Question 1

Financial accounting and cost accounting are both highly concerned with

Accepted Answer

A)  preparing budgets. 
B)  determining product cost. 
C)  providing managers with information necessary for control purposes. 
D)  determining performance standards. 
A)  preparing budgets. 
B)  determining product cost. 
C)  providing managers with information necessary for control purposes. 
D)  determining performance standards.

Question 2

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 3

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 4

In comparing financial and management accounting, which of the following more accurately describes management accounting information?

Accepted Answer

A)  historical, precise, useful 
B)  required, estimated, internal 
C)  budgeted, informative, adaptable 
D)  comparable, verifiable, monetary 
A)  historical, precise, useful 
B)  required, estimated, internal 
C)  budgeted, informative, adaptable 
D)  comparable, verifiable, monetary

Question 5

The expression of what an organization wishes to accomplish and how it will serve its customers is contained in the ______________________________.

Accepted Answer

The answer of The expression of what an organization wishes...

Question 6

The organization whose primary function is to provide a means to share information among cost and management accountants in the United States is the

Accepted Answer

A)  Internal Revenue Service. 
B)  American Institute of CPAs. 
C)  Institute of Management Accountants. 
D)  Institute of Certified Management Accountants. 
A)  Internal Revenue Service. 
B)  American Institute of CPAs. 
C)  Institute of Management Accountants. 
D)  Institute of Certified Management Accountants.

Question 7

The ___________________________________ restates an organization's strategy into clear and objective performance measures.

Accepted Answer

The answer of The ___________________________________ restates an organization's strategy into...

Question 8

Which of the following U.S. legislation relates to bribes being offered to foreign officials?

Accepted Answer

A)  Racketeer Influenced and Corrupt Organizations Act 
B)  Foreign Illegal Activities Act 
C)  Foreign Corrupt Practices Act 
D)  Federal Bribery and Corrupt Practices Act 
A)  Racketeer Influenced and Corrupt Organizations Act 
B)  Foreign Illegal Activities Act 
C)  Foreign Corrupt Practices Act 
D)  Federal Bribery and Corrupt Practices Act

Question 9

When an organization attempts to "adjust" its profits to meet a specific target, it is guilty of ______________________________.

Accepted Answer

The answer of When an organization attempts to "adjust" its...

Question 10

A long-term plan that fulfills the goals and objectives of an organization is known as a(n)

Accepted Answer

A)  management style. 
B)  strategy. 
C)  mission statement. 
D)  operational mission. 
A)  management style. 
B)  strategy. 
C)  mission statement. 
D)  operational mission.

Question 11

Which of the following areas is not addressed by an organization's mission statement?

Accepted Answer

A)  the purpose for which the organization exists 
B)  what the organization wants to accomplish 
C)  the organization's strategic plan for fulfilling its mission 
D)  how its products can uniquely meet the needs of its customers. 
A)  the purpose for which the organization exists 
B)  what the organization wants to accomplish 
C)  the organization's strategic plan for fulfilling its mission 
D)  how its products can uniquely meet the needs of its customers.

Question 12

Financial accounting is most concerned with addressing the needs of the firm as a whole.

Accepted Answer

A) True 
 B)False

Question 13

The branch of accounting that is most concerned with addressing the needs of the firm as a whole is ____________________ accounting

Accepted Answer

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

Question 14

Distinguish between lead indicators and lag indicators, and provide an example of each. Which of these indicators is a better guide for strategic planning?

Accepted Answer

A lag indicator is an outcome that has r

Question 15

The Institute of Management Accountants issues

Accepted Answer

A)  Statements on Accounting Research for Managers. 
B)  Statements on Management Accounting. 
C)  Statements on Managerial and Cost Accounting. 
D)  Cost Accounting Standards. 
A)  Statements on Accounting Research for Managers. 
B)  Statements on Management Accounting. 
C)  Statements on Managerial and Cost Accounting. 
D)  Cost Accounting Standards.

Question 16

A function or activity in which an organization seeks to excel above its competitors is a ______________________________.

Accepted Answer

The answer of A function or activity in which an...

Question 17

The customer value perspective of the balanced scorecard addresses stakeholder concerns about profitability and organizational growth.

Accepted Answer

A) True 
 B)False

Question 18

On what needs do (1) management accounting and (2) financial accounting focus?

Accepted Answer

Management accounting focuses on the nee

Question 19

The balanced scorecard perspective that addresses concerns about organizational growth is the ____________________ perspective.

Accepted Answer

The answer of The balanced scorecard perspective that addresses concerns...

Question 20

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

Accepted Answer

A) True 
 B)False

Financial accounting and cost accounting are both highly concerned with

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?

In comparing financial and management accounting, which of the following more accurately describes management accounting information?

The expression of what an organization wishes to accomplish and how it will serve its customers is contained in the ______________________________.

The organization whose primary function is to provide a means to share information among cost and management accountants in the United States is the

The ___________________________________ restates an organization's strategy into clear and objective performance measures.

Which of the following U.S. legislation relates to bribes being offered to foreign officials?

When an organization attempts to "adjust" its profits to meet a specific target, it is guilty of ______________________________.

A long-term plan that fulfills the goals and objectives of an organization is known as a(n)

Which of the following areas is not addressed by an organization's mission statement?

Financial accounting is most concerned with addressing the needs of the firm as a whole.

The branch of accounting that is most concerned with addressing the needs of the firm as a whole is ____________________ accounting

Distinguish between lead indicators and lag indicators, and provide an example of each. Which of these indicators is a better guide for strategic planning?

The Institute of Management Accountants issues

A function or activity in which an organization seeks to excel above its competitors is a ______________________________.

The customer value perspective of the balanced scorecard addresses stakeholder concerns about profitability and organizational growth.

On what needs do (1) management accounting and (2) financial accounting focus?

The balanced scorecard perspective that addresses concerns about organizational growth is the ____________________ perspective.

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

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

Financial accounting and cost accounting are both highly concerned with

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?

In comparing financial and management accounting, which of the following more accurately describes management accounting information?

The expression of what an organization wishes to accomplish and how it will serve its customers is contained in the ______________________________.

The organization whose primary function is to provide a means to share information among cost and management accountants in the United States is the

The ___________________________________ restates an organization's strategy into clear and objective performance measures.

Which of the following U.S. legislation relates to bribes being offered to foreign officials?

When an organization attempts to "adjust" its profits to meet a specific target, it is guilty of ______________________________.

A long-term plan that fulfills the goals and objectives of an organization is known as a(n)

Which of the following areas is not addressed by an organization's mission statement?

Financial accounting is most concerned with addressing the needs of the firm as a whole.

The branch of accounting that is most concerned with addressing the needs of the firm as a whole is ____________________ accounting

Distinguish between lead indicators and lag indicators, and provide an example of each. Which of these indicators is a better guide for strategic planning?

The Institute of Management Accountants issues

A function or activity in which an organization seeks to excel above its competitors is a ______________________________.

The customer value perspective of the balanced scorecard addresses stakeholder concerns about profitability and organizational growth.

On what needs do (1) management accounting and (2) financial accounting focus?

The balanced scorecard perspective that addresses concerns about organizational growth is the ____________________ perspective.

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

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