Question 1

Which of the following is a cost management subsystem designed to assign costs to individual products and services and other objects, as specified by management

Accepted Answer

A) financial accounting information system 
B) operational control system 
C) cost accounting information system 
D) all of the above 
A) financial accounting information system 
B) operational control system 
C) cost accounting information system 
D) all of the above

Question 2

In an accounting information system, which of the following is NOT a transformational process?

Accepted Answer

A) collecting data 
B) analyzing data 
C) performance reporting 
D) summarizing data 
A) collecting data 
B) analyzing data 
C) performance reporting 
D) summarizing data

Question 3

When a management accountant attends training seminars on new FASB rules, which part of the IMA Code of Conduct is being observed?

Accepted Answer

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

Question 4

Business ethics is learning what is right or wrong in the work environment and choosing what is right.

Accepted Answer

A) True 
 B)False

Question 5

The role of cost and management accountants is one of support and teamwork and assistance of those who are responsible for achieving a company's basic objectives.

Accepted Answer

A) True 
 B)False

Question 6

The primary objective of the cost management information system is to provide

Accepted Answer

A) stockholders and potential investors with useful information for decision making. 
B) banks and other creditors with information useful in making credit decisions. 
C) management with information useful for planning and control of operations. 
D) the Internal Revenue Service with information about taxable income. 
A) stockholders and potential investors with useful information for decision making. 
B) banks and other creditors with information useful in making credit decisions. 
C) management with information useful for planning and control of operations. 
D) the Internal Revenue Service with information about taxable income.

Question 7

Which of the following are standards of ethical conduct for management accountants?

Accepted Answer

A) Perseverance and creativity 
B) Determination and respect for others 
C) Discipline, confidence, competitive, and observance 
D) Competence, confidentiality, integrity, and resolution and credibility 
A) Perseverance and creativity 
B) Determination and respect for others 
C) Discipline, confidence, competitive, and observance 
D) Competence, confidentiality, integrity, and resolution and credibility

Question 8

What is customer orientation? Why is it important in a global environment? What role does cost management play in serving customers?

Accepted Answer

Organizations are concerned with the imp

Question 9

Describe the connection between planning, controlling, and feedback.

Accepted Answer

Planning establishes performan

Question 10

Setting the company's profit targets for the upcoming year is an example of the management function of

Accepted Answer

A) planning. 
B) control. 
C) variance analysis. 
D) internal auditing. 
A) planning. 
B) control. 
C) variance analysis. 
D) internal auditing.

Question 11

Which of the following duties is usually assigned to the controller?

Accepted Answer

A) receiving, maintaining custody of, and disbursing monies and securities 
B) directing the granting of credit to clients 
C) investing the organization's funds 
D) tax planning 
A) receiving, maintaining custody of, and disbursing monies and securities 
B) directing the granting of credit to clients 
C) investing the organization's funds 
D) tax planning

Question 12

A critical measure of efficiency is

Accepted Answer

A) the cost of activity. 
B) a T-test. 
C) customer satisfaction. 
D) employee job satisfaction. 
A) the cost of activity. 
B) a T-test. 
C) customer satisfaction. 
D) employee job satisfaction.

Question 13

Which of the following emerging trends in cost accounting deals with managers striving to create an environment that will enable workers to manufacture perfect (zero-defect) products?

Accepted Answer

A) advances in information technology 
B) time as a competitive element 
C) global competition 
D) total quality management 
A) advances in information technology 
B) time as a competitive element 
C) global competition 
D) total quality management

Question 14

The _________ is a method used to continuously improve manufacturing and nonmanufacturing activities.

Accepted Answer

theory of

Which of the following is a cost management subsystem designed to assign costs to individual products and services and other objects, as specified by management

In an accounting information system, which of the following is NOT a transformational process?

When a management accountant attends training seminars on new FASB rules, which part of the IMA Code of Conduct is being observed?

Business ethics is learning what is right or wrong in the work environment and choosing what is right.

The role of cost and management accountants is one of support and teamwork and assistance of those who are responsible for achieving a company's basic objectives.

The primary objective of the cost management information system is to provide

Which of the following are standards of ethical conduct for management accountants?

What is customer orientation? Why is it important in a global environment? What role does cost management play in serving customers?

Describe the connection between planning, controlling, and feedback.

Setting the company's profit targets for the upcoming year is an example of the management function of

Which of the following duties is usually assigned to the controller?

A critical measure of efficiency is

Which of the following emerging trends in cost accounting deals with managers striving to create an environment that will enable workers to manufacture perfect (zero-defect) products?

The _________ is a method used to continuously improve manufacturing and nonmanufacturing activities.

Basic Cost Management Concepts

Cost Behavior

Activity-Based Costing

Product and Service Costing: Job-Order System

Process Costing

Allocating Costs of Support Departments and Joint Products

Budgeting for Planning and Control

Standard Costing: a Functional-Based Control Approach

Decentralization: Responsibility Accounting, Performance

Strategic Cost Management

Activity-Based Management

The Balanced Scorecard: Strategic-Based Control

Quality and Environmental Cost Management

Lean Accounting and Productivity Measurement

Cost-Volume-Profit Analysis

Activity Resource Usage Model and Tactical Decision Making

Pricing and Profitability Analysis

Capital Investment

Inventory Management: Economic Order Quantity, Jit, and the Theory of Constraints

Filters

Exam 1: Introduction to Cost Management

Which of the following is a cost management subsystem designed to assign costs to individual products and services and other objects, as specified by management

In an accounting information system, which of the following is NOT a transformational process?

When a management accountant attends training seminars on new FASB rules, which part of the IMA Code of Conduct is being observed?

Business ethics is learning what is right or wrong in the work environment and choosing what is right.

The role of cost and management accountants is one of support and teamwork and assistance of those who are responsible for achieving a company's basic objectives.

The primary objective of the cost management information system is to provide

Which of the following are standards of ethical conduct for management accountants?

What is customer orientation? Why is it important in a global environment? What role does cost management play in serving customers?

Describe the connection between planning, controlling, and feedback.

Setting the company's profit targets for the upcoming year is an example of the management function of

Which of the following duties is usually assigned to the controller?

A critical measure of efficiency is

Which of the following emerging trends in cost accounting deals with managers striving to create an environment that will enable workers to manufacture perfect (zero-defect) products?

The _________ is a method used to continuously improve manufacturing and nonmanufacturing activities.

Basic Cost Management Concepts

Cost Behavior

Activity-Based Costing

Product and Service Costing: Job-Order System

Process Costing

Allocating Costs of Support Departments and Joint Products

Budgeting for Planning and Control

Standard Costing: a Functional-Based Control Approach

Decentralization: Responsibility Accounting, Performance

Strategic Cost Management

Activity-Based Management

The Balanced Scorecard: Strategic-Based Control

Quality and Environmental Cost Management

Lean Accounting and Productivity Measurement

Cost-Volume-Profit Analysis

Activity Resource Usage Model and Tactical Decision Making

Pricing and Profitability Analysis

Capital Investment

Inventory Management: Economic Order Quantity, Jit, and the Theory of Constraints

Filters