Question 1

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 2

The internal business 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 3

The customer value perspective of the balanced scorecard addresses how well the organization is doing with regard to important customer criteria.

Accepted Answer

A) True 
 B)False

Question 4

Management and financial accounting are used for which of the following purposes?

Accepted Answer

A)  internal external 
B)  external internal 
C)  internal internal 
D)  external external 
A)  internal external 
B)  external internal 
C)  internal internal 
D)  external external

Question 5

The plan in which an organization indicates how it will fulfill its goals is referred to as a ____________________.

Accepted Answer

The answer of The plan in which an organization indicates...

Question 6

The internal business perspective of the balanced scorecard addresses stakeholder concerns about profitability and organizational growth.

Accepted Answer

A) True 
 B)False

Question 7

An organization's strategy should reflect the organization's core competencies.

Accepted Answer

A) True 
 B)False

Question 8

Line personnel give assistance to staff employees.

Accepted Answer

A) True 
 B)False

Question 9

The balanced scorecard perspective that focuses on using a firm's intellectual capital to adapt to customer needs through product or service innovations is the ______________________________ perspective.

Accepted Answer

The answer of The balanced scorecard perspective that focuses on...

Question 10

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 11

The branch of accounting that serves as a bridge between financial and managerial accounting is ____________________ accounting.

Accepted Answer

The answer of The branch of accounting that serves as...

Question 12

Financial accounting is most concerned with meeting the needs of external users.

Accepted Answer

A) True 
 B)False

Question 13

Which of the following is not a valid method for determining product cost?

Accepted Answer

A)  arbitrary assignment 
B)  direct measurement 
C)  systematic allocation 
D)  cost-benefit measurement 
A)  arbitrary assignment 
B)  direct measurement 
C)  systematic allocation 
D)  cost-benefit measurement

Question 14

Financial accounting is most concerned with meeting the needs of external users.

Accepted Answer

A) True 
 B)False

Question 15

The balanced scorecard perspective that addresses how well the organization is meeting specific customer-based criteria is the:

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 16

The financial perspective of the balanced scorecard addresses how well the organization is doing with regard to important customer criteria.

Accepted Answer

A) True 
 B)False

Question 17

An organization's strategy is the guiding force for its mission.

Accepted Answer

A) True 
 B)False

Question 18

Define value chain and provide a graphic of the interacting flows of information within the value chain.

Accepted Answer

The value chain is the set of processes

Question 19

Managerial accounting is most concerned with addressing the needs of individual departments of the firm.

Accepted Answer

A) True 
 B)False

Question 20

The branch of accounting that is most concerned with addressing the needs of specific departments of the firm is ____________________ accounting

Accepted Answer

The answer of The branch of accounting that is most...

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

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

The customer value perspective of the balanced scorecard addresses how well the organization is doing with regard to important customer criteria.

Management and financial accounting are used for which of the following purposes?

The plan in which an organization indicates how it will fulfill its goals is referred to as a ____________________.

The internal business perspective of the balanced scorecard addresses stakeholder concerns about profitability and organizational growth.

An organization's strategy should reflect the organization's core competencies.

Line personnel give assistance to staff employees.

The balanced scorecard perspective that focuses on using a firm's intellectual capital to adapt to customer needs through product or service innovations is the ______________________________ perspective.

Cost and management accounting

The branch of accounting that serves as a bridge between financial and managerial accounting is ____________________ accounting.

Financial accounting is most concerned with meeting the needs of external users.

Which of the following is not a valid method for determining product cost?

Financial accounting is most concerned with meeting the needs of external users.

The balanced scorecard perspective that addresses how well the organization is meeting specific customer-based criteria is the:

The financial perspective of the balanced scorecard addresses how well the organization is doing with regard to important customer criteria.

An organization's strategy is the guiding force for its mission.

Define value chain and provide a graphic of the interacting flows of information within the value chain.

Managerial accounting is most concerned with addressing the needs of individual departments of the firm.

The branch of accounting that is most concerned with addressing the needs of specific departments of the firm is ____________________ accounting

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

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

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

The customer value perspective of the balanced scorecard addresses how well the organization is doing with regard to important customer criteria.

Management and financial accounting are used for which of the following purposes?

The plan in which an organization indicates how it will fulfill its goals is referred to as a ____________________.

The internal business perspective of the balanced scorecard addresses stakeholder concerns about profitability and organizational growth.

An organization's strategy should reflect the organization's core competencies.

Line personnel give assistance to staff employees.

The balanced scorecard perspective that focuses on using a firm's intellectual capital to adapt to customer needs through product or service innovations is the ______________________________ perspective.

Cost and management accounting

The branch of accounting that serves as a bridge between financial and managerial accounting is ____________________ accounting.

Financial accounting is most concerned with meeting the needs of external users.

Which of the following is not a valid method for determining product cost?

Financial accounting is most concerned with meeting the needs of external users.

The balanced scorecard perspective that addresses how well the organization is meeting specific customer-based criteria is the:

The financial perspective of the balanced scorecard addresses how well the organization is doing with regard to important customer criteria.

An organization's strategy is the guiding force for its mission.

Define value chain and provide a graphic of the interacting flows of information within the value chain.

Managerial accounting is most concerned with addressing the needs of individual departments of the firm.

The branch of accounting that is most concerned with addressing the needs of specific departments of the firm is ____________________ accounting

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