Question 1

Which term below best describes the quality cost category for "preventive maintenance on machinery"?

Accepted Answer

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

Question 2

The standards of the Society of Management Accountants Code of Professional Ethics include which of the following?

Accepted Answer

A) Integrity 
B) Honesty 
C) Fairness 
D) Objectivity 
A) Integrity 
B) Honesty 
C) Fairness 
D) Objectivity

Question 3

The cost of product liability claims is an example of a(n)

Accepted Answer

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

Question 4

Match between columns
                        Premises: Increasing marketing efforts.
Improve the design of the corporate website.
Monitor both voluntary and involuntary employee turnover.
Set prices at a competitive level.
Setting a 20% increase in sales as goal for the next fiscal period. 
Making a determination about the appropriate level of advertising expenditures.
Setting a target level of employee turnover.
Streamline company procedures to reduce the time required per unit of product produced.
Determine that R & D costs should be increased by 10% in the upcoming fiscal quarter.
Implement an employee training program to improve moral.
Monitor web traffic through the use of an online counting device.
Selecting the best corporate website design from a number of proposals.

Accepted Answer

The Answer of Decision making and Controlling and Directing and is...

Question 5

You "pad" your expenses on a company sponsored conference.You are in violation of what ethical standard?

Accepted Answer

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

Question 6

IFRS stands for

Accepted Answer

A) International and Foreign Reporting Systems. 
B) International Financial Reporting Standards. 
C) Important Foreign Registering Systems. 
D) International and Foreign Registering Standards. 
A) International and Foreign Reporting Systems. 
B) International Financial Reporting Standards. 
C) Important Foreign Registering Systems. 
D) International and Foreign Registering Standards.

Question 7

Owners of a company are its

Accepted Answer

A) creditors. 
B) customers. 
C) managers. 
D) shareholders. 
A) creditors. 
B) customers. 
C) managers. 
D) shareholders.

Question 8

The cost of warranty work is an example of 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 9

Which term below best describes the quality cost category for "cost to re-inspect reworked food processors"?

Accepted Answer

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

Question 10

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

Accepted Answer

A) Net cost of scrap 
B) Customer returns of defective products 
C) Training for quality control employees 
D) Patent cost for a new product 
A) Net cost of scrap 
B) Customer returns of defective products 
C) Training for quality control employees 
D) Patent cost for a new product

Question 11

The primary managerial accounting product is the company's audited financial statements.

Accepted Answer

A) True 
 B)False

Question 12

Lean production systems typically emphasize quality.

Accepted Answer

A) True 
 B)False

Question 13

Evaluating results against the plan 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 14

Which person is hired directly by the board of directors to run the company?

Accepted Answer

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

Question 15

The CEO of Oakville Machine Parts (OMP)is concerned with the quality of its products and the
amount of resources currently spent on customer returns.The CEO would like to analyze the
costs incurred in conjunction with the quality of the product.
The following information was collected from various departments within the company:
   
Required:
A.Complete the Cost of Quality Report.
B.Do any additional subjective costs appear to be missing from the report?
C.What can be learned from the report?

Accepted Answer

Requirement A:
 @#IMG-DLM&_TB1765_00_TB1765_00_TB1

Question 16

Which of the following certifications is issued by the Society of Management Accountants?

Accepted Answer

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

Question 17

XBRL is essentially a

Accepted Answer

A) new set of accounting standards. 
B) new set of auditing standards. 
C) a tagging system which allows computer programs to extract information from financial reports. 
D) new set of ethical standards. 
A) new set of accounting standards. 
B) new set of auditing standards. 
C) a tagging system which allows computer programs to extract information from financial reports. 
D) new set of ethical standards.

Question 18

Which of the following statements is TRUE about managerial accounting information?

Accepted Answer

A) It is prepared annually and quarterly. 
B) It is audited. 
C) It emphasizes relevance. 
D) It must be prepared in conformity with generally accepted accounting principles (GAAP). 
A) It is prepared annually and quarterly. 
B) It is audited. 
C) It emphasizes relevance. 
D) It must be prepared in conformity with generally accepted accounting principles (GAAP).

Question 19

Wonder Company is considering installing an ERP system.To make a good decision,Wonder needs to conduct a(n)

Accepted Answer

A) JIT survey. 
B) TQM survey. 
C) ISO 9001:2000 survey. 
D) cost-benefit analysis. 
A) JIT survey. 
B) TQM survey. 
C) ISO 9001:2000 survey. 
D) cost-benefit analysis.

Question 20

Not disclosing confidential information is an example of which ethical standard?

Accepted Answer

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

Which term below best describes the quality cost category for "preventive maintenance on machinery"?

The standards of the Society of Management Accountants Code of Professional Ethics include which of the following?

The cost of product liability claims is an example of a(n)

You "pad" your expenses on a company sponsored conference.You are in violation of what ethical standard?

IFRS stands for

Owners of a company are its

The cost of warranty work is an example of a(n)

Which term below best describes the quality cost category for "cost to re-inspect reworked food processors"?

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

The primary managerial accounting product is the company's audited financial statements.

Lean production systems typically emphasize quality.

Evaluating results against the plan is an example of the management function of

Which person is hired directly by the board of directors to run the company?

Which of the following certifications is issued by the Society of Management Accountants?

XBRL is essentially a

Which of the following statements is TRUE about managerial accounting information?

Wonder Company is considering installing an ERP system.To make a good decision,Wonder needs to conduct a(n)

Not disclosing confidential information is an example of which ethical standard?

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

Which term below best describes the quality cost category for "preventive maintenance on machinery"?

The standards of the Society of Management Accountants Code of Professional Ethics include which of the following?

The cost of product liability claims is an example of a(n)

You "pad" your expenses on a company sponsored conference.You are in violation of what ethical standard?

IFRS stands for

Owners of a company are its

The cost of warranty work is an example of a(n)

Which term below best describes the quality cost category for "cost to re-inspect reworked food processors"?

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

The primary managerial accounting product is the company's audited financial statements.

Lean production systems typically emphasize quality.

Evaluating results against the plan is an example of the management function of

Which person is hired directly by the board of directors to run the company?

Which of the following certifications is issued by the Society of Management Accountants?

XBRL is essentially a

Which of the following statements is TRUE about managerial accounting information?

Wonder Company is considering installing an ERP system.To make a good decision,Wonder needs to conduct a(n)

Not disclosing confidential information is an example of which ethical standard?

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