Question 1

Management accounting requires independent audits of the firm's books.

Accepted Answer

A) True 
 B)False

Question 2

Managerial accounting has its roots in the industrial age of manufacturing.

Accepted Answer

A) True 
 B)False

Question 3

Describe the position of the CFO, the treasurer, and the controller within the organization. Describe the main functions of the treasurer and the controller.

Accepted Answer

The treasurer and controller both report

Question 4

Evaluating operations by comparing actual results to budgeted results is a part of the controlling responsibility of management.

Accepted Answer

A) True 
 B)False

Question 5

Which of the following is not one of the IMA's overarching ethical principles?

Accepted Answer

A) Fairness 
B) Responsibility 
C) Honesty 
D) Creativity 
A) Fairness 
B) Responsibility 
C) Honesty 
D) Creativity

Question 6

Preparing financial statements in accordance with GAAP is an example of

Accepted Answer

A) integrity. 
B) competence. 
C) credibility. 
D) objectivity. 
A) integrity. 
B) competence. 
C) credibility. 
D) objectivity.

Question 7

The person who is directly responsible for the company's operations, such as research and development, production and distribution is the

Accepted Answer

A) CFO. 
B) Treasurer. 
C) CEO. 
D) COO. 
A) CFO. 
B) Treasurer. 
C) CEO. 
D) COO.

Question 8

________ are a company's decision makers.

Accepted Answer

A) Shareholders 
B) Managers 
C) Customers 
D) Creditors 
A) Shareholders 
B) Managers 
C) Customers 
D) Creditors

Management accounting requires independent audits of the firm's books.

Managerial accounting has its roots in the industrial age of manufacturing.

Describe the position of the CFO, the treasurer, and the controller within the organization. Describe the main functions of the treasurer and the controller.

Evaluating operations by comparing actual results to budgeted results is a part of the controlling responsibility of management.

Which of the following is not one of the IMA's overarching ethical principles?

Preparing financial statements in accordance with GAAP is an example of

The person who is directly responsible for the company's operations, such as research and development, production and distribution is the

________ are a company's decision makers.

Building Blocks of Managerial Accounting

Job Costing

Activity-Based Costing, Lean Operations, and the Costs of Quality

Process Costing

Cost Behavior

Cost-Volume-Profit Analysis

Relevant Costs for Short-Term Decisions

The Master Budget

Performance Evaluation

Standard Costs and Variances

Capital Investment Decisions and the Time Value of Money

Statement of Cash Flows

Financial Statement Analysis

Sustainability

Filters

Exam 1: Introduction to Managerial Accounting

Management accounting requires independent audits of the firm's books.

Managerial accounting has its roots in the industrial age of manufacturing.

Describe the position of the CFO, the treasurer, and the controller within the organization. Describe the main functions of the treasurer and the controller.

Evaluating operations by comparing actual results to budgeted results is a part of the controlling responsibility of management.

Which of the following is not one of the IMA's overarching ethical principles?

Preparing financial statements in accordance with GAAP is an example of

The person who is directly responsible for the company's operations, such as research and development, production and distribution is the

________ are a company's decision makers.

Building Blocks of Managerial Accounting

Job Costing

Activity-Based Costing, Lean Operations, and the Costs of Quality

Process Costing

Cost Behavior

Cost-Volume-Profit Analysis

Relevant Costs for Short-Term Decisions

The Master Budget

Performance Evaluation

Standard Costs and Variances

Capital Investment Decisions and the Time Value of Money

Statement of Cash Flows

Financial Statement Analysis

Sustainability

Filters