Question 1

Accountants have a very normal schedule, and typically work 40 hours/week or less.

Accepted Answer

A) True 
 B)False  False

Question 2

How does Fezzari generally market its products to its customers?

Accepted Answer

A)  Selling directly to customers through web-based orders 
B)  Manufacturing and selling bike components to other bike manufacturers 
C)  As a wholesaler supplying local bike shops 
D)  As a wholesaler supplying large mass merchandisers 
A)  Selling directly to customers through web-based orders 
B)  Manufacturing and selling bike components to other bike manufacturers 
C)  As a wholesaler supplying local bike shops 
D)  As a wholesaler supplying large mass merchandisers A

Question 3

EBC is relatively new to their industry and does not have a strong customer base.

Accepted Answer

A) True 
 B)False  False

Question 4

The Institute of Management Accountants (IMA) administers the CMA exam.

Accepted Answer

A) True 
 B)False

Question 5

Of the various types of firms, accounting for the operations of a manufacturing firm is typically the most complex.

Accepted Answer

A) True 
 B)False

Question 6

Managerial Accounting provides information which is primarily useful for:

Accepted Answer

A)  Helping managers plan, manage, and make strategic decisions regarding the growth and profitability of the company 
B)  Helping banks know whether to loan money to a company 
C)  Setting a company's stock price on the stock exchanges 
D)  Determining how much a company owes to the IRS in taxes 
A)  Helping managers plan, manage, and make strategic decisions regarding the growth and profitability of the company 
B)  Helping banks know whether to loan money to a company 
C)  Setting a company's stock price on the stock exchanges 
D)  Determining how much a company owes to the IRS in taxes

Question 7

Lean manufacturing is designed to minimize the amount of time it takes for a product to flow through the production process.

Accepted Answer

A) True 
 B)False

Question 8

Which of the following is not part of Fezzari's assembly and shipping process?

Accepted Answer

A)  A test ride by one of the technicians 
B)  Checking all of the screws and tuning 
C)  Checking the packaging 
D)  A test ride by the customer 
A)  A test ride by one of the technicians 
B)  Checking all of the screws and tuning 
C)  Checking the packaging 
D)  A test ride by the customer

Question 9

In order to maximize efficiency, Fezzari builds standardized bikes with little or no customization.

Accepted Answer

A) True 
 B)False

Question 10

What type of firm is Fezzari?

Accepted Answer

Fezzari is both a ma

Question 11

A managerial accountant may be involved in aspects of the business such as manufacturing planning, change implementation, strategy, customer analysis, and others.

Accepted Answer

A) True 
 B)False

Question 12

Which of the following is an example of a manufacturing firm?

Accepted Answer

A)  Walmart 
B)  Caleb's Carpet Cleaning Company 
C)  Starbucks 
D)  General Motors 
A)  Walmart 
B)  Caleb's Carpet Cleaning Company 
C)  Starbucks 
D)  General Motors

Question 13

What are the requirements to license as a CPA?

Accepted Answer

"Passing the CPA exam is only

Question 14

The CMA does not indicate a level of true professional achievement.

Accepted Answer

A) True 
 B)False

Question 15

A service firm is one that takes materials and converts them into a sellable product.

Accepted Answer

A) True 
 B)False

Question 16

All of the following are examples of a service firms except:

Accepted Answer

A)  Online retailers 
B)  Professional taxi services 
C)  Public accounting firms 
D)  Lawn care companies 
A)  Online retailers 
B)  Professional taxi services 
C)  Public accounting firms 
D)  Lawn care companies

Question 17

Because information is now so readily accessible to everyone, companies are starting to focus more on the profit margin of each product, and less on the purchasing behavior of individual customers, regardless of how much a person might spend on other products.

Accepted Answer

A) True 
 B)False

Question 18

Management Accountants are required to report financial results in accordance with legally set guidelines.

Accepted Answer

A) True 
 B)False

Question 19

Which of the following is not a role that can be filled by someone with an accounting degree?

Accepted Answer

A)  Treasurer 
B)  Internal auditor 
C)  Budget analyst 
D)  Chief Financial Officer 
E)  All of the above are roles that are filled by accountants. 
A)  Treasurer 
B)  Internal auditor 
C)  Budget analyst 
D)  Chief Financial Officer 
E)  All of the above are roles that are filled by accountants.

Question 20

Which of the following types of firms normally carry inventory?

Accepted Answer

A)  Service firms 
B)  Manufacturing firms 
C)  Merchandising firms 
D)  All of the above 
E)  B and C only 
A)  Service firms 
B)  Manufacturing firms 
C)  Merchandising firms 
D)  All of the above 
E)  B and C only

Accountants have a very normal schedule, and typically work 40 hours/week or less.

How does Fezzari generally market its products to its customers?

EBC is relatively new to their industry and does not have a strong customer base.

The Institute of Management Accountants (IMA) administers the CMA exam.

Of the various types of firms, accounting for the operations of a manufacturing firm is typically the most complex.

Managerial Accounting provides information which is primarily useful for:

Lean manufacturing is designed to minimize the amount of time it takes for a product to flow through the production process.

Which of the following is not part of Fezzari's assembly and shipping process?

In order to maximize efficiency, Fezzari builds standardized bikes with little or no customization.

What type of firm is Fezzari?

A managerial accountant may be involved in aspects of the business such as manufacturing planning, change implementation, strategy, customer analysis, and others.

Which of the following is an example of a manufacturing firm?

What are the requirements to license as a CPA?

The CMA does not indicate a level of true professional achievement.

A service firm is one that takes materials and converts them into a sellable product.

All of the following are examples of a service firms except:

Because information is now so readily accessible to everyone, companies are starting to focus more on the profit margin of each product, and less on the purchasing behavior of individual customers, regardless of how much a person might spend on other products.

Management Accountants are required to report financial results in accordance with legally set guidelines.

Which of the following is not a role that can be filled by someone with an accounting degree?

Which of the following types of firms normally carry inventory?

Managerial Accounting Concepts and Cost Flows

Cost Accounting Systems: Job Order Costing

Cost Accounting Systems: Process Costing

Activity-Based Costing

Cost-Volume-Profit Relationships

Variable Costing: A Tool for Decision Making

Relevant Costs and Short-Term Decision Making

Planning and Budgeting

Standard Costing and Variance Analysis

Flexible Budgets, Segment Analysis, and Performance Reporting

Capital Budgeting

Statement of Cash Flows

Analysis and Interpretation of Financial Statements

Appendix: Accounting and the Time Value of Money

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Exam 1: Overview of Managerial Accounting

Accountants have a very normal schedule, and typically work 40 hours/week or less.

How does Fezzari generally market its products to its customers?

EBC is relatively new to their industry and does not have a strong customer base.

The Institute of Management Accountants (IMA) administers the CMA exam.

Of the various types of firms, accounting for the operations of a manufacturing firm is typically the most complex.

Managerial Accounting provides information which is primarily useful for:

Lean manufacturing is designed to minimize the amount of time it takes for a product to flow through the production process.

Which of the following is not part of Fezzari's assembly and shipping process?

In order to maximize efficiency, Fezzari builds standardized bikes with little or no customization.

What type of firm is Fezzari?

A managerial accountant may be involved in aspects of the business such as manufacturing planning, change implementation, strategy, customer analysis, and others.

Which of the following is an example of a manufacturing firm?

What are the requirements to license as a CPA?

The CMA does not indicate a level of true professional achievement.

A service firm is one that takes materials and converts them into a sellable product.

All of the following are examples of a service firms except:

Because information is now so readily accessible to everyone, companies are starting to focus more on the profit margin of each product, and less on the purchasing behavior of individual customers, regardless of how much a person might spend on other products.

Management Accountants are required to report financial results in accordance with legally set guidelines.

Which of the following is not a role that can be filled by someone with an accounting degree?

Which of the following types of firms normally carry inventory?

Managerial Accounting Concepts and Cost Flows

Cost Accounting Systems: Job Order Costing

Cost Accounting Systems: Process Costing

Activity-Based Costing

Cost-Volume-Profit Relationships

Variable Costing: A Tool for Decision Making

Relevant Costs and Short-Term Decision Making

Planning and Budgeting

Standard Costing and Variance Analysis

Flexible Budgets, Segment Analysis, and Performance Reporting

Capital Budgeting

Statement of Cash Flows

Analysis and Interpretation of Financial Statements

Appendix: Accounting and the Time Value of Money

Filters