Question 1

In general,accounting data serve both financial accounting and managerial accounting purposes.

Accepted Answer

A) True 
 B)False  True

Question 2

Corporate governance is the legal framework that allows managers to control and direct lower-level workers on the job.

Accepted Answer

A) True 
 B)False  False

Question 3

For internal uses,managers are more concerned with receiving information that achieves which of the following standards?

Accepted Answer

A)  Completely objective and verifiable. 
B)  Completely accurate and precise. 
C)  Relevant,flexible,and timely. 
D)  Relevant,completely accurate,and precise. 
A)  Completely objective and verifiable. 
B)  Completely accurate and precise. 
C)  Relevant,flexible,and timely. 
D)  Relevant,completely accurate,and precise. C

Question 4

Which of the following is NOT one of the three major customer value propositions discussed in the text?

Accepted Answer

A)  Customer intimacy 
B)  Discount pricing 
C)  Operational excellence 
D)  Product leadership 
A)  Customer intimacy 
B)  Discount pricing 
C)  Operational excellence 
D)  Product leadership

Question 5

After careful planning,Jammu Manufacturing Corporation has decided to switch to a just-in-time inventory system as a component of the lean thinking model.At the beginning of this switch,Jammu has 30 units of product in inventory.Jammu has 2,000 labour hours available in the first month of this switch.These hours could produce 500 units of product.Customer demand for this first month is 400 units.If just-in-time principles are correctly followed,how many units should Jammu plan to produce in the first month of the switch?

Accepted Answer

A)  370 
B)  400 
C)  430 
D)  470 
A)  370 
B)  400 
C)  430 
D)  470

Question 6

Informal relationships and channels of communication often develop that do not appear on the organization chart.

Accepted Answer

A) True 
 B)False

Question 7

Which of the following positions does the controller occupy in an organization?

Accepted Answer

A)  A line position. 
B)  A staff position. 
C)  Neither a line nor a staff position,since the accounting department must be independent. 
D)  Both a line and a staff position. 
A)  A line position. 
B)  A staff position. 
C)  Neither a line nor a staff position,since the accounting department must be independent. 
D)  Both a line and a staff position.

Question 8

An important part of planning is to identify alternatives and then to select from among the alternatives the one that best meets the organization's objectives.

Accepted Answer

A) True 
 B)False

Question 9

Many customers seek to purchase products and services from socially responsible companies.

Accepted Answer

A) True 
 B)False

Question 10

A strategy is a game plan that enables a company to attract customers by distinguishing itself from competitors.

Accepted Answer

A) True 
 B)False

Question 11

Samantha Galloway is a managerial accountant in the accounting department of Mustang Industries,Inc.Samantha has just discovered evidence that some of the corporation's marketing managers have been wrongfully inflating their expense reports in order to obtain higher reimbursements from the firm.According to the Institute of Management Accountants' Standards of Ethical Conduct,what should Samantha do upon discovering this evidence?

Accepted Answer

A)  Notify the controller. 
B)  Notify the marketing managers involved. 
C)  Notify the president of the corporation. 
D)  Ignore the evidence because she is not part of the Marketing Department. 
A)  Notify the controller. 
B)  Notify the marketing managers involved. 
C)  Notify the president of the corporation. 
D)  Ignore the evidence because she is not part of the Marketing Department.

Question 12

Which of the following facets of the lean thinking model is often called just-in-time production?

Accepted Answer

A)  Identify value in specific products/services. 
B)  Identify the business process that delivers value. 
C)  Create a pull system that responds to customer orders. 
D)  Organize work arrangements around the flow of the business process. 
A)  Identify value in specific products/services. 
B)  Identify the business process that delivers value. 
C)  Create a pull system that responds to customer orders. 
D)  Organize work arrangements around the flow of the business process.

Question 13

Which of the following groups should be the focal point of a company's strategy?

Accepted Answer

A)  Employees 
B)  Board of directors 
C)  Shareholders 
D)  Target customers 
A)  Employees 
B)  Board of directors 
C)  Shareholders 
D)  Target customers

Question 14

Upon which of the following does managerial accounting place considerable weight?

Accepted Answer

A)  Generally accepted accounting principles. 
B)  The financial history of the entity. 
C)  Ensuring that all transactions are properly recorded. 
D)  Detailed segment reports about departments,products,and customers. 
A)  Generally accepted accounting principles. 
B)  The financial history of the entity. 
C)  Ensuring that all transactions are properly recorded. 
D)  Detailed segment reports about departments,products,and customers.

Question 15

Companies that choose an operational excellence strategy are in essence saying to their customers,"Choose us rather than our competitors because we strive for zero defects."

Accepted Answer

A) True 
 B)False

Question 16

Provide three examples of common business risks faced by companies.

Accepted Answer

Some examples of common business risks i

Question 17

Business codes of ethics prescribe minimum acceptable behaviours for all employees except employees belonging to one of the three major professional accounting groups in Canada.

Accepted Answer

A) True 
 B)False

Question 18

Which of the following is the stakeholder group whose interests are to be directly and formally protected by effective corporate governance?

Accepted Answer

A)  Customers 
B)  Creditors 
C)  Shareholders 
D)  Suppliers 
A)  Customers 
B)  Creditors 
C)  Shareholders 
D)  Suppliers

Question 19

The controller occupies a staff position in an organization.

Accepted Answer

A) True 
 B)False

Question 20

Which of the following best describes the role of a staff position in an organization?

Accepted Answer

A)  It relates directly to the carrying out of the basic objectives of the organization. 
B)  It is supportive in nature,providing service and assistance to other parts of the organization. 
C)  It is superior in authority to a line position. 
D)  It receives assistance from other parts of organization It relates directly to achieve the basic objectives of organization embedded in them and it is superior in authority to a line position. 
A)  It relates directly to the carrying out of the basic objectives of the organization. 
B)  It is supportive in nature,providing service and assistance to other parts of the organization. 
C)  It is superior in authority to a line position. 
D)  It receives assistance from other parts of organization It relates directly to achieve the basic objectives of organization embedded in them and it is superior in authority to a line position.

In general,accounting data serve both financial accounting and managerial accounting purposes.

Corporate governance is the legal framework that allows managers to control and direct lower-level workers on the job.

For internal uses,managers are more concerned with receiving information that achieves which of the following standards?

Which of the following is NOT one of the three major customer value propositions discussed in the text?

Informal relationships and channels of communication often develop that do not appear on the organization chart.

Which of the following positions does the controller occupy in an organization?

An important part of planning is to identify alternatives and then to select from among the alternatives the one that best meets the organization's objectives.

Many customers seek to purchase products and services from socially responsible companies.

A strategy is a game plan that enables a company to attract customers by distinguishing itself from competitors.

Which of the following facets of the lean thinking model is often called just-in-time production?

Which of the following groups should be the focal point of a company's strategy?

Upon which of the following does managerial accounting place considerable weight?

Companies that choose an operational excellence strategy are in essence saying to their customers,"Choose us rather than our competitors because we strive for zero defects."

Provide three examples of common business risks faced by companies.

Business codes of ethics prescribe minimum acceptable behaviours for all employees except employees belonging to one of the three major professional accounting groups in Canada.

Which of the following is the stakeholder group whose interests are to be directly and formally protected by effective corporate governance?

The controller occupies a staff position in an organization.

Which of the following best describes the role of a staff position in an organization?

Cost Terms, Concepts, and Classifications

Cost Behaviour: Analysis and Use

Cost-Volume-Profit Relationships

Systems Design: Job-Order Costing

Systems Design: Process Costing

Activity-Based Costing: a Tool to Aid Decision Making

Variable Costing: a Tool for Management

Budgeting

Standard Costs and Overhead Analysis

Reporting for Control

Relevant Costs for Decision Making

Capital Budgeting Decisions

Financial Statement Analysis Online

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Exam 1: Managerial Accounting and the Business Environment

In general,accounting data serve both financial accounting and managerial accounting purposes.

Corporate governance is the legal framework that allows managers to control and direct lower-level workers on the job.

For internal uses,managers are more concerned with receiving information that achieves which of the following standards?

Which of the following is NOT one of the three major customer value propositions discussed in the text?

Informal relationships and channels of communication often develop that do not appear on the organization chart.

Which of the following positions does the controller occupy in an organization?

An important part of planning is to identify alternatives and then to select from among the alternatives the one that best meets the organization's objectives.

Many customers seek to purchase products and services from socially responsible companies.

A strategy is a game plan that enables a company to attract customers by distinguishing itself from competitors.

Which of the following facets of the lean thinking model is often called just-in-time production?

Which of the following groups should be the focal point of a company's strategy?

Upon which of the following does managerial accounting place considerable weight?

Companies that choose an operational excellence strategy are in essence saying to their customers,"Choose us rather than our competitors because we strive for zero defects."

Provide three examples of common business risks faced by companies.

Business codes of ethics prescribe minimum acceptable behaviours for all employees except employees belonging to one of the three major professional accounting groups in Canada.

Which of the following is the stakeholder group whose interests are to be directly and formally protected by effective corporate governance?

The controller occupies a staff position in an organization.

Which of the following best describes the role of a staff position in an organization?

Cost Terms, Concepts, and Classifications

Cost Behaviour: Analysis and Use

Cost-Volume-Profit Relationships

Systems Design: Job-Order Costing

Systems Design: Process Costing

Activity-Based Costing: a Tool to Aid Decision Making

Variable Costing: a Tool for Management

Budgeting

Standard Costs and Overhead Analysis

Reporting for Control

Relevant Costs for Decision Making

Capital Budgeting Decisions

Financial Statement Analysis Online

Filters