Question 1

When a company approaches market share growth under a harvest strategy,

Accepted Answer

A) The company aims to increase its market share in the industry,even at the expense of short-term earnings and cash flow. 
B) The company seeks to maintain its current market share but build its return on investment. 
C) The company focuses on short-term profits and cash,even at the expense of market share. 
D) The company focuses on long-term profits and return on investment. 
A) The company aims to increase its market share in the industry,even at the expense of short-term earnings and cash flow. 
B) The company seeks to maintain its current market share but build its return on investment. 
C) The company focuses on short-term profits and cash,even at the expense of market share. 
D) The company focuses on long-term profits and return on investment.

Question 2

Managerial accounting is used by managers to

Accepted Answer

A) Plan. 
B) Evaluate. 
C) Control. 
D) All of these ans choices are correct. 
A) Plan. 
B) Evaluate. 
C) Control. 
D) All of these ans choices are correct.

Question 3

Which of the following is not an input into the monitoring activities relating to production?

Accepted Answer

A) Actual production rate and output 
B) Checking output against the planned inventory level 
C) Anticipated manufacturing capacity 
D) All of these ans choices are monitoring activities 
A) Actual production rate and output 
B) Checking output against the planned inventory level 
C) Anticipated manufacturing capacity 
D) All of these ans choices are monitoring activities

Question 4

Since external users of financial statements have no way to verify the reported information

Accepted Answer

A) They cannot make informed decisions from financial information. 
B) FASB provides consequences to companies who distribute False - managerial accounting reports to outsiders. 
C) GAAP provides a level of protection or assurance that the reports will follow certain standards. 
D) None of these ans choices are correct. 
A) They cannot make informed decisions from financial information. 
B) FASB provides consequences to companies who distribute False - managerial accounting reports to outsiders. 
C) GAAP provides a level of protection or assurance that the reports will follow certain standards. 
D) None of these ans choices are correct.

Question 5

Ethical behavior is

Accepted Answer

A) Always doing what benefits yourself regardless of the consequences to others affected by your decision. 
B) Always choosing the behavior that will harm the least number of stakeholders. 
C) Knowing right from wrong and conducting yourself accordingly so that your decisions are consistent with your own value system and the values of those affected by your decisions. 
D) Knowing right from wrong and conducting yourself accordingly so that your decisions are made to benefit others affected by your decisions rather than yourself. 
A) Always doing what benefits yourself regardless of the consequences to others affected by your decision. 
B) Always choosing the behavior that will harm the least number of stakeholders. 
C) Knowing right from wrong and conducting yourself accordingly so that your decisions are consistent with your own value system and the values of those affected by your decisions. 
D) Knowing right from wrong and conducting yourself accordingly so that your decisions are made to benefit others affected by your decisions rather than yourself.

Question 6

Decision makers sometimes might need to sacrifice precision for timeliness because

Accepted Answer

A) Receiving highly accurate information after the deadline has passed would be of no help. 
B) The nature of many business decisions does not require precision in managerial accounting reports. 
C) Both receiving highly accurate information after the deadline has passed would be of no help and the nature of many business decisions does not require precision in managerial accounting reports. 
D) Neither receiving highly accurate information after the deadline has passed would be of no help nor the nature of many business decisions does not require precision in managerial accounting reports. 
A) Receiving highly accurate information after the deadline has passed would be of no help. 
B) The nature of many business decisions does not require precision in managerial accounting reports. 
C) Both receiving highly accurate information after the deadline has passed would be of no help and the nature of many business decisions does not require precision in managerial accounting reports. 
D) Neither receiving highly accurate information after the deadline has passed would be of no help nor the nature of many business decisions does not require precision in managerial accounting reports.

Question 7

Which of the following is not a step in the supply chain?

Accepted Answer

A) Put inventory into production as soon as it arrives 
B) Deliver the final products to customers through a distribution system 
C) Procure raw materials 
D) Transform raw materials into intermediate goods and then into final products 
A) Put inventory into production as soon as it arrives 
B) Deliver the final products to customers through a distribution system 
C) Procure raw materials 
D) Transform raw materials into intermediate goods and then into final products

Question 8

One of the planning activities that occupies managers is inventory planning.Which of the following is not an input into this planning process?

Accepted Answer

A) Projected sales forecasts 
B) Variance analysis of actual versus budgeted inventory 
C) Projected supply and prices 
D) Anticipated manufacturing capacity 
A) Projected sales forecasts 
B) Variance analysis of actual versus budgeted inventory 
C) Projected supply and prices 
D) Anticipated manufacturing capacity

Question 9

The Sarbanes-Oxley Act requires that all publicly traded companies disclose whether certain executives are subject to a corporate code of ethics.Which of the following executive position need not be disclosed?

Accepted Answer

A) Principal production officer. 
B) Principal financial officer. 
C) Principal accounting officer. 
D) Principal executive officer. 
A) Principal production officer. 
B) Principal financial officer. 
C) Principal accounting officer. 
D) Principal executive officer.

Question 10

Ethical business behavior is compliance with the law.

Accepted Answer

A) True 
 B)False

Question 11

An example of an external user is a

Accepted Answer

A) Managerial accountant. 
B) Vice-President of Marketing. 
C) Potential Investor. 
D) Payroll Manager. 
A) Managerial accountant. 
B) Vice-President of Marketing. 
C) Potential Investor. 
D) Payroll Manager.

Question 12

The purpose of financial statements contained in annual reports is to

Accepted Answer

A) Communicate information about the financial health of a company to external users. 
B) Assist internal managers in making pricing decisions. 
C) Both communicate information about the financial health of a company to external users and assist internal managers in making pricing decisions. 
D) Neither communicate information about the financial health of a company to external users nor assist internal managers in making pricing decisions. 
A) Communicate information about the financial health of a company to external users. 
B) Assist internal managers in making pricing decisions. 
C) Both communicate information about the financial health of a company to external users and assist internal managers in making pricing decisions. 
D) Neither communicate information about the financial health of a company to external users nor assist internal managers in making pricing decisions.

Question 13

Managerial accounting information is always prepared by the controller or cost accountant.

Accepted Answer

A) True 
 B)False

Question 14

All other things held equal,the more frequent the controlling activity,the faster an out-of-control process can be corrected.

Accepted Answer

A) True 
 B)False

Question 15

In which type of organization would using a balanced scorecard not be appropriate?

Accepted Answer

A) For-profit organizations 
B) Governmental 
C) Service organizations 
D) None of these ans choices are correct. 
A) For-profit organizations 
B) Governmental 
C) Service organizations 
D) None of these ans choices are correct.

Question 16

For each of the statements below indicate which approach to market share growth is being used.

Accepted Answer

The answer of For each of the statements below indicate...

Question 17

Which of the following is least likely to be in a company's code of ethics?

Accepted Answer

A) Profit margin expected 
B) Transparency of information 
C) Political activity 
D) Commitment to the environment 
A) Profit margin expected 
B) Transparency of information 
C) Political activity 
D) Commitment to the environment

Question 18

Indicate which of the following statements relate to financial accounting versus managerial accounting.

Accepted Answer

The answer of Indicate which of the following statements relate...

Question 19

Which of the following is not a type of unethical behavior employees might observe?

Accepted Answer

A) Requiring employees to sign an acknowledgement they understand and will adhere to the corporate code of conduct. 
B) Putting one's own interest ahead of the organization's interest. 
C) Misreporting of hours worked. 
D) Lying to employees. 
A) Requiring employees to sign an acknowledgement they understand and will adhere to the corporate code of conduct. 
B) Putting one's own interest ahead of the organization's interest. 
C) Misreporting of hours worked. 
D) Lying to employees.

Question 20

Which of the following statements is not true?

Accepted Answer

A) A company is unlikely to be successful in the long run without adequate managerial accounting information to support decision making. 
B) Managerial accounting is completely optional. 
C) Managerial accounting reports are covered by rules comparable to those governing financial accounting. 
D) Internal users have access to all the underlying data in managerial accounting reports. 
A) A company is unlikely to be successful in the long run without adequate managerial accounting information to support decision making. 
B) Managerial accounting is completely optional. 
C) Managerial accounting reports are covered by rules comparable to those governing financial accounting. 
D) Internal users have access to all the underlying data in managerial accounting reports.

When a company approaches market share growth under a harvest strategy,

Managerial accounting is used by managers to

Which of the following is not an input into the monitoring activities relating to production?

Since external users of financial statements have no way to verify the reported information

Ethical behavior is

Decision makers sometimes might need to sacrifice precision for timeliness because

Which of the following is not a step in the supply chain?

One of the planning activities that occupies managers is inventory planning.Which of the following is not an input into this planning process?

The Sarbanes-Oxley Act requires that all publicly traded companies disclose whether certain executives are subject to a corporate code of ethics.Which of the following executive position need not be disclosed?

Ethical business behavior is compliance with the law.

An example of an external user is a

The purpose of financial statements contained in annual reports is to

Managerial accounting information is always prepared by the controller or cost accountant.

All other things held equal,the more frequent the controlling activity,the faster an out-of-control process can be corrected.

In which type of organization would using a balanced scorecard not be appropriate?

For each of the statements below indicate which approach to market share growth is being used.

Which of the following is least likely to be in a company's code of ethics?

Indicate which of the following statements relate to financial accounting versus managerial accounting.

Which of the following is not a type of unethical behavior employees might observe?

Which of the following statements is not true?

Cost Behavior and Cost Estimation Summary of Questions by Objectives and Blooms Taxonomy

Cost-Volume-Profit Analysis and Pricing Decisions

Product Costs and Job Order Costing

Planning and Forecasting

Performance Evaluation: Variance Analysis

Activity-Based Costing and Activity Based Management

Using Accounting Information to Make Managerial Decisions

Capital Budgeting

Decentralizing and Performance Evaluation

Performance Evaluation Revisited: a Balanced Approach

Financial Statement Analysis

Statement of Cash Flows

Topic Focus: Process Costing

Topic Focus Variable and Absorption Costing

Topic Focus Standard Costing Systems

Topic Focus Customer Profitability

Filters

Exam 1: Accounting As a Tool for Management

When a company approaches market share growth under a harvest strategy,

Managerial accounting is used by managers to

Which of the following is not an input into the monitoring activities relating to production?

Since external users of financial statements have no way to verify the reported information

Ethical behavior is

Decision makers sometimes might need to sacrifice precision for timeliness because

Which of the following is not a step in the supply chain?

One of the planning activities that occupies managers is inventory planning.Which of the following is not an input into this planning process?

The Sarbanes-Oxley Act requires that all publicly traded companies disclose whether certain executives are subject to a corporate code of ethics.Which of the following executive position need not be disclosed?

Ethical business behavior is compliance with the law.

An example of an external user is a

The purpose of financial statements contained in annual reports is to

Managerial accounting information is always prepared by the controller or cost accountant.

All other things held equal,the more frequent the controlling activity,the faster an out-of-control process can be corrected.

In which type of organization would using a balanced scorecard not be appropriate?

For each of the statements below indicate which approach to market share growth is being used.

Which of the following is least likely to be in a company's code of ethics?

Indicate which of the following statements relate to financial accounting versus managerial accounting.

Which of the following is not a type of unethical behavior employees might observe?

Which of the following statements is not true?

Cost Behavior and Cost Estimation Summary of Questions by Objectives and Blooms Taxonomy

Cost-Volume-Profit Analysis and Pricing Decisions

Product Costs and Job Order Costing

Planning and Forecasting

Performance Evaluation: Variance Analysis

Activity-Based Costing and Activity Based Management

Using Accounting Information to Make Managerial Decisions

Capital Budgeting

Decentralizing and Performance Evaluation

Performance Evaluation Revisited: a Balanced Approach

Financial Statement Analysis

Statement of Cash Flows

Topic Focus: Process Costing

Topic Focus Variable and Absorption Costing

Topic Focus Standard Costing Systems

Topic Focus Customer Profitability

Filters