Principles of Accounting Volume 2
19th Edition
ISBN: 9781947172609
Author: OpenStax
Publisher: OpenStax College
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Textbook Question
Chapter 1, Problem 4MC
During the control function, the measurements taken of the performance must be accurate enough to see _______________________________.
- only positive results
- deviations and variances
- the primary focus
- only the negative results
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During the control function, the measurements taken of the performance must be accurate enough to see ________.A. only positive resultsB. deviations and variancesC. the primary focusD. only the negative results
Experimental outcomes that are based on measurement scales such as time, weight, and distance can be described by _____ random variables.
a. uniform
b. discrete
c. continuous
d. intermittent
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Chapter 1 Solutions
Principles of Accounting Volume 2
Ch. 1 - The managers of an organization are responsible...Ch. 1 - Management accountants help the management of an...Ch. 1 - Which of the following is a primary aspect of the...Ch. 1 - During the control function, the measurements...Ch. 1 - Which of the following is false regarding...Ch. 1 - Managerial accounting produces information: to...Ch. 1 - Management accounting: emphasizes special-purpose...Ch. 1 - Internal users of accounting information would not...Ch. 1 - External users of accounting information would...Ch. 1 - Which of the following statements is incorrect?...
Ch. 1 - The stockholders of a company are: the owners...Ch. 1 - The controller of a corporation: reports to the...Ch. 1 - The Certified Financial Analyst (CFA)...Ch. 1 - The Certified Management Accountant (CMA)...Ch. 1 - Which of the following terms means the ability to...Ch. 1 - Which of the following terms means knowing how a...Ch. 1 - What is the law that protects investors from...Ch. 1 - What year was the Sarbanes-Oxley Act enacted? 2007...Ch. 1 - When a representative of an organization gives...Ch. 1 - The law that specifically prohibits payments to...Ch. 1 - Which of the following is not a step in the...Ch. 1 - Which of the following is not an objective used in...Ch. 1 - Which of the following is not true regarding...Ch. 1 - A companys attempts to utilize sustainable...Ch. 1 - A process that is often linked to Six Sigma and is...Ch. 1 - An inventory system that organizations use to...Ch. 1 - A quality control program that depends on multiple...Ch. 1 - Carlita believes an important part of the planning...Ch. 1 - What are some activities and tasks a manager might...Ch. 1 - If there are deviations from the stated goals and...Ch. 1 - Explain how managerial accountants help managers...Ch. 1 - How do the subject matter of reports and the...Ch. 1 - What is the purpose of management accounting?Ch. 1 - Who are the primary users of the information...Ch. 1 - What are the key differences between financial...Ch. 1 - Other than accounting skills, what six qualities...Ch. 1 - Explain how having more than one of the accounting...Ch. 1 - Briefly discuss the chain of command for someone...Ch. 1 - According to the information available at...Ch. 1 - According to the information on management...Ch. 1 - What other professional business organizations...Ch. 1 - How can having a bonus system based purely on...Ch. 1 - What led to the United States Congress passing the...Ch. 1 - What is an enterprise resource planning (ERP)...Ch. 1 - Describe what is meant by the term balanced in the...Ch. 1 - What is corporate social responsibility, and who...Ch. 1 - Indicate whether each statement describes...Ch. 1 - Identify the following as True or False:...Ch. 1 - Define each of these users of accounting...Ch. 1 - Discuss what information would be most useful for...Ch. 1 - Taylor Speedy has prepared the following list of...Ch. 1 - Match the term with the description:Ch. 1 - After the passage of the Sarbanes-Oxley Act in...Ch. 1 - Indicate whether each of the following statements...Ch. 1 - Match each lean business method to the best...Ch. 1 - For each of the activities listed, choose the...Ch. 1 - Look up the definitions for the following terms:...Ch. 1 - Indicate whether the statement describes reporting...Ch. 1 - Identify the following as true or false: Financial...Ch. 1 - Companies need to report both monetary and...Ch. 1 - Marvin has been thinking about the fields of...Ch. 1 - Match the term with the description.Ch. 1 - The Foreign Corrupt Practices Act (FC PA) was...Ch. 1 - Indicate whether each of the following statements...Ch. 1 - Table 1.3 shows how different areas within the...Ch. 1 - There are individuals who are under the impression...Ch. 1 - Think about the organization chart in Figure 1.7....Ch. 1 - Controversy tends to surround the topic of...
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- Variance analysis is very important because of all of the following reasons except: Select one: a. It helps in gaining an insight into the reason behind the good performance b. It helps in fixing the responsibility c. It acts as a control mechanism. d. It aids into taking an immediate actionarrow_forwardPlease do not give solution in image format thankuarrow_forwardIn general, variance analysis is said to provide information about _________ and __________ variances.arrow_forward
- Please do not give solution in image format thankuarrow_forwardObtain an understanding of the client’s external controls. All things equal, as the risk of assessing control risk too low____________; sample size________________: a. Increases; decreases b. Increases; increases c. None d. Decreases; decreasesarrow_forwardWhich of the following is not one of the main issues regarding data collection which can significantly affect precision and reliability when using regression or any other cost estimation method? Multiple Choice Time period choice. Nonlinearity. Relevant range. Data accuracy.arrow_forward
- Gauging the Favorableness of Variances When variances occur, they are described as being either favorable or unfavorable. When actual activity consumes more time or money than initially planned, an unfavorable variance exists. However, when actual activity consumes less time or money than initially planned, a favorable variance exists. Note that the terms favorable and unfavorable are used, rather than saying that a variance is good or bad, because until the cause of a variance is discovered, it is not clear whether a variance is either good or bad. Note: Use the minus sign to indicate negative values (when the budgeted amount is greater than the actual). If a company calculates that the actual cost for materials used was $4,800,000, and the amount budgeted for those materials was $3,400,000, the actual cost for materials used less the budgeted cost for materials used is $ This tells you that the actual cost at actual materials used is greater than -v the budgeted cost at actual hours…arrow_forwardOne of the assumptions made in simple regression is that ______________. Group of answer choices the error terms are exponentially distributed the error terms have unequal variances the model is linear the error terms are dependent the model is nonlineararrow_forwardThe controllable variance measures a. operating results at more than normal capacity b. operating results at less than normal capacity c. the efficiency of using variable overhead resources d. control over fixed overhead costsarrow_forward
- Which one is the correct answer?arrow_forwardThis standard is set at a level that may be reached with reasonable effort. A. ideal standard B. attainable standard C. unattainable standard D. variance from standardarrow_forwardInvestigating variances from standard is a. always done. b. done if the variance is inside an acceptable range. c. not done if the variance is expected to recur. d. done if the variance is outside the control limits. e. None of these.arrow_forward
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