1. When using information for internal purposes, management is more concerned
1. When using information for internal purposes, management is more concerned with information that is
A timely, relevant and reliable.
B completely objective and verifiable.
C exclusively internally generated.
D exclusively externally focused.
2. Animus Ltd is a mining company. Which of the following is an example of ‘planning’?
A Awarding bonuses to AimusLtd’s top performing executives
B Setting production targets for the company’s new mines
C Developing correction actions to respond to
D lower-than-expected production levels in the existing mines
Pursuing legal actions against environmental activists who stole mining equipment
3. Which of the following activities is LEAST LIKELY be considered to be a non-value-added activity in a factory that produces jeans?
A Rescheduling production
B Moving materials
C Sewing in zippers
D Inspecting jeans
4. Which of the following activities would MOST LIKELY be classified as a non-value-added activity in a factory that manufactures microwave ovens?
A Inserting glass shelves into the frames
B Storing finished goods
C Installing timing devices
D Conducting tests in line with ISO certification requirements
5. Which of the following activities are generally value-added activities?
A i and ii
B iii and iv
C i and iv
D ii and iv
6. From the following list of costs for a kitchen manufacturer, determine the amount of value-added cost.
A $57 000
B $54 000
C $58 000
D $59 000
7. The monthly cost of renting manufacturing equipment is:
part of conversion cost and a period cost
part of prime cost and an inventoriable cost
part of prime cost and a period cost
part of conversion cost and an inventoriable cost
8. Idle time is:
A frequently an avoidable cost
B classified as overhead
C caused by events such as equipment breakdown and new set-ups of production runs
D All of the given answers
9. Forecasting a cost at a particular level of activity is called:
A cost estimation
B cost prediction
D cost functions
10. Costs that remain fixed over wide ranges of activity but jump to a different amount outside that range are called:
A step-fixed costs
B step-variable costs
C semivariable costs
D curvilinear costs
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