Question 1

The process of choosing among competing alternatives is decision making.

Accepted Answer

A) True 
 B)False

Question 2

Which of the following is an example of the management activity referred to as planning?

Accepted Answer

A)  Developing a strategy for disposing of hazardous waste. 
B)  The decision to eliminate an unprofitable segment of an organization. 
C)  The decision to outsource an organization's payroll processing. 
D)  All of these are correct 
A)  Developing a strategy for disposing of hazardous waste. 
B)  The decision to eliminate an unprofitable segment of an organization. 
C)  The decision to outsource an organization's payroll processing. 
D)  All of these are correct

Question 3

The four emphasized areas of the CMA examination reflect the needs of managerial accounting and highlights that managerial accounting has more of an interdisciplinary flavor than other areas of accounting.

Accepted Answer

A) True 
 B)False

Question 4

The belief that each member of a group bears no responsibility for the well-being of other members is a common principle underlying all ethical systems.

Accepted Answer

A) True 
 B)False

Question 5

Activity-based costing

Accepted Answer

A)  strives to create an environment that will enable workers to manufacture zero-defect products. 
B)  is the process of choosing among competing alternatives. 
C)  was established in response to financial scandals. 
D)  encourages process-value analysis. 
A)  strives to create an environment that will enable workers to manufacture zero-defect products. 
B)  is the process of choosing among competing alternatives. 
C)  was established in response to financial scandals. 
D)  encourages process-value analysis.

Question 6

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

Accepted Answer

A)  To prepare external reports for investors, creditors, government agencies, and other outside users. 
B)  To provide information for costing of services, products, and other objects of interest to management. 
C)  To provide information for planning, controlling, evaluating and continuous improvement. 
D)  To provide information for decision making. 
A)  To prepare external reports for investors, creditors, government agencies, and other outside users. 
B)  To provide information for costing of services, products, and other objects of interest to management. 
C)  To provide information for planning, controlling, evaluating and continuous improvement. 
D)  To provide information for decision making.

Question 7

__________________________________________ is a management philosophy in which manufacturers strive to create an environment that will enable workers to manufacture perfect (zero-defect) products.

Accepted Answer

Total qual

Question 8

Which of the following would not be an example of a value-added activity?

Accepted Answer

A)  timely delivery of products 
B)  offering the customer a variety of products 
C)  storage of finished products 
D)  excellent customer service 
A)  timely delivery of products 
B)  offering the customer a variety of products 
C)  storage of finished products 
D)  excellent customer service

Question 9

The Institute of Management Accountants (IMA) established ethical standards for accountants known as the Statement of Ethical Professional Practice. Briefly describe the four standards.

Accepted Answer

1.) Competence- maintain an appropriate

Question 10

Activity-based costing is a less detailed approach to determining the cost of goods and services than traditional cost accounting.

Accepted Answer

A) True 
 B)False

Question 11

__________________________ organizes costs according to the value chain and collects both financial and nonfinancial information.

Accepted Answer

The answer of __________________________ organizes costs according to the value...

Question 12

Only a _________________________ is permitted to serve as an external auditor.

Accepted Answer

Certified

Question 13

Describe the major differences between managerial accounting and financial accounting.

Accepted Answer

Managerial accounting:
Internally focuse

Question 14

The ____________________ is responsible for the finance function.

Accepted Answer

The answer of The ____________________ is responsible for the finance...

Question 15

The objective of profit maximization

Accepted Answer

A)  should be the only goal of an organization. 
B)  is an objective of financial accounting but not managerial accounting. 
C)  should be achieved through legal and ethical means. 
D)  should outweigh the goal of product quality. 
A)  should be the only goal of an organization. 
B)  is an objective of financial accounting but not managerial accounting. 
C)  should be achieved through legal and ethical means. 
D)  should outweigh the goal of product quality.

Question 16

Briefly describe activity-based costing (ABC), value chain, lean accounting and enterprise risk management (ERM).

Accepted Answer

ABC-is a more detailed approach, than tr

Question 17

Virtually all managerial accounting practices were developed to assist managers in maximizing profits.

Accepted Answer

A) True 
 B)False

Question 18

The standards of ethical conduct for managerial accountants include

Accepted Answer

A)  competence and performance. 
B)  integrity and respect for others. 
C)  confidentiality, confidence, integrity, and observance. 
D)  competence, confidentiality, integrity, and credibility. 
A)  competence and performance. 
B)  integrity and respect for others. 
C)  confidentiality, confidence, integrity, and observance. 
D)  competence, confidentiality, integrity, and credibility.

Question 19

Positions that have direct responsibility for the basic objectives of an organization are referred to as line positions.

Accepted Answer

A) True 
 B)False

Question 20

Developing a company strategy for responding to anticipated new markets is an example of

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.

The process of choosing among competing alternatives is decision making.

Which of the following is an example of the management activity referred to as planning?

The four emphasized areas of the CMA examination reflect the needs of managerial accounting and highlights that managerial accounting has more of an interdisciplinary flavor than other areas of accounting.

The belief that each member of a group bears no responsibility for the well-being of other members is a common principle underlying all ethical systems.

Activity-based costing

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

__________________________________________ is a management philosophy in which manufacturers strive to create an environment that will enable workers to manufacture perfect (zero-defect) products.

Which of the following would not be an example of a value-added activity?

The Institute of Management Accountants (IMA) established ethical standards for accountants known as the Statement of Ethical Professional Practice. Briefly describe the four standards.

Activity-based costing is a less detailed approach to determining the cost of goods and services than traditional cost accounting.

__________________________ organizes costs according to the value chain and collects both financial and nonfinancial information.

Only a _________________________ is permitted to serve as an external auditor.

Describe the major differences between managerial accounting and financial accounting.

The ____________________ is responsible for the finance function.

The objective of profit maximization

Briefly describe activity-based costing (ABC), value chain, lean accounting and enterprise risk management (ERM).

Virtually all managerial accounting practices were developed to assist managers in maximizing profits.

The standards of ethical conduct for managerial accountants include

Positions that have direct responsibility for the basic objectives of an organization are referred to as line positions.

Developing a company strategy for responding to anticipated new markets is an example of

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 process of choosing among competing alternatives is decision making.

Which of the following is an example of the management activity referred to as planning?

The four emphasized areas of the CMA examination reflect the needs of managerial accounting and highlights that managerial accounting has more of an interdisciplinary flavor than other areas of accounting.

The belief that each member of a group bears no responsibility for the well-being of other members is a common principle underlying all ethical systems.

Activity-based costing

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

__________________________________________ is a management philosophy in which manufacturers strive to create an environment that will enable workers to manufacture perfect (zero-defect) products.

Which of the following would not be an example of a value-added activity?

The Institute of Management Accountants (IMA) established ethical standards for accountants known as the Statement of Ethical Professional Practice. Briefly describe the four standards.

Activity-based costing is a less detailed approach to determining the cost of goods and services than traditional cost accounting.

__________________________ organizes costs according to the value chain and collects both financial and nonfinancial information.

Only a _________________________ is permitted to serve as an external auditor.

Describe the major differences between managerial accounting and financial accounting.

The ____________________ is responsible for the finance function.

The objective of profit maximization

Briefly describe activity-based costing (ABC), value chain, lean accounting and enterprise risk management (ERM).

Virtually all managerial accounting practices were developed to assist managers in maximizing profits.

The standards of ethical conduct for managerial accountants include

Positions that have direct responsibility for the basic objectives of an organization are referred to as line positions.

Developing a company strategy for responding to anticipated new markets is an example of

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