Question 1

The philosophy and a business strategy of manufacturing without waste is referred to as

Accepted Answer

A) lean production. 
B) thin manufacturing. 
C) TQM. 
D) ISO 900. 
A) lean production. 
B) thin manufacturing. 
C) TQM. 
D) ISO 900.

Question 2

The person MOST likely to use ONLY financial accounting information would be the

Accepted Answer

A) bank loan officer. 
B) plant manager. 
C) vice president of plant operations. 
D) product manager. 
A) bank loan officer. 
B) plant manager. 
C) vice president of plant operations. 
D) product manager.

Question 3

Managerial accounting information tends to report on segments of the business.

Accepted Answer

A) True 
 B)False

Question 4

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

Accepted Answer

A) True 
 B)False

Question 5

Which term listed below describes costs incurred when the company detects poor quality goods or services before delivery to the customer?

Accepted Answer

A) Internal failure costs 
B) Value added activity 
C) Lean production 
D) External failure costs 
A) Internal failure costs 
B) Value added activity 
C) Lean production 
D) External failure costs

Question 6

Costs incurred to detect poor quality goods and services refer to

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 7

You take printer paper home from work for personal use.You have violated which ethical standard?

Accepted Answer

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

Question 8

The Society of Management Accountants is the professional association for managerial accountants.

Accepted Answer

A) True 
 B)False

Question 9

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

Accepted Answer

A) True 
 B)False

Question 10

Managerial information is always based on historical transactions with external parties.

Accepted Answer

A) True 
 B)False

Question 11

The costs incurred when poor quality goods or services are detected and corrected before delivery to customers are called

Accepted Answer

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

Question 12

Lean production systems typically carry large inventories.

Accepted Answer

A) True 
 B)False

Question 13

If a company were to increase its appraisal costs by inspecting more units as the units are completed,the company's internal failure costs

Accepted Answer

A) would usually increase. 
B) would usually decrease. 
C) would usually remain the same. 
D) could not be predicted. 
A) would usually increase. 
B) would usually decrease. 
C) would usually remain the same. 
D) could not be predicted.

Question 14

ISO 9001:2008 is a certification program for companies that adhere to an international set of quality management standards and guidelines.

Accepted Answer

A) True 
 B)False

Question 15

Managerial accounting develops reports that help internal parties effectively and efficiently run the company.

Accepted Answer

A) True 
 B)False

Question 16

The philosophy of providing superior goods and services is

Accepted Answer

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

Question 17

Lean production systems typically produce large batches.

Accepted Answer

A) True 
 B)False

Question 18

If a company were to increase its appraisal costs by inspecting more units as the units are completed,the company's external failure costs

Accepted Answer

A) would usually increase. 
B) would usually decrease. 
C) would usually remain the same. 
D) could not be predicted. 
A) would usually increase. 
B) would usually decrease. 
C) would usually remain the same. 
D) could not be predicted.

Question 19

The Society of management Accountants Code of Professional Ethics always gives clear guidance for every ethical situation.

Accepted Answer

A) True 
 B)False

Question 20

Companies that wish to demonstrate their commitment to international quality standards may become certified by what organization?

Accepted Answer

A) SEC 
B) IFRS 
C) IMA 
D) ISO 
A) SEC 
B) IFRS 
C) IMA 
D) ISO

The philosophy and a business strategy of manufacturing without waste is referred to as

The person MOST likely to use ONLY financial accounting information would be the

Managerial accounting information tends to report on segments of the business.

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

Which term listed below describes costs incurred when the company detects poor quality goods or services before delivery to the customer?

Costs incurred to detect poor quality goods and services refer to

You take printer paper home from work for personal use.You have violated which ethical standard?

The Society of Management Accountants is the professional association for managerial accountants.

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

Managerial information is always based on historical transactions with external parties.

The costs incurred when poor quality goods or services are detected and corrected before delivery to customers are called

Lean production systems typically carry large inventories.

If a company were to increase its appraisal costs by inspecting more units as the units are completed,the company's internal failure costs

ISO 9001:2008 is a certification program for companies that adhere to an international set of quality management standards and guidelines.

Managerial accounting develops reports that help internal parties effectively and efficiently run the company.

The philosophy of providing superior goods and services is

Lean production systems typically produce large batches.

If a company were to increase its appraisal costs by inspecting more units as the units are completed,the company's external failure costs

The Society of management Accountants Code of Professional Ethics always gives clear guidance for every ethical situation.

Companies that wish to demonstrate their commitment to international quality standards may become certified by what organization?

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

The philosophy and a business strategy of manufacturing without waste is referred to as

The person MOST likely to use ONLY financial accounting information would be the

Managerial accounting information tends to report on segments of the business.

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

Which term listed below describes costs incurred when the company detects poor quality goods or services before delivery to the customer?

Costs incurred to detect poor quality goods and services refer to

You take printer paper home from work for personal use.You have violated which ethical standard?

The Society of Management Accountants is the professional association for managerial accountants.

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

Managerial information is always based on historical transactions with external parties.

The costs incurred when poor quality goods or services are detected and corrected before delivery to customers are called

Lean production systems typically carry large inventories.

If a company were to increase its appraisal costs by inspecting more units as the units are completed,the company's internal failure costs

ISO 9001:2008 is a certification program for companies that adhere to an international set of quality management standards and guidelines.

Managerial accounting develops reports that help internal parties effectively and efficiently run the company.

The philosophy of providing superior goods and services is

Lean production systems typically produce large batches.

If a company were to increase its appraisal costs by inspecting more units as the units are completed,the company's external failure costs

The Society of management Accountants Code of Professional Ethics always gives clear guidance for every ethical situation.

Companies that wish to demonstrate their commitment to international quality standards may become certified by what organization?

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