Exam 1: Introduction to Managerial Accounting

Budgeting is the process of evaluating the results of business operations against a plan and then making adjustments to that plan.

The ethical principles and standards of the IMA always give clear guidance for every ethical situation.

XBRL can best be described as a

Oversight and strategy formulation and guidance for a large corporation are typically provided by which of the following positions?

Managerial information is always based on historical transactions with external parties.

Which of the following is not an advantage of an ERP system?

________ is the business philosophy and a strategy of manufacturing without waste.

The primary purpose of managerial accounting information is to help external users make investing and lending decisions.

The "Ethics Hotline" provides specific resolutions (answers)to IMA members who face ethical dilemmas.

To resolve ethical dilemmas, the IMA suggests that management accountants should first

Trends in the modern business environment include a shift to a service economy and the rise of the global marketplace.

A CFO would have all of the following responsibilities except

What position is typically responsible for financial accounting, managerial accounting, and tax reporting?

Which of the following is not used in a cost-benefit analysis?

Which of the following is an example of the IMA's integrity standard?

Country Western Clothing Outfitters is considering investing in an inventory tracking system. It will have $10,000 in software costs and $8,000 in employee training costs. Computer hardware also needs to be upgraded for the system; the hardware upgrades are expected to be $12,000. The expected benefits from the inventory tracking system should be $28,000. Do the benefits outweigh the costs or do the costs outweigh the benefits, and by how much?

Sustainability is generally described as the ability to meet the needs of the present without compromising the ability of future generations to meet their own needs.

Managerial accountants only need a solid understanding of managerial accounting, and not financial accounting.

The IMA suggests that, when faced with an ethical dilemma, the first thing management accountants should do is call the IMA's ethics hotline.

Not disclosing sensitive information is an example of which ethical standard?