Question 1

The cost of resources supplied but unused is known as:

Accepted Answer

A) practical capacity costs. 
B) the cost of theoretical capacity. 
C) the cost of unused capacity. 
D) the cost of resources supplieD. 
E) capacity cost. 
A) practical capacity costs. 
B) the cost of theoretical capacity. 
C) the cost of unused capacity. 
D) the cost of resources supplieD. 
E) capacity cost.

Question 2

Assume that a managerial accountant regularly communicates with business associates to avoid conflicts of interest and advises relevant parties of potential conflicts.In so doing,the accountant will have applied the ethical standard of:

Accepted Answer

A) objectivity. 
B) confidentiality. 
C) integrity. 
D) credibility. 
E) unified behavior. 
A) objectivity. 
B) confidentiality. 
C) integrity. 
D) credibility. 
E) unified behavior.

Question 3

A controller is normally involved with:

Accepted Answer

A) preparing financial statements. 
B) managing investments. 
C) raising capital. 
D) safeguarding assets. 
E) managing the firm's credit policy. 
A) preparing financial statements. 
B) managing investments. 
C) raising capital. 
D) safeguarding assets. 
E) managing the firm's credit policy.

Question 4

Which of the following employees at Starbucks would likely be considered as holding a staff position?

Accepted Answer

A) The company's chief operating officer (COO). 
B) The manager of a store located in Kansas City,Missouri. 
C) The company's lead,in-house attorney. 
D) The company's chief financial officer (CFO). 
E) Choices "C" and "D" abovE. 
A) The company's chief operating officer (COO). 
B) The manager of a store located in Kansas City,Missouri. 
C) The company's lead,in-house attorney. 
D) The company's chief financial officer (CFO). 
E) Choices "C" and "D" abovE.

Question 5

All of the following entities would have a need for managerial accounting information except:

Accepted Answer

A) the state of Michigan. 
B) Google. 
C) Abercrombie & Fitch. 
D) H&R Block. 
E) None of these responses is correct,as all of these entities would use managerial accounting information. 
A) the state of Michigan. 
B) Google. 
C) Abercrombie & Fitch. 
D) H&R Block. 
E) None of these responses is correct,as all of these entities would use managerial accounting information.

Question 6

Which of the following statements represents a similarity between financial and managerial accounting?

Accepted Answer

A) Both are useful in providing information for external users. 
B) Both are governed by GAAP. 
C) Both draw upon data from an organization's accounting system. 
D) Both rely heavily on published financial statements. 
E) Both are solely concerned with historical transactions. 
A) Both are useful in providing information for external users. 
B) Both are governed by GAAP. 
C) Both draw upon data from an organization's accounting system. 
D) Both rely heavily on published financial statements. 
E) Both are solely concerned with historical transactions.

Question 7

Which of the following involves the coordination of daily business functions within an organization?

Accepted Answer

A) Decision making. 
B) Planning. 
C) Directing operational activities. 
D) Controlling. 
E) Motivating. 
A) Decision making. 
B) Planning. 
C) Directing operational activities. 
D) Controlling. 
E) Motivating.

Question 8

Which of the following is not an objective of managerial accounting?

Accepted Answer

A) Providing information for decision making and planning. 
B) Assisting in directing and controlling operations. 
C) Maximizing profits and minimizing costs. 
D) Measuring the performance of managers and subunits. 
E) Motivating managers toward the organization's goals. 
A) Providing information for decision making and planning. 
B) Assisting in directing and controlling operations. 
C) Maximizing profits and minimizing costs. 
D) Measuring the performance of managers and subunits. 
E) Motivating managers toward the organization's goals.

Question 9

A controller is normally involved with preparing financial statements.

Accepted Answer

A) True 
 B)False

Question 10

Idaho Corporation recently implemented a just-in-time (JIT)production system along with a series of continuous improvement programs.If the firm is now considering adopting a total quality management (TQM)program,it would likely find that TQM:

Accepted Answer

A) is consistent with both JIT and continuous improvement. 
B) is consistent with JIT but inconsistent with continuous improvement. 
C) is consistent with continuous improvement but inconsistent with JIT. 
D) is inconsistent with both JIT and continuous improvement. 
E) is an antiquated management techniquE. 
A) is consistent with both JIT and continuous improvement. 
B) is consistent with JIT but inconsistent with continuous improvement. 
C) is consistent with continuous improvement but inconsistent with JIT. 
D) is inconsistent with both JIT and continuous improvement. 
E) is an antiquated management techniquE.

Question 11

Which of the following choices correctly depicts whether McDonald's,the University of Wisconsin,and Apple Inc.would have a need for managerial accounting?

Accepted Answer

A) Choice A 
B) Choice B 
C) Choice C 
D) Choice D 
E) Choice E 
A) Choice A 
B) Choice B 
C) Choice C 
D) Choice D 
E) Choice E

Question 12

Middle-level managers would likely be considered internal users of accounting information rather than external users.

Accepted Answer

A) True 
 B)False

Question 13

The chief managerial and financial accountant of an organization is the:

Accepted Answer

A) chief executive officer (CEO). 
B) treasurer. 
C) vice-president of accounting. 
D) internal auditor. 
E) chief financial officer (CFO). 
A) chief executive officer (CEO). 
B) treasurer. 
C) vice-president of accounting. 
D) internal auditor. 
E) chief financial officer (CFO).

Question 14

Which of the following statements about managerial accountants is false?

Accepted Answer

A) Managerial accountants more and more are considered "business partners." 
B) Managerial accountants often are part of cross-functional teams. 
C) An increasing number of organizations are segregating managerial accountants in separate managerial-accounting departments. 
D) In a number of companies,managerial accountants make significant business decisions and resolve operating problems. 
E) The role of managerial accountants has changed considerably over the past decadE. 
A) Managerial accountants more and more are considered "business partners." 
B) Managerial accountants often are part of cross-functional teams. 
C) An increasing number of organizations are segregating managerial accountants in separate managerial-accounting departments. 
D) In a number of companies,managerial accountants make significant business decisions and resolve operating problems. 
E) The role of managerial accountants has changed considerably over the past decadE.

Question 15

Which of the following characteristic(s)relate(s)more to managerial accounting than to financial accounting?

Accepted Answer

A) A focus on reporting to personnel within an organization. 
B) A focus on reporting to external parties. 
C) An area of accounting that is heavily regulated. 
D) A focus on providing information that is relevant for planning,decision making,directing,and control. 
E) Choices "A" and "D" abovE. 
A) A focus on reporting to personnel within an organization. 
B) A focus on reporting to external parties. 
C) An area of accounting that is heavily regulated. 
D) A focus on providing information that is relevant for planning,decision making,directing,and control. 
E) Choices "A" and "D" abovE.

Question 16

Which of the following typically does not relate to the role of a controller?

Accepted Answer

A) A controller supervises the accounting department. 
B) A controller safeguards an organization's assets. 
C) A controller oversees the preparation of reports required by governmental authorities. 
D) A controller normally assumes a narrow role within the organization,often preventing the individual's rise to top management ranks. 
E) Choices "B" and "D" abovE. 
A) A controller supervises the accounting department. 
B) A controller safeguards an organization's assets. 
C) A controller oversees the preparation of reports required by governmental authorities. 
D) A controller normally assumes a narrow role within the organization,often preventing the individual's rise to top management ranks. 
E) Choices "B" and "D" abovE.

Question 17

Employee empowerment involves encouraging and authorizing workers to take initiatives to:

Accepted Answer

A) improve operations. 
B) reduce costs. 
C) improve product quality. 
D) improve customer service. 
E) All of thesE. 
A) improve operations. 
B) reduce costs. 
C) improve product quality. 
D) improve customer service. 
E) All of thesE.

Question 18

Borders Overnight operates an overnight package delivery service that competes with Federal Express and United Parcel Service (UPS).Top management is considering the use of a balanced scorecard to evaluate operations.
A.The balanced scorecard is a business model that helps to assess a firm's competitive position and ensures that the firm is progressing toward long-term survival.Balanced scorecards differ from organization to organization;however,in addition to customer-satisfaction measures,most have a combination of financial measures,internal operating measures,and measures of innovation/growth and learning.
A.What is a balanced scorecard and other than customer-satisfaction measures,what are its typical key components?
B.Customer-satisfaction measures could include number of packages delivered,market share,number of packages lost or damaged,number of customer complaints,average wait time when calling and scheduling a package pickup,and response time to customer problems.
B.List four customer-satisfaction measures that Borders might use to evaluate performance.

Accepted Answer

A.The balanced scorecard is a business m

Question 19

In order for a company to achieve a sustainable competitive advantage,it must perform value chain activities:

Accepted Answer

A) at the same quality level as competitors,at the same cost. 
B) at the same quality level as competitors,but at a lower cost. 
C) at a higher quality level than competitors,at a higher cost. 
D) at a higher quality level than competitors,but at no greater cost. 
E) Either choice "B" or "D" abovE. 
A) at the same quality level as competitors,at the same cost. 
B) at the same quality level as competitors,but at a lower cost. 
C) at a higher quality level than competitors,at a higher cost. 
D) at a higher quality level than competitors,but at no greater cost. 
E) Either choice "B" or "D" abovE.

Question 20

Which of the following can be linked to a wave of corporate scandals that took place not too long ago?

Accepted Answer

A) Greedy corporate executives. 
B) Managers who made over-reaching business deals. 
C) Lack of oversight by companies' audit boards and boards of directors. 
D) Shoddy work by external auditors. 
E) All of thesE. 
A) Greedy corporate executives. 
B) Managers who made over-reaching business deals. 
C) Lack of oversight by companies' audit boards and boards of directors. 
D) Shoddy work by external auditors. 
E) All of thesE.

The cost of resources supplied but unused is known as:

Assume that a managerial accountant regularly communicates with business associates to avoid conflicts of interest and advises relevant parties of potential conflicts.In so doing,the accountant will have applied the ethical standard of:

A controller is normally involved with:

Which of the following employees at Starbucks would likely be considered as holding a staff position?

All of the following entities would have a need for managerial accounting information except:

Which of the following statements represents a similarity between financial and managerial accounting?

Which of the following involves the coordination of daily business functions within an organization?

Which of the following is not an objective of managerial accounting?

A controller is normally involved with preparing financial statements.

Idaho Corporation recently implemented a just-in-time (JIT)production system along with a series of continuous improvement programs.If the firm is now considering adopting a total quality management (TQM)program,it would likely find that TQM:

Which of the following choices correctly depicts whether McDonald's,the University of Wisconsin,and Apple Inc.would have a need for managerial accounting?

Middle-level managers would likely be considered internal users of accounting information rather than external users.

The chief managerial and financial accountant of an organization is the:

Which of the following statements about managerial accountants is false?

Which of the following characteristic(s)relate(s)more to managerial accounting than to financial accounting?

Which of the following typically does not relate to the role of a controller?

Employee empowerment involves encouraging and authorizing workers to take initiatives to:

In order for a company to achieve a sustainable competitive advantage,it must perform value chain activities:

Which of the following can be linked to a wave of corporate scandals that took place not too long ago?

Basic Cost Management Concepts and Accounting for Mass Customization Operations

Product Costing and Cost Accumulation in a Batch Production Environment

Process Costing and Hybrid Product-Costing Systems

Activity-Based Costing and Management

Activity Analysis,cost Behavior,and Cost Estimation

Appendix I: The Sarbanes-Oxley Act, Internal Controls, and Management Accounting

Cost-Volume-Profit Analysis

Absorption and Variable Costing

Profit Planning and Activity-Based Budgeting

Standard Costing,Operational Performance Measures,and the Balanced Scorecard

Flexible Budgeting and the Management of Overhead and Support Activity Costs

Responsibility Accounting, Quality Control, and Environmental Cost Management

Investment Centers and Transfer Pricing

Decision Making: Relevant Costs and Benefits

Target Costing and Cost Analysis for Pricing Decisions

Capital Expenditure Decisions

Allocation of Support Activity Costs and Joint Costs

compound Interest and the Concept of Present Value

Inventory Management

Filters

Exam 1: The Changing Role of Managerial Accounting in a Dynamic Business Environment

The cost of resources supplied but unused is known as:

Assume that a managerial accountant regularly communicates with business associates to avoid conflicts of interest and advises relevant parties of potential conflicts.In so doing,the accountant will have applied the ethical standard of:

A controller is normally involved with:

Which of the following employees at Starbucks would likely be considered as holding a staff position?

All of the following entities would have a need for managerial accounting information except:

Which of the following statements represents a similarity between financial and managerial accounting?

Which of the following involves the coordination of daily business functions within an organization?

Which of the following is not an objective of managerial accounting?

A controller is normally involved with preparing financial statements.

Idaho Corporation recently implemented a just-in-time (JIT)production system along with a series of continuous improvement programs.If the firm is now considering adopting a total quality management (TQM)program,it would likely find that TQM:

Which of the following choices correctly depicts whether McDonald's,the University of Wisconsin,and Apple Inc.would have a need for managerial accounting?

Middle-level managers would likely be considered internal users of accounting information rather than external users.

The chief managerial and financial accountant of an organization is the:

Which of the following statements about managerial accountants is false?

Which of the following characteristic(s)relate(s)more to managerial accounting than to financial accounting?

Which of the following typically does not relate to the role of a controller?

Employee empowerment involves encouraging and authorizing workers to take initiatives to:

In order for a company to achieve a sustainable competitive advantage,it must perform value chain activities:

Which of the following can be linked to a wave of corporate scandals that took place not too long ago?

Basic Cost Management Concepts and Accounting for Mass Customization Operations

Product Costing and Cost Accumulation in a Batch Production Environment

Process Costing and Hybrid Product-Costing Systems

Activity-Based Costing and Management

Activity Analysis,cost Behavior,and Cost Estimation

Appendix I: The Sarbanes-Oxley Act, Internal Controls, and Management Accounting

Cost-Volume-Profit Analysis

Absorption and Variable Costing

Profit Planning and Activity-Based Budgeting

Standard Costing,Operational Performance Measures,and the Balanced Scorecard

Flexible Budgeting and the Management of Overhead and Support Activity Costs

Responsibility Accounting, Quality Control, and Environmental Cost Management

Investment Centers and Transfer Pricing

Decision Making: Relevant Costs and Benefits

Target Costing and Cost Analysis for Pricing Decisions

Capital Expenditure Decisions

Allocation of Support Activity Costs and Joint Costs

compound Interest and the Concept of Present Value

Inventory Management

Filters