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Question Which of the following is true of Managerial Accounting?
Answer Complies with Securities and Exchange Commission rules and regulations.
Uses cost-benefit analysis to determine the amount of detail presented.
Prepares general-purpose reports for people outside an organization.
Presents summary historical data in compliance with generally accepted accounting principles.
Correct Feedback Uses cost-benefit analysis to determine the amount of detail presented.
Incorrect Feedback Uses cost-benefit analysis to determine the amount of detail presented.
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Question The best example of using managerial accounting information to help organizations succeed includes which of the following?
Answer implementing strategies.
processing travel vouchers.
tracking employee time and attendance.
reconciling petty cash balances.
Correct Feedback implementing strategies.
Incorrect Feedback implementing strategies.
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Question Managerial accounting information is used by which of the following managers?
Answer marketing managers to help price products and assess their profitability.
production managers to manage quality and costs and to assure on-time delivery.
general managers to measure employee performance and create incentives.
All of the answers are correct.
Correct Feedback All of the answers are correct.
Incorrect Feedback All of the answers are correct.
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Question Considering the time dimension, how does managerial decision making compare with external performance evaluation?
Managerial Decision Making External Performance

Answer Past Past
Past Future
Future Past
Future Future
Correct Managerial decision making is focused on the future. External performance relates to what has already taken place within an
Feedback organization, i.e., the past.
Incorrect Managerial decision making is focused on the future. External performance relates to what has already taken place within an
Feedback organization, i.e., the past.
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Question The question "How much information is enough?" for managerial purposes should be answered on
Answer a cost/benefit basis.
a cost, but not benefit, basis.
a benefit, but not cost, basis.
neither costs nor benefits, but some other criteria.
Correct Feedback a cost/benefit basis.
Incorrect Feedback a cost/benefit basis.
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Question Accounting data used for managerial reports

Answer must be the same data used for reporting to shareholders, but may be different for tax purposes.
must be the same data used for tax purposes, but may be different data for reporting to shareholders.
must be the same data used for both tax purposes and reporting to shareholders.
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may be different from data used for both tax purposes and reporting to shareholders.
Correct Feedback may be different from accounting data used for both tax purposes and reporting to shareholders.
Incorrect Feedback may be different from accounting data used for both tax purposes and reporting to shareholders.
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Question Who manages cost and managerial accounting in most organizations?
Answer Controller
Treasurer
Board of directors
Chief executive officer
Correct Feedback Controller
Incorrect Feedback Controller
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Question Who manages cash flows and raises cash for operations in most organizations?
Answer Controller
Treasurer
Board of directors
Correct Feedback Treasurer
Incorrect Feedback Treasurer
Add Question Here
Question Who is the manager in charge of raising cash for operations and managing cash and near-cash assets?
Answer Chief financial officer.
Controller.
Treasurer.
Internal auditor.
Correct Feedback Treasurer.
Incorrect Feedback Treasurer.
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Question Which of the following works in planning, decision making, designing information systems, designing incentive systems, and helping
managers make operating decisions?
Answer Controller
Treasurer
Board of directors
Correct Feedback Controller
Incorrect Feedback Controller
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Question Who is the chief accounting officer that oversees providing information to managers?
Answer Chief financial officer.
Controller.
Treasurer.
Internal auditor.
Correct Feedback Controller.
Incorrect Feedback Controller.
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Question What organization publishes a journal called Strategic Finance, numerous policy statements, and research studies on accounting
issues?
Answer Institute of Management Accountants
Cost Accounting Standards Board
General Accounting Office
American Institute of Certified Public Accountants
Correct Feedback Institute of Management Accountants
Incorrect Feedback Institute of Management Accountants
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Question The Sarbanes-Oxley Act of 2002 has increased the interaction between the audit committee of the board of directors and the which of
the following?
Answer controller.
treasurer.
internal auditor.
production manager.
Correct Feedback internal auditor.
Incorrect Feedback internal auditor.
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Question In 2002, Congress passed the Sarbanes-Oxley Act. Which of the following is not a provision of that act?
Answer The law empowered the American Institute of Certified Public Accountants (AICPA) to oversee licensure of auditors.
The Chief Executive Officer (CEO) must sign the company’s financial statements attesting to the inclusion of all material
information.
The Public Company Accounting Oversight Board (PCAOB) was created.
The CEO and Chief Financial Officer (CFO) must indicate that they are responsible for the company’s system of internal
control.
Correct Feedback The AICPA was formed many years prior to the passing Sarbanes-Oxley. This is not part of the act.
Incorrect
The AICPA was formed many years prior to the passing Sarbanes-Oxley. This is not part of the act.
Feedback
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Question What organization developed the “Standards of Ethical Conduct for Management Accountants” mandating that management
accountants have a responsibility to maintain the highest levels of ethical conduct?
Answer Institute of Management Accountants
Cost Accounting Standards Board
General Accounting Office
American Institute of Certified Public Accountants
Correct Feedback Institute of Management Accountants
Incorrect Feedback Institute of Management Accountants
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Question Which of the following accurately describes the managerial accountants' professional environment and ethical responsibilities?
Answer Stockholders have an ethical responsibility to report accurately even when their own compensation suffers.
Financial analysts have an ethical responsibility to report accurately even when their own compensation suffers.
Managers have an ethical responsibility to report accurately even when their own compensation suffers.
Managers do not have an ethical responsibility to report accurately even when their own compensation suffers.
Correct Feedback Managers have an ethical responsibility to report accurately even when their own compensation suffers.
Incorrect Feedback Managers have an ethical responsibility to report accurately even when their own compensation suffers.
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Question How is cost, as used in managerial accounting, distinguished from expense, as used in financial accounting?
Answer A cost is a sacrifice of resources and expenses are recorded in accounting records, but not all costs appear in accounting
records.
All expenses are costs, but not all costs are expenses in the period of incurrence, even though they will become expenses in
some later period.
Managerial accounting deals primarily with costs, not expenses, while financial accounting primarily deals with expenses for
financial reporting as defined by generally accepted accounting principles.
Correct
Feedback
Incorrect
Feedback
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Question In principle, a cost is
Answer a sacrifice of resources.
something used up to produce revenues in a particular accounting period.
only comprised of direct material and direct labor.
something measured in conformity with generally accepted accounting principles.
Correct Feedback a sacrifice of resources.
Incorrect Feedback a sacrifice of resources.
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Question What is an opportunity cost?
Answer The historical cost of goods or services used.
The foregone income from using an asset in its best alternative.
A sacrifice of resources.
A sacrifice of investment opportunities.
Correct Feedback The foregone income from using an asset in its best alternative.
Incorrect Feedback The foregone income from using an asset in its best alternative.
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Question What is an opportunity cost?

Answer The difference in total costs which results from selecting one choice instead of another.
The profit forgone by selecting one choice instead of another.
A cost that may be saved by not adopting an alternative.
A cost that may be shifted to the future with little or no effect on current operations.
Correct Feedback The profit forgone by selecting one choice instead of another.
Incorrect Feedback The profit forgone by selecting one choice instead of another.
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Question Income forgone from not using an asset in its best economic alternative is an example of which of the following type of cost?
Answer outlay cost.
direct cost.
indirect cost.
opportunity cost.
Correct Feedback opportunity cost.
Incorrect Feedback opportunity cost.
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Question Any item for which the manager wishes to measure cost is called a(n)
Answer direct cost.
indirect cost.
cost object.
target cost.
Correct Feedback cost object.
Incorrect Feedback cost object.
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Question What is the term that describes costs that relate directly to a cost object?
Answer direct cost.
indirect cost.
sunk cost.
target cost.
Correct Feedback direct cost.
Incorrect Feedback direct cost.
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Question Costs that do not relate directly to a cost object are its
Answer marginal cost.
indirect cost.
sunk cost.
target cost.
Correct Feedback indirect cost.
Incorrect Feedback indirect cost.
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Question Costs that change in total as the level of activity changes are which of the following?
Answer direct costs.
indirect costs.
variable costs.
fixed costs.
Correct Feedback variable costs
Incorrect Feedback variable costs
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Question Which of the following terms describes a cost that does not relate directly to a cost object?
Answer outlay cost.
direct cost.
indirect cost.
opportunity cost.
Correct Feedback indirect cost.
Incorrect Feedback indirect cost.
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Question Which of the following is a cost that does not change in total as the level of activity changes?
Answer fixed cost.
direct cost.
indirect cost.
variable cost.
Correct Feedback fixed cost.
Incorrect Feedback fixed cost.
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Question Which of the following statements is true concerning variable costs?

Answer Variable costs are likely to respond to the amount of attention devoted to them by a management.
Variable costs are associated with marketing, shipping, warehousing, and billing activities.
Variable costs do not change in total for a given period but decrease on a per unit basis.
Variable costs change in total with changes in production activity.
Correct Feedback Variable costs change in total with changes in production activity.
Incorrect Feedback Variable costs change in total with changes in production activity.
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Question When the number of units manufactured increases, the most significant change in average unit cost will be reflected as
Answer an increase in the nonvariable component.
a decrease in the variable component.
a decrease in the nonvariable component.
an increase in the variable component.
Correct Feedback a decrease in the nonvariable component.
Incorrect Feedback a decrease in the nonvariable component.
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Question The nursing station on the fourth floor of Columbia Hospital for Women is responsible for the care of patients who have just given birth.
The costs of drugs administered by the nurses to patients would be classified as
indirect costs.
overhead costs.
period costs.
Correct Feedback direct costs.
Incorrect Feedback direct costs.
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Question The costs of staffing and operating the accounting department at Columbia Hospital for Women would be considered by the Department
of Surgery to be which of the following?
indirect costs.
incremental costs.
controllable costs.
Correct Feedback indirect costs.
Incorrect Feedback indirect costs.
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Question Which of the following statements is true concerning total variable costs?
Answer Total variable costs do not vary in total within the relevant range.
Total variable costs vary in total in proportion to the activity level.
Total variable costs vary in total in an inverse relationship with production.
Total variable costs vary in total, but not in proportion to changes in the activity level.
Correct Feedback Total variable costs vary in total in proportion to the activity level.
Incorrect Feedback Total variable costs vary in total in proportion to the activity level.
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Question Fixed costs expressed on a per unit basis
Answer will react directly with changes in activity.
will react inversely with changes in activity.
are not affected by activity.
should be ignored in making decisions since they cannot change over the long run.
Correct Feedback will react inversely with changes in activity.
Incorrect Feedback will react inversely with changes in activity.
Add Question Here
Question Data for Cost A and Cost B are as follows:
# of Units Produced Total Cost

Cost A 1 $ 10
10 100
100 1,000
# of Units Per Unit Cost

Cost B 1 5,000
10 500
100 50
Which of the following best describes the behavior of Costs A and B?

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Answer Cost A is fixed, Cost B is variable.

Cost A is variable, Cost B is fixed.
Both Cost A and Cost B are variable.
Both Cost A and Cost B are fixed.
Correct Feedback Cost A is variable, Cost B is fixed.
Incorrect Feedback Cost A is variable, Cost B is fixed.
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Question A cost that changes in total as the level of activity changes is known as which of the following?
Answer fixed cost.
direct cost.
indirect cost.
variable cost.
Correct Feedback variable cost.
Incorrect Feedback variable cost.
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Question External financial statements
Answer promote internal management planning and decision making.
do not show variable and fixed costs.
are not in accordance with generally accepted accounting principles.
show direct and indirect costs.
Correct Feedback do not show variable and fixed costs.
Incorrect Feedback do not show variable and fixed costs.
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Question The income statement presentation that helps managers plan and make decisions shows the distinction between
Answer sunk and opportunity costs.
variable and fixed costs.
controllable and non-controllable costs.
discretionary and outlay costs.
Correct Feedback variable and fixed costs.
Incorrect Feedback variable and fixed costs.
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Question Which of the following concepts is least useful for managing costs more effectively?
Answer Activity-based management.
Value-added and non-value-added activities.
The value chain.
Generally accepted accounting principles.
Correct Feedback Generally accepted accounting principles.
Incorrect Feedback Generally accepted accounting principles.
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Question Benefit(s) of the income statements for managerial use include(s)

Answer demonstrating which costs are variable and which are fixed.
breaking down revenues and costs in a number of ways to meet managers’ needs.
breaking down revenues and expenses in a number of ways to meet managers’ needs.
demonstrating which costs are variable and which are fixed, and breaking down revenues and costs in a number of ways
to meet managers’ needs.
Correct demonstrating which costs are variable and which are fixed, and breaking down revenues and costs in a number of ways to
Feedback meet managers’ needs.
Incorrect demonstrating which costs are variable and which are fixed, and breaking down revenues and costs in a number of ways to
Feedback meet managers’ needs.
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Question What appears at the bottom of income statements prepared for managerial use to distinguish it from net income used in external
reporting?
Answer Other comprehensive income
Operating profit
Gross margin
Net profit (or loss)
Correct Feedback Operating profit
Incorrect Feedback Operating profit
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Question What is the study of the need for activities and whether they are operating efficiently called?
Answer direct and indirect cost management.
variable and fixed cost management.
activity-based management.
total quality management.
Correct Feedback activity-based management.
Incorrect Feedback activity-based management.
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Question Which of the following describes an activity that increases the product’s service to the customer?
Answer direct activity.
variable activity.
value-added activity.
non-value-added activity.
Correct Feedback value-added activity
Incorrect Feedback value-added activity
Add Question Here
Question Which of the following is an activity that when eliminated reduces cost without reducing the product’s service to the customer?
Answer direct activity.
indirect activity.
value-added activity.
non-value-added activity.
Correct Feedback non-value-added activity.
Incorrect Feedback non-value-added activity.
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Question The linked set of activities that increases the usefulness (or value) of the products or services of an organization is the
Answer direct chain.
indirect chain.
value chain.
variable chain.
Correct Feedback value chain.
Incorrect Feedback value chain.
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Question Which of the following reflects the correct order in a value-chain?
Answer Research & Development, Design, Production
Distribution, Customer Service, Marketing
Design, Research & Development, Production
Distribution, Marketing, Research & Development
Correct Feedback The typical value-chain begins with Research and Development, followed by design, then production.
Incorrect Feedback The typical value-chain begins with Research and Development, followed by design, then production.
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Question In managerial accounting, what is the cost of capital?

Answer the amount a firm could earn on its assets by putting them to their best alternative use.
not included in the financial accounting statements.
the weighted average of the costs of the firm’s sources of funds taking into account both debt and equity sources of
capital.
Correct Feedback All of the answers are correct.
Incorrect
Feedback
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Question In managerial accounting, what is the term used to describe the amount a firm could earn on its assets by putting them to their best
alternative use?
Answer cost of capital.
sunk cost.
marginal cost.
future cost.
Correct Feedback cost of capital.
Incorrect Feedback cost of capital.
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Question In managerial accounting, what can help the manager decide where to direct the organization’s resources?
Answer Capital resource allocation models
Quantum resource analysis
Balanced scorecard
Strategic cost analysis
Correct Feedback Strategic cost analysis
Incorrect Feedback Strategic cost analysis
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Question Which statement is true concerning integrated information systems?

Answer Integrated information systems measure a company's products, services, and activities against other more efficient and
effective divisions or businesses.
Integrated information systems tie together various databases and applications.
Integrated information systems focus on increasing quality as perceived and defined by the customer.
Integrated information systems emphasize strengthening the weakest link (or constraint) of the company to improve
operations.
Correct
Feedback
Incorrect
Feedback
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Question Which statement is true concerning integrated information systems?

Answer Integrated information systems are not technically feasible.
Integrated information systems violate generally accepted accounting principles.
Integrated information systems are not commercially available.
Integrated information systems tie together managerial accounting, financial reporting, customer databases, supply chain
management and other data bases.
Correct Integrated information systems tie together managerial accounting, financial reporting, customer databases, supply chain
Feedback management and other data bases.
Incorrect Integrated information systems tie together managerial accounting, financial reporting, customer databases, supply chain
Feedback management and other data bases.
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Question Integrated information processing systems that tie together managerial accounting, financial reporting, customer databases, supply chain
management and other data bases are
Answer not technically feasible.
required by the Internal Revenue Service regulations.
not in accordance with generally accepted accounting principles.
now commercially available.
Correct Feedback now commercially available.
Incorrect Feedback now commercially available.
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Question What does the term “just-in-time” refer to?
Answer factories built just in time to meet production needs. machinery
placed in service just in time to begin production. materials
received from suppliers just in time for production needs. All of the
answers are correct.
Correct Feedback materials received from suppliers just in time for production needs.
Incorrect Feedback materials received from suppliers just in time for production needs.
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Question The benefits of a just-in-time system usually include which of the following?
Answer elimination of non-value-added activities.
increase in inventory levels, thus guarding against stock-outs.
increased time spent valuating inventories.
decrease in the number of deliveries required to maintain production.
Correct Feedback elimination of non-value-added activities.
Incorrect Feedback elimination of non-value-added activities.
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Question What production methodology strives to eliminate inventory and increase efficiency and quality?
Answer Total quality management.
Theory of constraints.
Benchmarking.
Just-in-time.
Correct Feedback Just-in-time.
Incorrect Feedback Just-in-time.
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Question Which of the following best describes the term “benchmarking?”

Answer producing a particular product at the lowest possible cost.
designing the highest quality product in a given market.
developing the best selling product
improvement gained through measuring one’s products against the best products.
Correct Benchmarking is the process of continuous improvement through the measurement of one’s products or services against the
Feedback best products and services.
Incorrect Benchmarking is the process of continuous improvement through the measurement of one’s products or services against the
Feedback best products and services.
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Question The following reduces the need for in-house information technology people as well as for transaction and system managers:
Answer Theory of constraints.
Web hosting.
Generally accepted accounting principles.
Stand-alone accounting systems.
Correct Feedback Web hosting.
Incorrect Feedback Web hosting.
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Question The following provides the means for companies to outsource substantial portions of their information systems and enables the company
to focus on its core competencies while taking advantage of the host's server and bandwidth capability.
Answer Value chain.
Web hosting.
Total Quality Management.
Zero-Base Budgeting.
Correct Feedback Web hosting.
Incorrect Feedback Web hosting.
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Question What modern production methodology emphasizes strengthening the weakest link of the company to improve operations to become
more efficient and effective?
Answer Weakest link theory
Just-in-time
Total quality
Theory of constraints.
Correct Feedback Theory of constraints.
Incorrect Feedback Theory of constraints.
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Question What management technique focuses on increasing quality as perceived and defined by the customer?
Answer Theory of constraints.
Benchmarking.
Total quality management.
Web hosting.
Correct Feedback Total quality management.
Incorrect Feedback Total quality management.
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Question What is the term that describes the decline in value of assets during the period using either the sales value of assets or their
replacement costs as the measure of value?
Answer economic inflation.
economic deflation.
economic appreciation.
economic depreciation.
Correct Feedback economic depreciation.
Incorrect Feedback economic depreciation.
Add Question Here
Question What is the definition of economic depreciation according to managerial accounting?

Answer the decline in value of assets during the period using the sales value of assets as the measure of value, only.
the decline in value of assets during the period using the replacement costs as the measure of value, only.
the decline in value of assets during the period using either the sales value of assets or their replacement costs as the
measure of value.
the decline in value of assets during the period using amortized acquisition cost as the measure of value.
Correct Feedback the decline in value of assets during the period using either the sales value of assets or their replacement costs as the
measure of value.
Incorrect the decline in value of assets during the period using either the sales value of assets or their replacement costs as the
Feedback measure of value.
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Add Question Here
Question What is part of a "lean production" philosophy that has been credited for the success of many Japanese companies and some large U.S.
companies?
Answer Just-in-time production
Mini-max inventory systems
Economic order quantities
Strategic cost analysis systems
Correct Feedback Just-in-time production
Incorrect Feedback Just-in-time production
Add Question Here
Question What recent management innovation uses such performance measures as product reliability and service delivery, as well as traditional
measures of profitability?
Answer Just-in-time production Total
quality management Economic
order quantities Strategic cost
analysis systems
Correct Feedback Total quality management
Incorrect Feedback Total quality management
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Question What recent management innovation views a business as a linked sequence of processes that transforms inputs into saleable outputs
and is used to improve operations?
Answer Just-in-time production
Total quality management
Theory of constraints
Strategic cost analysis systems
Correct Feedback Theory of constraints
Incorrect Feedback Theory of constraints
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Question What recent management innovation is the continuous process of measuring one’s own products, services, and activities against the
best levels of performance inside one’s own organization or in other organizations?
Answer Benchmarking
Total quality management
Theory of constraints
Strategic cost analysis
Correct Feedback Benchmarking
Incorrect Feedback Benchmarking
Add Question Here

Question Which of the following statements is false concerning lean production?
Answer Lean production eliminates inventory between producing departments.
Lean production requires flexibility to change quickly from one product to another.
Lean production requires increased time valuating inventories.
Lean production emphasizes employee training and participation in decision making.
Correct Feedback Lean production refers to an inventory minimization system, therefore, answer “c” is false.
Incorrect Feedback Lean production refers to an inventory minimization system, therefore, answer “c” is false.
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Question Ethical standards that comprise the Institute of Management Accountant's Code of Ethics do not include which of the following?
Answer competence.
collegiality.
integrity.
objectivity.
Correct Feedback collegiality.
Incorrect Feedback collegiality.
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Question Which of the following best determines the amount of accounting information that is generated for managerial purposes and effective
communication between accountants and users?
Answer bandwidth capabilities
cost-benefit analysis
web hosting
just-in-time analysis
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Question All of the following are true regarding integrated information systems except:
Answer Accounting and other databases can be integrated with numerous applications such as managing the supply chain, making general
ledger entries, and reporting to top management.
Integrated information systems imply that accountants no longer control a particular information domain.
Accountants are no longer the source of accounting information because managers and staff can directly access accounting
information in integrated information systems.
Because accountants are no longer needed in an integrated information system environment, they typically do not serve on cross-
functional teams.
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Question Which of the following statements are more descriptive of managerial accounting than of financial accounting?
Answer Emphasis is on historical data.
Information is more widely distributed.
Recognized standards for presentation.
Information is tailored to the needs of individual decision makers.
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Question All of the following are ways in which IFRS may relate to managerial accounting except:
Answer IFRS governs managerial accounting methods.
Managerial accountants usually do not use LIFO for internal reports, so managerial accounting reports are more likely to agree with
IFRS than with U.S. GAAP, if the U.S. GAAP reports use LIFO.
If the current IFRS approach of capitalizing R & D costs as assets prevails in the United States, then we are likely to see development
costs capitalized for managerial reports.
The accounting information that managers use in making decisions and evaluating performance need not comply with IFRS.
Add Question Here
Question All of the following correctly describe accounting information used for managerial purposes except:
Answer Most managerial decisions require more detailed data than external financial reports provide.
Managers must use the same accounting data for their decision making, planning, and other managerial activities as they present in
tax returns and financial statements.
“One size fits all” does not apply to accounting information used for managerial accounting purposes.
Many companies develop managerial accounting information systems independent of financial accounting information systems.
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Question Examples of value-added activities include all of the following except:

Answer Assembly activities.
Machinery set-up activities.
The establishment of efficient distribution channels.
Product design.
Add Question Here
Question Which of the following activities performed by a manufacturer of bicycles best describes one that is not a value-added activity?
Answer Transfer of direct materials to appropriate points on the assembly line.
Reworking of poor quality bicycles.
Inspection of direct materials upon receipt from suppliers.
Bar code tagging of direct materials to ensure that the right parts are used for production.
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Question The value chain component related to the suppliers and production does not include costs for:
Answer Receipt of direct materials from suppliers.
Production set-up. Direct
production labor. Salaries for
sales personnel.
Add Question Here
Question All of the following are characteristics of the value chain except:
Answer a linked set of activities
activities that are monitored by how they contribute to the final product’s service, quality, and cost.
activities that increase the usefulness of products or services
includes activities that can be eliminated without reducing the product’s service potential
Add Question Here
Question Which of the following are Canadian designations that are similar to the CPA designation in the United States?
I. CA
II. CMA
III. CGA
IV. CASB
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Answer I & II
I & III
III & IV
I & IV
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Question Lean production strives to do all of the following except:

Answer flexibility in changing quickly from one product to another
make the quality and efficiency of production the highest priority
eliminate inventory between production departments
emphasize upper management control of decision making
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Question Which of the following would be a direct cost for a computer manufacturer?
Answer cost of utilities in the factory
wages of the workers in the keyboard manufacturing department
wages of the workers in the repair department
factory supervision
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Question Which of the following is an example of direct materials cost for an automobile manufacturer?
Answer cost of wages of assembly workers
cost of oil or lubricants for the factory machinery
cost of the automobile windshield
salary of the production supervisor
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Question All of the following are key developments that have helped reshape the discipline of managerial accounting except:
Answer the convergence of U.S. GAAP with IFRS
global strategies
total quality management
integrated information systems
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Question Managerial accountants would most likely assist organizations in the performance of all of the following functions except:
Answer Monitoring, evaluating, and rewarding performance.
The preparation of income tax returns.
Planning and decision-making.
The assignment of decision-making authority over company assets.
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Question Which of the following is the organization that sponsors the major certification of accountants known as the CMA?
Answer The Canadian Institute of Chartered Accountants
The Cost Accounting Standards Board
The Institute of Management Accountants
The American Institute of Certified Public Accountants
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Question All of the following are provisions of the Sarbanes-Oxley Act except:
Answer The law states that the CEO and the CFO are responsible for signing their company’s financial statements and indicating that the
financial statements do not omit material information.
The law requires the company’s auditor must attest to management’s assessment of internal controls.
The law created the Public Company Accounting Oversight Board (PCAOB), which
oversees auditors of public companies.
The law requires that lower-level managers submit to lie-detector tests if fraud is suspected.
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Question Which of the following is best defined as a cost that changes in total as the level of activity changes?
Answer an opportunity cost
a fixed cost
a variable cost
a cost object
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14 of 17
Question All of the following statements are true regarding the contrast between income statements for managerial use with those for external
reporting except:
Answer Income statements for external reporting show variable and fixed costs.
Income statements for external reporting typically aggregate data more than those used for managerial purposes.
Income statements for external reporting comply with income tax regulations and financial accounting principles.
Operating profit is used at the bottom of income statements prepared for managerial use.
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Question For a furniture manufacturer, which of the following activities could not be eliminated without changing the customer's perception of the
product's desirability?
Answer Set-up of machinery to produce different pieces of furniture.
Reducing the product's distribution network.
Inspection of incoming shipments of wood and fabrics.
Movement of work-in-process from one work station to another.
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Question In an aircraft factory, the inventory of direct materials would not include:
Answer Glue for the passenger seats
Electronic instruments to be installed in aircraft.
Lavatory equipment
Sheet aluminum to be used for the exterior of the aircraft.
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Question Krista’s Bakery produced and sold 2,000 pies last month and had fixed costs of $6,000. If production and sales are expected to increase
by 10% next month, which of the following statements is true?
Answer Fixed cost per unit will decrease.
Fixed cost per unit will increase.
Total fixed costs will decrease.
Total fixed costs will increase.
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Question Which of the following is most likely to be considered a variable cost?

Answer Depreciation on equipment.
The cost of labor used in production.
Insurance on the factory.
Rent on a storage facility.
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Question Which of the following is most likely to be a fixed cost for a company?
Answer Sales commissions.
Depreciation on factory equipment
The cost of materials used in production.
The cost of shipping finished goods.
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Question Explain the difference between managerial and financial accounting.

Answer Managerial accounting provides information used by managers inside the organization. To that end, it does not comply with generally
accepted accounting principles. Managerial accounting uses cost-benefit analysis to determine the amount of detail presented. Historical
data and future estimates are used for planning, decision-making, and performance evaluation. Financial accounting prepares general-
purpose reports for individuals and businesses outside an organization and presents summary historical data in compliance with generally
accepted accounting principles.
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Question Compare financial and managerial accounting. Discuss the environment in which each is relevant.
Answer Financial accounting is focused on external users, while management accounting is focused on internal users. Financial accounting is
primarily concerned with aggregated reporting for the whole organization, while management accounting more often reports on individual
parts or segments of a company. Financial accounting information is historical, quantitative, monetary and accurate; management
accounting information may be forecasted, quantitative or qualitative, monetary or nonmonetary, timely, and at least a reasonable estimate
of reality. Financial accounting information must be reported using consistent generally accepted accounting principles and using
information that is verifiable through some form of documentation. On the other hand, management accounting information reflects
situation relevancy and usefulness to those persons requesting or needing it, should produce benefits in excess of the costs necessary to
obtain it, and should be flexible in meeting managerial needs. Record keeping for financial accounting is a formal process while
management accounting record keeping is both formal and informal. Lastly, financial accounting is commonly required by external
organizations, such as the Securities and Exchange Commission or the company's stock exchange; management accounting information
is generally not required by any party.
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15 of 17
Question Discuss how managers can use accounting information to implement strategies.
Answer Managers use accounting information to help project the consequences of various courses of action in the decision-making and planning
process. The chapter discusses several managerial accounting tools useful when implementing company-wide strategies. For example, a
manager may focus on the mix of fixed and variable costs in an organization to plan for future increases in production. Understanding of
costs and how they behave in an organization will have a tremendous impact on the strategies implemented.
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Question Discuss the three principal uses of managerial accounting information and how they would be used in a manufacturing organization to
enhance managerial decision making.
Answer The three principal uses of accounting information are 1) managerial decision making, 2) planning, and 3) internal performance evaluation.
In making a decision, managers form expectations about performance if everything goes according to plan. The results of the internal
performance evaluation in one period become inputs into the planning and decision-making process of the next period.
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Question Identify the key financial players in the organization.

Answer The top financial person is the financial vice-president (or chief financial officer), who is in charge of the entire accounting and finance
function. The controller, the chief accounting officer, oversees providing information to managers. The corporate treasurer is the manager
in charge of raising cash for operations and managing cash and near-cash assets. The internal audit department provides a variety of
auditing and consulting services.
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Question Compare and contrast the functions of the controller, internal auditor, and treasurer. Can one person effectively perform all of these
functions in a small business?
Answer The response should include a description of each function. The controller is the chief accounting officer responsible for maintaining the
accounting system and for external reporting. The internal auditor evaluates internal controls and assists external auditors with the
financial statement audit. The treasurer is responsible for cash management including bank financing. In most small businesses, one
person does fulfill all of these functions; however, the internal audit function should be separate to be effective.
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Question Discuss the managerial accountants’ professional environment and ethical responsibilities.
Answer Companies hold managers accountable for achieving financial performance targets. Because many firms base compensation on these
targets, all managers have an ethical responsibility to report accurately even when their own compensation suffers.
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Question Discuss the concepts of cost, expense, and opportunity cost.

Answer A cost is a sacrifice of resources. An expense is the historical cost of goods or services used. An opportunity cost is the sacrifice of
forgoing the return from the best alternative use of an asset.
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Question Describe what is meant by just-in-time inventory management and explain how it can benefit an organization.
Answer Just-in-time (JIT) inventory management is part of a "lean production" philosophy that has been credited for the success of many
Japanese companies and some large U.S. companies. It eliminates inventory between production departments, making the quality and
efficiency of production the highest priority. JIT has also affected cost-accounting systems. Firms using JIT will have minimum inventory
levels.
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Question How can managerial accounting support modern production environments?

Answer Integrated information systems tie together various databases and applications. Web hosting enables companies to outsource their
information technology requirements and take advantage of the host's bandwidth and servers. Just-in-time production strives to eliminate
inventory and increase efficiency and quality. Total quality management focuses on increasing quality as perceived and defined by the
customer. The theory of constraints emphasizes strengthening the weakest link (or constraint) of the company to improve operations.
Benchmarking measures a company's products, services, and activities against other more efficient and effective divisions or businesses.
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Question List the six business functions in the value chain and describe how they contribute to the final product's service, quality, and cost.
Answer 1. Research and development: the creation and development of ideas related to new products, services, or processes.
2. Design: the detailed development and engineering of products, services, or processes.
3. Production: the collection and assembly of resources to produce a product or deliver a service.
4. Marketing: the process that informs potential customers about the attributes of products or services, and leads to the purchase of
those products or services.
5. Distribution: the process established to deliver products or services to customers.
6. Customer service: product or service support activities provided to customers.
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Question Benezra Enterprises, Inc.
Benezra Enterprises, Inc. has a plant capacity that can produce 4,000 units annually. Its predicted operations for the year are:
Sales (2,000 units at $50 each) $100,000

Manufacturing costs:
Variable $15 per unit
Fixed $20,000
Marketing and administrative costs:
Variable $10 per unit
Fixed $10,000
16 of 17
Refer to the information for Benezra Enterprises. What is the current operating profit?
Answer Sales $100,000
Less variable costs:
Manufacturing: 30,000
Marketing & administrative 20,000
Total variable costs 50,000
Contribution margin $ 50,000
Less fixed costs:
Manufacturing 20,000
Marketing & administrative 10,000
Total fixed costs 30,000
Operating profit $ 20,000
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Question ABC Company has the following cost relations:
Sales price per unit $ 45

Variable costs per unit $ 20
Fixed costs per period $4,000
Calculate the operating profits if the company sells 150 units. If ABC wants to increase operating profits what are the options? Give reasons and
constraints for each option.
Answer Sales $6,750
Variable costs per unit 3,000
Contribution margin 3,750
Fixed costs 4,000
Operating loss ($ 250)
They can increase the sales price or lower the variable costs per unit or a combination of the two. The increase in sales price could cause
customer ill will and decrease demand for the product. The decrease in variable cost may not be possible without decreasing quality,
which may cause the same decrease in volume. There will be a wide range of student responses to this part of the question.
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Question Compare and contrast income statements prepared for managerial use and those prepared for external reporting.
Answer Income statements prepared for internal, managerial use show the distinction between variable and fixed costs. This presentation helps
internal, management planning and decision making. Income statements for external reporting do not show variable and fixed costs, and
the firms prepares these statements for external users, such as stockholders and creditors, in accordance with generally accepted
accounting principles.
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Question How can web hosting help a small start-up company?

Answer Many small companies outsource substantial portions of their information systems by using Web hosting. Web hosting enables the
company to focus on its core competencies while taking advantage of the host's server and bandwidth capabilities. For example, a bank
might provide a Web site to handle payment processing for small businesses. Web hosting thus reduces the need for in-house information
technology people as well as for transaction and system managers.
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Question Discuss the importance of effective communication between accountants and users of managerial accounting information?
Answer A cost-benefit analysis determines the amount of accounting information generated for managerial purposes. Such analysis requires
effective communication and cooperation between users and accountants.
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Question What are the ethical standards that make up the Institute of Management Accountants’ Code of Ethics?
Answer Management accountants should maintain competence, confidentiality, integrity, and objectivity.
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Question Malone, an auto mechanic, left his $35,000-a-year job at Jim’s Garage, which provided additional health care insurance benefits of
$5,000 a year, and he became an opera singer. Malone now draws an annual salary of $25,000 and pays for his own health care insurance of
$3,500 a year with the Orlando Opera Company. Identify his opportunity costs.
Answer Opportunity Costs = $35,000 + $5,000 health care insurance benefits.
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Question An accounting employee notices that another employee in the Purchasing Department has
been accepting gift cards from a company supplier, which is against company policy. According to the Institute of Management Accountants’ code
of conduct, what steps should the accounting employee take to stop the practice?
Answer Whether real or perceived, the purchasing employee has shown a conflict of interest and lack of independence from the supplier by taking
gifts from a company with whom the employee conducts business. It is very important for buyers to maintain an objective relationship with
their suppliers so purchases are “arms-length” transactions.
If the accounting employee is sure about these allegations, then the steps that he/she should take would be to speak with his or her
superior in an attempt to stop the violation unless it is believed that his/her superior is involved in the kickback situation in some way. The
employee should move up the management ladder until a satisfactory resolution is reached. If the immediate superior involved is the is the
chief executive officer or equivalent, the acceptable reviewing authority may be a group such as the audit committee, executive committee,
board of directors, board of trustees, or owners. The Institute of Management Accountants has an 800 number that the employee can call
to seek additional advice.
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17 of 17
Question What is your favorite restaurant? What are some of the value-added costs that you believe the restaurant incurs and why?
Answer Answers will vary, but can include offering a variety of entree specials as well as regular diverse menu choices, providing low-cost options,
providing special treatment for special occasions, having low turnover of staff, providing good service even during rush hours, has
tablecloths and cloth napkins, has clean restrooms, etc.
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Question Identify a non-value-added activity for customers of each of the following: a grocery store, a bank, and an airline.
How might each organization be able to eliminate the non-value-added activity identified?
Answer Answers may vary but can include:
Grocery store—items on sale that are sold out - Offer rain checks, provide substitutions, or order more sale items to anticipate demand for
high choice items
Bank—improper recording of customer transactions - Eliminate through training
Airline—long waiting line to check in - Eliminate through automated self-scanning procedures.
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Question Jose plans to see his friend in San Francisco on New Year’s Day weekend. The plan ticket will cost him $550. Unfortunately, Jose’s
supervisor at work has asked if he would work overtime for 20 hours during the weekend at overtime pay of $40 per hour. What will be the
opportunity cost if Jose decides to visit his friend?
Answer 20 x $40 = $800
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Question Ronald’s Refrigeration Repair located in Tampa, Florida provides service to restaurant customers. He has always had the policy of
letting his employees have 6 holidays off each year (New Year’s Day, Memorial Day, July 4th, Labor Day, Thanksgiving, and Christmas). However,
he has also discovered that these are the days when restaurants seem to be the busiest and have refrigeration breakdowns. As a result he is
considering paying an emergency skeletal crew time and a half overtime rather than giving them the days off.
Ronald estimates that if he does this, he can generate $5,000 revenue for each of these 6 days. The incremental cost for 2 repair personnel will be
$60 per hour for 8 hours per day plus daily costs of: $500 for parts, $300 for transportation costs, and $200 for dispatcher staff. These costs do not
include a share of monthly rent or depreciation related to equipment.
Although Ronald would like to maintain his current holidays off policy, he would like to know the opportunity cost of this. Present Ronald with an
estimate of the opportunity cost and explain whey you do not have to consider rent or depreciation in the estimate.
Answer Revenue per day $ 5,000
Less incremental costs:
Labor (8 x $60 x 2) $960
Parts 500
Transportation 300
Dispatcher staff 200 1,960
Net $ 3,040
Opportunity cost = $3,040 per day 6 days = $18,240
Rent and depreciation do not enter into the calculation of the opportunity cost since these costs are not incremental and will be
incurred whether or not Ronald takes off holidays or not.
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Question If an action is legal for a company to pursue, is it necessary ethical? Discuss this in terms of the ethical issues presented in the text.
Answer Answers may vary. However, just because an action is legal, it does not necessarily follow that it is ethical. Ethical actions involve “what’s
right” while legal actions involve operating within boundaries of the law or accounting standards. As we saw in several cases in the past,
including Enron, companies sifting through accounting standards to look for loopholes and rationalized their legality by pushing these to
the limits and beyond.
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Question Barker Agricultural Industries studied the production and sale of 8,000 cases of roma tomatoes that sold retail for $25 per case. Barker
owns the tomato farm and a salsa manufacturing facility. Last year, Barker harvested tomatoes to produce 8,000 cases of salsa using these
tomatoes. The company produced the 8,000 cases and sold them to a large chain of restaurants in the region for $75 per case, who in turn sold
them to their individual restaurants. These restaurants then sold them to customers in their condiment gift shops. Using the following information
below, compute the profitability of each segment of the value chain—farm, salsa manufacturing, restaurant chain, and individual restaurant.
Farm
Farm Assets (beginning of year) $210,000
Farm Assets (end of year) $190,000
10 percent weighted-average cost-of-capital
Depreciable asset life 5 years (Use to compute economic depreciation or decline in the economic value of the farm assets)
Operating costs excluding depreciation $160,000
Salsa Operations
Market value of assets (Beginning of Year) $1,550,000
Market value of assets (End of Year) $1,450,000
10 percent weighted-average cost-of-capital
Operating costs excluding depreciation $142,000
Additional cost of spices, peppers and onions $6.00 per case
Restaurant Chain
Revenues per case of salsa: $115
Operating costs per case of salsa, including economic depreciation: $20
Cost-of-capital per case of salsa: $5
Individual Restaurant ( on average)

Revenues per case of salsa: $145
Operating costs per case of salsa, including economic depreciation: $15
18 of 17
Cost-of-capital per case of salsa: $5
Required: Prepare a value chain analysis using this information and explain how Barker’s management could use this data. Include options that
they might generate from this analysis.
Answer Farm Total Per Case
Revenues, if tomatoes were sold in the market $200,000 $ 25.00
($210,000 + $190,000) / 2
Less:
Operating costs, excluding depreciation 160,000 20.00
Economic depreciation, computed as the decline 40,000 5.00
in economic value of the farm assets. $200,000 /
5
Cost-of-capital ($200,000 x 10%) 20,000 2.50
Economic loss from the farm $ (20,000) $ (2.50)
Salsa Operations
Revenue from sale of salsa to chain $600,000 $75.00
Less:
Cost of tomatoes (see sales from Farm) 200,000 25.00
Cost of additional ingredients ($6 x 8,000) 48,000 6.00
Operating costs, excluding depreciation 142,000 17.75
Depreciation, computed as the change in 100,000 12.50
economic value of the salsa operation assets
Cost-of-capital, using a 10 percent rate (10 150,000 18.75
percent $1,500,000)
Economic loss from the salsa operations $ (40,000) $ (5.00)
Restaurant Chain
Revenues $115
Less cost of goods sold (see sales from Salsa 75
Operations)
Gross margin $ 40
Less operating costs, including economic 20
depreciation
Less cost-of-capital 5
Economic profit to the chain $ 15
Individual Restaurant (on average)
Revenues $145
Less cost of goods sold (see sales from Chain) 115
Gross margin $ 30
Less operating costs, including economic 15
depreciation
Less cost-of-capital 5
Economic profit to the individual restaurant $ 10
Based on the analysis, when management computes the profitability of each segment of the value chain, thought should be given to the
development of a strategic plan that would give the Farm and Salsa operations more of the profits from the chain and the retail of salsa.
The strategic cost analysis can help managers decide where to direct the organization’s resources.
Student answers regarding options may vary but here are a couple of possibilities. Maybe the farm and salsa owners should consider
selling the farm and salsa operations to a new investor, if they do not think it is possible to raise prices and/or lower costs. If the salsa is
such a good product and would support a price increase along with decreased operating costs through sales using the Internet as well as
other operating efficiencies, this may be a more effective direct sales route to consumers.
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"Outrageous!" added her husband. "I warned Hancock—he can't say I
didn't warn him. Still, however much one may disapprove of his
goings-on, there is no excuse whatever for such abominable conduct.
Once let me get hold of the beggars, whoever they are——"
"What's up?" said Wimsey, helping himself to broiled kidneys at the
sideboard.
"A most scandalous thing," said Mrs. Frobisher-Pym. "The vicar came
up to Tom at once—I hope we didn't disturb you, by the way, with all
the excitement. It appears that when Mr. Hancock got to the church
this morning at 6 o'clock to take the early service——"
"No, no, my dear, you've got it wrong. Let me tell it. When Joe Grinch
—that's the sexton, you know, and he has to get there first to ring the
bell—when he arrived, he found the south door wide open and
nobody in the chapel, where they should have been, beside the
coffin. He was very much perplexed, of course, but he supposed that
Hubbard and young Rawlinson had got sick of it and gone off home.
So he went on to the vestry to get the vestments and things ready,
and to his amazement he heard women's voices, calling out to him
from inside. He was so astonished, didn't know where he was, but he
went on and unlocked the door——"
"With his own key?" put in Wimsey.
"The key was in the door. As a rule it's kept hanging up on a nail
under a curtain near the organ, but it was in the lock—where it ought
not to have been. And inside the vestry he found Mrs. Hancock and
her daughter, nearly dead with fright and annoyance."
"Great Scott!"
"Yes, indeed. They had a most extraordinary story to tell. They'd
taken over at 2 o'clock from the other pair of watchers, and had knelt
down by the coffin in the Lady-chapel, according to plan, to say the
proper sort of prayers, whatever they are. They'd been there, to the
best of their calculation, about ten minutes, when they heard a noise
up by the High Altar, as though somebody was creeping stealthily
about. Miss Hancock is a very plucky girl, and she got up and walked
up the aisle in the dark, with Mrs. Hancock following on behind
because, as she said, she didn't want to be left alone. When they'd
got as far as the rood-screen, Miss Hancock called out aloud, 'Who's
there?' At that they heard a sort of rustling sound, and a noise like
something being knocked over. Miss Hancock most courageously
snatched up one of the churchwarden's staffs, which was clipped on
to the choir-stalls, and ran forward, thinking, she says, that somebody
was trying to steal the ornaments off the altar. There's a very fine
fifteenth-century cross——"
"Never mind the cross, Tom. That hasn't been taken, at any rate."
"No, it hasn't, but she thought it might be. Anyhow, just as she got up
to the sanctuary steps, with Mrs. Hancock coming close after her and
begging her to be careful, somebody seemed to rush out of the choir-
stalls, and caught her by the arms and frog's-marched her—that's her
expression—into the vestry. And before she could get breath even to
shriek, Mrs. Hancock was pushed in beside her, and the door locked
on them."
"By Jove! You do have exciting times in your village."
"Well," said Mr. Frobisher-Pym, "of course they were dreadfully
frightened, because they didn't know but what these wretches would
come back and murder them, and, in any case, they thought the
church was being robbed. But the vestry windows are very narrow
and barred, and they couldn't do anything except wait. They tried to
listen, but they couldn't hear much. Their only hope was that the four-
o'clock watchers might come early and catch the thieves at work. But
they waited and they waited, and they heard four strike, and five, and
nobody came."
"What had happened to what's-his-name and Rawlinson then?"
"They couldn't make out, and nor could Grinch. However, they had a
good look round the church, and nothing seemed to be taken or
disturbed in any way. Just then the vicar came along, and they told
him all about it. He was very much shocked, naturally, and his first
thought—when he found the ornaments were safe and the poor-box
all right—was that some Kensitite people had been stealing the
wafers from the what d'you call it."
"The tabernacle," suggested Wimsey.
"Yes, that's his name for it. That worried him very much, and he
unlocked it and had a look, but the wafers were all there all right, and,
as there's only one key, and that was on his own watch-chain, it
wasn't a case of anyone substituting unconsecrated wafers for
consecrated ones, or any practical joke of that kind. So he sent Mrs.
and Miss Hancock home, and had a look round the church outside,
and the first thing he saw, lying in the bushes near the south door,
was young Rawlinson's motor-cycle."
"Oho!"
"So his next idea was to hunt for Rawlinson and Hubbard. However,
he didn't have to look far. He'd got round the church as far as the
furnace-house on the north side, when he heard a terrific hullabaloo
going on, and people shouting and thumping on the door. So he
called Grinch, and they looked in through the little window, and there,
if you please, were Hubbard and young Rawlinson, bawling and
going on and using the most shocking language. It seems they were
set on in exactly the same way, only before they got inside the
church. Rawlinson had been passing the evening with Hubbard, I
understand, and they had a bit of a sleep downstairs in the back bar,
to avoid disturbing the house early—or so they say, though I dare say
if the truth was known they were having drinks; and if that's
Hancock's idea of a suitable preparation for going to church and
saying prayers, all I can say is, it isn't mine. Anyway, they started off
just before four, Hubbard going down on the carrier of Rawlinson's
bicycle. They had to get off at the south gate, which was pushed to,
and while Rawlinson was wheeling the machine up the path two or
three men—they couldn't see exactly—jumped out from the trees.
There was a bit of a scuffle, but what with the bicycle, and its being
so unexpected, they couldn't put up a very good fight, and the men
dropped blankets over their heads, or something. I don't know all the
details. At any rate, they were bundled into the furnace-house and left
there. They may be there still, for all I know, if they haven't found the
key. There should be a spare key, but I don't know what's become of
it. They sent up for it this morning, but I haven't seen it about for a
long time."
"It wasn't left in the lock this time, then?"
"No, it wasn't. They've had to send for the locksmith. I'm going down
now to see what's to be done about it. Like to come, if you're ready?"
Wimsey said he would. Anything in the nature of a problem always
fascinated him.
"You were back pretty late, by the way," said Mr. Frobisher-Pym
jovially, as they left the house. "Yarning over old times, I suppose."
"We were, indeed," said Wimsey.
"Hope the old girl carried you all right. Lonely bit of road, isn't it? I
don't suppose you saw anybody worse than yourself, as the saying
goes?"
"Only a policeman," said Wimsey untruthfully. He had not yet quite
decided about the phantom coach. No doubt Plunkett would be
relieved to know that he was not the only person to whom the
"warning" had come. But, then, had it really been the phantom coach,
or merely a delusion, begotten by whisky upon reminiscence?
Wimsey, in the cold light of day, was none too certain.
On arriving at the church, the magistrate and his guest found quite a
little crowd collected, conspicuous among whom were the vicar, in
cassock and biretta, gesticulating freely, and the local policeman, his
tunic buttoned awry and his dignity much impaired by the small fry of
the village, who clustered round his legs. He had just finished taking
down the statements of the two men who had been released from the
stoke-hole. The younger of these, a fresh-faced, impudent-looking
fellow of twenty-five or so, was in the act of starting up his motor-
cycle. He greeted Mr. Frobisher-Pym pleasantly. "Afraid they've made
us look a bit small, sir. You'll excuse me, won't you? I'll have to be
getting back to Herriotting. Mr. Graham won't be any too pleased if
I'm late for the office. I think some of the bright lads have been having
a joke with us." He grinned as he pushed the throttle-lever over and
departed in a smother of unnecessary smoke that made Mr.
Frobisher-Pym sneeze. His fellow-victim, a large, fat man, who
looked the sporting publican that he was, grinned shamefacedly at
the magistrate.
"Well, Hubbard," said the latter, "I hope you've enjoyed your
experience. I must say I'm surprised at a man of your size letting
himself be shut up in a coal-hole like a naughty urchin."
"Yes, sir, I was surprised myself at the time," retorted the publican,
good-humouredly enough. "When that there blanket came down on
my head, I was the most surprised man in this here country. I gave
'em a hack or two on the shins, though, to remember me by," he
added, with a reminiscent chuckle.
"How many of them were there?" asked Wimsey.
"Three or four, I should say, sir. But not 'avin' seen 'em, I can only tell
from 'earin' 'em talk. There was two laid 'old of me, I'm pretty sure,
and young Rawlinson thinks there was only one 'ad 'old of 'im, but 'e
was a wonderful strong 'un."
"We must leave no stone unturned to find out who these people
were," said the vicar excitedly. "Ah, Mr. Frobisher-Pym, come and see
what they have done in the church. It is as I thought—an anti-Catholic
protest. We must be most thankful that they have done no more than
they have."
He led the way in. Someone had lit two or three hanging lamps in the
gloomy little chancel. By their light Wimsey was able to see that the
neck of the eagle lectern was decorated with an enormous red-white-
and-blue bow, and bore a large placard—obviously pinched from the
local newspaper offices—"Vatican Bans Immodest Dress." In each
of the choir-stalls a teddy-bear sat, lumpishly amiable, apparently
absorbed in reading the choir-books upside-down, while on the ledge
before them copies of the Pink 'Un were obstrusively displayed. In the
pulpit, a waggish hand had set up a pantomime ass's head, elegantly
arrayed in a nightgown, and crowned with a handsome nimbus, cut
from gold paper.
"Disgraceful, isn't it?" said the vicar.
"Well, Hancock," replied Mr. Frobisher-Pym, "I must say I think you
have brought it upon yourself—though I quite agree, of course, that
this sort of thing cannot possibly be allowed, and the offenders must
be discovered and severely punished. But you must see that many of
your practices appear to these people to be papistical nonsense at
best, and while that is no excuse...."
His reprimanding voice barked on.
"... what I really can only look upon as this sacrilegious business with
old Burdock—a man whose life...."
The policeman had by this time shoved away the attendant villagers
and was standing beside Lord Peter at the entrance of the rood-
screen.
"Was that you was out on the road this morning, sir? Ah! I thought I
reckernised your voice. Did you get home all right, sir? Didn't meet
nothing?"
There seemed to be a shade more than idle questioning in the tone of
his voice. Wimsey turned quickly.
"No, I met nothing—more. Who is it drives a coach with four white
horses about this village of a night, sergeant?"
"Not sergeant, sir—I ain't due for promotion yet awhile. Well, sir, as to
white horses, I don't altogether like to say. Mr. Mortimer over at
Abbotts Bolton has some nice greys, and he's the biggest horse-
breeder about these parts—but, well, there, sir, he wouldn't be driving
out in all that rain, sir, would he?"
"It doesn't seem a sensible thing to do, certainly."
"No, sir. And"—the constable leaned close to Wimsey and spoke into
his ear—"and Mr. Mortimer is a man that's got a head on his
shoulders—and, what's more, so have his horses."
"Why," said Wimsey, a little startled by the aptness of this remark, "did
you ever know a horse that hadn't?"
"No, sir," said the policeman, with emphasis, "I never knew no livin'
horse that hadn't. But that's neether here nor there, as the sayin'
goes. But as to this church business, that's just a bit of a lark got up
among the boys, that's what that is. They don't mean no harm, you
know, sir; they likes to be up to their tricks. It's all very well for the
vicar to talk, sir, but this ain't no Kensitites nor anythink of that, as you
can see with half an eye. Just a bit of fun, that's all it is."
"I'd come to the same conclusion myself," said Wimsey, interested,
"but I'd rather like to know what makes you think so."
"Lord bless you, sir, ain't it plain as the nose on your face? If it had a-
bin these Kensitites, wouldn't they have gone for the crosses and the
images and the lights and—that there?" He extended a horny finger
in the direction of the tabernacle. "No, sir, these lads what did this
ain't laid a finger on the things what you might call sacred images—
and they ain't done no harm neether to the communion-table. So I
says as it ain't a case of controuversy, but more a bit of fun, like. And
they've treated Mr. Burdock's corpse respectful, sir, you see, too. That
shows they wasn't meaning anything wrong at heart, don't you see?"
"I agree absolutely," said Wimsey. "In fact, they've taken particular
care not to touch anything that a churchman holds really sacred. How
long have you been on this job, officer?"
"Three years, sir, come February."
"Ever had any idea of going to town or taking up the detective side of
the business?"
"Well, sir—I have—but it isn't just ask and have, as you might say."
Wimsey took a card from his note-case.
"If you ever think seriously about it," he said, "give this card to Chief
Inspector Parker, and have a chat with him. Tell him I think you
haven't got opportunities enough down here. He's a great friend of
mine, and he'll give you a good chance, I know."
"I've heard of you, my lord," said the constable, gratified, "and I'm
sure it's very kind of your lordship. Well, I suppose I'd best be getting
along now. You leave it to me, Mr. Frobisher-Pym, sir; we'll soon get
at the bottom of this here."
"I hope you do," said the magistrate. "Meanwhile, Mr. Hancock, I trust
you will realise the inadvisability of leaving the church doors open at
night. Well, come along, Wimsey; we'll leave them to get the church
straight for the funeral. What have you found there?"
"Nothing," said Wimsey, who had been peering at the floor of the
Lady-chapel. "I was afraid you'd got the worm in here, but I see it's
only sawdust." He dusted his fingers as he spoke, and followed Mr.
Frobisher-Pym out of the building.
When you are staying in a village, you are expected to take part in
the interests and amusements of the community. Accordingly, Lord
Peter duly attended the funeral of Squire Burdock, and beheld the
coffin safely committed to the ground, in a drizzle, certainly, but not
without the attendance of a large and reverent congregation. After
this ceremony, he was formally introduced to Mr. and Mrs. Haviland
Burdock, and was able to confirm his previous impression that the
lady was well, not to say too well, dressed, as might be expected
from one whose wardrobe was based upon silk stockings. She was a
handsome woman, in a large, bold style, and the hand that clasped
Wimsey's was quite painfully encrusted with diamonds. Haviland was
disposed to be friendly—and, indeed, silk manufacturers have no
reason to be otherwise to rich men of noble birth. He seemed to be
aware of Wimsey's reputation as an antiquarian and book-collector,
and extended a hearty invitation to him to come and see the old
house.
"My brother Martin is still abroad," he said, "but I'm sure he would be
delighted to have you come and look at the place. I'm told there are
some very fine old books in the library. We shall be staying here till
Monday—if Mrs. Hancock will be good enough to have us. Suppose
you come along to-morrow afternoon."
Wimsey said he would be delighted.
Mrs. Hancock interposed and said, wouldn't Lord Peter come to tea at
the vicarage first.
Wimsey said it was very good of her.
"Then that's settled," said Mrs. Burdock. "You and Mr. Pym come to
tea, and then we'll all go over the house together. I've hardly seen it
myself yet."
"It's very well worth seeing," said Mr. Frobisher-Pym. "Fine old place,
but takes some money to keep up. Has nothing been seen of the will
yet, Mr. Burdock?"
"Nothing whatever," said Haviland. "It's curious, because Mr. Graham
—the solicitor, you know, Lord Peter—certainly drew one up, just after
poor Martin's unfortunate difference with our father. He remembers it
perfectly."
"Can't he remember what's in it?"
"He could, of course, but he doesn't think it etiquette to say. He's one
of the crusted old type. Poor Martin always called him an old
scoundrel—but then, of course, he never approved of Martin, so
Martin was not altogether unprejudiced. Besides, as Mr. Graham
says, all that was some years ago, and it's quite possible that the
governor destroyed the will later, or made a new one in America."
"'Poor Martin' doesn't seem to have been popular hereabouts," said
Wimsey to Mr. Frobisher-Pym, as they parted from the Burdocks and
turned homewards.
"N-no," said the magistrate. "Not with Graham, anyway. Personally, I
rather liked the lad, though he was a bit harum-scarum. I dare say
he's sobered up with time—and marriage. It's odd that they can't find
the will. But, if it was made at the time of the rumpus, it's bound to be
in Haviland's favour."
"I think Haviland thinks so," said Wimsey. "His manner seemed to
convey a chastened satisfaction. I expect the discreet Graham made
it fairly clear that the advantage was not with the unspeakable
Martin."
The following morning turned out fine, and Wimsey, who was
supposed to be enjoying a rest-and-fresh-air cure in Little Doddering,
petitioned for a further loan of Polly Flinders. His host consented with
pleasure, and only regretted that he could not accompany his guest,
being booked to attend a Board of Guardians' meeting in connection
with the workhouse.
"But you could go up and get a good blow on the common," he
suggested. "Why not go round by Petering Friars, turn off across the
common till you get to Dead Man's Post, and come back by the
Frimpton road? It makes a very pleasant round—about nineteen
miles. You'll be back in nice time for lunch if you take it easy."
Wimsey fell in with the plan—the more readily that it exactly coincided
with his own inward purpose. He had a reason for wishing to ride over
the Frimpton road by daylight.
"You'll be careful about Dead Man's Post," said Mrs. Frobisher-Pym a
little anxiously. "The horses have a way of shying at it. I don't know
why. People say, of course——"
"All nonsense," said her husband. "The villagers dislike the place and
that makes the horses nervous. It's remarkable how a rider's feelings
communicate themselves to his mount. I've never had any trouble at
Dead Man's Post."
It was a quiet and pretty road, even on a November day, that led to
Petering Friars. Jogging down the winding Essex lanes in the wintry
sunshine, Wimsey felt soothed and happy. A good burst across the
common raised his spirits to exhilaration pitch. He had entirely
forgotten Dead Man's Post and its uncanny reputation, when a violent
start and swerve, so sudden that it nearly unseated him, recalled him
to what he was doing. With some difficulty, he controlled Polly
Flinders, and brought her to a standstill.
He was at the highest point of the common, following a bridle-path
which was bordered on each side by gorse and dead bracken. A little
way ahead of him another bridle-path seemed to run into it, and at the
junction of the two was something which he had vaguely imagined to
be a decayed sign-post. Certainly it was short and thick for a sign-
post, and had no arms. It appeared, however, to bear some sort of
inscription on the face that was turned towards him.
He soothed the mare, and urged her gently towards the post. She
took a few hesitating steps, and plunged sideways, snorting and
shivering.
"Queer!" said Wimsey. "If this is my state of mind communicating
itself to my mount, I'd better see a doctor. My nerves must be in a
rotten state. Come up, old lady! What's the matter with you?"
Polly Flinders, apologetic but determined, refused to budge. He urged
her gently with his heel. She sidled away, with ears laid back, and he
saw the white of a protesting eye. He slipped from the saddle, and,
putting his hand through the bridle, endeavoured to lead her forward.
After a little persuasion, the mare followed him, with stretched neck
and treading as though on egg-shells. After a dozen hesitating paces,
she stopped again, trembling in all her limbs. He put his hand on her
neck and found it wet with sweat.
"Damn it all!" said Wimsey. "Look here, I'm jolly well going to read
what's on that post. If you won't come, will you stand still?"
He dropped the bridle. The mare stood quietly, with hanging head. He
left her and went forward, glancing back from time to time to see that
she showed no disposition to bolt. She stood quietly enough,
however, only shifting her feet uneasily.
Wimsey walked up to the post. It was a stout pillar of ancient oak,
newly painted white. The inscription, too, had been recently blacked
in. It read:
ON THIS SPOT
George Winter
WAS FOULLY MURTHERED
IN DEFENSE OF
HIS MASTER'S GOODS
BY BLACK RALPH
OF HERRIOTTING
WHO WAS AFTERWARD
HANGED IN CHAINS
ON THE PLACE OF HIS CRIME
9 NOVEMBER 1674
FEAR JUSTICE
"And very nice, too," said Wimsey. "Dead Man's Post without a doubt.
Polly Flinders seems to share the local feeling about the place. Well,
Polly, if them's your sentiments, I won't do violence to them. But may I
ask why, if you're so sensitive about a mere post, you should swallow
a death-coach and four headless horses with such hardened
equanimity?"
The mare took the shoulder of his jacket gently between her lips and
mumbled at it.
"Just so," said Wimsey. "I perfectly understand. You would if you
could, but you really can't. But those horses, Polly—did they bring
with them no brimstone blast from the nethermost pit? Can it be that
they really exuded nothing but an honest and familiar smell of
stables?"
He mounted, and, turning Polly's head to the right, guided her in a
circle, so as to give Dead Man's Post a wide berth before striking the
path again.
"The supernatural explanation is, I think, excluded. Not on a priori
grounds, which would be unsound, but on the evidence of Polly's
senses. There remain the alternatives of whisky and jiggery-pokery.
Further investigation seems called for."
He continued to muse as the mare moved quietly forward.
"Supposing I wanted, for some reason, to scare the neighbourhood
with the apparition of a coach and headless horses, I should choose
a dark, rainy night. Good! It was that kind of night. Now, if I took black
horses and painted their bodies white—poor devils! what a state
they'd be in. No. How do they do these Maskelyne-and-Devant stunts
where they cut off people's heads? White horses, of course—and
black felt clothing over their heads. Right! And luminous paint on the
harness, with a touch here and there on their bodies, to make good
contrast and ensure that the whole show wasn't invisible. No difficulty
about that. But they must go silently. Well, why not? Four stout black
cloth bags filled with bran, drawn well up and tied round the fetlocks
would make any horse go quietly enough, especially if there was a bit
of a wind going. Rags round the bridle-rings to prevent clinking, and
round the ends of the traces to keep 'em from squeaking. Give 'em a
coachman in a white coat and a black mask, hitch 'em to a rubber-
tyred fly, picked out with phosphorus and well-oiled at the joints—and
I swear I'd make something quite ghostly enough to startle a rather
well-irrigated gentleman on a lonely road at half-past two in the
morning."
He was pleased with this thought, and tapped his boot cheerfully with
his whip.
"But damn it all! They never passed me again. Where did they go to?
A coach-and-horses can't vanish into thin air, you know. There must
be a side-road after all—or else, Polly Flinders, you've been pulling
my leg all the time."
The bridle-path eventually debouched upon the highway at the now
familiar fork where Wimsey had met the policeman. As he slowly
ambled homewards, his lordship scanned the left-hand hedgerow,
looking for the lane which surely must exist. But nothing rewarded his
search. Enclosed fields with padlocked gates presented the only
breaks in the hedge, till he again found himself looking down the
avenue of trees up which the death-coach had come galloping two
nights before.
"Damn!" said Wimsey.
It occurred to him for the first time that the coach might perhaps have
turned round and gone back through Little Doddering. Certainly it had
been seen by Little Doddering Church on Wednesday. But on that
occasion, also, it had galloped off in the direction of Frimpton. In fact,
thinking it over, Wimsey concluded that it had approached from
Frimpton, gone round the church—widdershins, naturally—by the
Back Lane, and returned by the high-road whence it came. But in that
case——
"Turn again, Whittington," said Wimsey, and Polly Flinders rotated
obediently in the road. "Through one of those fields it went, or I'm a
Dutchman."
He pulled Polly into a slow walk, and passed along the strip of grass
at the right-hand side, staring at the ground as though he were an
Aberdonian who had lost a sixpence.
The first gate led into a ploughed field, harrowed smooth and sown
with autumn wheat. It was clear that no wheeled thing had been
across it for many weeks. The second gate looked more promising. It
gave upon fallow ground, and the entrance was seamed with
innumerable wheel-ruts. On further examination, however, it was
clear that this was the one and only gate. It seemed unlikely that the
mysterious coach should have been taken into a field from which
there was no way out. Wimsey decided to seek farther.
The third gate was in bad repair. It sagged heavily from its hinges; the
hasp was gone, and gate and post had been secured with elaborate
twists of wire. Wimsey dismounted and examined these, convincing
himself that their rusty surface had not been recently disturbed.
There remained only two more gates before he came to the cross-
roads. One led into plough again, where the dark ridge-and-furrow
showed no sign of disturbance, but at sight of the last gate Wimsey's
heart gave a leap.
There was plough-land here also, but round the edge of the field ran
a wide, beaten path, rutted and water-logged. The gate was not
locked, but opened simply with a spring catch. Wimsey examined the
approach. Among the wide ruts made by farm-wagons was the track
of four narrow wheels—the unmistakable prints of rubber tyres. He
pushed the gate open and passed through.
The path skirted two sides of the plough; then came another gate and
another field, containing a long barrow of mangold wurzels and a
couple of barns. At the sound of Polly's hoofs, a man emerged from
the nearest barn, with a paint-brush in his hand, and stood watching
Wimsey's approach.
"'Morning!" said the latter genially.
"'Morning, sir."
"Fine day after the rain."
"Yes, it is, sir."
"I hope I'm not trespassing?"
"Where was you wanting to go, sir?"
"I thought, as a matter of fact—hullo!"
"Anything wrong, sir?"
Wimsey shifted in the saddle.
"I fancy this girth's slipped a bit. It's a new one." (This was a fact.)
"Better have a look."
The man advanced to investigate, but Wimsey had dismounted and
was tugging at the strap, with his head under the mare's belly.
"Yes, it wants taking up a trifle. Oh! Thanks most awfully. Is this a
short cut to Abbotts Bolton, by the way?"
"Not to the village, sir, though you can get through this way. It comes
out by Mr. Mortimer's stables."
"Ah, yes. This his land?"
"No, sir, it's Mr. Topham's land, but Mr. Mortimer rents this field and
the next for fodder."
"Oh, yes." Wimsey peered across the hedge. "Lucerne, I suppose. Or
clover."
"Clover, sir. And the mangolds is for the cattle."
"Oh—Mr. Mortimer keeps cattle as well as horses?"
"Yes, sir."
"Very jolly. Have a gasper?" Wimsey had sidled across to the barn in
his interest, and was gazing absently into its dark interior. It contained
a number of farm implements and a black fly of antique construction,
which seemed to be undergoing renovation with black varnish.
Wimsey pulled some vestas from his pocket. The box was apparently
damp, for, after one or two vain attempts he abandoned it, and struck
a match on the wall of the barn. The flame, lighting up the ancient fly,
showed it to be incongruously fitted with rubber tyres.
"Very fine stud, Mr. Mortimer's, I understand," said Wimsey
carelessly.
"Yes, sir, very fine indeed."
"I suppose he hasn't any greys, by any chance. My mother—queenly
woman, Victorian ideas, and all that—is rather keen on greys. Sports
a carriage and pay-ah, don't you know."
"Yes, sir? Well, Mr. Mortimer would be able to suit the lady, I think, sir.
He has several greys."
"No? has he though? I must really go over and see him. Is it far?"
"Matter of five or six mile by the fields, sir."
Wimsey looked at his watch.
"Oh, dear! I'm really afraid it's too far for this morning. I absolutely
promised to get back to lunch. I must come over another day. Thanks
so much. Is that girth right now? Oh, really, I'm immensely obliged.
Get yourself a drink, won't you—and tell Mr. Mortimer not to sell his
greys till I've seen them. Well, good morning, and many thanks."
He set Polly Flinders on the homeward path and trotted gently away.
Not till he was out of sight of the barn did he pull up and, stooping
from the saddle, thoughtfully examine his boots. They were liberally
plastered with bran.
"I must have picked it up in the barn," said Wimsey. "Curious, if true.
Why should Mr. Mortimer be lashing the stuffing out of his greys in an
old fly at dead of night—and with muffled hoofs and no heads to
boot? It's not a kind thing to do. It frightened Plunkett very much. It
made me think I was drunk—a thought I hate to think. Ought I to tell
the police? Are Mr. Mortimer's jokes any business of mine? What do
you think, Polly?"
The mare, hearing her name, energetically shook her head.
"You think not? Perhaps you are right. Let us say that Mr. Mortimer
did it for a wager. Who am I to interfere with his amusements? All the
same," added his lordship, "I'm glad to know it wasn't Lumsden's
whisky."
"This is the library," said Haviland, ushering in his guests. "A fine
room—and a fine collection of books, I'm told, though literature isn't
much in my line. It wasn't much in the governor's line, either, I'm
afraid. The place wants doing up, as you see. I don't know whether
Martin will take it in hand. It's a job that'll cost money, of course."
Wimsey shivered a little as he gazed round—more from sympathy
than from cold, though a white November fog lay curled against the
tall windows and filtered damply through the frames.
A long, mouldering room, in the frigid neo-classical style, the library
was melancholy enough in the sunless grey afternoon, even without
the signs of neglect which wrung the book-collector's heart. The
walls, panelled to half their height with book-cases, ran up in plaster
to the moulded ceiling. Damp had blotched them into grotesque
shapes, and here and there were ugly cracks and squamous patches,
from which the plaster had fallen in yellowish flakes. A wet chill
seemed to ooze from the books, from the calf bindings peeling and
perishing, from the stains of greenish mildew which spread horridly
from volume to volume. The curious musty odour of decayed leather
and damp paper added to the general cheerlessness of the
atmosphere.
"Oh, dear, dear!" said Wimsey, peering dismally into this sepulchre of
forgotten learning. With his shoulders hunched like the neck-feathers
of a chilly bird, with his long nose and half-shut eyes, he resembled a
dilapidated heron, brooding over the stagnation of a wintry pool.
"What a freezing-cold place!" exclaimed Mrs. Hancock. "You really
ought to scold Mrs. Lovall, Mr. Burdock. When she was put in here as
caretaker, I said to my husband—didn't I, Philip?—that your father
had chosen the laziest woman in Little Doddering. She ought to have
kept up big fires here, at least twice a week! It's really shameful, the
way she has let things go."
"Yes, isn't it?" agreed Haviland.
Wimsey said nothing. He was nosing along the shelves, every now
and then taking a volume down and glancing at it.
"It was always rather a depressing room," went on Haviland. "I
remember, when I was a kid, it used to overawe me rather. Martin
and I used to browse about among the books, you know, but I think
we were always afraid that something or somebody would stalk out
upon us from the dark corners. What's that you've got there, Lord
Peter? Oh, Foxe's Book of Martyrs. Dear me! How those pictures did
terrify me in the old days! And there was a Pilgrim's Progress, with a
most alarming picture of Apollyon straddling over the whole breadth
of the way, which gave me many nightmares. Let me see. It used to
live over in this bay, I think. Yes, here it is. How it does bring it all
back, to be sure! Is it valuable, by the way?"
"No, not really. But this first edition of Burton is worth money; badly
spotted, though—you'd better send it to be cleaned. And this is an
extremely fine Boccaccio; take care of it."
"John Boccace—The Dance of Machabree. It's a good title, anyhow.
Is that the same Boccaccio that wrote the naughty stories?"
"Yes," said Wimsey, a little shortly. He resented this attitude towards
Boccaccio.
"Never read them," said Haviland, with a wink at his wife, "but I've
seen 'em in the windows of those surgical shops—so I suppose
they're naughty, eh? The vicar's looking shocked."
"Oh, not at all," said Mr. Hancock, with a conscientious assumption of
broad-mindedness. "Et ego in Arcadia—that is to say, one doesn't
enter the Church without undergoing a classical education, and
making the acquaintance of much more worldly authors even than
Boccaccio. Those wood-cuts are very fine, to my uninstructed eye."
"Very fine indeed," said Wimsey.
"There's another old book I remember, with jolly pictures," said
Haviland. "A chronicle of some sort—what's 'is name—place in
Germany—you know—where that hangman came from. They
published his diary the other day. I read it, but it wasn't really exciting;
not half as gruesome as old Harrison Ainsworth. What's the name of
the place?"
"Nüremberg?" suggested Wimsey.
"That's it, of course—the Nüremberg Chronicle. I wonder if that's still
in its old place. It was over here by the window, if I remember rightly."
He led the way to the end of one of the bays, which ran up close
against a window. Here the damp seemed to have done its worst. A
pane of glass was broken, and rain had blown in.
"Now where has it gone to? A big book, it was, with a stamped
leather binding. I'd like to see the old Chronicle again. I haven't set
eyes on it for donkey's years."
His glance roamed vaguely over the shelves. Wimsey, with the book-
lover's instinct, was the first to spot the Chronicle, wedged at the
extreme end of the shelf, against the outer wall. He hitched his finger
into the top edge of the spine, but finding that the rotting leather was
ready to crumble at a touch, he dislodged a neighbouring book and
drew the Chronicle gently out, using his whole hand.
"Here he is—in pretty bad condition, I'm afraid. Hullo!"
As he drew the book away from the wall, a piece of folded parchment
came away with it and fell at his feet. He stooped and picked it up.
"I say, Burdock—isn't this what you've been looking for?"
Haviland Burdock, who had been rooting about on one of the lower
shelves, straightened himself quickly, his face red from stooping.
"By Jove!" he said, turning first redder and then pale with excitement.
"Look at this, Winnie. It's the governor's will. What an extraordinary
thing! Whoever would have thought of looking for it here, of all
places?"
"Is it really the will?" cried Mrs. Hancock.
"No doubt about it, I should say," observed Wimsey coolly. "Last Will
and Testament of Simon Burdock." He stood, turning the grimy
document over and over in his hands, looking from the endorsement
to the plain side of the folded parchment.
"Well, well!" said Mr. Hancock. "How strange! It seems almost
providential that you should have taken that book down."
"What does the will say?" demanded Mrs. Burdock, in some
excitement.
"I beg your pardon," said Wimsey, handing it over to her. "Yes, as you
say, Mr. Hancock, it does almost seem as if I was meant to find it." He
glanced down again at the Chronicle, mournfully tracing with his
finger the outline of a damp stain which had rotted the cover and
spread to the inner pages, almost obliterating the colophon.
Haviland Burdock meanwhile had spread the will out on the nearest
table. His wife leaned over his shoulder. The Hancocks, barely
controlling their curiosity, stood near, awaiting the result. Wimsey, with
an elaborate pretence of non-interference in this family matter,
examined the wall against which the Chronicle had stood, feeling its
moist surface and examining the damp-stains. They had assumed the
appearance of a grinning face. He compared them with the
corresponding mark on the book, and shook his head desolately over
the damage.
Mr. Frobisher-Pym, who had wandered away some time before and
was absorbed in an ancient book of Farriery, now approached, and
enquired what the excitement was about.
"Listen to this!" cried Haviland. His voice was quiet, but a suppressed
triumph throbbed in it and glittered from his eyes.
"'I bequeath everything of which I die possessed'—there's a lot of
enumeration of properties here, which doesn't matter—'to my eldest
son, Martin'——"
Mr. Frobisher-Pym whistled.
"Listen! 'To my eldest son Martin, for so long as my body shall remain
above ground. But so soon as I am buried, I direct that the whole of
this property shall revert to my younger son Haviland absolutely'——"
"Good God!" said Mr. Frobisher-Pym.
"There's a lot more," said Haviland, "but that's the gist of it."
"Let me see," said the magistrate.
He took the will from Haviland, and read it through with a frowning
face.
"That's right," he said. "No possible doubt about it. Martin has had his
property and lost it again. How very curious. Up till yesterday

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Name Chapter 1--Fundamental Concepts

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Managerial Decision Making External Performance

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Question Data for Cost A and Cost B are as follows:

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