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Given the following information, what is the cost of unused capacity? Cost of material supplied is $8,600; Cost of material used is $8,000; Cost of material used per shelf is $8; Cost of material supplied per shelf is $8.60.


A) $600.
B) $6,000.
C) $0.60.
D) $1,000.
E) There is no unused capacity.

F) All of the above
G) B) and C)

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Controlling involves the coordination of daily business functions within an organization.

A) True
B) False

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The value chain is a key component of contemporary management accounting. Required: Define the term "value chain" and explain how it would relate to an airline.

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The value chain is a set of activities t...

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The balanced scorecard is an important managerial accounting tool for short-run competitiveness.

A) True
B) False

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Which of the following employees at Clear Flights would not be considered as holding a line position?


A) Pilot.
B) Chief financial officer (CFO) .
C) Flight attendant.
D) Ticket agent.
E) Baggage handler.

F) C) and E)
G) B) and D)

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Decision making requires managers to choose among the available alternatives.

A) True
B) False

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A restaurant's value chain includes:


A) supplier development.
B) upstream contributors.
C) downstream contributors.
D) management of inventory
E) all of the answers.

F) A) and D)
G) A) and C)

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Which of the following typically does not relate to the role of a controller?


A) A controller supervises the accounting department.
B) A controller safeguards an organization's assets.
C) A controller oversees the preparation of reports required by governmental authorities.
D) A controller normally assumes a narrow role within the organization, often preventing the individual's rise to top management ranks.
E) A controller safeguards an organization's assets and a controller normally assumes a narrow role within the organization, often preventing the individual's rise to top management ranks.

F) A) and B)
G) B) and E)

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Which of the following involves the coordination of daily business functions within an organization?


A) Decision making.
B) Planning.
C) Directing operational activities.
D) Controlling.
E) Motivating.

F) A) and E)
G) D) and E)

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Chaos in corporate governance and accounting after the Enron scandal spawned Congressional legislation that resulted in the creation of:


A) The American Institute of Certified Public Accountants.
B) The Public Company Accounting Oversight Board
C) The Chartered Institute of Management Accountants.
D) The Financial Accounting Standards Board.
E) The Institute of Management Accountants.

F) B) and E)
G) B) and C)

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The role of managerial accounting information in assisting management is a(n) :


A) financial-directing role.
B) attention-directing role.
C) planning and controlling role.
D) organizational role.
E) problem-solving role.

F) B) and D)
G) A) and B)

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All of the following entities would have a need for managerial accounting information except:


A) the state of Michigan.
B) an Internet provider
C) a retail clothing outlet
D) a bookkeeping service
E) None of these responses is correct, as all of these entities would use managerial accounting information.

F) B) and E)
G) D) and E)

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In pursuing its goals, an organization does all of the following except:


A) Acquire resources.
B) Hire personnel.
C) Engage in an organized set of activities.
D) Focus on reducing the budget.
E) Engage in management team activities to make the best use of resources and people.

F) A) and D)
G) C) and D)

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The primary design of the CPA designation is to:


A) focus on practices in accounting and finance within the company.
B) to ensure competence of managerial accountants throughout Europe.
C) to ensure higher wages for accountants within companies.
D) to increase membership by academics and senior financial executives.
E) assure the competence of those working outside companies and the reliability of public company reports.

F) A) and E)
G) B) and D)

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Magnum Overnight operates an overnight package delivery service that competes with Federal Express and United Parcel Service (UPS). Top management is considering the use of a balanced scorecard to evaluate operations. A. What is a balanced scorecard and other than customer-satisfaction measures, what are its typical key components? B. List four customer-satisfaction measures that Magnum might use to evaluate performance.

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A. The balanced scorecard is a business ...

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A controller is normally involved with preparing financial statements.

A) True
B) False

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Which of the following statements about the ethical climate of business is false?


A) Greedy corporate executives are, in part, to blame for the rash of corporate scandals that occurred not too long ago.
B) Unethical business behavior can have a negative impact on our economy.
C) The Sarbanes-Oxley Act strives to improve the overall quality of corporate reporting.
D) The Robinson-Patman Act strives to improve the overall quality of corporate reporting.
E) Corporate scandals have served as the accounting profession's wake-up call to pay increased attention to ethical issues in the conduct of business.

F) A) and B)
G) D) and E)

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Which of the following employees would be considered as holding a line position?


A) Townhouse Corporation's vice-president for government relations.
B) The controller of Margin Motors.
C) A secretary employed by Signal Communications.
D) The manager of food and beverage services at a theme park.
E) None of the answers is correct.

F) C) and D)
G) A) and B)

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Managerial accounting:


A) focuses only on historical data.
B) is governed by GAAP.
C) focuses primarily on the needs of personnel within the organization.
D) provides information for parties external to the organization.
E) focuses on financial statements and other financial reports.

F) C) and E)
G) B) and D)

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The role of managerial accounting in organizations is the same as it has been over many years.

A) True
B) False

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