Question 1

Managerial accounting information emphasizes relevance over reliability and objectivity.

Accepted Answer

A) True 
 B)False

Question 2

External parties receive information about past performance from

Accepted Answer

A) planning reports. 
B) budget reports. 
C) financial accounting reports. 
D) managerial accounting reports. 
A) planning reports. 
B) budget reports. 
C) financial accounting reports. 
D) managerial accounting reports.

Question 3

XBRL will be required of both public and private companies.

Accepted Answer

A) True 
 B)False

Question 4

What ethical standard is being violated when you tell a friend that the company you work for is going to report lower than expected earnings next week?

Accepted Answer

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

Question 5

When management reviews hourly sales reports to determine the level of staffing needed to service customers, which of management's three primary responsibilities is fulfilled?

Accepted Answer

A) Controlling and planning 
B) Directing and planning 
C) Directing, controlling, and planning 
D) Analyzing, directing, and planning 
A) Controlling and planning 
B) Directing and planning 
C) Directing, controlling, and planning 
D) Analyzing, directing, and planning

Question 6

The ability to meet the needs of the present without compromising the needs of the future is often referred to as

Accepted Answer

A) the bottom line. 
B) total quality management. 
C) sustainability. 
D) just-in-time. 
A) the bottom line. 
B) total quality management. 
C) sustainability. 
D) just-in-time.

Question 7

The primary goal of managerial accounting is to provide information to

Accepted Answer

A) internal decision-makers. 
B) shareholders. 
C) creditors. 
D) both shareholders and creditors. 
A) internal decision-makers. 
B) shareholders. 
C) creditors. 
D) both shareholders and creditors.

Question 8

Which of the following persons or groups would be least likely to receive detailed managerial accounting reports?

Accepted Answer

A) CEO 
B) Plant managers 
C) Current shareholders 
D) Sales territory managers 
A) CEO 
B) Plant managers 
C) Current shareholders 
D) Sales territory managers

Question 9

All of the following are overarching principles in the IMA Statement of Ethical Professional Practice except

Accepted Answer

A) responsibility. 
B) objectivity. 
C) integrity. 
D) fairness. 
A) responsibility. 
B) objectivity. 
C) integrity. 
D) fairness.

Question 10

The IMA issues the CMA designation.

Accepted Answer

A) True 
 B)False

Question 11

Which of the following is not one of the IMA's credibility standards?

Accepted Answer

A) To disclose all relevant information 
B) To disclose deficiencies in internal control 
C) To communicate information fairly and objectively 
D) All of the above are part of IMA's credibility standard. 
A) To disclose all relevant information 
B) To disclose deficiencies in internal control 
C) To communicate information fairly and objectively 
D) All of the above are part of IMA's credibility standard.

Question 12

Which of the following positions report to the audit committee of the Board of Directors?

Accepted Answer

A) The CFO and internal audit department 
B) The internal audit department and the independent CPA firm 
C) The CFO and the independent CPA firm 
D) The treasurer and controller 
A) The CFO and internal audit department 
B) The internal audit department and the independent CPA firm 
C) The CFO and the independent CPA firm 
D) The treasurer and controller

Question 13

The SEC is considering the move to adopt IFRS for which types of companies?

Accepted Answer

A) All U.S. companies 
B) All U.S. publicly traded companies 
C) All U.S. private companies 
D) Only foreign companies operating in the U.S. 
A) All U.S. companies 
B) All U.S. publicly traded companies 
C) All U.S. private companies 
D) Only foreign companies operating in the U.S.

Question 14

The purpose of managerial accounting is to gather, summarize, and report the cost and revenue data relevant to each decision that is made.

Accepted Answer

A) True 
 B)False

Question 15

What is a business philosophy that focuses on providing customers with superior products and services?

Accepted Answer

A) IFRS 
B) TQM 
C) ERP 
D) XBRL 
A) IFRS 
B) TQM 
C) ERP 
D) XBRL

Question 16

ISO 9001:2008 is a(n)

Accepted Answer

A) effective exchange of information between vendors and customers. 
B) system where production occurs only when needed. 
C) software system which integrates all departments. 
D) certification that a company complies with international quality standards. 
A) effective exchange of information between vendors and customers. 
B) system where production occurs only when needed. 
C) software system which integrates all departments. 
D) certification that a company complies with international quality standards.

Question 17

Is financial accounting or managerial accounting more useful to a plant (factory)manager? Explain your answer.

Accepted Answer

Managerial accounting is likely to be mu

Question 18

Lean thinking is both a philosophy and a business strategy of manufacturing without waste.

Accepted Answer

A) True 
 B)False

Question 19

Managerial accountants no longer perform routine mechanical accounting tasks in most companies.

Accepted Answer

A) True 
 B)False

Question 20

It would be a violation of which ethical standard to withhold relevant information?

Accepted Answer

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

Managerial accounting information emphasizes relevance over reliability and objectivity.

External parties receive information about past performance from

XBRL will be required of both public and private companies.

What ethical standard is being violated when you tell a friend that the company you work for is going to report lower than expected earnings next week?

When management reviews hourly sales reports to determine the level of staffing needed to service customers, which of management's three primary responsibilities is fulfilled?

The ability to meet the needs of the present without compromising the needs of the future is often referred to as

The primary goal of managerial accounting is to provide information to

Which of the following persons or groups would be least likely to receive detailed managerial accounting reports?

All of the following are overarching principles in the IMA Statement of Ethical Professional Practice except

The IMA issues the CMA designation.

Which of the following is not one of the IMA's credibility standards?

Which of the following positions report to the audit committee of the Board of Directors?

The SEC is considering the move to adopt IFRS for which types of companies?

The purpose of managerial accounting is to gather, summarize, and report the cost and revenue data relevant to each decision that is made.

What is a business philosophy that focuses on providing customers with superior products and services?

ISO 9001:2008 is a(n)

Is financial accounting or managerial accounting more useful to a plant (factory)manager? Explain your answer.

Lean thinking is both a philosophy and a business strategy of manufacturing without waste.

Managerial accountants no longer perform routine mechanical accounting tasks in most companies.

It would be a violation of which ethical standard to withhold relevant information?

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

Managerial accounting information emphasizes relevance over reliability and objectivity.

External parties receive information about past performance from

XBRL will be required of both public and private companies.

What ethical standard is being violated when you tell a friend that the company you work for is going to report lower than expected earnings next week?

When management reviews hourly sales reports to determine the level of staffing needed to service customers, which of management's three primary responsibilities is fulfilled?

The ability to meet the needs of the present without compromising the needs of the future is often referred to as

The primary goal of managerial accounting is to provide information to

Which of the following persons or groups would be least likely to receive detailed managerial accounting reports?

All of the following are overarching principles in the IMA Statement of Ethical Professional Practice except

The IMA issues the CMA designation.

Which of the following is not one of the IMA's credibility standards?

Which of the following positions report to the audit committee of the Board of Directors?

The SEC is considering the move to adopt IFRS for which types of companies?

The purpose of managerial accounting is to gather, summarize, and report the cost and revenue data relevant to each decision that is made.

What is a business philosophy that focuses on providing customers with superior products and services?

ISO 9001:2008 is a(n)

Is financial accounting or managerial accounting more useful to a plant (factory)manager? Explain your answer.

Lean thinking is both a philosophy and a business strategy of manufacturing without waste.

Managerial accountants no longer perform routine mechanical accounting tasks in most companies.

It would be a violation of which ethical standard to withhold relevant information?

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