Question 1

Financial accounting information is least useful in providing:

Accepted Answer

A)  information for stating corporate wide goals. 
B)  information for internal decision makers. 
C)  periodic reports for shareholders. 
D)  aggregate information about an organisation's assets, obligations and performance. 
A)  information for stating corporate wide goals. 
B)  information for internal decision makers. 
C)  periodic reports for shareholders. 
D)  aggregate information about an organisation's assets, obligations and performance.

Question 2

Principles of personal ethical behaviour that are essential to an ethical life include

Accepted Answer

A)  integrity. 
B)  respect for others. 
C)  accountability. 
D)  all of the above. 
A)  integrity. 
B)  respect for others. 
C)  accountability. 
D)  all of the above.

Question 3

Which of the following statements is NOT true about world-class firms?

Accepted Answer

A)  World-class firms are firms that are poor in customer support. 
B)  World-class firms know their market and their products. 
C)  World-class firms strive continually to improve product design, manufacture, and delivery. 
D)  World-class firms can compete with the best of the best in a global environment. 
A)  World-class firms are firms that are poor in customer support. 
B)  World-class firms know their market and their products. 
C)  World-class firms strive continually to improve product design, manufacture, and delivery. 
D)  World-class firms can compete with the best of the best in a global environment.

Question 4

You are a management accountant for Burn's Ltd.Ruth Hamilton, the sales representative for one of Burn's suppliers, invited you to attend a professional sporting event.Because you are an avid sports fan, you accepted Ruth's invitation.
At the sporting event, Ruth begins talking about Burn's upcoming contract renewals with suppliers.Because there is intense competition and because it is the first bid she will submit to Burn's Ltd., she asks you to review her bid to make sure "it is good enough" before she submits it to the company.In addition, because you are knowledgeable about costs, especially regarding this contract, she asks you to tell her if her bid is "in the ballpark" or "needs improvement." She indicates that if she wins the contract, you will be provided with season tickets for the rest of the year.
Considering the Standards of Ethical Conduct for Management Accountants, how would you respond to Ruth's request?

Accepted Answer

According to the Standards of Ethical Co

Question 5

Cost accounting

Accepted Answer

A)  is concerned with assigning costs to various cost objects. 
B)  attempts to satisfy the costing objectives of both financial accounting and management accounting. 
C)  provides cost information that supports planning, controlling, and decision making. 
D)  All of the above descriptions are true. 
A)  is concerned with assigning costs to various cost objects. 
B)  attempts to satisfy the costing objectives of both financial accounting and management accounting. 
C)  provides cost information that supports planning, controlling, and decision making. 
D)  All of the above descriptions are true.

Question 6

The formulation of a scheme or programme for the accomplishment of a specific purpose or goal is referred to as

Accepted Answer

A)  controlling. 
B)  motivating. 
C)  organising. 
D)  planning. 
A)  controlling. 
B)  motivating. 
C)  organising. 
D)  planning.

Question 7

Discuss the change in composition of total manufacturing costs during the last century, using the three major cost categories: direct materials, direct labour, and manufacturing overhead.

Accepted Answer

1. Direct materials, the cost of primary

Question 8

Setting the selling price of a company's product is an example of

Accepted Answer

A)  planning. 
B)  control. 
C)  decision making. 
D)  all of the above. 
A)  planning. 
B)  control. 
C)  decision making. 
D)  all of the above.

Question 9

Monitoring the number of defects produced is an example of the management function of

Accepted Answer

A)  planning. 
B)  control. 
C)  decision making. 
D)  both a and c 
A)  planning. 
B)  control. 
C)  decision making. 
D)  both a and c

Question 10

Describe a cost management information system, its objectives, and major subsystems.

Accepted Answer

The cost management information system i

Question 11

Which of the following statements correctly distinguishes between financial and management accounting?

Accepted Answer

A)  Management accounting reports on the whole organisation. 
B)  Financial accounting is oriented toward the future. 
C)  Financial accounting is primarily concerned with providing information for internal users. 
D)  Management accounting is oriented more toward the planning and control aspects of management. 
A)  Management accounting reports on the whole organisation. 
B)  Financial accounting is oriented toward the future. 
C)  Financial accounting is primarily concerned with providing information for internal users. 
D)  Management accounting is oriented more toward the planning and control aspects of management.

Question 12

Management accounting:

Accepted Answer

A)  provides a framework to evaluate information in light of an organisation's goals. 
B)  provides relevant information to managers. 
C)  provides relevant information to meet specific needs of persons inside the organisation. 
D)  all of the above 
A)  provides a framework to evaluate information in light of an organisation's goals. 
B)  provides relevant information to managers. 
C)  provides relevant information to meet specific needs of persons inside the organisation. 
D)  all of the above

Question 13

Improvement in time performance is most likely NOT enhanced by

Accepted Answer

A)  redesign of products. 
B)  adding processes in production. 
C)  eliminating waste. 
D)  eliminating nonvalue-added activities. 
A)  redesign of products. 
B)  adding processes in production. 
C)  eliminating waste. 
D)  eliminating nonvalue-added activities.

Question 14

Developing a company strategy for responding to anticipated new markets is an example of

Accepted Answer

A)  planning. 
B)  control. 
C)  decision making. 
D)  all of the above. 
A)  planning. 
B)  control. 
C)  decision making. 
D)  all of the above.

Question 15

You are a management accountant for the Eugene Division of Lowden Company.Your longtime friend, David Orth, is the Eugene Division manager.David was instrumental in helping you obtain your current position.Because the manager's annual bonus is based on the amount of profit the Eugene Division reports for the year, David has asked you to "massage the numbers" to make the Eugene Division appear more profitable.
Considering the Standards of Ethical Conduct for Management Accountants, how would you respond to David Orth's request?

Accepted Answer

According to the Standards of Ethical Co

Question 16

Describe the connection between planning, controlling, and feedback.

Accepted Answer

Planning establishes performan

Question 17

A(n) _____ is a computerised information system that strives to input data once and make it available to people across the company for different purposes.

Accepted Answer

A)  cost management information system 
B)  enterprise resource planning system 
C)  internal accounting system 
D)  financial accounting information system 
A)  cost management information system 
B)  enterprise resource planning system 
C)  internal accounting system 
D)  financial accounting information system

Question 18

What is cross-functional expertise and why is it important to the systems approach?

Accepted Answer

The ability to see situations from many

Question 19

Classify the activity of handling raw materials according to its value-chain category.

Accepted Answer

A)  Developing 
B)  Designing 
C)  Producing 
D)  distributing 
A)  Developing 
B)  Designing 
C)  Producing 
D)  distributing

Question 20

One advantage of employee empowerment is

Accepted Answer

A)  it frees up some of the time of upper management for more strategic decision making 
B)  workers can improve production processes in a timely manner 
C)  employees closest to the work can provide valuable input in increasing efficiency 
D)  all of the above are advantages 
A)  it frees up some of the time of upper management for more strategic decision making 
B)  workers can improve production processes in a timely manner 
C)  employees closest to the work can provide valuable input in increasing efficiency 
D)  all of the above are advantages

Financial accounting information is least useful in providing:

Principles of personal ethical behaviour that are essential to an ethical life include

Which of the following statements is NOT true about world-class firms?

Cost accounting

The formulation of a scheme or programme for the accomplishment of a specific purpose or goal is referred to as

Discuss the change in composition of total manufacturing costs during the last century, using the three major cost categories: direct materials, direct labour, and manufacturing overhead.

Setting the selling price of a company's product is an example of

Monitoring the number of defects produced is an example of the management function of

Describe a cost management information system, its objectives, and major subsystems.

Which of the following statements correctly distinguishes between financial and management accounting?

Management accounting:

Improvement in time performance is most likely NOT enhanced by

Developing a company strategy for responding to anticipated new markets is an example of

Describe the connection between planning, controlling, and feedback.

A(n) _____ is a computerised information system that strives to input data once and make it available to people across the company for different purposes.

What is cross-functional expertise and why is it important to the systems approach?

Classify the activity of handling raw materials according to its value-chain category.

One advantage of employee empowerment is

Introduction to Business

Responsible Business

Global Business

Types of Business Ownership

Small Business, Entrepreneurship, and Franchises

Leadership and Managing a Business

Flexibility Within the Organisation

Products and Services

Recruitment and Retaining the Best Employees

Employee Motivation and Team Building

The Marketing Concept

Aproduct Development and Pricing Strategies

Marketing Channels

Marketing Communications

Social Media and E-Business

Money and the Banking System

Financial Management

Personal Finances and Investments

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Exam 16: Introduction to Management Accounting

Financial accounting information is least useful in providing:

Principles of personal ethical behaviour that are essential to an ethical life include

Which of the following statements is NOT true about world-class firms?

Cost accounting

The formulation of a scheme or programme for the accomplishment of a specific purpose or goal is referred to as

Discuss the change in composition of total manufacturing costs during the last century, using the three major cost categories: direct materials, direct labour, and manufacturing overhead.

Setting the selling price of a company's product is an example of

Monitoring the number of defects produced is an example of the management function of

Describe a cost management information system, its objectives, and major subsystems.

Which of the following statements correctly distinguishes between financial and management accounting?

Management accounting:

Improvement in time performance is most likely NOT enhanced by

Developing a company strategy for responding to anticipated new markets is an example of

Describe the connection between planning, controlling, and feedback.

A(n) _____ is a computerised information system that strives to input data once and make it available to people across the company for different purposes.

What is cross-functional expertise and why is it important to the systems approach?

Classify the activity of handling raw materials according to its value-chain category.

One advantage of employee empowerment is

Introduction to Business

Responsible Business

Global Business

Types of Business Ownership

Small Business, Entrepreneurship, and Franchises

Leadership and Managing a Business

Flexibility Within the Organisation

Products and Services

Recruitment and Retaining the Best Employees

Employee Motivation and Team Building

The Marketing Concept

Aproduct Development and Pricing Strategies

Marketing Channels

Marketing Communications

Social Media and E-Business

Money and the Banking System

Financial Management

Personal Finances and Investments

Filters