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1、LESSON1AssignmentNote:Formultiple-choicequestions,identifythebestresponse.Answereachitembygivingtheletterofyourchoice.Forexample,if(4)isthebestanswerfor(a),writea(4)asyouranswer.Selectonlyoneanswerforeachitem.Ifmorethanoneanswerisgiven,itwillnotbemarked.Incorrecta
2、nswerswillbemarkedaszero.Nomarkswillbegiventoanyexplanationyouoffer.Question1(42marks)Multiplechoice(2markeach)a.Whichofthefollowingstatementsaboutmanagerialaccountingistrue?1)Managerialaccountinginformationispreparedforexternalusers.2)Managerialaccountinginformat
3、ionisalegalrequirement.3)Thestructureofmanagerialaccountingpracticeisrelativelyflexible.4)Therearestructuredstandardsofacceptabilityformanagerialaccounting.b.Whichofthefollowingstatementsisincorrectwithregardtoamanufacturingfirm?1)Inventoriablecostsincludeonlyprim
4、ecosts.2)Inventoriablecostsincludeprimecostsandmanufacturingoverheadcosts.3)Inventoriablecostsincludebothvariablemanufacturingandfixedmanufacturingcosts.4)Inventoriablecostswillneverincludeanyperiodcosts.c.CrandallCompanymanufacturesavarietyofproducts.Thecontrolle
5、risconsideringhowtoaccountforlabourfringebenefits.WhichofthefollowingmethodsprovidesthebestmeasureoftherelativecostofmanufacturingCrandall’sdifferentproducts?1)Treatalllabourfringebenefitsasindirectlabourbyaddingthetotaltomanufacturingoverhead.2)Treatalllabourfrin
6、gebenefitsasdirectlabour.3)Treatlabourfringebenefitsthatrelatetodirectlabourasadditionaldirectlabourcostandtreatfringebenefitsthatrelatetoindirectlabouraspartofmanufacturingoverhead.4)Treatlabourfringebenefitsasperiodexpensesandexpensethesecostsasincurred.d.Inthec
7、ontextofmakingadecision,whichofthefollowingstatementsregardingrelevantcostsisincorrect?1)Anopportunitycostisarelevantcost.2)Atraceablefixedcostisarelevantcost.3)Avariablecostisarelevantcost.4)Asunkcostisarelevantcost.ManagementAccountingFundamentalsAssignment1·7e.
8、Whichofthefollowingfunctionsofmanagementcomparesplannedresultswithactualresults?1)Planning2)Directingandmotivating3)Controlling4)Decisionmakingf.Whendis
