Question 1

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 2

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) None of the above 
A) Stricter audit standards 
B) Stricter GAAP standards 
C) Technology 
D) None of the above

Question 3

Throughput time is cut when which of the following methods is used?

Accepted Answer

A) IFRS 
B) JIT 
C) ISO 
D) XBRL 
A) IFRS 
B) JIT 
C) ISO 
D) XBRL

Question 4

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 5

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

Accepted Answer

A) True 
 B)False

Question 6

Which reflects a philosophy of providing customers with superior products and services?

Accepted Answer

A) ERP 
B) XBRL 
C) TQM 
D) IFRS 
A) ERP 
B) XBRL 
C) TQM 
D) IFRS

Question 7

Companies attempt to increase their competitive edge by adopting:

Accepted Answer

A) green initiatives. 
B) lean production. 
C) TQM. 
D) all of the above. 
A) green initiatives. 
B) lean production. 
C) TQM. 
D) all of the above.

Question 8

Managerial accounting information emphasizes relevance,more than reliability and objectivity.

Accepted Answer

A) True 
 B)False

Question 9

Which of the following skills are required of managerial accountants?

Accepted Answer

A) The ability to work on a team 
B) Analytical skills 
C) Oral and written communication skills 
D) All of the above 
A) The ability to work on a team 
B) Analytical skills 
C) Oral and written communication skills 
D) All of the above

Question 10

The overarching principles in the IMA Statement of Ethical Professional Practice include all of the following EXCEPT:

Accepted Answer

A) fairness. 
B) integrity. 
C) objectivity. 
D) responsibility. 
A) fairness. 
B) integrity. 
C) objectivity. 
D) responsibility.

Question 11

IFRS stands for "important financial reporting standards".

Accepted Answer

A) True 
 B)False

Question 12

Which of the following types of accounting is designed to meet the needs of decision-makers inside a company?

Accepted Answer

A) Audit accounting 
B) Financial accounting 
C) Managerial accounting 
D) Tax accounting 
A) Audit accounting 
B) Financial accounting 
C) Managerial accounting 
D) Tax accounting

Question 13

Which of the following is NOT used in a cost-benefit analysis?

Accepted Answer

A) Future benefits to be received from project 
B) Amounts for future costs of project 
C) Book value of past investment in equipment 
D) Amount needed to invest in project initially 
A) Future benefits to be received from project 
B) Amounts for future costs of project 
C) Book value of past investment in equipment 
D) Amount needed to invest in project initially

Question 14

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

Question 15

Attending class to maintain professional knowledge 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

Question 16

Why was the Sarbanes-Oxley Act enacted?

Accepted Answer

A) To hire better qualified managerial accountants 
B) To prevent accounting scandals like Enron 
C) To restore trust in publicly traded companies 
D) None of the above 
A) To hire better qualified managerial accountants 
B) To prevent accounting scandals like Enron 
C) To restore trust in publicly traded companies 
D) None of the above

Question 17

The treasurer and the controller report directly to the CFO.

Accepted Answer

A) True 
 B)False

Question 18

Managerial accounting is needed by which type of company?

Accepted Answer

A) Manufacturers 
B) Retailers 
C) Service 
D) All of the above 
A) Manufacturers 
B) Retailers 
C) Service 
D) All of the above

Question 19

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

Accepted Answer

A) True 
 B)False

Question 20

Which of the following statements is FALSE?

Accepted Answer

A) Financial accounting provides sufficient information for managers to effectively plan and control operations. 
B) Financial accounting reports help creditors make decisions. 
C) Financial accounting helps investors make decisions. 
D) Financial accounting provides external reports. 
A) Financial accounting provides sufficient information for managers to effectively plan and control operations. 
B) Financial accounting reports help creditors make decisions. 
C) Financial accounting helps investors make decisions. 
D) Financial accounting provides external reports.

Who is primarily responsible for raising capital and investing funds?

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

Throughput time is cut when which of the following methods is used?

Preparing financial statements in accordance with GAAP is an example of:

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

Which reflects a philosophy of providing customers with superior products and services?

Companies attempt to increase their competitive edge by adopting:

Managerial accounting information emphasizes relevance,more than reliability and objectivity.

Which of the following skills are required of managerial accountants?

The overarching principles in the IMA Statement of Ethical Professional Practice include all of the following EXCEPT:

IFRS stands for "important financial reporting standards".

Which of the following types of accounting is designed to meet the needs of decision-makers inside a company?

Which of the following is NOT used in a cost-benefit analysis?

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

Attending class to maintain professional knowledge is an example of which ethical standard?

Why was the Sarbanes-Oxley Act enacted?

The treasurer and the controller report directly to the CFO.

Managerial accounting is needed by which type of company?

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

Which of the following statements is FALSE?

Building Blocks of Managerial Accounting

Job Costing

Activity-Based Costing, lean Production, and the Costs of Quality

Process Costing

Cost Behavior

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

Statement of Cash Flows

Financial Statement Analysis

Filters

Exam 1: Introduction to Managerial Accounting

Who is primarily responsible for raising capital and investing funds?

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

Throughput time is cut when which of the following methods is used?

Preparing financial statements in accordance with GAAP is an example of:

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

Which reflects a philosophy of providing customers with superior products and services?

Companies attempt to increase their competitive edge by adopting:

Managerial accounting information emphasizes relevance,more than reliability and objectivity.

Which of the following skills are required of managerial accountants?

The overarching principles in the IMA Statement of Ethical Professional Practice include all of the following EXCEPT:

IFRS stands for "important financial reporting standards".

Which of the following types of accounting is designed to meet the needs of decision-makers inside a company?

Which of the following is NOT used in a cost-benefit analysis?

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

Attending class to maintain professional knowledge is an example of which ethical standard?

Why was the Sarbanes-Oxley Act enacted?

The treasurer and the controller report directly to the CFO.

Managerial accounting is needed by which type of company?

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

Which of the following statements is FALSE?

Building Blocks of Managerial Accounting

Job Costing

Activity-Based Costing, lean Production, and the Costs of Quality

Process Costing

Cost Behavior

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

Statement of Cash Flows

Financial Statement Analysis

Filters