Question 1

Which of the following statements is true regarding managerial accounting information?

Accepted Answer

A) Managerial accounting information is audited by CPAs. 
B) Managerial accounting information emphasizes relevance. 
C) Managerial accounting information is prepared annually and quarterly. 
D) Managerial accounting information must be prepared in conformity with Generally Accepted Accounting Principles (GAAP). 
A) Managerial accounting information is audited by CPAs. 
B) Managerial accounting information emphasizes relevance. 
C) Managerial accounting information is prepared annually and quarterly. 
D) Managerial accounting information must be prepared in conformity with Generally Accepted Accounting Principles (GAAP).

Question 2

CPA firms are permitted to provide which of the following services to audit clients?

Accepted Answer

A) Tax preparation 
B) Information systems design 
C) Consulting 
D) Bookkeeping 
A) Tax preparation 
B) Information systems design 
C) Consulting 
D) Bookkeeping

Question 3

Failure to mitigate an actual conflict of interest would violate which ethical standard of conduct?

Accepted Answer

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

Question 4

Which person is hired directly by the board of directors to manage the daily operations of the company?

Accepted Answer

A) The CFO 
B) The Treasurer 
C) The COO 
D) The CEO 
A) The CFO 
B) The Treasurer 
C) The COO 
D) The CEO

Question 5

The "triple bottom line" focuses on what three factors that influence a firm's ability to survive and thrive in the long run?

Accepted Answer

A) People,places,things 
B) Profit,people,planet 
C) Profit,people,place 
D) Planet,profit,place 
A) People,places,things 
B) Profit,people,planet 
C) Profit,people,place 
D) Planet,profit,place

Question 6

The Sarbanes-Oxley Act was enacted

Accepted Answer

A) to prevent accounting scandals like Enron. 
B) to restore trust in publicly traded companies. 
C) to hire better qualified managerial accountants. 
D) none of the above 
A) to prevent accounting scandals like Enron. 
B) to restore trust in publicly traded companies. 
C) to hire better qualified managerial accountants. 
D) none of the above

Question 7

Managerial accounting information tends to report on segments of the business.

Accepted Answer

A) True 
 B)False

Question 8

The ________ is a subcommittee of the Board of Directors.

Accepted Answer

A) managerial committee 
B) stockholder committee 
C) audit committee 
D) financial committee 
A) managerial committee 
B) stockholder committee 
C) audit committee 
D) financial committee

Question 9

What position is typically responsible for general financial accounting,managerial accounting,and tax reporting?

Accepted Answer

A) Controller 
B) Treasurer 
C) CFO 
D) Audit committee 
A) Controller 
B) Treasurer 
C) CFO 
D) Audit committee

Question 10

The Sarbanes-Oxley Act allows for a maximum of ________ years of imprisonment for knowingly destroying or creating documents to obstruct any federal investigation.

Accepted Answer

A) 20 
B) 15 
C) 10 
D) 5 
A) 20 
B) 15 
C) 10 
D) 5

Question 11

The standards in the IMA Statement of Ethical Professional Practice includes

Accepted Answer

A) Competence,Confidentiality,Integrity,and Credibility. 
B) Competence,Objectivity,Credibility,and Honesty. 
C) Competence,Confidence,Integrity,and Credibility. 
D) Competence,Confidentiality,Integrity,and Objectivity. 
A) Competence,Confidentiality,Integrity,and Credibility. 
B) Competence,Objectivity,Credibility,and Honesty. 
C) Competence,Confidence,Integrity,and Credibility. 
D) Competence,Confidentiality,Integrity,and Objectivity.

Question 12

The primary goal of managerial accounting is to provide information to

Accepted Answer

A) internal decision-makers. 
B) shareholders. 
C) creditors. 
D) both shareholders and creditors. 
A) internal decision-makers. 
B) shareholders. 
C) creditors. 
D) both shareholders and creditors.

Question 13

Managerial accountants are now considered to be similar to internal consultants and business advisors.

Accepted Answer

A) True 
 B)False

Question 14

Which of the following would have the least effect on a cost-benefit analysis?

Accepted Answer

A) Steadily rising prices 
B) Rapidly declining prices 
C) Constant prices 
D) None of the above 
A) Steadily rising prices 
B) Rapidly declining prices 
C) Constant prices 
D) None of the above

Question 15

Management accounting requires an independent audit of the firm's books.

Accepted Answer

A) True 
 B)False

Question 16

An accountant who does not understand "accrual accounting" fails which ethical standard?

Accepted Answer

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

Question 17

ISO 9001:2008 is a certification program for companies that adhere to an international set of quality management standards and guidelines.

Accepted Answer

A) True 
 B)False

Question 18

Which of the following is responsible for the ability of foreign companies to compete with domestic companies in the global marketplace?

Accepted Answer

A) Globalization 
B) The Sarbanes-Oxley Act of 2002 
C) Decreased barriers to international trade 
D) International financial reporting standards 
A) Globalization 
B) The Sarbanes-Oxley Act of 2002 
C) Decreased barriers to international trade 
D) International financial reporting standards

Question 19

The philosophy that centers on production as needed is known as

Accepted Answer

A) supply-chain management. 
B) TQM. 
C) ERP. 
D) JIT. 
A) supply-chain management. 
B) TQM. 
C) ERP. 
D) JIT.

Question 20

The person who is directly responsible for the company's operations,such as research and development (R&D),production and distribution is the

Accepted Answer

A) CFO. 
B) Treasurer. 
C) CEO. 
D) COO. 
A) CFO. 
B) Treasurer. 
C) CEO. 
D) COO.

Which of the following statements is true regarding managerial accounting information?

CPA firms are permitted to provide which of the following services to audit clients?

Failure to mitigate an actual conflict of interest would violate which ethical standard of conduct?

Which person is hired directly by the board of directors to manage the daily operations of the company?

The "triple bottom line" focuses on what three factors that influence a firm's ability to survive and thrive in the long run?

The Sarbanes-Oxley Act was enacted

Managerial accounting information tends to report on segments of the business.

The ________ is a subcommittee of the Board of Directors.

What position is typically responsible for general financial accounting,managerial accounting,and tax reporting?

The Sarbanes-Oxley Act allows for a maximum of ________ years of imprisonment for knowingly destroying or creating documents to obstruct any federal investigation.

The standards in the IMA Statement of Ethical Professional Practice includes

The primary goal of managerial accounting is to provide information to

Managerial accountants are now considered to be similar to internal consultants and business advisors.

Which of the following would have the least effect on a cost-benefit analysis?

Management accounting requires an independent audit of the firm's books.

An accountant who does not understand "accrual accounting" fails which ethical standard?

ISO 9001:2008 is a certification program for companies that adhere to an international set of quality management standards and guidelines.

Which of the following is responsible for the ability of foreign companies to compete with domestic companies in the global marketplace?

The philosophy that centers on production as needed is known as

The person who is directly responsible for the company's operations,such as research and development (R&D),production and distribution is the

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

Which of the following statements is true regarding managerial accounting information?

CPA firms are permitted to provide which of the following services to audit clients?

Failure to mitigate an actual conflict of interest would violate which ethical standard of conduct?

Which person is hired directly by the board of directors to manage the daily operations of the company?

The "triple bottom line" focuses on what three factors that influence a firm's ability to survive and thrive in the long run?

The Sarbanes-Oxley Act was enacted

Managerial accounting information tends to report on segments of the business.

The ________ is a subcommittee of the Board of Directors.

What position is typically responsible for general financial accounting,managerial accounting,and tax reporting?

The Sarbanes-Oxley Act allows for a maximum of ________ years of imprisonment for knowingly destroying or creating documents to obstruct any federal investigation.

The standards in the IMA Statement of Ethical Professional Practice includes

The primary goal of managerial accounting is to provide information to

Managerial accountants are now considered to be similar to internal consultants and business advisors.

Which of the following would have the least effect on a cost-benefit analysis?

Management accounting requires an independent audit of the firm's books.

An accountant who does not understand "accrual accounting" fails which ethical standard?

ISO 9001:2008 is a certification program for companies that adhere to an international set of quality management standards and guidelines.

Which of the following is responsible for the ability of foreign companies to compete with domestic companies in the global marketplace?

The philosophy that centers on production as needed is known as

The person who is directly responsible for the company's operations,such as research and development (R&D),production and distribution is the

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