Question 1

Management accounting focuses on:

Accepted Answer

A) external reporting. 
B) internal reporting. 
C) tax preparation. 
D) auditing. 
A) external reporting. 
B) internal reporting. 
C) tax preparation. 
D) auditing.

Question 2

ISO 9001:2008 is a(n):

Accepted Answer

A) certification that a company complies with international quality standards. 
B) software system which integrates all departments. 
C) system where production occurs only when needed. 
D) effective exchange of information between vendors and customers. 
A) certification that a company complies with international quality standards. 
B) software system which integrates all departments. 
C) system where production occurs only when needed. 
D) effective exchange of information between vendors and customers.

Question 3

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 4

The ethical principles and standards of the IMA always give clear guidance for every ethical situation.

Accepted Answer

A) True 
 B)False

Question 5

Match the appropriate terms with the correct definitions.

Accepted Answer

The answer of  Match the appropriate terms with the...

Question 6

Chesrown Motors is considering whether or not to expand into a new area of the US.They produce high-end motorcycles with moderate gas mileage,but have developed a new technology to increase the mileage of their bikes.They will need to spend $175,000 to retrofit a building to incorporate the new fuel technology.New worker training will cost $84,000.Other expenses involved in getting the new plant up and running amount to $32,000.Cagle anticipates that,with gas price increases,the profit potential of this expansion is $388,000.Do the benefits outweigh the costs or do the costs outweigh the benefits,and by how much?

Accepted Answer

None

Question 7

When management compares the budget to actual results,which of the following is being fulfilled?

Accepted Answer

A) Directing 
B) Controlling 
C) Decision-making 
D) Planning 
A) Directing 
B) Controlling 
C) Decision-making 
D) Planning

Question 8

Managerial accountants often work on teams called:

Accepted Answer

A) audit teams. 
B) cross-functional teams. 
C) multi-functional teams. 
D) workgroups. 
A) audit teams. 
B) cross-functional teams. 
C) multi-functional teams. 
D) workgroups.

Question 9

The IMA is the professional association for managerial accountants.

Accepted Answer

A) True 
 B)False

Question 10

What is the purpose of supply chain management?

Accepted Answer

A) To improve the quality of products 
B) To reduce costs 
C) To speed delivery of goods and services 
D) All of the above 
A) To improve the quality of products 
B) To reduce costs 
C) To speed delivery of goods and services 
D) All of the above

Question 11

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 12

Which of the following is NOT one of the IMA's credibility standards?

Accepted Answer

A) To communicate information fairly and objectively 
B) To disclose all relevant information 
C) To disclose deficiencies in internal control 
D) All of the above are part of IMA's credibility standard 
A) To communicate information fairly and objectively 
B) To disclose all relevant information 
C) To disclose deficiencies in internal control 
D) All of the above are part of IMA's credibility standard

Question 13

Gilmore Corporation is investigating the possibility of adopting a lean production philosophy in its manufacturing facilities.The plant manager has done a cost-benefit analysis and has found that the costs of the lean production program exceed the benefits by $115,000.You analyze the situation and make some adjustments to the cost estimates.After doing your analysis,you find that costs still outweigh benefits by less than 5%.Which might be a sound course of action?

Accepted Answer

A) Consider dropping the plan. 
B) Look for ways to lessen costs. 
C) Re-evaluate the value of benefits. 
D) All of the above should be considered. 
A) Consider dropping the plan. 
B) Look for ways to lessen costs. 
C) Re-evaluate the value of benefits. 
D) All of the above should be considered.

Question 14

Which services are CPA firms allowed to provide to audit clients?

Accepted Answer

A) Bookkeeping 
B) Consulting 
C) Information systems design 
D) Tax preparation 
A) Bookkeeping 
B) Consulting 
C) Information systems design 
D) Tax preparation

Question 15

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

Accepted Answer

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

Question 16

Describe the position of the CFO,the treasurer,and the controller within the organization.Describe the main functions of the treasurer and the controller.

Accepted Answer

The treasurer and controller both report

Question 17

Which is NOT a result of Sarbanes-Oxley?

Accepted Answer

A) Audit committees must be independent. 
B) The COO assumes financial statement responsibility. 
C) There are new requirements for CPA firms. 
D) There are stiffer consequences for white-collar crimes. 
A) Audit committees must be independent. 
B) The COO assumes financial statement responsibility. 
C) There are new requirements for CPA firms. 
D) There are stiffer consequences for white-collar crimes.

Question 18

The COO is responsible for managing which of the following aspect(s)of the company?

Accepted Answer

A) Internal controls 
B) The annual audit 
C) Financial,managerial,and tax accounting 
D) Research and development,production,and distribution 
A) Internal controls 
B) The annual audit 
C) Financial,managerial,and tax accounting 
D) Research and development,production,and distribution

Question 19

Sustainability is generally described as the ability to meet the needs of the present without compromising the ability of future generations to meet their own needs.

Accepted Answer

A) True 
 B)False

Question 20

Lean production is both a philosophy and a business strategy of manufacturing without waste.

Accepted Answer

A) True 
 B)False

Management accounting focuses on:

ISO 9001:2008 is a(n):

Communicating information fairly and objectively represents what ethical standard?

The ethical principles and standards of the IMA always give clear guidance for every ethical situation.

Match the appropriate terms with the correct definitions.

When management compares the budget to actual results,which of the following is being fulfilled?

Managerial accountants often work on teams called:

The IMA is the professional association for managerial accountants.

What is the purpose of supply chain management?

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

Which of the following is NOT one of the IMA's credibility standards?

Which services are CPA firms allowed to provide to audit clients?

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

Describe the position of the CFO,the treasurer,and the controller within the organization.Describe the main functions of the treasurer and the controller.

Which is NOT a result of Sarbanes-Oxley?

The COO is responsible for managing which of the following aspect(s)of the company?

Sustainability is generally described as the ability to meet the needs of the present without compromising the ability of future generations to meet their own needs.

Lean production is both a philosophy and a business strategy of manufacturing without waste.

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

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Exam 1: Introduction to Managerial Accounting

Management accounting focuses on:

ISO 9001:2008 is a(n):

Communicating information fairly and objectively represents what ethical standard?

The ethical principles and standards of the IMA always give clear guidance for every ethical situation.

Match the appropriate terms with the correct definitions.

When management compares the budget to actual results,which of the following is being fulfilled?

Managerial accountants often work on teams called:

The IMA is the professional association for managerial accountants.

What is the purpose of supply chain management?

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

Which of the following is NOT one of the IMA's credibility standards?

Which services are CPA firms allowed to provide to audit clients?

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

Describe the position of the CFO,the treasurer,and the controller within the organization.Describe the main functions of the treasurer and the controller.

Which is NOT a result of Sarbanes-Oxley?

The COO is responsible for managing which of the following aspect(s)of the company?

Sustainability is generally described as the ability to meet the needs of the present without compromising the ability of future generations to meet their own needs.

Lean production is both a philosophy and a business strategy of manufacturing without waste.

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