Question 1

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) All of the above 
A) Annual financial statements 
B) Monthly financial statements 
C) Annual financial budgets 
D) All of the above

Question 2

Management accounting requires independent audits of the firm's books.

Accepted Answer

A) True 
 B)False

Question 3

Which of the following would have little effect on a cost-benefit analysis?

Accepted Answer

A) Constant prices 
B) Steadily rising prices 
C) Rapidly declining prices 
D) None of the above 
A) Constant prices 
B) Steadily rising prices 
C) Rapidly declining prices 
D) None of the above

Question 4

Preparing budgets 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 5

Trends in the modern business environment include a shift to a service economy and the rise of the global marketplace.

Accepted Answer

A) True 
 B)False

Question 6

Failure to mitigate conflicts of interest 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 7

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 8

Who requires companies listed on the New York Stock Exchange to have an internal audit function?

Accepted Answer

A) The Board of Directors 
B) The NYSE 
C) The internal revenue service (IRS) 
D) The stockholders 
A) The Board of Directors 
B) The NYSE 
C) The internal revenue service (IRS) 
D) The stockholders

Question 9

The philosophy that centers on production as needed is known as:

Accepted Answer

A) ERP. 
B) JIT. 
C) Supply-chain management. 
D) TQM. 
A) ERP. 
B) JIT. 
C) Supply-chain management. 
D) TQM.

Question 10

The primary goal of financial accounting is to provide information for:

Accepted Answer

A) potential investors. 
B) creditors. 
C) governmental regulators. 
D) all of the above. 
A) potential investors. 
B) creditors. 
C) governmental regulators. 
D) all of the above.

Question 11

You take printer paper home from work for personal use.You have violated which ethical standard?

Accepted Answer

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

Question 12

Your company sends you to a conference to update your skills.You decide to skip the afternoon session and go sightseeing.This violates the professional competency and integrity standards.

Accepted Answer

A) True 
 B)False

Question 13

The philosophy of providing superior goods and services is:

Accepted Answer

A) ERP. 
B) JIT. 
C) Supply-chain management. 
D) TQM. 
A) ERP. 
B) JIT. 
C) Supply-chain management. 
D) TQM.

Question 14

The primary purpose of managerial accounting information is to help external users make investing and lending decisions.

Accepted Answer

A) True 
 B)False

Question 15

The Sarbanes-Oxley Act was designed to hold corporations accountable for internal control and financial reporting functions.

Accepted Answer

A) True 
 B)False

Question 16

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

Accepted Answer

A) True 
 B)False

Question 17

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 philosophy and business strategy of manufacturing without waste.
 Software systems that can integrate all of a company’s worldwide functions, departments, and data into a single system.
 A data tagging system that enables companies to release financial and business information in a format that can be accessed over the internet.
 An organization which supports and issues quality-related certifications.
 Set of standards which may be adopted for all publicly traded companies and may differ from GAAP.
 A congressional act that enhances internal control and financial Reporting requirements and establishes new regulatory requirements for publicly traded companies and their independent auditors.
 A system where production is triggered by orders (demand).

Accepted Answer

The Answer of SOX and ERP and Supply-Chain Management and is...

Question 18

Managerial accountants perform which of the following tasks?

Accepted Answer

A) Ensure financial records are correct 
B) Help design information systems 
C) Provide decision support 
D) All of the above 
A) Ensure financial records are correct 
B) Help design information systems 
C) Provide decision support 
D) All of the above

Question 19

The internal audit department reports directly to the subcommittee of the board of directors called the audit committee.

Accepted Answer

A) True 
 B)False

Question 20

Which of the following management responsibilities are being fulfilled when management uses feedback to take corrective action on the budgets?

Accepted Answer

A) Directing and planning 
B) Planning and decision-making 
C) Controlling and decision-making 
D) Planning and controlling 
A) Directing and planning 
B) Planning and decision-making 
C) Controlling and decision-making 
D) Planning and controlling

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

Management accounting requires independent audits of the firm's books.

Which of the following would have little effect on a cost-benefit analysis?

Preparing budgets is an example of the management function of:

Trends in the modern business environment include a shift to a service economy and the rise of the global marketplace.

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

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

Who requires companies listed on the New York Stock Exchange to have an internal audit function?

The philosophy that centers on production as needed is known as:

The primary goal of financial accounting is to provide information for:

You take printer paper home from work for personal use.You have violated which ethical standard?

Your company sends you to a conference to update your skills.You decide to skip the afternoon session and go sightseeing.This violates the professional competency and integrity standards.

The philosophy of providing superior goods and services is:

The primary purpose of managerial accounting information is to help external users make investing and lending decisions.

The Sarbanes-Oxley Act was designed to hold corporations accountable for internal control and financial reporting functions.

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

Managerial accountants perform which of the following tasks?

The internal audit department reports directly to the subcommittee of the board of directors called the audit committee.

Which of the following management responsibilities are being fulfilled when management uses feedback to take corrective action on the budgets?

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

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

Management accounting requires independent audits of the firm's books.

Which of the following would have little effect on a cost-benefit analysis?

Preparing budgets is an example of the management function of:

Trends in the modern business environment include a shift to a service economy and the rise of the global marketplace.

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

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

Who requires companies listed on the New York Stock Exchange to have an internal audit function?

The philosophy that centers on production as needed is known as:

The primary goal of financial accounting is to provide information for:

You take printer paper home from work for personal use.You have violated which ethical standard?

Your company sends you to a conference to update your skills.You decide to skip the afternoon session and go sightseeing.This violates the professional competency and integrity standards.

The philosophy of providing superior goods and services is:

The primary purpose of managerial accounting information is to help external users make investing and lending decisions.

The Sarbanes-Oxley Act was designed to hold corporations accountable for internal control and financial reporting functions.

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

Managerial accountants perform which of the following tasks?

The internal audit department reports directly to the subcommittee of the board of directors called the audit committee.

Which of the following management responsibilities are being fulfilled when management uses feedback to take corrective action on the budgets?

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