Question 1

An organization's profitability is an example of a lag indicator.

Accepted Answer

A) True 
 B)False

Question 2

Which ethical standard has been violated if an accountant fails to disclose relevant information pertaining to a financial statement?

Accepted Answer

A) Competence 
B) Confidentiality 
C) Integrity 
D) Credibility 
A) Competence 
B) Confidentiality 
C) Integrity 
D) Credibility

Question 3

The balanced scorecard perspective that addresses things that an organization needs to do well to meet customer needs and expectations:

Accepted Answer

A) learning and growth perspective 
B) internal business perspective 
C) customer value perspective 
D) financial perspective 
A) learning and growth perspective 
B) internal business perspective 
C) customer value perspective 
D) financial perspective

Question 4

Cost accounting is directed toward the needs of

Accepted Answer

A) regulatory agencies. 
B) external users. 
C) internal users. 
D) stockholders. 
A) regulatory agencies. 
B) external users. 
C) internal users. 
D) stockholders.

Question 5

Managerial accounting is most concerned with meeting the needs of internal users.

Accepted Answer

A) True 
 B)False

Question 6

List and explain the four Perspective of the balanced scorecard (BSC).

Accepted Answer

Learning and growth perspective--Focuses

Question 7

A managerial accountant who communicates information objectively is exercising which of the following standards?

Accepted Answer

A) objectivity 
B) integrity 
C) competence 
D) confidentiality 
A) objectivity 
B) integrity 
C) competence 
D) confidentiality

Question 8

One major difference between financial and management accounting is that

Accepted Answer

A) financial accounting reports are prepared primarily for users external to the company. 
B) management accounting is not under the jurisdiction of the Securities and Exchange Commission. 
C) government regulations do not apply to management accounting. 
D) all of the above are true. 
A) financial accounting reports are prepared primarily for users external to the company. 
B) management accounting is not under the jurisdiction of the Securities and Exchange Commission. 
C) government regulations do not apply to management accounting. 
D) all of the above are true.

Question 9

Which of the following topics is of more concern to management accounting than to cost accounting?

Accepted Answer

A) generally accepted accounting principles 
B) inventory valuation 
C) cost of goods sold valuation 
D) impact of economic conditions on company operations 
A) generally accepted accounting principles 
B) inventory valuation 
C) cost of goods sold valuation 
D) impact of economic conditions on company operations

Question 10

Which ethical standard is violated by an accountant who accepts a gift from a client

Accepted Answer

A) Credibility 
B) Confidentiality 
C) Competence 
D) Integrity 
A) Credibility 
B) Confidentiality 
C) Competence 
D) Integrity

Question 11

The world has essentially become smaller because of

Accepted Answer

A) improved technology. 
B) trade agreements. 
C) better communications systems. 
D) all of the above. 
A) improved technology. 
B) trade agreements. 
C) better communications systems. 
D) all of the above.

Question 12

Cost accounting standards

Accepted Answer

A) are legal standards set by the Institute of Management Accountants for use in all manufacturing and professional businesses. 
B) are set by the Cost Accounting Standards Board and are legally binding on all manufacturers,but not service organizations. 
C) do not exist except for those legal pronouncements for companies bidding or pricing cost-related contracts with the government. 
D) are developed by the Cost Accounting Standards Board,issued by the Institute of Management Accountants,and are legally binding on CMAs. 
A) are legal standards set by the Institute of Management Accountants for use in all manufacturing and professional businesses. 
B) are set by the Cost Accounting Standards Board and are legally binding on all manufacturers,but not service organizations. 
C) do not exist except for those legal pronouncements for companies bidding or pricing cost-related contracts with the government. 
D) are developed by the Cost Accounting Standards Board,issued by the Institute of Management Accountants,and are legally binding on CMAs.

Question 13

The learning and growth perspective of the balanced scorecard addresses the things that an organization needs to do well to meet customer needs and expectations.

Accepted Answer

A) True 
 B)False

Question 14

A managerial accountant who prepares clear reports and recommendations after analyzing relevant facts is exercising which of the following standards?

Accepted Answer

A) objectivity 
B) integrity 
C) competence 
D) confidentiality 
A) objectivity 
B) integrity 
C) competence 
D) confidentiality

Question 15

Cost and management accounting

Accepted Answer

A) require an entirely separate group of accounts than financial accounting uses. 
B) focus solely on determining how much it costs to manufacture a product or provide a service. 
C) provide product/service cost information as well as information for internal decision making. 
D) are required for business recordkeeping as are financial and tax accounting. 
A) require an entirely separate group of accounts than financial accounting uses. 
B) focus solely on determining how much it costs to manufacture a product or provide a service. 
C) provide product/service cost information as well as information for internal decision making. 
D) are required for business recordkeeping as are financial and tax accounting.

Question 16

The financial perspective of the balanced scorecard addresses the things that an organization needs to do well to meet customer needs and expectations.

Accepted Answer

A) True 
 B)False

Question 17

The learning and growth perspective of the balanced scorecard focuses on using an organization's intellectual capital to adapt to or influence customer needs and expectations.

Accepted Answer

A) True 
 B)False

Question 18

Which of the following statements about management or financial accounting is false?

Accepted Answer

A) Financial accounting must follow GAAP. 
B) Management accounting is not subject to regulatory reporting standards. 
C) Both management and financial accounting are subject to mandatory recordkeeping requirements. 
D) Management accounting should be flexible. 
A) Financial accounting must follow GAAP. 
B) Management accounting is not subject to regulatory reporting standards. 
C) Both management and financial accounting are subject to mandatory recordkeeping requirements. 
D) Management accounting should be flexible.

An organization's profitability is an example of a lag indicator.

Which ethical standard has been violated if an accountant fails to disclose relevant information pertaining to a financial statement?

The balanced scorecard perspective that addresses things that an organization needs to do well to meet customer needs and expectations:

Cost accounting is directed toward the needs of

Managerial accounting is most concerned with meeting the needs of internal users.

List and explain the four Perspective of the balanced scorecard (BSC).

A managerial accountant who communicates information objectively is exercising which of the following standards?

One major difference between financial and management accounting is that

Which of the following topics is of more concern to management accounting than to cost accounting?

Which ethical standard is violated by an accountant who accepts a gift from a client

The world has essentially become smaller because of

Cost accounting standards

The learning and growth perspective of the balanced scorecard addresses the things that an organization needs to do well to meet customer needs and expectations.

A managerial accountant who prepares clear reports and recommendations after analyzing relevant facts is exercising which of the following standards?

Cost and management accounting

The financial perspective of the balanced scorecard addresses the things that an organization needs to do well to meet customer needs and expectations.

The learning and growth perspective of the balanced scorecard focuses on using an organization's intellectual capital to adapt to or influence customer needs and expectations.

Which of the following statements about management or financial accounting is false?

Cost Terminology and Cost Behaviors

Predetermined Overhead Rates, flexible Budgets, and Absorptionvariable Costing

Activity-Based Management and Activity-Based Costing

Job Order Costing

Process Costing

Standard Costing and Variance Analysis

The Master Budget

Break-Even Point and Cost-Volume-Profit Analysis

Relevant Information for Decision Making

Allocation of Joint Costs and Accounting for By-Products

Introduction to Cost Management Systems

Responsibility Accounting, support Department Allocations, and Transfer Pricing

Performance Measurement, balanced Scorecards, and Performance Rewards

Capital Budgeting

Managing Costs and Uncertainty

Implementing Quality Concepts

Inventory and Production Management

Emerging Management Practices

Filters

Exam 1: Introduction to Cost Accounting

An organization's profitability is an example of a lag indicator.

Which ethical standard has been violated if an accountant fails to disclose relevant information pertaining to a financial statement?

The balanced scorecard perspective that addresses things that an organization needs to do well to meet customer needs and expectations:

Cost accounting is directed toward the needs of

Managerial accounting is most concerned with meeting the needs of internal users.

List and explain the four Perspective of the balanced scorecard (BSC).

A managerial accountant who communicates information objectively is exercising which of the following standards?

One major difference between financial and management accounting is that

Which of the following topics is of more concern to management accounting than to cost accounting?

Which ethical standard is violated by an accountant who accepts a gift from a client

The world has essentially become smaller because of

Cost accounting standards

The learning and growth perspective of the balanced scorecard addresses the things that an organization needs to do well to meet customer needs and expectations.

A managerial accountant who prepares clear reports and recommendations after analyzing relevant facts is exercising which of the following standards?

Cost and management accounting

The financial perspective of the balanced scorecard addresses the things that an organization needs to do well to meet customer needs and expectations.

The learning and growth perspective of the balanced scorecard focuses on using an organization's intellectual capital to adapt to or influence customer needs and expectations.

Which of the following statements about management or financial accounting is false?

Cost Terminology and Cost Behaviors

Predetermined Overhead Rates, flexible Budgets, and Absorptionvariable Costing

Activity-Based Management and Activity-Based Costing

Job Order Costing

Process Costing

Standard Costing and Variance Analysis

The Master Budget

Break-Even Point and Cost-Volume-Profit Analysis

Relevant Information for Decision Making

Allocation of Joint Costs and Accounting for By-Products

Introduction to Cost Management Systems

Responsibility Accounting, support Department Allocations, and Transfer Pricing

Performance Measurement, balanced Scorecards, and Performance Rewards

Capital Budgeting

Managing Costs and Uncertainty

Implementing Quality Concepts

Inventory and Production Management

Emerging Management Practices

Filters