Question 1

The managerial activity of monitoring a plan's implementation and taking corrective action as needed is referred to as ______________.

Accepted Answer

controlling

Question 2

You have been working as a staff accountant at Sanborn Industries for three months. Mr. Jones, the accounting manager as well as your boss, has informed you that he has decided to change vendors for the company's office supplies. He notifies you that your company will now be utilizing the store owned by his best friend. Mr. Jones is hopeful that this will bring in a significant profit for his friend's business possibly preventing the closing of his store. You receive the first invoice from that store and realize that the prices are nearly double the amount that the company was paying when using a large retail chain.
What should you do about the situation?

Accepted Answer

Mr. Jones may not be acting ethically. Therefore, the first step is to show the bill to Mr. Jones. He may be unaware that the prices are that much higher than they were previously. If he tells you to not mention the price difference to anyone and just pay the invoice, then you would want to discuss the matter with another member of upper management, potentially the controller or CFO. If another supervisor is not available then you would have the option of contacting an IMA Ethics Counselor to discuss your options. The decision to use a higher priced vendor would also affect external users. The increasing costs of supplies will have a negative effect on the financial statements.

Question 3

The managerial accounting system produces information for __________ users.

Accepted Answer

internal

Question 4

Investigating production variances and adjusting the production process is an example of

Accepted Answer

A)  planning. 
B)  controlling. 
C)  decision making. 
D)  all of these. 
A)  planning. 
B)  controlling. 
C)  decision making. 
D)  all of these.

Question 5

Which of the following would occupy a line position in a hospital?

Accepted Answer

A)  manager of the cafeteria 
B)  hospital administrator 
C)  chief of surgery 
D)  none of these 
A)  manager of the cafeteria 
B)  hospital administrator 
C)  chief of surgery 
D)  none of these

Question 6

_________ is a crucial element in all phases of the value chain.

Accepted Answer

The answer of _________ is a crucial element in all...

Question 7

Positions that are supportive in nature and have only indirect responsibility for an organization's basic objectives are called ________________________.

Accepted Answer

The answer of Positions that are supportive in nature and...

Question 8

______________________________ is the provision of accounting information for a company's internal users.

Accepted Answer

Managerial

Question 9

________________________ involves choosing actions that are right, proper, and just.

Accepted Answer

The answer of ________________________ involves choosing actions that are right,...

Question 10

The purpose of the Certificate in Public Accounting is to provide minimal professional qualification for external auditors.

Accepted Answer

A) True 
 B)False

Question 11

Discuss in detail the three uses of managerial accounting information.

Accepted Answer

The three uses of managerial accounting

Question 12

____________________ is primarily concerned with producing information for external users.

Accepted Answer

Financial

Question 13

The value chain is the set of activities required to design, develop, produce, market, and deliver products and service to customers.

Accepted Answer

A) True 
 B)False

Question 14

The controller of an organization participates in

Accepted Answer

A)  planning. 
B)  controlling. 
C)  decision making. 
D)  all of these are correct 
A)  planning. 
B)  controlling. 
C)  decision making. 
D)  all of these are correct

Question 15

The detailed formulation of action to achieve a particular end is the management activity called_____________.

Accepted Answer

The answer of The detailed formulation of action to achieve...

Question 16

Excellent customer service is an example of a value-added activity.

Accepted Answer

A) True 
 B)False

Question 17

The _____________________ is the set of activities required to design, develop, produce, market and deliver products and services as well as provide support services to customers.

Accepted Answer

The answer of The _____________________ is the set of activities...

Question 18

Managerial Accounting is designed primarily for internal users.

Accepted Answer

A) True 
 B)False

Question 19

Describe the provisions of the Sarbanes-Oxley Act of 2002.

Accepted Answer

SOX was passed by Congress in 2002 due t

Question 20

A cost accountant would normally occupy a staff position within an organization.

Accepted Answer

A) True 
 B)False

The managerial activity of monitoring a plan's implementation and taking corrective action as needed is referred to as ______________.

The managerial accounting system produces information for __________ users.

Investigating production variances and adjusting the production process is an example of

Which of the following would occupy a line position in a hospital?

_________ is a crucial element in all phases of the value chain.

Positions that are supportive in nature and have only indirect responsibility for an organization's basic objectives are called ________________________.

______________________________ is the provision of accounting information for a company's internal users.

________________________ involves choosing actions that are right, proper, and just.

The purpose of the Certificate in Public Accounting is to provide minimal professional qualification for external auditors.

Discuss in detail the three uses of managerial accounting information.

____________________ is primarily concerned with producing information for external users.

The value chain is the set of activities required to design, develop, produce, market, and deliver products and service to customers.

The controller of an organization participates in

The detailed formulation of action to achieve a particular end is the management activity called_____________.

Excellent customer service is an example of a value-added activity.

The _____________________ is the set of activities required to design, develop, produce, market and deliver products and services as well as provide support services to customers.

Managerial Accounting is designed primarily for internal users.

Describe the provisions of the Sarbanes-Oxley Act of 2002.

A cost accountant would normally occupy a staff position within an organization.

Basic Managerial Accounting Concepts

Cost Behavior

Cost-Volume-Profit Analysis: a Managerial Planning Tool

Job-Order Costing

Process Costing

Activity-Based Costing and Management

Absorption and Variable Costing, and Inventory Management

Profit Planning

Standard Costing: a Managerial Control Tool

Flexible Budgets and Overhead Analysis

Performance Evaluation and Decentralization

Short-Run Decision Making: Relevant Costing

Capital Investment Decisions

Statement of Cash Flows

Financial Statement Analysis

Filters

Exam 1: Introduction to Managerial Accounting

The managerial activity of monitoring a plan's implementation and taking corrective action as needed is referred to as ______________.

The managerial accounting system produces information for __________ users.

Investigating production variances and adjusting the production process is an example of

Which of the following would occupy a line position in a hospital?

_________ is a crucial element in all phases of the value chain.

Positions that are supportive in nature and have only indirect responsibility for an organization's basic objectives are called ________________________.

______________________________ is the provision of accounting information for a company's internal users.

________________________ involves choosing actions that are right, proper, and just.

The purpose of the Certificate in Public Accounting is to provide minimal professional qualification for external auditors.

Discuss in detail the three uses of managerial accounting information.

____________________ is primarily concerned with producing information for external users.

The value chain is the set of activities required to design, develop, produce, market, and deliver products and service to customers.

The controller of an organization participates in

The detailed formulation of action to achieve a particular end is the management activity called_____________.

Excellent customer service is an example of a value-added activity.

The _____________________ is the set of activities required to design, develop, produce, market and deliver products and services as well as provide support services to customers.

Managerial Accounting is designed primarily for internal users.

Describe the provisions of the Sarbanes-Oxley Act of 2002.

A cost accountant would normally occupy a staff position within an organization.

Basic Managerial Accounting Concepts

Cost Behavior

Cost-Volume-Profit Analysis: a Managerial Planning Tool

Job-Order Costing

Process Costing

Activity-Based Costing and Management

Absorption and Variable Costing, and Inventory Management

Profit Planning

Standard Costing: a Managerial Control Tool

Flexible Budgets and Overhead Analysis

Performance Evaluation and Decentralization

Short-Run Decision Making: Relevant Costing

Capital Investment Decisions

Statement of Cash Flows

Financial Statement Analysis

Filters