Question 1

What is the name of the professional association for managerial accountants?

Accepted Answer

A) Association of Management Accountants 
B) Society of Management Accountants 
C) Society of Professional Accountants 
D) Professional Accountants Association 
A) Association of Management Accountants 
B) Society of Management Accountants 
C) Society of Professional Accountants 
D) Professional Accountants Association

Question 2

Match between columns
                        Premises: Exchange of information with suppliers to reduce costs, improve quality, and speed delivery of goods and services from suppliers to the company itself and on to customers.
A data tagging system that enables companies to release financial and business information in a format that can be accessed over the internet.
A system where production is triggered by orders (demand).
Software systems that can integrate all of a company's worldwide functions, departments, and data into a single system.
An organization which supports and issues quality-related certifications.
A US law that enhances internal control and financial Reporting requirements and establishes new regulatory requirements for publicly traded companies and their independent auditors.
A philosophy and business strategy of manufacturing without waste.
Set of standards which must be adopted for all publicly traded companies and may differ from ASPE/IFRS.

Accepted Answer

The Answer of Supply-Chain Management and ISO and Lean production is...

Question 3

SOX requires that the company's financial statements be certified by the company's

Accepted Answer

A) CFO. 
B) CEO. 
C) CFO and CEO. 
D) Controller. 
A) CFO. 
B) CEO. 
C) CFO and CEO. 
D) Controller.

Question 4

You tell your sister that the company you work for is going to report higher than expected earnings.What ethical standard is being violated?

Accepted Answer

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

Question 5

Which would be a subgroup of the Board of Directors?

Accepted Answer

A) Audit committee 
B) Financial committee 
C) Managerial committee 
D) Stockholders' committee 
A) Audit committee 
B) Financial committee 
C) Managerial committee 
D) Stockholders' committee

Question 6

Match between columns
                        Premises: Emphasis is placed on shortening manufacturing cycle times.
The company maintains lower quantities of raw materials, work in process, and finished goods inventories.
Manufacturing plants tend to be organized with self-contained production cells.
Manufacturing plants tend to group like machinery together in different parts of the plant.
Set-up times are shorter.
Quality tends to be "build-in" rather than "inspect-in."
Set-up times are longer.
Products are made in larger batches.
The company maintains high inventory levels to guarantee supply.
High quality is stressed in every aspect of production.

Accepted Answer

The Answer of Traditional and Lean is...

Question 7

The person or position who is directly responsible for all financial concerns is the

Accepted Answer

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

Question 8

Taking on a responsibility you know can be better completed by someone else would violate the ethical conduct standard of

Accepted Answer

A) competency. 
B) confidentiality. 
C) credibility. 
D) integrity. 
A) competency. 
B) confidentiality. 
C) credibility. 
D) integrity.

Question 9

Lean production systems typically have employees cross-trained to perform more than one activity.

Accepted Answer

A) True 
 B)False

Question 10

When faced with an ethical dilemma,the Society of Management Accountants suggests that the first thing management accountants should do is call the Society's ethics hotline.

Accepted Answer

A) True 
 B)False

Question 11

The vice-president of operations directly reports to which person(s)?

Accepted Answer

A) The CFO 
B) The COO 
C) The CEO 
D) The Board of Directors 
A) The CFO 
B) The COO 
C) The CEO 
D) The Board of Directors

Question 12

Which of the following reports must be audited by an outside agency?

Accepted Answer

A) Annual financial statements 
B) Monthly financial statements 
C) Annual financial budgets 
D) Budgets 
A) Annual financial statements 
B) Monthly financial statements 
C) Annual financial budgets 
D) Budgets

Question 13

Is financial accounting or managerial accounting more useful to a plant (factory)manager? Explain your answer.

Accepted Answer

Managerial accounting is likely to be mu

Question 14

Managerial accountants are now considered to be similar to advisors and business analysts.

Accepted Answer

A) True 
 B)False

Question 15

Failure to mitigate conflicts of interest would violate the ethical conduct standard of

Accepted Answer

A) competency. 
B) confidentiality. 
C) credibility. 
D) independence. 
A) competency. 
B) confidentiality. 
C) credibility. 
D) independence.

Question 16

The cost of training quality control supervisors 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 17

Match between columns
                        Premises: Determining how to achieve company goals.
Setting goals and objectives
Evaluating results of business operations.
The process in which management engages while it plans directs and controls operations.
Overseeing the company's day to day operations.

Accepted Answer

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

Question 18

Match the following:
  
-Determining how to achieve company goals.

Accepted Answer

The answer of Match the following:
  
-Determining how to...

Question 19

An example of a prevention cost is the cost of redesigning the product to reduce its complexity.

Accepted Answer

A) True 
 B)False

Question 20

The primary users of managerial accounting information are internal users such as managers.

Accepted Answer

A) True 
 B)False

What is the name of the professional association for managerial accountants?

SOX requires that the company's financial statements be certified by the company's

You tell your sister that the company you work for is going to report higher than expected earnings.What ethical standard is being violated?

Which would be a subgroup of the Board of Directors?

The person or position who is directly responsible for all financial concerns is the

Taking on a responsibility you know can be better completed by someone else would violate the ethical conduct standard of

Lean production systems typically have employees cross-trained to perform more than one activity.

When faced with an ethical dilemma,the Society of Management Accountants suggests that the first thing management accountants should do is call the Society's ethics hotline.

The vice-president of operations directly reports to which person(s)?

Which of the following reports must be audited by an outside agency?

Is financial accounting or managerial accounting more useful to a plant (factory)manager? Explain your answer.

Managerial accountants are now considered to be similar to advisors and business analysts.

Failure to mitigate conflicts of interest would violate the ethical conduct standard of

The cost of training quality control supervisors would be classified as a(n)

Match the following: -Determining how to achieve company goals.

An example of a prevention cost is the cost of redesigning the product to reduce its complexity.

The primary users of managerial accounting information are internal users such as managers.

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

What is the name of the professional association for managerial accountants?

SOX requires that the company's financial statements be certified by the company's

You tell your sister that the company you work for is going to report higher than expected earnings.What ethical standard is being violated?

Which would be a subgroup of the Board of Directors?

The person or position who is directly responsible for all financial concerns is the

Taking on a responsibility you know can be better completed by someone else would violate the ethical conduct standard of

Lean production systems typically have employees cross-trained to perform more than one activity.

When faced with an ethical dilemma,the Society of Management Accountants suggests that the first thing management accountants should do is call the Society's ethics hotline.

The vice-president of operations directly reports to which person(s)?

Which of the following reports must be audited by an outside agency?

Is financial accounting or managerial accounting more useful to a plant (factory)manager? Explain your answer.

Managerial accountants are now considered to be similar to advisors and business analysts.

Failure to mitigate conflicts of interest would violate the ethical conduct standard of

The cost of training quality control supervisors would be classified as a(n)

Match the following: -Determining how to achieve company goals.

An example of a prevention cost is the cost of redesigning the product to reduce its complexity.

The primary users of managerial accounting information are internal users such as managers.

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