What is the primary goal of managerial accounting? To ensure compliance with tax regulations To audit financial transactions To provide information that helps managers do their job To prepare financial statements for external users

To provide information that helps managers do their job

Which two questions are central to managerial accounting? What is the profit margin? How can it be increased? What are the tax implications? How can they be minimized? What are the financial risks? How can they be mitigated? How much will doing 'something' cost? Will it cost too much?

How much will doing 'something' cost? Will it cost too much?

What do cost accounting systems allow us to do? Estimate the cost of products and services Assess employee performance Calculate tax liabilities Determine the selling price of products

Estimate the cost of products and services

What are manufacturing (product) costs? Research and development costs Costs related to marketing and sales All costs associated with the production of goods Administrative expenses

All costs associated with the production of goods

What are direct materials in the context of manufacturing? Office supplies Materials used for packaging Indirect materials used in production Primary materials directly traceable to the final product

Primary materials directly traceable to the final product

What are direct labor costs? Wages of sales personnel Salaries of administrative staff Costs of training programs Labor costs directly traceable to the product

Labor costs directly traceable to the product

What does manufacturing overhead include? Direct material costs All other production costs including indirect materials and supplies Marketing expenses Direct labor costs

All other production costs including indirect materials and supplies

What are non-manufacturing (period) costs? All costs that are not associated with the production of goods Costs related to direct labor Costs related to direct materials Manufacturing overhead costs

All costs that are not associated with the production of goods

What are selling costs? Costs of manufacturing products Costs associated with selling and filling customer orders Administrative expenses Research and development costs

Costs associated with selling and filling customer orders

What are general and administrative costs? Costs associated with the firm's general management Manufacturing overhead costs Costs of direct labor Costs of direct materials

Costs associated with the firm's general management

Which of the following best describes Sophia's position as a functional manager if she supervises employees with similar training and skills? She supervises employees with similar training and skills. She oversees multiple departments. She manages cross-functional teams. She is responsible for strategic planning.

She supervises employees with similar training and skills.

Instead of autocratic leadership, some organizations are _____? Experimenting with a bossless design. Centralizing decision-making. Implementing strict hierarchies. Increasing managerial oversight.

Experimenting with a bossless design.

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