Question 1

What ethical standard would you violate if you take pens home from work for personal use?

Accepted Answer

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

Question 2

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 3

Lean thinking is both a philosophy and a business strategy of manufacturing without waste.

Accepted Answer

A) True 
 B)False

Question 4

The new accountant at the Holiday Card Shoppe reviewed the following information:   
Is the system a financial system or a managerial system? Is the accountant at the Holiday Card Shoppe a managerial accountant or a financial accountant? Why?

Accepted Answer

The budget report is an example of a man

Question 5

Managerial accountants only need a solid understanding of managerial accounting,and not financial accounting.

Accepted Answer

A) True 
 B)False

Question 6

Which of the following is not an advantage of an ERP system?

Accepted Answer

A) Streamlining operations 
B) Allowing faster response to changes 
C) Eliminating separate software systems across the company 
D) Lower initial cost than traditional systems 
A) Streamlining operations 
B) Allowing faster response to changes 
C) Eliminating separate software systems across the company 
D) Lower initial cost than traditional systems

Question 7

Technology has been a driving factor in the changing roles of management accountants.

Accepted Answer

A) True 
 B)False

Question 8

The Sarbanes-Oxley Act requires companies to have their internal audit procedures assessed at least

Accepted Answer

A) monthly. 
B) quarterly. 
C) annually. 
D) at any time they choose. 
A) monthly. 
B) quarterly. 
C) annually. 
D) at any time they choose.

Question 9

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 10

A CFO would have all of the following responsibilities except

Accepted Answer

A) investing in new production equipment. 
B) managing corporate financing. 
C) preparing all corporate tax returns. 
D) providing reports to creditors as required. 
A) investing in new production equipment. 
B) managing corporate financing. 
C) preparing all corporate tax returns. 
D) providing reports to creditors as required.

Question 11

The primary purpose of managerial accounting information is to help external users make investing and lending decisions.

Accepted Answer

A) True 
 B)False

Question 12

When management reviews product sales reports to set goals and objectives and then evaluates the results of sales operations against the plan and performance results,which of management's three primary responsibilities is fulfilled?

Accepted Answer

A) Controlling and planning 
B) Directing and planning 
C) Directing,controlling,and planning 
D) Analyzing,directing,and planning 
A) Controlling and planning 
B) Directing and planning 
C) Directing,controlling,and planning 
D) Analyzing,directing,and planning

Question 13

Managerial accountants no longer perform routine mechanical accounting tasks in most companies.

Accepted Answer

A) True 
 B)False

Question 14

Which of the following is an example of the IMA's integrity 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 15

Karlene is the new managerial accountant at the Bay Beach House Restaurant.Karlene complies with principles and standards that help accountants deal with ethical challenges that she can encounter in the workplace.The principles and standards ensure that management accountants exhibit the highest level of ethical behavior.The four ethical standards include competence,confidentiality,integrity,and credibility.Which of the following requires management accountants comply with the four ethical standards?

Accepted Answer

A) IMA's Statement on Ethical Professional Practice 
B) Certified Management Accountant (CM
A)  
C) Sarbanes-Oxley Act of 2002 
D) Certified Public Accountant (CP
A)  
E) The Federal Reserve Board 
A) IMA's Statement on Ethical Professional Practice 
B) Certified Management Accountant (CM
A)  
C) Sarbanes-Oxley Act of 2002 
D) Certified Public Accountant (CP
A)  
E) The Federal Reserve Board

Question 16

Budgets are a way for managers to communicate their

Accepted Answer

A) control. 
B) decision-making. 
C) hiring practices. 
D) plans. 
A) control. 
B) decision-making. 
C) hiring practices. 
D) plans.

Question 17

Country Western Clothing Outfitters is considering investing in an inventory tracking system.It will have $10,000 in software costs and $8,000 in employee training costs.Computer hardware also needs to be upgraded for the system;the hardware upgrades are expected to be $12,000.The expected benefits from the inventory tracking system should be $28,000.Do the benefits outweigh the costs or do the costs outweigh the benefits,and by how much?

Accepted Answer

A) Costs outweigh benefits by $2,000. 
B) Benefits outweigh costs by $2,000. 
C) Costs outweigh benefits by $10,000. 
D) Benefits outweigh costs by $10,000. 
A) Costs outweigh benefits by $2,000. 
B) Benefits outweigh costs by $2,000. 
C) Costs outweigh benefits by $10,000. 
D) Benefits outweigh costs by $10,000.

Question 18

According to the textbook,a managerial accountant often works on a (an)

Accepted Answer

A) cross-functional team. 
B) workgroup. 
C) audit team. 
D) multi-functional team. 
A) cross-functional team. 
B) workgroup. 
C) audit team. 
D) multi-functional team.

Question 19

Oral and written communications skills are considered among the skills that are critical to management accountants.

Accepted Answer

A) True 
 B)False

Question 20

Communicating information fairly and objectively is an example of which ethical standard?

Accepted Answer

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

What ethical standard would you violate if you take pens home from work for personal use?

The focus of management accounting is on

Lean thinking is both a philosophy and a business strategy of manufacturing without waste.

The new accountant at the Holiday Card Shoppe reviewed the following information: Is the system a financial system or a managerial system? Is the accountant at the Holiday Card Shoppe a managerial accountant or a financial accountant? Why?

Managerial accountants only need a solid understanding of managerial accounting,and not financial accounting.

Which of the following is not an advantage of an ERP system?

Technology has been a driving factor in the changing roles of management accountants.

The Sarbanes-Oxley Act requires companies to have their internal audit procedures assessed at least

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

A CFO would have all of the following responsibilities except

The primary purpose of managerial accounting information is to help external users make investing and lending decisions.

When management reviews product sales reports to set goals and objectives and then evaluates the results of sales operations against the plan and performance results,which of management's three primary responsibilities is fulfilled?

Managerial accountants no longer perform routine mechanical accounting tasks in most companies.

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

Budgets are a way for managers to communicate their

According to the textbook,a managerial accountant often works on a (an)

Oral and written communications skills are considered among the skills that are critical to management accountants.

Communicating information fairly and objectively is an example of which ethical standard?

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

What ethical standard would you violate if you take pens home from work for personal use?

The focus of management accounting is on

Lean thinking is both a philosophy and a business strategy of manufacturing without waste.

The new accountant at the Holiday Card Shoppe reviewed the following information: Is the system a financial system or a managerial system? Is the accountant at the Holiday Card Shoppe a managerial accountant or a financial accountant? Why?

Managerial accountants only need a solid understanding of managerial accounting,and not financial accounting.

Which of the following is not an advantage of an ERP system?

Technology has been a driving factor in the changing roles of management accountants.

The Sarbanes-Oxley Act requires companies to have their internal audit procedures assessed at least

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

A CFO would have all of the following responsibilities except

The primary purpose of managerial accounting information is to help external users make investing and lending decisions.

When management reviews product sales reports to set goals and objectives and then evaluates the results of sales operations against the plan and performance results,which of management's three primary responsibilities is fulfilled?

Managerial accountants no longer perform routine mechanical accounting tasks in most companies.

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

Budgets are a way for managers to communicate their

According to the textbook,a managerial accountant often works on a (an)

Oral and written communications skills are considered among the skills that are critical to management accountants.

Communicating information fairly and objectively is an example of which ethical standard?

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