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Which of the following statements represents a similarity between financial and managerial accounting? a. Both are useful in providing information for external users. b. Both are governed by GAAP. cc. Both draw upon data from an organization's accounting system. d. Both rely heavily on published financial statements. e. Both are solely concerned with historical transactions. Which of the following statements refers to management accounting information’? a. There are no regulations governing the reports. The reports are generally delayed and historical. The audience tends to be stockholders, creditors, and tax authorities, it primarily measures and records business transactions. None of the above. Cost accounting provides all of the following EXCEPT a. information for management accounting and financial accounting, pricing information from marketing studies. financial information regarding the cost of acquiring resources. nonfinancial information regarding the cost of operational efficiencies. None of the above, cost accounting provides all of the information above. cans Financial accounting provides a historical perspective, whereas management accounting emphasizes: a, the future. , past transactions. ¢. a current perspective. d. reports to shareholders. ©. None of the above. ‘The approaches and activities of managers in short-run and long-run planning and control decisions that increase value for customers and lower costs of products and services are known as: value chain management. enterprise resource planning cost management. customer value management none of the above eaese Yang Corporation recently computed total product costs of $567,000 and total period costs of $420,000, excluding $35,000 of sales commissions that were overlooked by the company's administrative assistant. On the basis of this information, Yang's income statement should reveal operating expenses of a, $35,000. b. $420,000. $455,000. $567,000. $602,000. pag 7. Holden Industries began July with a finished-goods inventory of $48,000. The finished-goods inventory at the end of July was $56.000 and the cost of goods sold during the month was $125,000. The cost of goods manufactured during July was $104,000. $125,000. $117,000. $133,000. some other amount. sesoe 8. The accounting records of Dolphin Company revealed the following information: Total manufacturing costs $530,000 Work-in-process inventory, Jan. | 56.000 Work-in-process inventory, Deo. 31 78.000 Finished-goods inventory. Jan. 1 46.000 p00 Finished-goods inventory, Dee. 31 Dolphin's cost of goods sold is: a. $508,000. b. $529,000. c. $531,000. d. $553,000. . some other amount. THE FOLLOWING INFORMATION APPLIES TO QUESTIONS 9 AND 10: The West Company manufactures several different products. Unit costs associated with Product ORD203 are as follows: Direct materials s Direct manufacturing labor Variable manufacturing overhead Fixed manufacturing overhead Sales commissions (2% of sales) Administrative salaries Total 98 2eRGesk 9, What are the inventoriable costs per unit associated with Product ORD203? a. $60 b. $66 c. $48 d. $83 e. None of the above 10. What are the period costs per unit associated with Product ORD203? a, SIS b. $6 c. $9 d. $27 c. None of the above = Cost assignment is : a. always arbitrary b. includes tracing and allocating c. the same as cost accumulation d._ finding the difference between budgeted and actual costs e. none of the above A manufacturing plant produces two product lines: football equipment ‘nd hockey equipment. Direct costs for the football equipment line are the a. beverages provided daily in the plant break room b. monthly lease payments for a specialized piece of equipment needed 10 manufacture the football helmet c. salaries of the clerical staff that work in the company administrative offices d._ utilities paid for the manufacturing plant plant supervisor’ salary