Question 1

Indicate which of the following users are classified as internal versus external users.

Accepted Answer

The answer of Indicate which of the following users are...

Question 2

The American Institute of Certified Public Accountants is the leading organization for management accountants in the United States.

Accepted Answer

A) True 
 B)False

Question 3

Which of the following is not a correct statement relating to the balanced scorecard?

Accepted Answer

A) It was developed in the early 1990s by David Norton and Robert Kaplan. 
B) It is a collection of performance measures that track an organization's progress toward achieving its goals. 
C) The selection of performance measures used is driven by the organization's network of facilities used to produce and deliver its product. 
D) It uses both financial and non-financial performance measures. 
A) It was developed in the early 1990s by David Norton and Robert Kaplan. 
B) It is a collection of performance measures that track an organization's progress toward achieving its goals. 
C) The selection of performance measures used is driven by the organization's network of facilities used to produce and deliver its product. 
D) It uses both financial and non-financial performance measures.

Question 4

Which of the following is not a standard of the IMA statement of ethical professional practice?

Accepted Answer

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

Question 5

Operational planning translates strategic planning into a plan to be completed within

Accepted Answer

A) Three months. 
B) One year. 
C) Five years. 
D) Ten years. 
A) Three months. 
B) One year. 
C) Five years. 
D) Ten years.

Question 6

Which of the following is not a duty of a management accountant under the IMA Statement of Ethical Professional Practice's credibility standard?

Accepted Answer

A) Communicate information fairly and objectively. 
B) Disclose all relevant information that could reasonably be expected to influence an intended user's understanding of the reports,analyses,or recommendations. 
C) Disclose delays or deficiencies in information,timeliness,processing,or internal controls in conformance with organization policy and/or applicable law. 
D) All of these ans choices are correct. 
A) Communicate information fairly and objectively. 
B) Disclose all relevant information that could reasonably be expected to influence an intended user's understanding of the reports,analyses,or recommendations. 
C) Disclose delays or deficiencies in information,timeliness,processing,or internal controls in conformance with organization policy and/or applicable law. 
D) All of these ans choices are correct.

Question 7

Just-in-time inventory can be traced back to

Accepted Answer

A) Toyota Motor Company 
B) Henry Ford 
C) Microsoft 
D) Wal-mart 
A) Toyota Motor Company 
B) Henry Ford 
C) Microsoft 
D) Wal-mart

Question 8

In monitoring product differentiation strategy and low-cost production strategy,a difference is that

Accepted Answer

A) For the product differentiation strategy,information on quality is emphasized while for low-cost production managers are more interested in the production process. 
B) For the product differentiation strategy,information on the production process is emphasized while for low-cost production managers are more interested in maintaining quality. 
C) For the product differentiation strategy,information on design is emphasized while for low-cost production managers are more interested in quality. 
D) For the product differentiation strategy,information on quality is emphasized while for low-cost production managers are more interested in design. 
A) For the product differentiation strategy,information on quality is emphasized while for low-cost production managers are more interested in the production process. 
B) For the product differentiation strategy,information on the production process is emphasized while for low-cost production managers are more interested in maintaining quality. 
C) For the product differentiation strategy,information on design is emphasized while for low-cost production managers are more interested in quality. 
D) For the product differentiation strategy,information on quality is emphasized while for low-cost production managers are more interested in design.

Question 9

The information provided by managerial accountants is not distributed to the general public because

Accepted Answer

A) To do so could provide competitors with vital information about corporate strategies and capabilities. 
B) To do so would be against the Institute of Management Accountants' code of conduct. 
C) To do so would be against generally accepted accounting principles. 
D) To do so would violate federal trade laws. 
A) To do so could provide competitors with vital information about corporate strategies and capabilities. 
B) To do so would be against the Institute of Management Accountants' code of conduct. 
C) To do so would be against generally accepted accounting principles. 
D) To do so would violate federal trade laws.

Question 10

Managerial accounting information is not just for accountants.All areas within an organization can use the information to support decision making.For the following positions,list three decisions the manager might have to make and give an example of a report that would help the manager in the decision making process.
a.Plant manager
b.Vice-President of sales
c.Inventory supervisor

Accepted Answer

Answers will vary.Common examples may in

Question 11

Compare and contrast strategic planning and operational planning.

Accepted Answer

Both strategic planning and operational

Question 12

The IMA Statement of Ethical Professional Practice includes which of the following components?

Accepted Answer

A) Overarching principles that express members' values. 
B) Standards that guide members' conduct. 
C) Both overarching principles that express members' values and standards that guide members' conduct. 
D) Neither overarching principles that express members' values nor standards that guide members' conduct. 
A) Overarching principles that express members' values. 
B) Standards that guide members' conduct. 
C) Both overarching principles that express members' values and standards that guide members' conduct. 
D) Neither overarching principles that express members' values nor standards that guide members' conduct.

Question 13

Ethical business behavior

Accepted Answer

A) Is not mere compliance with the law. 
B) Suggests that the spirit of the law is more important than the letter of the law. 
C) Suggest that moral values and codes are more important than rules and policies. 
D) All of these ans choices are correct. 
A) Is not mere compliance with the law. 
B) Suggests that the spirit of the law is more important than the letter of the law. 
C) Suggest that moral values and codes are more important than rules and policies. 
D) All of these ans choices are correct.

Question 14

Which of the following is not a characteristic of managerial accounting reports?

Accepted Answer

A) Managerial accounting reports are designed to provide the ultimate decision maker with the appropriate information. 
B) Managerial accounting reports come in a variety of formats. 
C) Managerial accounting reports are not distributed to the general public. 
D) All of these ans choices are correct. 
A) Managerial accounting reports are designed to provide the ultimate decision maker with the appropriate information. 
B) Managerial accounting reports come in a variety of formats. 
C) Managerial accounting reports are not distributed to the general public. 
D) All of these ans choices are correct.

Question 15

Managerial accounting provides reports and information for a range of decision makers outside an organization.

Accepted Answer

A) True 
 B)False

Question 16

Managers perform controlling activities

Accepted Answer

A) In real time as operations are occurring. 
B) With a frequency such as once a day or once an hour. 
C) Both in real time as operations are occurring and with a frequency such as once a day or once an hour. 
D) Neither in real time as operations are occurring nor a frequency such as once a day or once an hour. 
A) In real time as operations are occurring. 
B) With a frequency such as once a day or once an hour. 
C) Both in real time as operations are occurring and with a frequency such as once a day or once an hour. 
D) Neither in real time as operations are occurring nor a frequency such as once a day or once an hour.

Question 17

Managerial accounting is designed to assist managers with four general activities: planning,controlling,evaluating,and decision making.

Accepted Answer

A) True 
 B)False

Question 18

A firm's code of conduct is based on a set of core values that are meant to guide employees' behavior.

Accepted Answer

A) True 
 B)False

Question 19

One purpose of planning activities is to monitor day-to-day operations to ensure that processes are operating as expected.

Accepted Answer

A) True 
 B)False

Question 20

Which of the following is not a standard of the IMA statement of ethical professional practice?

Accepted Answer

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

Indicate which of the following users are classified as internal versus external users.

The American Institute of Certified Public Accountants is the leading organization for management accountants in the United States.

Which of the following is not a correct statement relating to the balanced scorecard?

Which of the following is not a standard of the IMA statement of ethical professional practice?

Operational planning translates strategic planning into a plan to be completed within

Which of the following is not a duty of a management accountant under the IMA Statement of Ethical Professional Practice's credibility standard?

Just-in-time inventory can be traced back to

In monitoring product differentiation strategy and low-cost production strategy,a difference is that

The information provided by managerial accountants is not distributed to the general public because

Compare and contrast strategic planning and operational planning.

The IMA Statement of Ethical Professional Practice includes which of the following components?

Ethical business behavior

Which of the following is not a characteristic of managerial accounting reports?

Managerial accounting provides reports and information for a range of decision makers outside an organization.

Managers perform controlling activities

Managerial accounting is designed to assist managers with four general activities: planning,controlling,evaluating,and decision making.

A firm's code of conduct is based on a set of core values that are meant to guide employees' behavior.

One purpose of planning activities is to monitor day-to-day operations to ensure that processes are operating as expected.

Which of the following is not a standard of the IMA statement of ethical professional practice?

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

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Exam 1: Accounting As a Tool for Management

Indicate which of the following users are classified as internal versus external users.

The American Institute of Certified Public Accountants is the leading organization for management accountants in the United States.

Which of the following is not a correct statement relating to the balanced scorecard?

Which of the following is not a standard of the IMA statement of ethical professional practice?

Operational planning translates strategic planning into a plan to be completed within

Which of the following is not a duty of a management accountant under the IMA Statement of Ethical Professional Practice's credibility standard?

Just-in-time inventory can be traced back to

In monitoring product differentiation strategy and low-cost production strategy,a difference is that

The information provided by managerial accountants is not distributed to the general public because

Compare and contrast strategic planning and operational planning.

The IMA Statement of Ethical Professional Practice includes which of the following components?

Ethical business behavior

Which of the following is not a characteristic of managerial accounting reports?

Managerial accounting provides reports and information for a range of decision makers outside an organization.

Managers perform controlling activities

Managerial accounting is designed to assist managers with four general activities: planning,controlling,evaluating,and decision making.

A firm's code of conduct is based on a set of core values that are meant to guide employees' behavior.

One purpose of planning activities is to monitor day-to-day operations to ensure that processes are operating as expected.

Which of the following is not a standard of the IMA statement of ethical professional practice?

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