Answered Essay: The firm's information system:

Question 6

The firm’s information system:

A. may include other information such as customer satisfaction surveys, in addition to financial information
B. none of the answers are correct
C. is always a single integrated system
D. includes only financial information
E. is less important as a firm grows in size

2 points

Question 7

Identify all of the correct statements:

a. Managers act in their own interests, and so there is no way to align their interests with those of the owners
b. None of the answers are correct
c. To motivate managers in non-profit firms, no employee incentives are needed
d. Managers naturally seek to maximize shareholders’ wealth
e. To align the interests of managers and owners, owners must design systems to monitor and reward management behavior that increases the firm’s profits

2 points

Question 8

Managerial accountants:

a. are mainly score-keepers
b. are internal consultants
c. focus on calculating product costs
d. are corporate cops
e. are mostly internal consultants and corporate cops

2 points

Question 9

John invested $12,000 in the stock of Hyper Cyber. Eight years later, Hyper Cyber’s shares reached $125,000, but John held onto the shares in the belief that their price would double in the next five years. Unfortunately, Hyper Cyber did not double. Rather the market value of John’s shares today is $4,000. If the shares were sold today and the proceeds invested in another investment, they would likely earn 5% per annum. Which of the following terms and values is correct?

a. $250,000 is the opportunity cost
b. $12,000 is the sunk cost
c. $2,000 is the opportunity cost
d. $125,000 is the opportunity cost of selling the shares today

2 points

Question 10

Davos Inc. makes fiberglass ski-boards in Switzerland. Identify the correct matching of terms.

a. None of the answers are correct
b. Fiberglass is factory overhead
c. Plant real estate taxes are a period cost
d. Payroll taxes for workers in the Packaging Department are direct labor
e. Depreciation on delivery trucks is a product cost

Expert Answer

 

6.

may include other information such as customer satisfaction surveys, in addition to financial information

the above is answer because firm’s information system include financial as well as non financial information.

7.

To align the interests of managers and owners, owners must design systems to monitor and reward management behavior that increases the firm’s profits

the above is the answer, because this is needed to reduce conflicts between the economic interests of owners and managers.

8.

e is the answer

the above is answer ,even though management accountants also do score keeping and prodct costing , but those are small tasks , so e is the answer which are the major tasks.

9.

12000 is a sunk cost

the above will be the answer as 12000 has already been paid which can not change any new decisions.

10.

Payroll taxes for workers in the Packaging Department are direct labor

the above is answer because payroll is related to direct labor

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