Phuong Thao NGUYEN - NEU _ SAA 2021 Chapter 1 - practice 1. Knowing the historical information about costs and revenues enables manager to A. Assess the profitability B. Determine appropriate selling price C. Put a value on inventory D. All above 2. Which of the following statements is not true A. Managers must be provided with sufficiently accurate and detailed information by the cost accounting system to plan and control resources used B. Cost accounting systems are restricted to manufacturing operation C. Financial accounts concentrate on the business as a whole, meanwhile management accounts can focus on specific areas of an organisation's activities D. Management accounts incorporate non-monetary measures 3. Which of the following items might be a cost unit within the management accounting system of McDonald's A. A customer B. A burger C. A store D. Marketing department 4. Identify the classification for inventory valuation and profit measurement of the following costs within a chocolate factory Rent Cocoa bean expense Electricity Machine depreciation Sugar expense Factory insurance Paper chocolate bar packing Cooking spray Phuong Thao NGUYEN - NEU _ SAA 2021 Wages paid to employees who Packing cases manufacture chocolate Wages paid to employees who Wages paid to employees who maintain the machines supervise the production line 5. Identify the classification for planning and decision making of the following costs within a chocolate factory Rent Sugar expense Cocoa bean expense Factory insurance Electricity Paper chocolate bar packing Machine depreciation Cooking spray Wages paid to employees who Packing cases manufacture chocolate Wages paid to employees who Wages paid to employees who maintain the machines supervise the production line 6. Which of the following would be regarded as cost objects within McDonald's? A. A branch of McDonald's B. potato used in making French fries C. A happy meal D. Rent paid on a store
