Exam 1: Introduction to Managerial Accounting

IFRS stands for

Budgeting is the process of evaluating the results of business operations against a plan and then making adjustments to that plan.

The IMA issues which of the following certifications?

Which statement is true?

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

Which of the following methods cuts throughput time?

The employees at Table Manufacturing perform the following tasks as indicated in Table A and Table B. Which of the following is the role of Employee A and Employee B?

Companies that wish to demonstrate their commitment to international quality standards guidelines may become certified by what organization?

The new employee at Cork Manufacturing reported to work and the employee reviewed the following information that was audited by the CPA: Which of the following describes the role of the new employee?

Directing means setting goals and objectives for the company and determining how to achieve them.

The IMA suggests that,when faced with an ethical dilemma,the first thing management accountants should do is call the IMA's ethics hotline to report the unethical behavior.

Budgets are the quantitative expression of management's plans.

Review the following individual accounting system components that contain the skills and capabilities of individuals in Chart A and review the accounting system components that contain the skills and capabilities of individuals in Chart B. Which of the following describes the individual required to perform the accounting system skills and capabilities in Chart A and which individual is the responsible individual required to perform the skills and capabilities in Chart B?

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

A wave of accounting scandals around the turn of the 21st century prompted which of the following?

Which of the following roles in an organization is responsible for the oversight of the vice president of operations?

The management accountant at Technology Innovators determined $500,000 is the organization's earning goal to accommodate the organizational plan during the first quarter during a new year.The accountant realizes that to achieve the new earning goal,the operations manager needs to increase the price of technology parts charged to a consumer to $250.00 per unit.The manager is scheduling a new staff meeting to determine if they need to increase the marketing efforts at the firm,or if they need to design a new part that uses materials that are less expensive to produce. Which of the following management responsibilities is the managerial accountant using in this example?

How often should managerial accounting reports be prepared?

Jackie works at the Outer Banks Beach Shoppe.Jackie also works with employees that represent various functions of the company such as R&D,Design,Production,and Marketing.This role is effective because each member can address the business decisions from a different viewpoint.Jackie reports to the vice president of operations.What is Jackie's role at the Outer Banks Beach Shoppe?

A requirement of SOX is that publicly traded companies must have which of the following assessed annually?