object.
d
do none of these.
Question 5
Which of the following is an example of an intangible product?
Answer
a
hamburgers
b
computers
c
automobiles
d
dental care
Question 6
Which of the following is an example of direct labor?
Answer
a
chef in a restaurant
b
janitor in a production plant
c
security guard for the factory
d
management accountant
Question 7
The unit cost
Answer
a
is the total product costs divided by the number of units produced
b
includes period costs
c
is the total prime costs divided by the number of units produced
d
is the total conversion costs divided by the number of units produced
Question 8
Prime cost is
Answer
a
indirect materials cost and indirect labor cost
b
direct materials cost and direct labor cost
c
direct labor cost and overhead cost
d
selling cost and administrative cost
Question 9
Conversion cost is the sum of
Answer
a
direct materials cost and direct labor cost
b
indirect labor cost and overhead cost
c
product costs and period costs
d
direct labor cost and overhead cost
Question 10
Which of the following is an example of a period cost?
Answer
a
research and development
b
selling and marketing
c
general accounting
d
all of these
Question 11
The cost of the partially completed goods at the end of the period would be
Answer
a
beginning work in process inventory
b
cost of goods manufactured
c
ending work in process inventory
d
ending finished goods inventory
Question 12
Which of the following would be found on the Balance Sheet of a manufacturer?
Answer
a
cost of goods sold
b
cost of goods manufactured
c
factory building
d
all of the these
Explanation / Answer
Q1. d Q2. c Q3. a Q4. b Q5. d Q6. a Q7. a Q8. b Q9. d Q10. b Q11. c Q12. c
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