Question 1

Which of the following is not an ethical standard of managerial accounting?

Accepted Answer

A) Competence. 
B) Conﬁdentiality. 
C) Eﬃciency. 
D) Integrity. 
E) Credibility. 
A) Competence. 
B) Conﬁdentiality. 
C) Eﬃciency. 
D) Integrity. 
E) Credibility.

Question 2

A controller is normally involved with preparing ﬁnancial statements.

Accepted Answer

A) True 
 B)False

Question 3

In pursuing its goals, an organization does all of the following except:

Accepted Answer

A) Acquire resources. 
B) Hire personnel. 
C) Engage in an organized set of activities. 
D) Focus on reducing the budget. 
E) Engage in management team activities to make the best use of resources and people. 
A) Acquire resources. 
B) Hire personnel. 
C) Engage in an organized set of activities. 
D) Focus on reducing the budget. 
E) Engage in management team activities to make the best use of resources and people.

Question 4

Because managerial accounting reports rarely solve decision problems, what function does a managerial accountant use to assist managers in understanding issues contained within the information produced?

Accepted Answer

A) Internal business solution function. 
B) Learning and growth function. 
C) Theoretical capacity function. 
D) Customer function. 
E) Attention directing function. 
A) Internal business solution function. 
B) Learning and growth function. 
C) Theoretical capacity function. 
D) Customer function. 
E) Attention directing function.

Question 5

The day-to-day work of management teams will typically comprise all of the following activities except:

Accepted Answer

A) decision making. 
B) planning. 
C) cost minimizing. 
D) directing operational activities. 
E) controlling. 
A) decision making. 
B) planning. 
C) cost minimizing. 
D) directing operational activities. 
E) controlling.

Question 6

Which of the preceding activities would likely not be considered part of Forte Clothing Company's value chain?

Accepted Answer

A) Designing a new product line. 
B) Locating and then negotiating terms with a clothing manufacturer. 
C) Marketing an existing product line. 
D) Distributing goods from regional warehouses to local stores. 
E) All of these activities would be an element in the company's value chain. 
A) Designing a new product line. 
B) Locating and then negotiating terms with a clothing manufacturer. 
C) Marketing an existing product line. 
D) Distributing goods from regional warehouses to local stores. 
E) All of these activities would be an element in the company's value chain.

Question 7

Nikki and Bart have been tasked by top management with discussing some of the ﬁnancial measures to include in their company's balanced scorecard.Both are aware that measures that can be quantiﬁed will allow for performance measures that are more effectively captured, leading toward actionable corrective accomplishments.Nikki suggests that they include decreased ﬁnancing charges as a result of lowering of the federal interest rate by 1% (a rate at which their company borrows money).Is this a good ﬁnancial goal to include in the balanced scorecard? Explain.

Accepted Answer

The ﬁnancial perspective of the balanced

Question 8

Which of the following is not an action performed in combination with information to pursue the goals of managerial accounting?

Accepted Answer

A) Identify. 
B) Measure. 
C) Invent. 
D) Interpret. 
E) Analyze. 
A) Identify. 
B) Measure. 
C) Invent. 
D) Interpret. 
E) Analyze.

Question 9

The upper limit on the production of goods and services if everything works perfectly is known as:

Accepted Answer

A) practical capacity. 
B) theoretical capacity. 
C) utilized capacity. 
D) management capacity. 
E) capacity maximization. 
A) practical capacity. 
B) theoretical capacity. 
C) utilized capacity. 
D) management capacity. 
E) capacity maximization.

Question 10

Measuring the performance of managers and subunits is not an objective of managerial accounting.

Accepted Answer

A) True 
 B)False

Question 11

Managerial accounting:

Accepted Answer

A) focuses only on historical data. 
B) is governed by GAAP. 
C) focuses primarily on the needs of personnel within the organization. 
D) provides information for parties external to the organization. 
E) focuses on ﬁnancial statements and other ﬁnancial reports. 
A) focuses only on historical data. 
B) is governed by GAAP. 
C) focuses primarily on the needs of personnel within the organization. 
D) provides information for parties external to the organization. 
E) focuses on ﬁnancial statements and other ﬁnancial reports.

Question 12

Managerial accounting:

Accepted Answer

A) is unregulated. 
B) produces information that is useful only for manufacturing organizations. 
C) is based exclusively on historical data. 
D) is regulated by the Securities and Exchange Commission (SE
C) . 
E) generally focuses on reporting information about the enterprise in its entirety rather than 
A) is unregulated. 
B) produces information that is useful only for manufacturing organizations. 
C) is based exclusively on historical data. 
D) is regulated by the Securities and Exchange Commission (SE
C) . 
E) generally focuses on reporting information about the enterprise in its entirety rather than

Question 13

The process of making sense of big data is known as data practice.

Accepted Answer

A) True 
 B)False

Question 14

Which of the following is not an objective of managerial accounting?

Accepted Answer

A) Providing information for decision making and planning. 
B) Assisting in directing and controlling operations. 
C) Maximizing proﬁts and minimizing costs. 
D) Measuring the performance of managers and subunits. 
E) Motivating managers toward the organization's goals. 
A) Providing information for decision making and planning. 
B) Assisting in directing and controlling operations. 
C) Maximizing proﬁts and minimizing costs. 
D) Measuring the performance of managers and subunits. 
E) Motivating managers toward the organization's goals.

Question 15

Wembley Company has set various goals, and management is now taking appropriate action to ensure that the ﬁrm achieves these goals.One such action is to reduce outlays for overhead, which have exceeded budgeted amounts.Which of the following functions best describes this process?

Accepted Answer

A) Decision making. 
B) Planning. 
C) Coordinating. 
D) Controlling. 
E) Organizing. 
A) Decision making. 
B) Planning. 
C) Coordinating. 
D) Controlling. 
E) Organizing.

Question 16

The cost of resources supplied but unused is known as:

Accepted Answer

A) practical capacity costs. 
B) the cost of theoretical capacity. 
C) the cost of unused capacity. 
D) the cost of resources supplied. 
E) capacity cost. 
A) practical capacity costs. 
B) the cost of theoretical capacity. 
C) the cost of unused capacity. 
D) the cost of resources supplied. 
E) capacity cost.

Question 17

Middle-level managers would likely be considered internal users of accounting information rather than external users.

Accepted Answer

A) True 
 B)False

Question 18

Which of the following involves the coordination of daily business functions within an organization?

Accepted Answer

A) Decision making. 
B) Planning. 
C) Directing operational activities. 
D) Controlling. 
E) Motivating. 
A) Decision making. 
B) Planning. 
C) Directing operational activities. 
D) Controlling. 
E) Motivating.

Question 19

Which of the following statements best characterizes managerial accountants of the past?

Accepted Answer

A) They carried the job title of 'analysts'. 
B) They were isolated into separate departments. 
C) They were located in operating departments and worked with other managers. 
D) They often took on leadership roles. 
E) They worked in teams. 
A) They carried the job title of 'analysts'. 
B) They were isolated into separate departments. 
C) They were located in operating departments and worked with other managers. 
D) They often took on leadership roles. 
E) They worked in teams.

Question 20

When ethical lapses such as the 2015 incident with Volkswagen happen, what is lost?

Accepted Answer

A) trust of society. 
B) conﬁdence of shareholders, employees, suppliers, and customers. 
C) market valuation. 
D) reputation of the ethically challenged company. 
E) All of these choices are correct. 
A) trust of society. 
B) conﬁdence of shareholders, employees, suppliers, and customers. 
C) market valuation. 
D) reputation of the ethically challenged company. 
E) All of these choices are correct.

Which of the following is not an ethical standard of managerial accounting?

A controller is normally involved with preparing ﬁnancial statements.

In pursuing its goals, an organization does all of the following except:

Because managerial accounting reports rarely solve decision problems, what function does a managerial accountant use to assist managers in understanding issues contained within the information produced?

The day-to-day work of management teams will typically comprise all of the following activities except:

Which of the preceding activities would likely not be considered part of Forte Clothing Company's value chain?

Which of the following is not an action performed in combination with information to pursue the goals of managerial accounting?

The upper limit on the production of goods and services if everything works perfectly is known as:

Measuring the performance of managers and subunits is not an objective of managerial accounting.

Managerial accounting:

Managerial accounting:

The process of making sense of big data is known as data practice.

Which of the following is not an objective of managerial accounting?

Wembley Company has set various goals, and management is now taking appropriate action to ensure that the ﬁrm achieves these goals.One such action is to reduce outlays for overhead, which have exceeded budgeted amounts.Which of the following functions best describes this process?

The cost of resources supplied but unused is known as:

Middle-level managers would likely be considered internal users of accounting information rather than external users.

Which of the following involves the coordination of daily business functions within an organization?

Which of the following statements best characterizes managerial accountants of the past?

When ethical lapses such as the 2015 incident with Volkswagen happen, what is lost?

Basic Cost Management Concepts

Product Costing and Cost Accumulation in a Batch Production Environment

Process Costing and Hybrid Product-Costing Systems

Activity-Based Costing and Management

Activity Analysis, Cost Behavior, and Cost Estimation

Cost-Volume-Profit Analysis

Variable Costing and the Costs of Quality and Sustainability

Financial Planning and Analysis: the Master Budget

Standard Costing and Analysis of Direct Costs

Flexible Budgeting and Analysis of Overhead Costs

Responsibility Accounting, Operational Performance Measures, and the Balanced Scorecard

Inventory Management and Economic Order Quantity (EOQ) Analysis

Filters

Exam 1: The Changing Role of Managerial Accounting in a Dynamic Business Environment

Which of the following is not an ethical standard of managerial accounting?

A controller is normally involved with preparing ﬁnancial statements.

In pursuing its goals, an organization does all of the following except:

Because managerial accounting reports rarely solve decision problems, what function does a managerial accountant use to assist managers in understanding issues contained within the information produced?

The day-to-day work of management teams will typically comprise all of the following activities except:

Which of the preceding activities would likely not be considered part of Forte Clothing Company's value chain?

Which of the following is not an action performed in combination with information to pursue the goals of managerial accounting?

The upper limit on the production of goods and services if everything works perfectly is known as:

Measuring the performance of managers and subunits is not an objective of managerial accounting.

Managerial accounting:

Managerial accounting:

The process of making sense of big data is known as data practice.

Which of the following is not an objective of managerial accounting?

Wembley Company has set various goals, and management is now taking appropriate action to ensure that the ﬁrm achieves these goals.One such action is to reduce outlays for overhead, which have exceeded budgeted amounts.Which of the following functions best describes this process?

The cost of resources supplied but unused is known as:

Middle-level managers would likely be considered internal users of accounting information rather than external users.

Which of the following involves the coordination of daily business functions within an organization?

Which of the following statements best characterizes managerial accountants of the past?

When ethical lapses such as the 2015 incident with Volkswagen happen, what is lost?

Basic Cost Management Concepts

Product Costing and Cost Accumulation in a Batch Production Environment

Process Costing and Hybrid Product-Costing Systems

Activity-Based Costing and Management

Activity Analysis, Cost Behavior, and Cost Estimation

Cost-Volume-Profit Analysis

Variable Costing and the Costs of Quality and Sustainability

Financial Planning and Analysis: the Master Budget

Standard Costing and Analysis of Direct Costs

Flexible Budgeting and Analysis of Overhead Costs

Responsibility Accounting, Operational Performance Measures, and the Balanced Scorecard

Inventory Management and Economic Order Quantity (EOQ) Analysis

Filters