Exam 1: Introduction to Managerial Accounting

In recent years, there has been an increasing awareness and growing interest in ________ and social responsibility by both consumers and corporations.

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

Which of the following positions typically manages the company on a daily basis?

The COO is responsible for managing which of the following aspect(s)of the company?

The primary goal of financial accounting is to provide information to

The only skill required of managerial accountants is that they have a solid knowledge of both financial and managerial accounting.

When management uses feedback to take corrective action on the budgets, which of the following management responsibilities are being fulfilled?

Planning, directing, and controlling are a manager's three primary responsibilities.

Managerial accountants may be responsible for

Creating budgets are part of which primary management responsibility?

Which of the following is not one of the IMA's overarching ethical principles?

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

The primary goal of managerial accounting is to provide information to

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

Gilmore Corporation is investigating the possibility of adopting a lean thinking philosophy in its manufacturing facilities. The plant manager has done a cost-benefit analysis and has found that the costs of the lean production program exceed the benefits by $115,000. You analyze the situation and make some adjustments to the cost estimates. After doing your analysis, you find that costs still outweigh benefits by less than 5%. Which of the following choices are possible strategies managerial accountants could implement to enhance the operational effectiveness at the manufacturing facilities?

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

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

What is the name of the professional association for managerial accountants?

An integrated report is defined as:

The management accountant at Light Manufacturing oversees the company's day-to-day operations at the firm. The management accountant observed that the company generated $800,000 in product sales and the management accountant uses that information to run the daily business operations. The information is also to the management accountant because the data reveals which products generate the most sales; and, the management accountant uses that information to adjust products and develop the marketing strategy. Which of the following management accounting responsibilities is the management accountant using in this example?