Question 1

Just because a behavior is legal does not always make it ethical.

Accepted Answer

A) True 
 B)False

Question 2

Match the following:
  
-Evaluating results of business operations.

Accepted Answer

The answer of Match the following:
  
-Evaluating results of...

Question 3

Discuss at least four differences between financial accounting and managerial accounting.

Accepted Answer

@#IMG-DLM&_TB1765_00_TB1765_00

Question 4

Which of the following cost items should be classified as an external failure cost on a cost of quality report?

Accepted Answer

A) Net cost of scrap 
B) Customer returns of defective products 
C) Technical support provided to suppliers 
D) Supplies used in the quality inspection program 
A) Net cost of scrap 
B) Customer returns of defective products 
C) Technical support provided to suppliers 
D) Supplies used in the quality inspection program

Question 5

What is the abbreviation of the name given to software systems that can integrate all departments?

Accepted Answer

A) TQM 
B) ERP 
C) Total Integrated Software 
D) JIT 
A) TQM 
B) ERP 
C) Total Integrated Software 
D) JIT

Question 6

Communicating information fairly and objectively represents what ethical standard?

Accepted Answer

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

Question 7

Internal failure costs occur when the company detects and corrects poor-quality goods or services after delivery to customers.

Accepted Answer

A) True 
 B)False

Question 8

A system in which companies purchase raw materials only when needed is called

Accepted Answer

A) ABC. 
B) external failure costs. 
C) internal failure costs. 
D) JIT production. 
A) ABC. 
B) external failure costs. 
C) internal failure costs. 
D) JIT production.

Question 9

Budgets are the way that managers can express their

Accepted Answer

A) plans. 
B) decision-making. 
C) control. 
D) hiring practices. 
A) plans. 
B) decision-making. 
C) control. 
D) hiring practices.

Question 10

Using hourly sales reports to determine the level of staffing needed to service customers fulfills which of management's four primary responsibilities?

Accepted Answer

A) Directing,planning,and decision-making 
B) Directing,controlling,and planning 
C) Controlling,planning,and decision-making 
D) Analyzing,directing,and planning 
A) Directing,planning,and decision-making 
B) Directing,controlling,and planning 
C) Controlling,planning,and decision-making 
D) Analyzing,directing,and planning

Question 11

Costs incurred to avoid poor quality goods or services are considered

Accepted Answer

A) appraisal costs. 
B) activity-based costing. 
C) value engineering. 
D) prevention costs. 
A) appraisal costs. 
B) activity-based costing. 
C) value engineering. 
D) prevention costs.

Question 12

Preparing financial statements in accordance with GAAP is an example of

Accepted Answer

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

Question 13

The CEO of Yuppie Prepared Meals is concerned about the amount of resources currently spent on customer warranty claims.Each box of snacks is printed with the guarantee: "Satisfaction
guaranteed or your money back." Since the claims are so high,she would like to evaluate
what costs are being incurred to ensure the quality of the product.The following information
was collected from various departments within the company:
   
As the new cost accountant,the CEO has requested that you complete the following Cost of Quality Report:

Accepted Answer

@#IMG-DLM&_TB1765_00_TB1765_00

Question 14

Lean production systems typically focus on strengthening supply-chain management.

Accepted Answer

A) True 
 B)False

Question 15

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

Accepted Answer

A) True 
 B)False

Question 16

What are the four primary responsibilities of managers as described in the chapter? Give an example of each type of responsibility.

Accepted Answer

The following are managers' four primary

Question 17

The CFO of a company is responsible for the day-to-day running of the company.

Accepted Answer

A) True 
 B)False

Question 18

Match the following:
  
-Overseeing the company's day to day operations.

Accepted Answer

The answer of Match the following:
  
-Overseeing the company's...

Question 19

Which of the following management responsibilities are being fulfilled when management uses feedback to take corrective action on the budgets?

Accepted Answer

A) Directing and planning 
B) Planning and decision-making 
C) Controlling and decision-making 
D) Planning and controlling 
A) Directing and planning 
B) Planning and decision-making 
C) Controlling and decision-making 
D) Planning and controlling

Question 20

Which term listed below describes costs incurred when the company fails to detect poor quality goods or services?

Accepted Answer

A) Internal failure costs 
B) Value-added activity 
C) Just-in-time production 
D) External failure costs 
A) Internal failure costs 
B) Value-added activity 
C) Just-in-time production 
D) External failure costs

Just because a behavior is legal does not always make it ethical.

Match the following: -Evaluating results of business operations.

Discuss at least four differences between financial accounting and managerial accounting.

Which of the following cost items should be classified as an external failure cost on a cost of quality report?

What is the abbreviation of the name given to software systems that can integrate all departments?

Communicating information fairly and objectively represents what ethical standard?

Internal failure costs occur when the company detects and corrects poor-quality goods or services after delivery to customers.

A system in which companies purchase raw materials only when needed is called

Budgets are the way that managers can express their

Using hourly sales reports to determine the level of staffing needed to service customers fulfills which of management's four primary responsibilities?

Costs incurred to avoid poor quality goods or services are considered

Preparing financial statements in accordance with GAAP is an example of

Lean production systems typically focus on strengthening supply-chain management.

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

What are the four primary responsibilities of managers as described in the chapter? Give an example of each type of responsibility.

The CFO of a company is responsible for the day-to-day running of the company.

Match the following: -Overseeing the company's day to day operations.

Which of the following management responsibilities are being fulfilled when management uses feedback to take corrective action on the budgets?

Which term listed below describes costs incurred when the company fails to detect poor quality goods or services?

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

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Exam 1: Introduction to Managerial Accounting

Just because a behavior is legal does not always make it ethical.

Match the following: -Evaluating results of business operations.

Discuss at least four differences between financial accounting and managerial accounting.

Which of the following cost items should be classified as an external failure cost on a cost of quality report?

What is the abbreviation of the name given to software systems that can integrate all departments?

Communicating information fairly and objectively represents what ethical standard?

Internal failure costs occur when the company detects and corrects poor-quality goods or services after delivery to customers.

A system in which companies purchase raw materials only when needed is called

Budgets are the way that managers can express their

Using hourly sales reports to determine the level of staffing needed to service customers fulfills which of management's four primary responsibilities?

Costs incurred to avoid poor quality goods or services are considered

Preparing financial statements in accordance with GAAP is an example of

Lean production systems typically focus on strengthening supply-chain management.

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

What are the four primary responsibilities of managers as described in the chapter? Give an example of each type of responsibility.

The CFO of a company is responsible for the day-to-day running of the company.

Match the following: -Overseeing the company's day to day operations.

Which of the following management responsibilities are being fulfilled when management uses feedback to take corrective action on the budgets?

Which term listed below describes costs incurred when the company fails to detect poor quality goods or services?

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