Question 1

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

Accepted Answer

A) Refrain from engaging in any conduct that would prejudice carrying out duties ethically. 
B) Keep information confidential except when disclosure is authorized or legally required. 
C) Inform all relevant parties regarding appropriate use of confidential information.Monitor subordinates' activities to ensure compliance. 
D) Refrain from using confidential information for unethical or illegal advantage. 
A) Refrain from engaging in any conduct that would prejudice carrying out duties ethically. 
B) Keep information confidential except when disclosure is authorized or legally required. 
C) Inform all relevant parties regarding appropriate use of confidential information.Monitor subordinates' activities to ensure compliance. 
D) Refrain from using confidential information for unethical or illegal advantage. A

Question 2

Michael Mounts owns several used book stores in Cleveland,MS.Identify each of the following actions he performs as a planning,controlling,evaluating or decision making activity:

Accepted Answer

The answer of Michael Mounts owns several used book stores...

Question 3

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. C

Question 4

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 5

Ethical behavior is 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.

Accepted Answer

A) True 
 B)False

Question 6

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 7

Short-term planning is often referred to as

Accepted Answer

A) strategic planning. 
B) operational planning. 
C) goal-oriented planning. 
D) external planning. 
A) strategic planning. 
B) operational planning. 
C) goal-oriented planning. 
D) external planning.

Question 8

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

Accepted Answer

A) Transparency of information 
B) Commitment to the environment 
C) Maximum amount of bonuses to be paid to executives 
D) Discrimination 
A) Transparency of information 
B) Commitment to the environment 
C) Maximum amount of bonuses to be paid to executives 
D) Discrimination

Question 9

Which of the following is not a way managers use managerial accounting?

Accepted Answer

A) Provide information used in planning,evaluation and controlling functions within an organization 
B) To assure appropriate use of its resources 
C) To assure accountability for its resources 
D) To communicate information to stockholders 
A) Provide information used in planning,evaluation and controlling functions within an organization 
B) To assure appropriate use of its resources 
C) To assure accountability for its resources 
D) To communicate information to stockholders

Question 10

For the product differentiation strategy,companies will want information on quality,such as defect rates,percentage of on-time deliveries,and customer satisfaction.

Accepted Answer

A) True 
 B)False

Question 11

Good managerial accounting information helps

Accepted Answer

A) creditors decide on good credit risks. 
B) managers to do their jobs. 
C) stockholders make informed investment decisions. 
D) creditors assess liquidity. 
A) creditors decide on good credit risks. 
B) managers to do their jobs. 
C) stockholders make informed investment decisions. 
D) creditors assess liquidity.

Question 12

The goal of an ERP system is to

Accepted Answer

A) reduce waste and inefficiency in the production process. 
B) integrate all data from the company's many business processes into a single information system. 
C) establish the direction in which an organization wishes to go. 
D) monitor day-to-day operations to ensure that processes are operating as expected. 
A) reduce waste and inefficiency in the production process. 
B) integrate all data from the company's many business processes into a single information system. 
C) establish the direction in which an organization wishes to go. 
D) monitor day-to-day operations to ensure that processes are operating as expected.

Question 13

Ethical business behavior

Accepted Answer

A) is not mere compliance with the law. 
B) suggests that the spirit of the law is not as important than the letter of the law. 
C) suggest that moral values and codes are more not important than rules and policies. 
D) is only compliance to the law. 
A) is not mere compliance with the law. 
B) suggests that the spirit of the law is not as important than the letter of the law. 
C) suggest that moral values and codes are more not important than rules and policies. 
D) is only compliance to the law.

Question 14

Which of the following are managers most likely to monitor whether using product differentiation or low-cost production strategy?

Accepted Answer

A) Customer satisfaction 
B) The production process 
C) External information such as competitor actions 
D) Customer satisfaction and the production process 
A) Customer satisfaction 
B) The production process 
C) External information such as competitor actions 
D) Customer satisfaction and the production process

Question 15

The forefront of managerial activity is

Accepted Answer

A) planning activities. 
B) controlling activities. 
C) evaluating activities. 
D) decision making. 
A) planning activities. 
B) controlling activities. 
C) evaluating activities. 
D) decision making.

Question 16

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

Accepted Answer

A) True 
 B)False

Question 17

Managerial accounting information is provided by which of the following individuals within an organization.

Accepted Answer

A) An investor 
B) A plant accountant 
C) A cost accountant 
D) An controller or a cost accountant 
A) An investor 
B) A plant accountant 
C) A cost accountant 
D) An controller or a cost accountant

Question 18

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 19

In a traditional inventory system

Accepted Answer

A) inventory is stockpiled in large amounts. 
B) inventory is ordered just in time to be put into production. 
C) the marketing manager determines how much inventory should be in stock. 
D) the cost of carrying inventory is no more than with a JIT system. 
A) inventory is stockpiled in large amounts. 
B) inventory is ordered just in time to be put into production. 
C) the marketing manager determines how much inventory should be in stock. 
D) the cost of carrying inventory is no more than with a JIT system.

Question 20

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...

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

Michael Mounts owns several used book stores in Cleveland,MS.Identify each of the following actions he performs as a planning,controlling,evaluating or decision making activity:

Which of the following statements is not true?

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

Ethical behavior is 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.

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

Short-term planning is often referred to as

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

Which of the following is not a way managers use managerial accounting?

For the product differentiation strategy,companies will want information on quality,such as defect rates,percentage of on-time deliveries,and customer satisfaction.

Good managerial accounting information helps

The goal of an ERP system is to

Ethical business behavior

Which of the following are managers most likely to monitor whether using product differentiation or low-cost production strategy?

The forefront of managerial activity is

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

Managerial accounting information is provided by which of the following individuals within an organization.

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

In a traditional inventory system

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

Cost Behavior and Cost Estimation

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

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

Michael Mounts owns several used book stores in Cleveland,MS.Identify each of the following actions he performs as a planning,controlling,evaluating or decision making activity:

Which of the following statements is not true?

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

Ethical behavior is 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.

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

Short-term planning is often referred to as

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

Which of the following is not a way managers use managerial accounting?

For the product differentiation strategy,companies will want information on quality,such as defect rates,percentage of on-time deliveries,and customer satisfaction.

Good managerial accounting information helps

The goal of an ERP system is to

Ethical business behavior

Which of the following are managers most likely to monitor whether using product differentiation or low-cost production strategy?

The forefront of managerial activity is

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

Managerial accounting information is provided by which of the following individuals within an organization.

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

In a traditional inventory system

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

Cost Behavior and Cost Estimation

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