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Chapters 1-4 The Accounting Cycle
Chapters 5-8 Current Assets
Chapters 9-11 Long-Term Assets
Chapters 12-14 Liabilities/Equities
Chapters 15-16 Using Information
- Chapter 15: Financial Reporting and Concepts
- Chapter 16: Financial Analysis and the Statement of Cash Flows
Chapters 17-20 Managerial/Cost
Chapters 21-24 Budgeting/Decisions

Chapter 22 - Goals Achievement

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Chapter 22 – Goals Achievement

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Goals Achievement
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Question 1 of 10

1. Question
Under which type of responsibility unit are operations or departments not directly involved in revenue generating activities?
- investment center
- cost center
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Question 2 of 10

2. Question
When evaluating performance under a responsibility accounting system, management should be held accountable for revenues, expenses, and investments that are both controllable and uncontrollable.
- true
- false
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Question 3 of 10

3. Question
As production levels fluctuate, which of the following budgets tend to become meaningless?
- static
- flexible
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Question 4 of 10

4. Question
With a flexible budget, which cost component is the same no matter the presumed level of activity?
- variable production cost
- fixed factory overhead
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Question 5 of 10

5. Question
Which standard takes into account normal inefficiencies related to scrap, waste, spoilage, and worker inefficiencies?
- ideal standard
- acheivable standard
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Question 6 of 10

6. Question
The materials quantity variance is computed by comparing the actual quantity of materials used to the standard quantity of materials which should have been used for the production achieved. Which prices should be used in this comparison?
- standard prices
- actual prices
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Question 7 of 10

7. Question
The net of the labor rate variance and labor efficiency variance will produce the total labor variance.
- true
- false
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Question 8 of 10

8. Question
If overhead is applied on the basis of direct labor hours, then the variable overhead efficiency variance calculations incorporate the same number of actual and standard hours as used in the computation of the direct labor variances.
- true
- false
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Question 9 of 10

9. Question
The use of highly skilled employees beyond that anticipated may result in unfavorable labor rate variances, and what type of labor efficiency variances?
- favorable
- unfavorable
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Question 10 of 10

10. Question
A balanced scorecard approach to performance evaluation might consider financial, customer, and/or process outcomes.
- yes
- no
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Illustrative Entries

Examples of journal entries for numerous sample transactions

Account Types

Typical financial statement accounts with debit/credit rules and disclosure conventions

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Includes financial and managerial terms

Time Value of Money

Future and present value tables

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Chapters 1-4
Chapters 5-8
Chapters 9-11
Chapters 12-14
Chapters 15-16
- Chapter 15: Financial Reporting and Concepts
- Chapter 16: Financial Analysis and the Statement of Cash Flows
Chapters 17-20
Chapters 21-24
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