Question 1

Creating budgets are part of which primary management responsibility?

Accepted Answer

A) Controlling 
B) Planning 
C) Managerial accounting 
D) Directing 
A) Controlling 
B) Planning 
C) Managerial accounting 
D) Directing

Question 2

The primary managerial accounting product is the company's audited financial statements.

Accepted Answer

A) True 
 B)False

Question 3

Which of the following is not one of the IMA's credibility standards?

Accepted Answer

A) To disclose all relevant information 
B) To disclose deficiencies in internal control 
C) To communicate information fairly and objectively 
D) All of the above are part of IMA's credibility standard. 
A) To disclose all relevant information 
B) To disclose deficiencies in internal control 
C) To communicate information fairly and objectively 
D) All of the above are part of IMA's credibility standard.

Question 4

Match the appropriate terms with the correct definitions.

Accepted Answer

The answer of Match the appropriate terms with the correct...

Question 5

Managerial accountants fulfill three primary responsibilities: planning,directing and controlling.Review each of the following tasks that managerial accountants complete in their role as a managerial accountant:
   
In the space provided below,indicate whether the task is (1)planning; (2)directing;or, (3)controlling.
Planning
Directing
Controlling

Accepted Answer

(a)Planning: The manager at the Pet Stor

Question 6

Which of the following is an example of the IMA's confidentiality 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 7

Which of the following groups are external users of financial information?

Accepted Answer

A) Customers of the company 
B) Potential investors of the company 
C) Vendors of the company 
D) All of the above 
A) Customers of the company 
B) Potential investors of the company 
C) Vendors of the company 
D) All of the above

Question 8

Performing duties in accordance with relevant laws,regulations,and technical standards comprise the IMA professional ethics standard of

Accepted Answer

A) credibility. 
B) competence. 
C) integrity. 
D) confidentiality. 
A) credibility. 
B) competence. 
C) integrity. 
D) confidentiality.

Question 9

Which of the following are the internal decision makers of a company?

Accepted Answer

A) Vendors 
B) Managers 
C) Shareholders 
D) Customers 
A) Vendors 
B) Managers 
C) Shareholders 
D) Customers

Question 10

Which of the following positions report to the audit committee of the Board of Directors?

Accepted Answer

A) The CFO and Internal Audit Department 
B) The Internal Audit Department and the independent CPAs 
C) The CFO and the independent CPAs 
D) The treasurer and controller 
A) The CFO and Internal Audit Department 
B) The Internal Audit Department and the independent CPAs 
C) The CFO and the independent CPAs 
D) The treasurer and controller

Question 11

The American Institute of Certified Public Accountants was the first professional membership organization in the United States to earn the ISO 9001 certification.

Accepted Answer

A) True 
 B)False

Question 12

________ is the business philosophy and a strategy of manufacturing without waste.

Accepted Answer

A) ISO 9001 
B) Lean thinking 
C) TQM 
D) Thin manufacturing 
A) ISO 9001 
B) Lean thinking 
C) TQM 
D) Thin manufacturing

Question 13

Preparing budgets is an example of which of the following management functions?

Accepted Answer

A) Planning 
B) Directing 
C) Analyzing 
D) Controlling 
A) Planning 
B) Directing 
C) Analyzing 
D) Controlling

Question 14

The IMA's overarching ethical principles include: Honesty,Fairness,Objectivity,and Responsibility.

Accepted Answer

A) True 
 B)False

Question 15

Which of the following statements is false about financial accounting?

Accepted Answer

A) Financial accounting helps investors make decisions. 
B) Financial accounting provides sufficient information for managers to effectively plan and control operations. 
C) Financial accounting reports help creditors make decisions. 
D) Financial accounting provides external reports. 
A) Financial accounting helps investors make decisions. 
B) Financial accounting provides sufficient information for managers to effectively plan and control operations. 
C) Financial accounting reports help creditors make decisions. 
D) Financial accounting provides external reports.

Question 16

Which of the following statements is true about managerial accounting?

Accepted Answer

A) Managerial accounting reports aid potential investors. 
B) Managerial accounting reports must follow GAAP. 
C) Managerial accounting reports are audited by CPAs. 
D) Managerial accounting reports provide detailed internal information. 
A) Managerial accounting reports aid potential investors. 
B) Managerial accounting reports must follow GAAP. 
C) Managerial accounting reports are audited by CPAs. 
D) Managerial accounting reports provide detailed internal information.

Question 17

The ethical principles and standards of the IMA's Statement of Professional Practice always provide clear guidance for every unethical situation.

Accepted Answer

A) True 
 B)False

Question 18

The Sarbanes-Oxley Act has significantly impacted the responsibility for financial reporting by publicly traded corporations.

Accepted Answer

A) True 
 B)False

Question 19

Planning involves which of the following activities?

Accepted Answer

A) Evaluating the results of operations 
B) Overseeing the company's day-to-day operations 
C) Setting goals and objectives for the company 
D) None of the above 
A) Evaluating the results of operations 
B) Overseeing the company's day-to-day operations 
C) Setting goals and objectives for the company 
D) None of the above

Question 20

To resolve ethical dilemmas,the IMA suggests that management accountants should first

Accepted Answer

A) consult an attorney. 
B) call the IMA "Ethics Hotline." 
C) follow their company's established policies for reporting unethical behavior. 
D) discuss the unethical situation with their immediate supervisor. 
A) consult an attorney. 
B) call the IMA "Ethics Hotline." 
C) follow their company's established policies for reporting unethical behavior. 
D) discuss the unethical situation with their immediate supervisor.

Creating budgets are part of which primary management responsibility?

The primary managerial accounting product is the company's audited financial statements.

Which of the following is not one of the IMA's credibility standards?

Match the appropriate terms with the correct definitions.

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

Which of the following groups are external users of financial information?

Performing duties in accordance with relevant laws,regulations,and technical standards comprise the IMA professional ethics standard of

Which of the following are the internal decision makers of a company?

Which of the following positions report to the audit committee of the Board of Directors?

The American Institute of Certified Public Accountants was the first professional membership organization in the United States to earn the ISO 9001 certification.

________ is the business philosophy and a strategy of manufacturing without waste.

Preparing budgets is an example of which of the following management functions?

The IMA's overarching ethical principles include: Honesty,Fairness,Objectivity,and Responsibility.

Which of the following statements is false about financial accounting?

Which of the following statements is true about managerial accounting?

The ethical principles and standards of the IMA's Statement of Professional Practice always provide clear guidance for every unethical situation.

The Sarbanes-Oxley Act has significantly impacted the responsibility for financial reporting by publicly traded corporations.

Planning involves which of the following activities?

To resolve ethical dilemmas,the IMA suggests that management accountants should first

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

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Exam 1: Introduction to Managerial Accounting

Creating budgets are part of which primary management responsibility?

The primary managerial accounting product is the company's audited financial statements.

Which of the following is not one of the IMA's credibility standards?

Match the appropriate terms with the correct definitions.

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

Which of the following groups are external users of financial information?

Performing duties in accordance with relevant laws,regulations,and technical standards comprise the IMA professional ethics standard of

Which of the following are the internal decision makers of a company?

Which of the following positions report to the audit committee of the Board of Directors?

The American Institute of Certified Public Accountants was the first professional membership organization in the United States to earn the ISO 9001 certification.

________ is the business philosophy and a strategy of manufacturing without waste.

Preparing budgets is an example of which of the following management functions?

The IMA's overarching ethical principles include: Honesty,Fairness,Objectivity,and Responsibility.

Which of the following statements is false about financial accounting?

Which of the following statements is true about managerial accounting?

The ethical principles and standards of the IMA's Statement of Professional Practice always provide clear guidance for every unethical situation.

The Sarbanes-Oxley Act has significantly impacted the responsibility for financial reporting by publicly traded corporations.

Planning involves which of the following activities?

To resolve ethical dilemmas,the IMA suggests that management accountants should first

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