GB 519 Final Practice Exam
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1. Question : A strategy map is:
Question 2. Question : Which of the following aspects of the contemporary business environment involves using statistical methods such as regression or correlation analysis to predict consumer behavior, to measure customer satisfaction, or to develop models for setting prices,among other uses?
Question 3. Question : If finished goods inventory has increased during the period, which of the following is always true?
Question 4. Question : Which of the following is not a contemporary management
technique used by the management accountant to focus on process
Question 5. Question : All of the following are required resources for cost leadership
Question 6. Question : Assume the following information pertaining to a Company:
Prime costs = $195,000
Conversion Costs = $221,000
Direct Materials used = $85,000
Beginning Work-in-Process = $98,000
Ending Work-in-Process = $81,000
Direct labor used is calculated to be:
Question 7. Question : Tierney Construction, Inc. recently lost a portion of its financial
records in an office theft. The following accounting information
remained in the office files:
COGS = $80,000
Question 8. Question : The sum of units transferred out and ending inventory units,
assuming no spoilage, determines:
Question 9. Question : The journal entry to record finished product units would include a
Question 10. Question : The journal entry required to record factory depreciation includes:
Question 11. Question : Which one of the following is one of the key steps in determining
Question 12. Question : Which of the following is a description of categorizing related
customer costs into cost pools on the basis of cost drivers?
Question 13. Question : C.M. Fly, owner of Falcon Aircraft Co., is preparing the
accounting record for the year just ended. During the year, he had
Question 14. Question : Randall Company manufactures products to customer
specifications. A job costing system is used to accumulate
Question 15. Question : The calculation of an amount given different levels of a factor that
influences that amount is called:
Question 16. Question : The most effective basis for cost allocation exists when which one
of the following can be determined?
Question 17. Question : Accurate cost estimates are required by strategic management for
Question 18. Question : The departmental cost allocation approach is preferred when the
Question 19. Question : An alternative concept of fairness in cost allocation, absent the
cause-and-effect basis, includes:
Question 20. Question : Cleaning Care Inc. expects to sell 10,000 mops. Fixed costs (for
the year) are expected to be $10,000, unit sales price is expected to
be $12, and unit variable costs are budgeted at $7.
Cleaning Care's margin of safety ratio (MOS%) is:
Question 22. Question : The term "breakeven after-tax cash flow" represents:
Question 23. Question : For a capital investment project, a net present value (NPV) of
Question 24. Question : In a make-or-buy decision:
Question 25. Question : Generally speaking, when ranking two mutually exclusive
investments with different initial amounts, management should
give first priority to the project:
Question 26. Question : When the internal rate of return (IRR) method and the net present
value (NPV) method do not yield the same recommendation for
the same investment project, the technique normally selected is:
Question 27. Question : XYZ Corporation's capital structure consists of 60% debt with a
pretax cost of 10%, and the balance by common equity, with a
cost of 15%. The company's income tax rate (federal and state
combined) is 40%. XYZ's weighted-average cost of capital
Question 28. Question : Pique Corporation wants to purchase a new machine for $300,000.
Management predicts that the machine can produce sales of
Question 29. Question : Which of the following is a method of reducing cost by identifying
parts in different products that are common and interchangeable?
Question 30. Question : For product-costing purposes, which of the following statements is
Question 31. Question : The total variable cost flexible-budget variance includes all of the
Question 32. Question : Which of the following statements about variable overhead costs
Question 33. Question : Many firms choose to achieve target cost through redesign of the
product or service because they recognize that design decisions:
Question 34. Question : Shoemaker Perkins Company uses a standard cost system and had
400 pounds of raw material X15 on hand on September 1. The
Question 35. Question : A manufacturer planned to use $82 of materials per unit produced,
but in the most recent period it actually used $80 of material per
unit produced. During this same period, the company planned to
produce 1,200 units, but actually produced only 1,000 units. The
flexible-budget variance for materials is:
Question 36. Question : From a strategic standpoint, profit centers tend to:
Question 37. Question : Under full costing, fixed manufacturing overhead costs would be
Question 38. Question : For production and support departments, a method of
implementing cost centers that is input-oriented is the:
Question 39. Question : A company's operating income recently increased by 30% while
its inventory increased in a given year. Which of the following
accounting methods would be most likely to produce the favorable
Question 40. Question : Production or support SBUs within the firm that have the goal of
providing the best quality product or service at the lowest cost are:
Question 41. Question : Profit center income statements are most meaningful to managers
Question 42. Question : The balanced scorecard critical success factors (CSFs) provide
strong motivation in bonus compensation plans if the noncontrollable
Question 43. Question : Firms typically provide benefits (perks) to employees to enhance
motivation. Which of the following would not be an example of a
Question 44. Question : Which of the following is a liquidity ratio?
Question 45. Question : Risk aversion by managers should be recognized when revising
Question 46. Question : All of the following are listed as common payment options for
bonus compensation plans except:
Question 47. Question : A deferred bonus can consist of:
Question 48 King Mattress Company had the following operating results for
Question 49. Question : During January, Long, Inc. produced 10,000 units of product with
costs as follows:
What is Lang's unit cost for January, calculated on the variable
The King Mattress Company had the following operating results for
2012-2013. In addition, the company paid dividends in both 2012 and
2013 of $60,000 per year and made capital expenditures in both years of
$30,000 per year. The company's stock price in 2012 was $8 and $7 in
2013. The industry average earnings multiple for the mattress industry
was 9 in 2013 and the free cash flow and sales multiples were 18 and 1.5,
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