Question 1

Which of the following methods cuts throughput time?

Accepted Answer

A) XBRL 
B) IFRS 
C) JIT 
D) ISO 
A) XBRL 
B) IFRS 
C) JIT 
D) ISO

Question 2

What is a system that requires suppliers to deliver materials at the exact time the materials are needed?

Accepted Answer

A) JIT 
B) TQM 
C) ISO 
D) ERP 
A) JIT 
B) TQM 
C) ISO 
D) ERP

Question 3

Planning involves which of the following activities?

Accepted Answer

A) Evaluating the results of operations 
B) Overseeing the company's day-to-day operations 
C) Setting goals and objectives for the company 
D) None of the above 
A) Evaluating the results of operations 
B) Overseeing the company's day-to-day operations 
C) Setting goals and objectives for the company 
D) None of the above

Question 4

The primary managerial accounting product is the company's audited financial statements.

Accepted Answer

A) True 
 B)False

Question 5

________ gathers, summarizes, and reports on the financial impact of changes to business operations.

Accepted Answer

A) Managerial accounting 
B) Planning 
C) Directing 
D) Controlling 
A) Managerial accounting 
B) Planning 
C) Directing 
D) Controlling

Question 6

Match between columns
                        Premises: Software ystems that can integrate all of a company's Worldwide functions, departments, and data into a single system.
A philosophy and business strategy of manufacturing without waste.
The ability to meet the needs of the present without compromising the abiliy of future generations to meet their own needs.
An organization which supports and issues quality-related cemifications.
A congressional act that enhances internal control and financial Reporting requirements and establishes new regulatory requirements for publicly traded companies and their independent auditors.
A data tagging system that enables companies to release financial and business information ina format that can be accessed over the internet.
Set of standards which may be adopted for all publicly traded companies and may differ from GAAP.
A system where production is triggered by orders(demand).

Accepted Answer

The Answer of sox and ERP and Sustainabiiy and XBRL is...

Question 7

IFRS stands for

Accepted Answer

A) Important Foreign Registering Systems. 
B) International and Foreign Registering Standards. 
C) International and Foreign Reporting Systems. 
D) International Financial Reporting Standards. 
A) Important Foreign Registering Systems. 
B) International and Foreign Registering Standards. 
C) International and Foreign Reporting Systems. 
D) International Financial Reporting Standards.

Question 8

According to the textbook, managerial accountants often work on

Accepted Answer

A) cross-functional teams. 
B) workgroups. 
C) audit teams. 
D) multi-functional teams. 
A) cross-functional teams. 
B) workgroups. 
C) audit teams. 
D) multi-functional teams.

Question 9

What is one constraint placed on the information provided by a managerial accounting system?

Accepted Answer

A) Generally Accepted Accounting Principles (GAAP) 
B) SEC Regulations 
C) Cost - Benefit 
D) International Financial Reporting Standards (IFRS) 
A) Generally Accepted Accounting Principles (GAAP) 
B) SEC Regulations 
C) Cost - Benefit 
D) International Financial Reporting Standards (IFRS)

Question 10

Failure to mitigate a conflict of interest would violate which ethical standard of conduct?

Accepted Answer

A) Credibility 
B) Integrity 
C) Competency 
D) Confidentiality 
A) Credibility 
B) Integrity 
C) Competency 
D) Confidentiality

Question 11

Companies may adopt which of the following in an attempt to increase their competitive edge?

Accepted Answer

A) TQM 
B) Green initiatives 
C) Lean thinking 
D) All of the above 
A) TQM 
B) Green initiatives 
C) Lean thinking 
D) All of the above

Question 12

What is the business philosophy of providing superior goods and services?

Accepted Answer

A) TQM 
B) Supply-chain management 
C) ERP 
D) JIT 
A) TQM 
B) Supply-chain management 
C) ERP 
D) JIT

Question 13

CPA firms are permitted to provide which of the following services to audit clients?

Accepted Answer

A) Tax preparation 
B) Information systems design 
C) Consulting 
D) Bookkeeping 
A) Tax preparation 
B) Information systems design 
C) Consulting 
D) Bookkeeping

Question 14

Which of the following statements is true?

Accepted Answer

A) Managerial accounting reports aid potential investors. 
B) Managerial accounting reports must follow GAAP. 
C) Managerial accounting reports are audited by CPAs. 
D) Managerial accounting reports provide detailed internal information. 
A) Managerial accounting reports aid potential investors. 
B) Managerial accounting reports must follow GAAP. 
C) Managerial accounting reports are audited by CPAs. 
D) Managerial accounting reports provide detailed internal information.

Question 15

Preparing budgets is an example of which of the following management functions?

Accepted Answer

A) Planning 
B) Directing 
C) Analyzing 
D) Controlling 
A) Planning 
B) Directing 
C) Analyzing 
D) Controlling

Question 16

Which person or group is not an employee of the corporation?

Accepted Answer

A) A member of the audit committee 
B) The treasurer 
C) The VP of manufacturing 
D) The CFO 
A) A member of the audit committee 
B) The treasurer 
C) The VP of manufacturing 
D) The CFO

Question 17

Managerial accounting develops reports that help internal parties effectively and efficiently run the company.

Accepted Answer

A) True 
 B)False

Question 18

Performing duties in accordance with relevant laws, regulations, and technical standards comprise the IMA professional ethics standard of

Accepted Answer

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

Question 19

Which of the following tasks are performed by management accountants?

Accepted Answer

A) Help design information systems 
B) Provide decision support 
C) Ensure financial records are correct 
D) All of the above 
A) Help design information systems 
B) Provide decision support 
C) Ensure financial records are correct 
D) All of the above

Question 20

Which of following statements is true?

Accepted Answer

A) Managerial accounting focuses on historical transactions. 
B) Financial accounting focuses on future data. 
C) Management accounting focuses on relevant data. 
D) Managerial accounting uses the cash basis for recording transactions. 
A) Managerial accounting focuses on historical transactions. 
B) Financial accounting focuses on future data. 
C) Management accounting focuses on relevant data. 
D) Managerial accounting uses the cash basis for recording transactions.

Which of the following methods cuts throughput time?

What is a system that requires suppliers to deliver materials at the exact time the materials are needed?

Planning involves which of the following activities?

The primary managerial accounting product is the company's audited financial statements.

________ gathers, summarizes, and reports on the financial impact of changes to business operations.

IFRS stands for

According to the textbook, managerial accountants often work on

What is one constraint placed on the information provided by a managerial accounting system?

Failure to mitigate a conflict of interest would violate which ethical standard of conduct?

Companies may adopt which of the following in an attempt to increase their competitive edge?

What is the business philosophy of providing superior goods and services?

CPA firms are permitted to provide which of the following services to audit clients?

Which of the following statements is true?

Preparing budgets is an example of which of the following management functions?

Which person or group is not an employee of the corporation?

Managerial accounting develops reports that help internal parties effectively and efficiently run the company.

Performing duties in accordance with relevant laws, regulations, and technical standards comprise the IMA professional ethics standard of

Which of the following tasks are performed by management accountants?

Which of following statements is true?

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

Which of the following methods cuts throughput time?

What is a system that requires suppliers to deliver materials at the exact time the materials are needed?

Planning involves which of the following activities?

The primary managerial accounting product is the company's audited financial statements.

________ gathers, summarizes, and reports on the financial impact of changes to business operations.

IFRS stands for

According to the textbook, managerial accountants often work on

What is one constraint placed on the information provided by a managerial accounting system?

Failure to mitigate a conflict of interest would violate which ethical standard of conduct?

Companies may adopt which of the following in an attempt to increase their competitive edge?

What is the business philosophy of providing superior goods and services?

CPA firms are permitted to provide which of the following services to audit clients?

Which of the following statements is true?

Preparing budgets is an example of which of the following management functions?

Which person or group is not an employee of the corporation?

Managerial accounting develops reports that help internal parties effectively and efficiently run the company.

Performing duties in accordance with relevant laws, regulations, and technical standards comprise the IMA professional ethics standard of

Which of the following tasks are performed by management accountants?

Which of following statements is true?

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