Question 1

Refusing gifts or favors that could be perceived to influence your actions is an example of which ethical standard?

Accepted Answer

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

Question 2

CPA firms cannot provide consulting services for their current audit clients.

Accepted Answer

A) True 
 B)False

Question 3

Lean production cuts the throughput time of a manufacturing concern.

Accepted Answer

A) True 
 B)False

Question 4

A company's Board of Directors meets

Accepted Answer

A) quarterly. 
B) periodically, as needs dictate. 
C) monthly. 
D) annually. 
A) quarterly. 
B) periodically, as needs dictate. 
C) monthly. 
D) annually.

Question 5

Inflating your expenses for a company-sponsored conference is a violation of what ethical standard?

Accepted Answer

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

Question 6

The treasurer and the controller report directly to the CFO.

Accepted Answer

A) True 
 B)False

Question 7

The IMA is the professional association for managerial accountants.

Accepted Answer

A) True 
 B)False

Question 8

Which one of the following items is not one of the three primary manager responsibilities?

Accepted Answer

A) Controlling 
B) Planning 
C) Feedback 
D) Adjusting 
A) Controlling 
B) Planning 
C) Feedback 
D) Adjusting

Question 9

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

Accepted Answer

A) Provide decision support that is accurate, clear, concise and timely. 
B) Keep information confidential, except when disclosure is legally required. 
C) Communicate information fairly and objectively. 
D) Abstain from engaging in or supporting any activity that might discredit the profession. 
A) Provide decision support that is accurate, clear, concise and timely. 
B) Keep information confidential, except when disclosure is legally required. 
C) Communicate information fairly and objectively. 
D) Abstain from engaging in or supporting any activity that might discredit the profession.

Question 10

Oral and written communications skills are considered among the most valuable skills a management accountant can possess.

Accepted Answer

A) True 
 B)False

Question 11

Which of the following positions typically manages the daily operations of a company?

Accepted Answer

A) The controller 
B) The CEO 
C) The board of directors 
D) The stockholders 
A) The controller 
B) The CEO 
C) The board of directors 
D) The stockholders

Question 12

Managerial accountants are required to possess which of the following skills?

Accepted Answer

A) Analytical skills 
B) Oral and written communication skills 
C) The ability to work on a team 
D) All of the above 
A) Analytical skills 
B) Oral and written communication skills 
C) The ability to work on a team 
D) All of the above

Question 13

________ is designed to meet the needs of internal decision makers.

Accepted Answer

A) Tax accounting 
B) Managerial accounting 
C) Financial accounting 
D) Audit accounting 
A) Tax accounting 
B) Managerial accounting 
C) Financial accounting 
D) Audit accounting

Question 14

Managerial accounting reports are always prepared on a quarterly and annual basis.

Accepted Answer

A) True 
 B)False

Question 15

The focus of management accounting is on

Accepted Answer

A) tax preparation. 
B) external reporting. 
C) internal reporting. 
D) auditing. 
A) tax preparation. 
B) external reporting. 
C) internal reporting. 
D) auditing.

Question 16

Your company sends you to a conference to update your skills. It is a violation of the professional competency and integrity standards if you decide to skip the afternoon session and go sightseeing.

Accepted Answer

A) True 
 B)False

Question 17

Managerial accounting is becoming less relevant as the U.S. economy shifts away from the manufacturing industry towards the service industry.

Accepted Answer

A) True 
 B)False

Question 18

Managerial accountants are now considered to be similar to advisors and business analysts.

Accepted Answer

A) True 
 B)False

Question 19

When management uses feedback to take corrective action on the budgets, which of the following management responsibilities are being fulfilled?

Accepted Answer

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

Question 20

Which of the following are the internal decision-makers of a company?

Accepted Answer

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

Refusing gifts or favors that could be perceived to influence your actions is an example of which ethical standard?

CPA firms cannot provide consulting services for their current audit clients.

Lean production cuts the throughput time of a manufacturing concern.

A company's Board of Directors meets

Inflating your expenses for a company-sponsored conference is a violation of what ethical standard?

The treasurer and the controller report directly to the CFO.

The IMA is the professional association for managerial accountants.

Which one of the following items is not one of the three primary manager responsibilities?

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

Oral and written communications skills are considered among the most valuable skills a management accountant can possess.

Which of the following positions typically manages the daily operations of a company?

Managerial accountants are required to possess which of the following skills?

________ is designed to meet the needs of internal decision makers.

Managerial accounting reports are always prepared on a quarterly and annual basis.

The focus of management accounting is on

Your company sends you to a conference to update your skills. It is a violation of the professional competency and integrity standards if you decide to skip the afternoon session and go sightseeing.

Managerial accounting is becoming less relevant as the U.S. economy shifts away from the manufacturing industry towards the service industry.

Managerial accountants are now considered to be similar to advisors and business analysts.

When management uses feedback to take corrective action on the budgets, which of the following management responsibilities are being fulfilled?

Which of the following are the internal decision-makers of a company?

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

Refusing gifts or favors that could be perceived to influence your actions is an example of which ethical standard?

CPA firms cannot provide consulting services for their current audit clients.

Lean production cuts the throughput time of a manufacturing concern.

A company's Board of Directors meets

Inflating your expenses for a company-sponsored conference is a violation of what ethical standard?

The treasurer and the controller report directly to the CFO.

The IMA is the professional association for managerial accountants.

Which one of the following items is not one of the three primary manager responsibilities?

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

Oral and written communications skills are considered among the most valuable skills a management accountant can possess.

Which of the following positions typically manages the daily operations of a company?

Managerial accountants are required to possess which of the following skills?

________ is designed to meet the needs of internal decision makers.

Managerial accounting reports are always prepared on a quarterly and annual basis.

The focus of management accounting is on

Your company sends you to a conference to update your skills. It is a violation of the professional competency and integrity standards if you decide to skip the afternoon session and go sightseeing.

Managerial accounting is becoming less relevant as the U.S. economy shifts away from the manufacturing industry towards the service industry.

Managerial accountants are now considered to be similar to advisors and business analysts.

When management uses feedback to take corrective action on the budgets, which of the following management responsibilities are being fulfilled?

Which of the following are the internal decision-makers of a company?

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