A) Before products are sold
B) After products are sold
C) After products are completed, but before they are sold
D) Never
104) What determines the difference between a product cost and a period cost?
A) Whether the cost changes when activity levels change.
B) Whether the cost is relevant to a particular decision.
C) Whether the cost can be traced to a specific cost object.
D) When the cost will be matched against revenue on the income statement.
105) Product costs are reported:
A) only on the balance sheet.
B) only on the income statement.
C) on the balance sheet before goods are sold, and on the income statement after goods are sold.
D) on the income statement before goods are sold, and on the balance sheet after goods are sold.
106) Which of the following might you find in a job description for a managerial accountant at a manufacturing company?
A) The Managerial Accountant will conduct internal analysis on the health of the company, suggest variances to emphasize in evaluations, and review unusual results.
B) The Managerial Accountant will be the primary contact in dealing with the external audit team.
C) The Managerial Accountant will be responsible for preparing and presenting quarterly financial statements to management.
D) The ideal candidate for this position will have a strong knowledge of financial accounting to provide advice on generally accepted accounting principles to the CFO.
107) Pretend you are the president of the Managerial Accounting Club and you are responsible for executing the club's most important event: A recruiting event for members and local firms. How might you use the Plan-Implement-Control cycle?
A) To plan, I would prepare a preliminary list of goals and plans and then hold a kick-off meeting with the club's membership to present and revise the plan.
B) To control, I would identify two additional individuals within the club to help lead the event.
C) To control, I would create a timeline and schedule of key tasks leading up to the event and assign responsibility for each task to key members of the club.
D) To implement, I would hold regular check-in meetings to monitor progress.
108) Pretend you are a junior managerial accountant. Your supervisor has no knowledge of sustainability accounting. All of the following statements would be convincing arguments to advocate for the importance of sustainability accounting, except one. Which one?
A) Sustainability accounting reflects the changing nature of accountability.
B) Companies are only accountable to shareholders and shareholders care about sustainability.
C) Companies are accountable to the world at large, not simply to shareholders.
D) Sustainability accounting does not replace the emphasis on financial results; rather it complements financial strength in building a strong company for the future.