Exam 1: Introduction to Managerial Accounting

CPA firms cannot provide consulting services for their current audit clients.

Using product cost information to determine sales prices is an example of:

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

SOX allows CPA firms to provide which of the following services to existing audit clients,but ONLY if pre-approved by the audit committee?

Edwards Restaurant Supplies is investigating the possibility of adopting a lean production philosophy throughout their organization.Estimated costs to set up the computer system are $650,000; training employees in lean production is estimated to cost $175,000; and the general expenses of establishing the program are estimated at $35,000.The estimated value of the potential savings is $975,000.Do the benefits outweigh the costs or do the costs outweigh the benefits,and by how much?

To resolve ethical dilemmas,the IMA suggests that management accountants should FIRST:

All publicly traded companies will be required to use XBRL by the year:

Which one of the following manager responsibilities encompasses the other three?

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

Comparing actual results to budgets is an example of the management function of:

In most companies,managerial accountants no longer perform routine mechanical accounting tasks.

Information for external parties about past performance is provided by:

Which of following is TRUE?

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

Evaluating the results of business operations against a plan and then making adjustments to that plan is called budgeting.

New England Furniture Crafters is considering investing in an ERP program.It will have $910,000 in software costs and $280,000 in employee training costs.Computer hardware also needs up be upgraded for the ERP program; the hardware upgrades are expected to be $125,000.The expected benefits from the ERP should be $1,367,000.Do the benefits outweigh the costs or do the costs outweigh the benefits,and by how much?

Not disclosing relevant information would violate the ethical conduct standard of:

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 of the following is NOT one of the primary responsibilities of management?

Technology has been a driving factor in the changing roles of management accountants.