Question 1

Who typically manages the daily operations of a company?

Accepted Answer

A) Stockholders 
B) The controller 
C) The company's board of directors 
D) The CEO 
A) Stockholders 
B) The controller 
C) The company's board of directors 
D) The CEO

Question 2

Planning involves which of the following activities?

Accepted Answer

A) Setting goals and objectives for the company 
B) Overseeing the company's day-to-day operations 
C) Evaluating the results of operations 
D) Getting feedback on results 
A) Setting goals and objectives for the company 
B) Overseeing the company's day-to-day operations 
C) Evaluating the results of operations 
D) Getting feedback on results

Question 3

Who is primarily responsible for raising capital and investing funds?

Accepted Answer

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

Question 4

What costs are incurred to avoid poor quality goods or services in the first place?

Accepted Answer

A) Appraisal costs 
B) External costs 
C) Internal failure costs 
D) Prevention costs 
A) Appraisal costs 
B) External costs 
C) Internal failure costs 
D) Prevention costs

Question 5

Exchanging information to reduce costs,speed delivery,and improve quality is best described as

Accepted Answer

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

Question 6

Lean production systems typically focus on lengthening the manufacturing cycle time.

Accepted Answer

A) True 
 B)False

Question 7

The philosophy that centers on production as needed is known as

Accepted Answer

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

Question 8

E-commerce refers to the

Accepted Answer

A) conduct of business on the internet. 
B) exchange of information with customers and suppliers. 
C) production of superior goods and services. 
D) quick delivery of goods and services. 
A) conduct of business on the internet. 
B) exchange of information with customers and suppliers. 
C) production of superior goods and services. 
D) quick delivery of goods and services.

Question 9

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

Accepted Answer

A) The treasurer and controller 
B) The CFO and internal audit department 
C) The internal audit department and the independent CPA firm 
D) The CFO and the independent CPA firm 
A) The treasurer and controller 
B) The CFO and internal audit department 
C) The internal audit department and the independent CPA firm 
D) The CFO and the independent CPA firm

Question 10

The cost of evaluating potential raw material suppliers is an example of a(n)

Accepted Answer

A) internal failure cost. 
B) prevention cost. 
C) external failure cost. 
D) appraisal cost. 
A) internal failure cost. 
B) prevention cost. 
C) external failure cost. 
D) appraisal cost.

Question 11

What has been the determining factor in the way that we now view managerial accountants?

Accepted Answer

A) Stricter audit standards 
B) Stricter GAAP standards 
C) Technology 
D) Government licensing 
A) Stricter audit standards 
B) Stricter GAAP standards 
C) Technology 
D) Government licensing

Question 12

The cost of supplier evaluation from a supplier would be classified as a(n)

Accepted Answer

A) prevention cost. 
B) appraisal cost. 
C) internal failure cost. 
D) external failure cost. 
A) prevention cost. 
B) appraisal cost. 
C) internal failure cost. 
D) external failure cost.

Question 13

The Society of Management Accountants issues what certification?

Accepted Answer

A) CMA 
B) CPA 
C) CISA 
D) CFP 
A) CMA 
B) CPA 
C) CISA 
D) CFP

Question 14

Comparing actual results to budgets is an example of the management function of

Accepted Answer

A) controlling. 
B) decision-making. 
C) directing. 
D) planning. 
A) controlling. 
B) decision-making. 
C) directing. 
D) planning.

Question 15

Internal failure costs occur when poor-quality goods or services are not detected until after delivery to customers.

Accepted Answer

A) True 
 B)False

Question 16

Which of the following is TRUE?

Accepted Answer

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

Who typically manages the daily operations of a company?

Planning involves which of the following activities?

Who is primarily responsible for raising capital and investing funds?

What costs are incurred to avoid poor quality goods or services in the first place?

Exchanging information to reduce costs,speed delivery,and improve quality is best described as

Lean production systems typically focus on lengthening the manufacturing cycle time.

The philosophy that centers on production as needed is known as

E-commerce refers to the

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

The cost of evaluating potential raw material suppliers is an example of a(n)

What has been the determining factor in the way that we now view managerial accountants?

The cost of supplier evaluation from a supplier would be classified as a(n)

The Society of Management Accountants issues what certification?

Comparing actual results to budgets is an example of the management function of

Internal failure costs occur when poor-quality goods or services are not detected until after delivery to customers.

Which of the following is TRUE?

Building Blocks of Managerial Accounting

Job Costing

Activity Based Costing

Process Costing

Cost Behaviour

Cost-Volume-Profit Analysis

Short-Term Business Decisions

The Master Budget and Responsibility Accounting

Flexible Budgets and Standard Costs

Performance Evaluation and the Balanced Scorecard

Capital Investment Decisions and the Time Value of Money

Filters

Exam 1: Introduction to Managerial Accounting

Who typically manages the daily operations of a company?

Planning involves which of the following activities?

Who is primarily responsible for raising capital and investing funds?

What costs are incurred to avoid poor quality goods or services in the first place?

Exchanging information to reduce costs,speed delivery,and improve quality is best described as

Lean production systems typically focus on lengthening the manufacturing cycle time.

The philosophy that centers on production as needed is known as

E-commerce refers to the

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

The cost of evaluating potential raw material suppliers is an example of a(n)

What has been the determining factor in the way that we now view managerial accountants?

The cost of supplier evaluation from a supplier would be classified as a(n)

The Society of Management Accountants issues what certification?

Comparing actual results to budgets is an example of the management function of

Internal failure costs occur when poor-quality goods or services are not detected until after delivery to customers.

Which of the following is TRUE?

Building Blocks of Managerial Accounting

Job Costing

Activity Based Costing

Process Costing

Cost Behaviour

Cost-Volume-Profit Analysis

Short-Term Business Decisions

The Master Budget and Responsibility Accounting

Flexible Budgets and Standard Costs

Performance Evaluation and the Balanced Scorecard

Capital Investment Decisions and the Time Value of Money

Filters