Managerial Accounting - Ivy Software Questions With Correct Answers

Sunk Cost {Ans: A cost that has already been incurred and that cannot be changed by any decision made now or in the future, even if the investment is not undertaken.}Which of the following items will be found in the balance sheet of a manufacturing company? A. Raw materials B. Work in process C. Finished goods D. All of the above {Ans: D. All of the above}Which firm listed below would most likely do job order costing? A. brick producer B. boat builder C. food producer D. problem recognition {Ans: B. boat builder; they would use job order costing because boats would be made one unit at a time in a smaller number relative to the other choices.}contribution margin per unit {Ans: sales price per unit - variable cost per unit}True/False: The fixed cost portion of the manufacturing overhead in the manufacturing overhead budget is a part of the COGS budget. {Ans: True}CMA {Ans: Certified Management Accountant. Must adhere to a strict code of ethics to practice management accounting.}True/False: Bryan purchased a work computer for $1,800 and expensed it for tax purposes. The $1,800 is a cost. {Ans: True}True/False: A future feasibility study