2023 ACC 560 Managerial Accounting Complete Course Quizzes Homework Week 1 ACC 560 Week

2023 ACC 560 Managerial Accounting Complete Course Quizzes Homework Week 1 ACC 560 Week | Assignments Online

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ACC 560 Managerial Accounting Complete Course Quizzes,Homework

Week 1

ACC 560 Week 1 Homework

Homework Chapter 01 – Exercises 5, 8, 12, 16 – Problems 1, 4

Week 2

ACC 560 Week 2 Homework

Homework Chapter 02 – Exercises 4, 9, 11, 12 Problems 1 and 5

Homework Chapter 03 – Exercises 2, 5, 6, 13 Problems 1 and 6

ACC 560 Week 2 Quiz 1

Reports prepared in financial accounting are general-purpose reports, whereas reports prepared in managerial accounting are usually special-purpose reports.
Managerial accounting information generally pertains to an entity as a whole and is highly aggregated.
Managerial accounting applies to all forms of business organizations.
Determining the unit cost of manufacturing a product is an output of financial accounting.
Managerial accounting internal reports are prepared more frequently than are classified financial statements.
The management function of organizing and directing is mainly concerned with setting goals and objectives for the entity.
The Sarbanes-Oxley Act replaces generally accepted accounting principles in a manufacturing company.
Controlling is the process of determining whether planned goals are being met.
Decision-making is an integral part of the planning, directing, and controlling functions.
Direct materials costs and indirect materials costs are manufacturing overhead.
Manufacturing costs that cannot be classified as direct materials or direct labor are classified as manufacturing overhead.
Raw materials are equal to direct materials minus indirect materials.
Raw materials that can be conveniently and directly associated with a finished product are called materials overhead.
The total cost of a finished product does not generally contain equal amounts of materials, labor, and overhead costs.
Both direct labor cost and indirect labor cost are product costs.
Period costs include selling and administrative expenses.
Indirect materials and indirect labor are both inventoriable costs.
Direct materials and direct labor are the only product costs.
Total period costs are deducted from total cost of work in process to calculate cost of goods manufactured.
Period costs are not inventoriable costs.
Ending finished goods inventory appears on both the balance sheet and the income statement of a manufacturing company.
The beginning work in process inventory appears on both the balance sheet and the cost of goods manufactured schedule of a manufacturing company.
In calculating gross profit for a manufacturing company, the cost of goods manufactured is deducted from net sales.
Finished goods inventory does not appear on a cost of goods manufactured schedule.
If the ending work in process inventory is greater than the beginning work in process inventory, then the cost of goods manufactured will be less than total manufacturing costs for the period.
Finished goods inventory for a manufacturing company is equivalent to merchandise inventory for a merchandising company.
Raw materials inventory shows the cost of completed goods available for sale to customers.
The balanced scorecard approach attempts to maintain as little inventory on hand as possible.
The supply chain is all the activities associated with providing a product or service.
Many companies have significantly lowered inventory levels and costs using just-in-time inventory methods.
Managerial accounting is primarily concerned with managers and external users.
Planning involves coordinating the diverse activities and human resources of a company to produce a smooth running operation.
When the physical association of raw materials with the finished product is too small to trace in terms of cost, they are usually classified as indirect materials.

More Questions Also Included

CHAPTER 1 MANAGERIAL ACCOUNTING

True-False Statements: 1 – 37

Multiple Choice Questions: 38 – 151

Brief Exercises: 152 – 161

Exercises: 162 – 185

Completion Statements: 186 – 200

Matching Statements: 201 – 201

Short-Answer Essay: 202 – 208

Week 3

ACC 560 Week 3 Assignment

Activity based Costing in Service Ind

Research a U.S. company in the service industry with e-commerce activities.
Write a five to six (5-6) page paper in which you:

Describe the company you researched in one to two (1-2) paragraphs.
Discuss how a time driven ABC cost system can be implemented in the company you researched and the benefits that the use will yield to the business performance.
Assess how using an ABC system can provide a competitive advantage to the company in the market space it operates and the resulting impact to the business performance.
Examine the potential impact of time-driven ABC costing on services provided online with those provided through traditional channels, considering how this knowledge will impact decisions made by management about these services.
Use at least three (3) quality academic resources in this assignment. Note: Wikipedia and other Websites do not quality as academic resources.

ACC 560 Week 3 Homework

Homework Chapter 04 – Exercise 2, 3, 9, 12 – Problems 2, 4

ACC 560 Week 3 Quiz 2

CHAPTER 2 JOB ORDER COSTING

True-False Statements: 1 – 35

Multiple Choice Questions: 36 – 150

Brief Exercises: 151 – 160

Exercises: 161 – 184

Completion Statements: 189 – 198

Matching Statements: 199 – 199

Short-Answer Essay: 200 – 205

ACC 560 Week 3 Quiz 3

CHAPTER 3 PROCESS COSTING

True-False Statements: 1 – 37

Multiple Choice Questions: 38 – 146

Brief Exercises: 147 – 158

Exercises: 159 – 186

Completion Statements: 187 – 195

Matching Statements: 196 – 196

Short-Answer Essay: 197 – 201

Week 4

ACC 560 Week 4 Homework Chapter 5, 6

Homework Chapter 05 – Exercises 8, 13, 14, 17 – Problems 1, 5

Homework Chapter 06 – Exercises 5, 10, 13, 14 – Problems 1, 5

ACC 560 Week 4 Quiz 4

Traditional costing systems use multiple predetermined overhead rates.
Traditionally, overhead is allocated based on direct labor cost or direct labor hours.
Current trends in manufacturing include less direct labor and more overhead.
Activity-based costing allocates overhead to multiple cost pools and assigns the cost pools to products using cost drivers.
A cost driver does not generally have a direct cause-effect relationship with the resources consumed.
The first step in activity-based costing is to assign overhead costs to products, using cost drivers.
To achieve accurate costing, a high degree of correlation must exist between the cost driver and the actual consumption of the activity cost pool.
Low-volume products often require more special handling than high-volume products.
When overhead is properly assigned in ABC, it will usually decrease the unit cost of high-volume products.
ABC leads to enhanced control over overhead costs.
ABC usually results in less appropriate management decisions.
ABC is generally more costly to implement than traditional costing.
ABC eliminates all arbitrary cost allocations.
ABC is particularly useful when product lines differ greatly in volume and manufacturing complexity.
ABC is particularly useful when overhead costs are an insignificant portion of total costs.
Activity-based management focuses on reducing costs and improving processes.
Any activity that increases the cost of producing a product is a value-added activity.
Engineering design is a value-added activity.
Non-value-added activities increase the cost of a product but not its perceived value.
Machining is a non-value-added activity.
Not all activities labeled non-value-added are totally wasteful, nor can they be totally eliminated.
The overall objective of installing ABC in service firms is no different than it is in a manufacturing company.
What sometimes makes implementation of activity-based costing difficult in service industries is that a smaller proportion of overhead costs are company-wide costs.
The general approach to identifying activities, activity cost pools, and cost drivers is used by a service company in the same manner as a manufacturing company.
Plant management is a batch-level activity.
Painting is a product-level activity.
Just-in-time strives to eliminate inventories by using a pull approach.
Quality control is less important in just-in-time
Inventory storage costs are reduced in just-in-time processing.
Rework costs typically increase in just-in-time processing.

CHAPTER 4 Activity-Based COSTING

True-False Statements: 1 – 30

Multiple Choice Questions: 31 – 162

Brief Exercises: 163 – 171

Exercises: 172 – 187

Week 5

ACC 560 Week 5 Homework Chapter 07, 08

Homework Chapter 07 – Exercises 2, 5, 9, 17 – Problems 1, 4

Homework Chapter 08 – Exercises 4, 5, 10, 16 – Problems 1, 6

ACC 560 Managerial Accounting Week 5 Quiz 5

CHAPTER 5COST-VOLUME-PROFIT

True-False Statements: 1 – 37

Multiple Choice Questions: 38 – 156

Brief Exercises: 157 – 166

Exercises: 167 – 193

Completion Statements: 194 – 204

Matching Statements: 205 – 205

Short-Answer Essay: 206 – 211

ACC 560 Week 5 Quiz 6

CHAPTER 6 COST-volume-profit analysis: Additional Issues

True-False Statements: 1 – 30

Multiple Choice Questions: 31 – 125

Brief Exercises: 126 – 135

Exercises: 136 – 153

Completion Statements: 154 – 165

Week 6

ACC 560 Week 6 Homework Chapter 09, 10

Homework Chapter 09 – Exercises 2, 6, 17, 19 – Problems 2, 4

Homework Chapter 10 – Exercise 3, 7, 13, 19 – Problems 1, 4

ACC 560 Week 6 Quiz 7

CHAPTER 7 INCREMENTAL ANALYSIS

True-False Statements:

1 – 30

Multiple Choice Questions: 31 – 166

Brief Exercises: 167 – 179

Exercises: 180 – 199

Completion Statements: 200 – 205

Matching: 206 – 206

Short-Answer Essay: 207 – 209

ACC 560 Week 6 Quiz 8

CHAPTER 8 PRICING

True-False Statements: 1 – 25

Multiple Choice Questions: 26 – 145

Brief Exercises: 146 – 159

Exercises: 160 – 177

Completion Statements: 178 – 187

Week 7

ACC 560 Week 7 Homework Chapter 11

Homework Chapter 11 – Exercises 2, 4, 14, 16, Problems 1, 4

ACC 560 Week 7 Quiz 9

Budgets are statements of management’s plans stated in financial terms.
A benefit of budgeting is that it provides definite objectives for evaluating performance.
A budget can be a means of communicating a company’s objectives to external parties.
A budget can be used as a basis for evaluating performance.
A well-developed budget can operate and enforce itself.
The budget itself and the administration of the budget are the responsibility of the accounting department.
Effective budgeting requires clearly defined lines of authority and responsibility.
The flow of input data for budgeting should be from the highest levels of responsibility to the lowest.
Budgets can have a positive or negative effect on human behavior depending on the manner in which the budget is developed and administered.
A budget can facilitate the coordination of activities among the segments of a large company.
The longer the budget period, the more reliable the estimates of future outcomes.
The budget committee has the responsibility for coordinating the preparation of the budget.
The budget is developed within the framework of a sales forecast.
Budgeting and long-range planning are two terms that describe the same process.
Long-range plans are used more as a review of progress toward long-term goals rather than an evaluation of specific results to be achieved.
The master budget reflects management’s long-term plans encompassing five years or more.
The master budget consists of operating and financial budgets.
Financial budgets must be completed before the operating budgets can be prepared.
The direct materials budget must be completed before the production budget because the quantity of materials available for production must be known.
The number of direct labor hours needed for production is obtained from the production budget.
A manufacturing overhead budget is not needed if the company develops a predeter-mined overhead rate to apply overhead.
The manufacturing overhead budget generally has separate sections for variable, mixed, and fixed costs.
A production budget should be prepared before the sales budget.
The direct materials budget contains both quantity and cost data.
The budgeted income statement indicates the expected profitability of operations for the next year.
If a monthly cash budget is prepared properly, there will never be a cash deficiency at the end of any month.
The budgeted balance sheet is prepared entirely from the budgets for the current year.
The starting point when budgeting for a not-for-profit organization is generally to budget expenditures first.
A merchandiser has a merchandise purchases budget rather than a production budget.
A critical factor in budgeting for a service firm is to determine the amount of products to purchase.
The budget itself and the administration of the budget are entirely accounting responsibilities.
Financial planning models and statistical and mathematical techniques may be used in forecasting sales.
The direct materials budget is derived from the direct materials units required for production plus desired ending direct materials units less beginning direct materials units.
The manufacturing overhead budget shows the expected manufacturing overhead costs.
In order to develop a budgeted balance sheet, the previous year’s balance sheet is needed.
In service enterprises, the critical factor in budgeting is coordinating materials and equipment with anticipated sevices.

CHAPTER 9 BUDGETARY PLANNING
True-False Statements: 1 – 32

Multiple Choice Questions: 37 – 158

Brief Exercises: 159 – 168

Exercises: 169 – 195

Completion Statements: 196 – 207

Matching Statements: 208 – 208

Short-Answer Essay: 209 – 214

ACC 560 Week 7 Quiz 10

Budget reports comparing actual results with planned objectives should be prepared only once a year.
If actual results are different from planned results, the difference must always be investigated by management to achieve effective budgetary control.
Certain budget reports are prepared monthly, whereas others are prepared more frequently depending on the activities being monitored.
The master budget is not used in the budgetary control process.
A master budget is most useful in evaluating a manager’s performance in controlling costs.
A static budget is one that is geared to one level of activity.
A static budget is changed only when actual activity is different from the level of activity expected.
A static budget is most useful for evaluating a manager’s performance in controlling variable costs.
A flexible budget can be prepared for each of the types of budgets included in the master budget.
A flexible budget is a series of static budgets at different levels of activities.
Flexible budgeting relies on the assumption that unit variable costs will remain constant within the relevant range of activity.
Total budgeted fixed costs appearing on a flexible budget will be the same amount as total fixed costs on the master budget.
A flexible budget is prepared before the master budget.
The activity index used in preparing a flexible budget should not influence the variable costs that are being budgeted.
A formula used in developing a flexible budget is: Total budgeted cost = fixed cost + (total variable cost per unit × activity level).
Flexible budgets are widely used in production and service departments.
A flexible budget report will show both actual and budget cost based on the actual activity level achieved.
Management by exception means that management will investigate areas where actual results differ from planned results if the items are material and controllable.
Policies regarding when a difference between actual and planned results should be investigated are generally more restrictive for noncontrollable items than for controllable items.
A distinction should be made between controllable and noncontrollable costs when reporting information under responsibility accounting.
Cost centers, profit centers, and investment centers can all be classified as responsibility centers.
In a responsibility accounting reporting system, as one moves up each level of responsibility in an organization, the responsibility reports become more summarized and show less detailed information.
More costs become controllable as one moves down to each lower level of managerial responsibility.
A cost center incurs costs and generates revenues and cost center managers are evaluated on the profitability of their centers.
The terms “direct fixed costs” and “indirect fixed costs” are synonymous with “traceable costs” and “common costs,” respectively.
Controllable margin is subtracted from controllable fixed costs to get net income for a profit center.
The denominator in the formula for calculating the return on investment includes operating and nonoperating assets.
The formula for computing return on investment is controllable margin divided by average operating assets.
When evaluating residual income, the calculation tells management what percentage return was generated by the particular division being evaluated.
Residual income generates a dollar amount which represents the increase in value to the company beyond the cost necessary to pay for the financing of assets.
Budget reports provide the feedback needed by management to see whether actual operations are on course.
A static budget is an effective means to evaluate a manager’s ability to control costs, regardless of the actual activity level.
The flexible budget report evaluates a manager’s performance in two areas: (1) production and (2) costs.
The terms controllable costs and noncontrollable costs are synonymous with variable costs and fixed costs, respectively.
Most direct fixed costs are not controllable by the profit center manager.
The manager of an investment center can improve ROI by reducing average operating assets.
Residual income and ROI are used as performance evaluation methods for profit center performance

Week 8

ACC 560 Week 8 Homework Chapter 12

Homework Chapter 12 – Exercises 3, 6, 7, 11, Problems 1, 3

ACC 560 Week 8 Quiz 11

1. Inventories cannot be valued at standard cost in financial statements.
2. Standard cost is the industry average cost for a particular item.
3. A standard is a unit amount, whereas a budget is a total amount.
4. Standard costs may be incorporated into the accounts in the general ledger.
5. An advantage of standard costs is that they simplify costing of inventories and reduce clerical costs.
6. Setting standard costs is relatively simple because it is done entirely by accountants.
7. Normal standards should be rigorous but attainable.
8. Actual costs that vary from standard costs always indicate inefficiencies.
9. Ideal standards will generally result in favorable variances for the company.
10. Normal standards incorporate normal contingencies of production into the standards.
11. Once set, normal standards should not be changed during the year.
12. In developing a standard cost for direct materials, a price factor and a quantity factor must be considered.
13. A direct labor price standard is frequently called the direct labor efficiency standard.
14. The standard predetermined overhead rate must be based on direct labor hours as the standard activity index.
15. Standard cost cards are the subsidiary ledger for the Work in Process account in a standard cost system.
16. A variance is the difference between actual costs and standard costs.
17. If actual costs are less than standard costs, the variance is favorable.
18. A materials quantity variance is calculated as the difference between the standard direct materials price and the actual direct materials price multiplied by the actual quantity of direct materials used.
19. An unfavorable labor quantity variance indicates that the actual number of direct labor hours worked was greater than the number of direct labor hours that should have been worked for the output attained.
20. Standard cost + price variance + quantity variance = Budgeted cost.
21. The overhead controllable variance relates primarily to fixed overhead costs.
22. The overhead volume variance relates only to fixed overhead costs.
23. If production exceeds normal capacity, the overhead volume variance will be favorable.
24. There could be instances where the production department is responsible for a direct materials price variance.
25. The starting point for determining the causes of an unfavorable materials price variance is the purchasing department.
26. The total overhead variance is the difference between actual overhead costs and overhead costs applied to work done.
27. Variance analysis facilitates the principle of “management by exception.”
28. A credit to a Materials Quantity Variance account indicates that the actual quantity of direct materials used was greater than the standard quantity of direct materials allowed.
29. A standard cost system may be used with a job order cost system but not with a process cost system.
30. A debit to the Overhead Volume Variance account indicates that the standard hours allowed for the output produced was greater than the standard hours at normal capacity.
31. In concept, standards and budgets are essentially the same.
32. Standards may be useful in setting selling prices for finished goods.
33. The materials price standard is based on the purchasing department’s best estimate of the cost of raw materials.
34. The materials price variance is normally caused by the production department.
35. The use of an inexperienced worker instead of an experienced employee can result in a favorable labor price variance but probably an unfavorable quantity variance.
36. In using variance reports, top management normally looks carefully at every variance.
37. The use of standard costs in inventory costing is prohibited in financial statements.

Week 9

ACC 560 Week 9 Assignment 2

Johnson Controls Capital Investments

Visit the Website of Johnson Controls Inc., located at http://www.johnsoncontrols.com, and review its 2012 financial forecasts. According to the forecasts, Johnson Controls will increase capital investments to approximately .7 billion. More than 70% of the company’s capital expenditures in 2012 are associated with growth and margin expansion opportunities. Write a five to six (5-6) page paper in which you:
1. Suggest a methodology to supplement the traditional methods for evaluating the capital investments of Johnson Controls in the emerging markets to reduce risk providing a rationale of how risk will be reduced.
2. Assess the potential impact of inflation on planned capital investments in China and examine approaches for an accurate evaluation of the investments. Suggest how this knowledge may impact management’s decisions.
3. Contrast the modifications you would make in evaluating the projects to increase internal capacity in North America to evaluating expansion projects in the global market and how this information will impact the decisions made related to expansion.
4. Examine the benefits of using sensitivity analysis in evaluating the projects for Johnson Controls and how this approach can provide a competitive advantage for the company.
5. Use at least three (3) quality academic resources in this assignment. Note: Wikipedia and other Websites do not quality as academic resources.

ACC 560 Week 9 Homework Chapter 13

Homework Chapter 13 – Exercise 1, 3, 5, 8- Problems 2, 5

ACC 560 Managerial Accounting Week 9 Quiz 12

1. Capital budgeting decisions usually involve large investments and often have a significant impact on a company’s future profitability.
2. The capital budgeting committee ultimately approves the capital expenditure budget for the year.
3. For purposes of capital budgeting, estimated cash inflows and outflows are preferred for inputs into the capital budgeting decision tools.
4. The cash payback technique is a quick way to calculate a project’s net present value.
5. The cash payback period is computed by dividing the cost of the capital investment by the net annual cash inflow.
6. The cash payback method is frequently used as a screening tool but it does not take into consideration the profitability of a project.
7. The cost of capital is a weighted average of the rates paid on borrowed funds, as well as on funds provided by investors in the company’s stock.
8. Using the net present value method, a net present value of zero indicates that the project would not be acceptable.
9. The net present value method can only be used in capital budgeting if the expected cash flows from a project are an equal amount each year.
10. By ignoring intangible benefits, capital budgeting techniques might incorrectly eliminate projects that could be financially beneficial to the company.
11. To avoid accepting projects that actually should be rejected, a company should ignore intangible benefits in calculating net present value.
12. One way of incorporating intangible benefits into the capital budgeting decision is to project conservative estimates of the value of the intangible benefits and include them in the NPV calculation.
13. The profitability index is calculated by dividing the total cash flows by the initial investment.
14. The profitability index allows comparison of the relative desirability of projects that require differing initial investments.
15. Sensitivity analysis uses a number of outcome estimates to get a sense of the variability among potential returns.
16. A well-run organization should perform an evaluation, called a post-audit, of its investment projects before their completion.
17. Post-audits create an incentive for managers to make accurate estimates, since managers know that their results will be evaluated.
18. A post-audit is an evaluation of how well a project’s actual performance matches the projections made when the project was proposed.
19. The internal rate of return method is, like the NPV method, a discounted cash flow technique.
20. The interest yield of a project is a rate that will cause the present value of the proposed capital expenditure to equal the present value of the expected annual cash inflows.
21. Using the internal rate of return method, a project is rejected when the rate of return is greater than or equal to the required rate of return.
22. Using the annual rate of return method, a project is acceptable if its rate of return is greater than management’s minimum rate of return.
23. The annual rate of return method requires dividing a project’s annual cash inflows by the economic life of the project.
24. A major advantage of the annual rate of return method is that it considers the time value of money.
25. An advantage of the annual rate of return method is that it relies on accrual accounting numbers rather than actual cash flows.

Week 10

ACC 560 Week 10 Homework Chapter 14

Homework Chapter 14 – Exercises 1, 3, 9, 13- Problems 1, 6

ACC 560 Managerial Accounting Week 10 Quiz 13

CHAPTER 13 STATEMENT OF CASH FLOWS

True-False Statements: 1 – 36
Multiple Choice Questions: 37 – 155
Brief Exercises: 156 – 165
Exercises: 166 – 191
Completion Statements: 192 – 204
Matching Statements: 205 – 206
Short-Answer Essay: 207 – 213

Week 11

ACC 560 Managerial Accounting Week 11 Quiz 14

CHAPTER 14 FINANCIAL STATEMENT ANALYSIS
True-False Statements: 1 – 36
Multiple Choice Questions: 37 – 172
Brief Exercises: 173 – 181
Exercises: 184 – 214
Completion Statements: 215 – 227
Matching Statements: 228 – 229
Short-Answer Essay: 230 – 236

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