Question 1

What is the primary purpose of financial accounting?

Accepted Answer

Reporting a company'

Question 2

Managerial Accounting provides information relevant to making decisions about the future performance of a company.

Accepted Answer

A) True 
 B)False

Question 3

What kinds of information are collected and used for managerial accounting?

Accepted Answer

"Such data will usually include financia

Question 4

What kind of work experience is often required to be licensed as a CPA?

Accepted Answer

"Audit or tax attestation expe

Question 5

What is the primary purpose of managerial accounting?

Accepted Answer

Providing informatio

Question 6

Which of the following utilizes multiple automated machines and manufacturing cells to produce a product from start to finish?

Accepted Answer

A)  Robotics-controlled automated manufacturing 
B)  Full-production automation 
C)  Stand-alone automation 
D)  Flexible-manufacturing system automation 
A)  Robotics-controlled automated manufacturing 
B)  Full-production automation 
C)  Stand-alone automation 
D)  Flexible-manufacturing system automation

Question 7

What types of skills are indicated by the CMA designation?

Accepted Answer

"a level of knowledge and prof

Question 8

The CPA is the most widely recognized professional certification for accountants in the United States.

Accepted Answer

A) True 
 B)False

Question 9

What is the main source of Fezzari's sales?

Accepted Answer

"Fezzari's business model uses

Question 10

Which of the following are professional certifications that can be earned based on specific skill sets or experience?

Accepted Answer

A)  Certified Fraud Examiner 
B)  Certified Internal Auditor 
C)  Enrolled Agent 
D)  Certified Management Accountant 
E)  All of the above 
A)  Certified Fraud Examiner 
B)  Certified Internal Auditor 
C)  Enrolled Agent 
D)  Certified Management Accountant 
E)  All of the above

Question 11

Managerial Accounting utilizes both financial and non-financial data of a company.

Accepted Answer

A) True 
 B)False

Question 12

Companies use "Big Data"
to regularly track customer behavior in order to anticipate and better meet customers' needs.

Accepted Answer

A) True 
 B)False

Question 13

What type of firm is EBC?

Accepted Answer

EBC is a service fir

Question 14

In order to be considered a merchandising firm, a company must have a physical "brick-and-mortar"
store location.

Accepted Answer

A) True 
 B)False

Question 15

Which type of firm tends to be considered the most reputable?

Accepted Answer

"Roughly 75% of the world's mo

Question 16

Which of the following organizations administers the CPA exam?

Accepted Answer

A)  The Institute of Management Accountants (IM
A)  
B)  The Internal Revenue Service (IRS) 
C)  The Federal Accounting Standards Board (FAS
B)  
D)  The Securities and Exchange Commission (SE
C)  
E)  The American Institute of Certified Public Accountants (AICP
A)  
A)  The Institute of Management Accountants (IM
A)  
B)  The Internal Revenue Service (IRS) 
C)  The Federal Accounting Standards Board (FAS
B)  
D)  The Securities and Exchange Commission (SE
C)  
E)  The American Institute of Certified Public Accountants (AICP
A)

Question 17

Management Accountants provide information that is:

Accepted Answer

A)  Timely 
B)  Relevant 
C)  Useful for making decisions 
D)  Easily accessible to management 
E)  All of the above 
A)  Timely 
B)  Relevant 
C)  Useful for making decisions 
D)  Easily accessible to management 
E)  All of the above

Question 18

Which of the following is not a proficiency indicated by the CMA designation?

Accepted Answer

A)  Tax preparation 
B)  Financial planning 
C)  Professional ethics 
D)  Decision support 
A)  Tax preparation 
B)  Financial planning 
C)  Professional ethics 
D)  Decision support

Question 19

Which of the following statements is true?

Accepted Answer

A)  All recent college graduates are required to work for one of the "Big 4" accounting firms for at least a few years. 
B)  Most accountants that start their careers in public accounting stay there for many years. 
C)  Audit or tax experience is often required in order to be licensed as a CPA. 
D)  There are not many accounting jobs in fields such as academia or government. 
A)  All recent college graduates are required to work for one of the "Big 4" accounting firms for at least a few years. 
B)  Most accountants that start their careers in public accounting stay there for many years. 
C)  Audit or tax experience is often required in order to be licensed as a CPA. 
D)  There are not many accounting jobs in fields such as academia or government.

Question 20

How does "stand-alone" automation differ from "flexible-manufacturing-system" automation?

Accepted Answer

"Stand-alone automation incorporates a r

What is the primary purpose of financial accounting?

Managerial Accounting provides information relevant to making decisions about the future performance of a company.

What kinds of information are collected and used for managerial accounting?

What kind of work experience is often required to be licensed as a CPA?

What is the primary purpose of managerial accounting?

Which of the following utilizes multiple automated machines and manufacturing cells to produce a product from start to finish?

What types of skills are indicated by the CMA designation?

The CPA is the most widely recognized professional certification for accountants in the United States.

What is the main source of Fezzari's sales?

Which of the following are professional certifications that can be earned based on specific skill sets or experience?

Managerial Accounting utilizes both financial and non-financial data of a company.

Companies use "Big Data" to regularly track customer behavior in order to anticipate and better meet customers' needs.

What type of firm is EBC?

In order to be considered a merchandising firm, a company must have a physical "brick-and-mortar" store location.

Which type of firm tends to be considered the most reputable?

Which of the following organizations administers the CPA exam?

Management Accountants provide information that is:

Which of the following is not a proficiency indicated by the CMA designation?

Which of the following statements is true?

How does "stand-alone" automation differ from "flexible-manufacturing-system" automation?

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

What is the primary purpose of financial accounting?

Managerial Accounting provides information relevant to making decisions about the future performance of a company.

What kinds of information are collected and used for managerial accounting?

What kind of work experience is often required to be licensed as a CPA?

What is the primary purpose of managerial accounting?

Which of the following utilizes multiple automated machines and manufacturing cells to produce a product from start to finish?

What types of skills are indicated by the CMA designation?

The CPA is the most widely recognized professional certification for accountants in the United States.

What is the main source of Fezzari's sales?

Which of the following are professional certifications that can be earned based on specific skill sets or experience?

Managerial Accounting utilizes both financial and non-financial data of a company.

Companies use "Big Data" to regularly track customer behavior in order to anticipate and better meet customers' needs.

What type of firm is EBC?

In order to be considered a merchandising firm, a company must have a physical "brick-and-mortar" store location.

Which type of firm tends to be considered the most reputable?

Which of the following organizations administers the CPA exam?

Management Accountants provide information that is:

Which of the following is not a proficiency indicated by the CMA designation?

Which of the following statements is true?

How does "stand-alone" automation differ from "flexible-manufacturing-system" automation?

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