Question 1

Which of the following statements is not true?

Accepted Answer

A) Managerial accounting reports use historical information. 
B) Managerial accounting must not use estimates in preparing reports. 
C) Managerial accountants use historical amounts in developing future projections. 
D) Managerial accounting reports do not project the results of certain decisions. 
A) Managerial accounting reports use historical information. 
B) Managerial accounting must not use estimates in preparing reports. 
C) Managerial accountants use historical amounts in developing future projections. 
D) Managerial accounting reports do not project the results of certain decisions.

Question 2

Which of the following statements relating to just-in-time inventory is not correct?

Accepted Answer

A) As soon as goods are completed,they are shipped directly to the customer. 
B) Products are generally completed in small batches in response to customer requests. 
C) Just-in-time is beneficial to all companies that will implement it. 
D) No safety stock is kept in the event that some 
A) As soon as goods are completed,they are shipped directly to the customer. 
B) Products are generally completed in small batches in response to customer requests. 
C) Just-in-time is beneficial to all companies that will implement it. 
D) No safety stock is kept in the event that some

Question 3

The leading professional organization for managerial accountants is

Accepted Answer

A) The American Institute of Managerial Accountants. 
B) The Society of American Management Accountants. 
C) The Institute of Management Accountants. 
D) The National Society of Management Accountants. 
A) The American Institute of Managerial Accountants. 
B) The Society of American Management Accountants. 
C) The Institute of Management Accountants. 
D) The National Society of Management Accountants.

Question 4

The balanced scorecard uses only nonfinancial information such as customer satisfaction or employee turnover to measure performance.

Accepted Answer

A) True 
 B)False

Question 5

The supply chain's goal is to

Accepted Answer

A) to get the right product to the right location. 
B) to get the product in the right quantities at the right time. 
C) to get the product produced at any cost. 
D) to get the right product to the right location and to get the product in the right quantities at the right time. 
A) to get the right product to the right location. 
B) to get the product in the right quantities at the right time. 
C) to get the product produced at any cost. 
D) to get the right product to the right location and to get the product in the right quantities at the right time.

Question 6

Michael Porter,a management strategy expert,developed a strategic framework in which a firm has ways to develop a competitive advantage.Which of the following is one of the ways Porter suggested a firm use to develop a competitive advantage?

Accepted Answer

A) Supply chain management 
B) Low-cost production 
C) Just-in-time management 
D) Enterprise Resource Planning 
A) Supply chain management 
B) Low-cost production 
C) Just-in-time management 
D) Enterprise Resource Planning

Question 7

A company that wants to be successful needs to know

Accepted Answer

A) what it wants to accomplish. 
B) how it is going to achieve it. 
C) both what it wants to accomplish and how it is going to achieve it. 
D) neither what it wants to accomplish nor how it is going to achieve it. 
A) what it wants to accomplish. 
B) how it is going to achieve it. 
C) both what it wants to accomplish and how it is going to achieve it. 
D) neither what it wants to accomplish nor how it is going to achieve it.

Question 8

Which of the following is not a test of an ethical business decision as suggested by the Institute of Business Ethics?

Accepted Answer

A) Would I want others to do to me what I am doing to them? 
B) Do I mind others knowing what I have done? 
C) Who does my decision affect or hurt? 
D) Would my decision be considered fair by those affected? 
A) Would I want others to do to me what I am doing to them? 
B) Do I mind others knowing what I have done? 
C) Who does my decision affect or hurt? 
D) Would my decision be considered fair by those affected?

Question 9

Just-in-time inventory management JIT is an inventory strategy that focuses on

Accepted Answer

A) performance measures. 
B) reducing waste and inefficiency. 
C) getting the right product to the right location at the right price. 
D) getting the product produced at any cost. 
A) performance measures. 
B) reducing waste and inefficiency. 
C) getting the right product to the right location at the right price. 
D) getting the product produced at any cost.

Question 10

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 11

GAAP "rules" govern how transactions are

Accepted Answer

A) valued. 
B) recorded. 
C) presented. 
D) valued,recorded,and presented. 
A) valued. 
B) recorded. 
C) presented. 
D) valued,recorded,and presented.

Question 12

Managerial accounting differs from financial accounting in that managerial accounting has no comparable set of rules governing what information must be provided to decision makers or how that information is presented.

Accepted Answer

A) True 
 B)False

Question 13

In applying the Standards of Ethical Professional Practice,when faced with ethical issues,you should

Accepted Answer

A) follow your organization's established policies on the resolution of such conflict. 
B) hire a professional investigator to resolve the conflict. 
C) contact the authorities immediately. 
D) ignore the conflict to give it time to resolve itself. 
A) follow your organization's established policies on the resolution of such conflict. 
B) hire a professional investigator to resolve the conflict. 
C) contact the authorities immediately. 
D) ignore the conflict to give it time to resolve itself.

Question 14

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

Accepted Answer

A) Mitigate actual conflict of interest. 
B) Refrain from engaging in any conduct that would prejudice carrying out duties ethically. 
C) Properly exercise authority. 
D) Abstain from engaging in or supporting any activity that might discredit the profession. 
A) Mitigate actual conflict of interest. 
B) Refrain from engaging in any conduct that would prejudice carrying out duties ethically. 
C) Properly exercise authority. 
D) Abstain from engaging in or supporting any activity that might discredit the profession.

Question 15

Managerial accounting is designed to assist managers with four general activities.List the activities and give an example of each.

Accepted Answer

Answers will vary.Common examples may in

Question 16

Which of the following is not a category for performance measures used for a balanced scorecard?

Accepted Answer

A) Learning and growth 
B) Competitive 
C) Internal business processes 
D) Customer 
A) Learning and growth 
B) Competitive 
C) Internal business processes 
D) Customer

Question 17

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 one format. 
C) Managerial accounting reports are distributed to the general public. 
D) Managerial accounting reports are used by investors. 
A) Managerial accounting reports are designed to provide the ultimate decision maker with the appropriate information. 
B) Managerial accounting reports come in one format. 
C) Managerial accounting reports are distributed to the general public. 
D) Managerial accounting reports are used by investors.

Question 18

Managerial accounting is used by managers to

Accepted Answer

A) plan 
B) evaluate 
C) control 
D) plan,evaluate,and control 
A) plan 
B) evaluate 
C) control 
D) plan,evaluate,and control

Question 19

Under a build strategy,a company aims to increase its market share and competitive position relative to others in the industry,maximizing its short-term earnings and positive cash flow.

Accepted Answer

A) True 
 B)False

Question 20

Which of the following is an example of an enterprise resource planning ERP system?

Accepted Answer

A) SAP 
B) Oracle 
C) Both SAP and Oracle 
D) Neither SAP nor Oracle 
A) SAP 
B) Oracle 
C) Both SAP and Oracle 
D) Neither SAP nor Oracle

Which of the following statements is not true?

Which of the following statements relating to just-in-time inventory is not correct?

The leading professional organization for managerial accountants is

The balanced scorecard uses only nonfinancial information such as customer satisfaction or employee turnover to measure performance.

The supply chain's goal is to

Michael Porter,a management strategy expert,developed a strategic framework in which a firm has ways to develop a competitive advantage.Which of the following is one of the ways Porter suggested a firm use to develop a competitive advantage?

A company that wants to be successful needs to know

Which of the following is not a test of an ethical business decision as suggested by the Institute of Business Ethics?

Just-in-time inventory management JIT is an inventory strategy that focuses on

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?

GAAP "rules" govern how transactions are

Managerial accounting differs from financial accounting in that managerial accounting has no comparable set of rules governing what information must be provided to decision makers or how that information is presented.

In applying the Standards of Ethical Professional Practice,when faced with ethical issues,you should

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

Managerial accounting is designed to assist managers with four general activities.List the activities and give an example of each.

Which of the following is not a category for performance measures used for a balanced scorecard?

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

Managerial accounting is used by managers to

Under a build strategy,a company aims to increase its market share and competitive position relative to others in the industry,maximizing its short-term earnings and positive cash flow.

Which of the following is an example of an enterprise resource planning ERP system?

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

Exam 1: Accounting As a Tool for Management

Which of the following statements is not true?

Which of the following statements relating to just-in-time inventory is not correct?

The leading professional organization for managerial accountants is

The balanced scorecard uses only nonfinancial information such as customer satisfaction or employee turnover to measure performance.

The supply chain's goal is to

Michael Porter,a management strategy expert,developed a strategic framework in which a firm has ways to develop a competitive advantage.Which of the following is one of the ways Porter suggested a firm use to develop a competitive advantage?

A company that wants to be successful needs to know

Which of the following is not a test of an ethical business decision as suggested by the Institute of Business Ethics?

Just-in-time inventory management JIT is an inventory strategy that focuses on

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?

GAAP "rules" govern how transactions are

Managerial accounting differs from financial accounting in that managerial accounting has no comparable set of rules governing what information must be provided to decision makers or how that information is presented.

In applying the Standards of Ethical Professional Practice,when faced with ethical issues,you should

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

Managerial accounting is designed to assist managers with four general activities.List the activities and give an example of each.

Which of the following is not a category for performance measures used for a balanced scorecard?

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

Managerial accounting is used by managers to

Under a build strategy,a company aims to increase its market share and competitive position relative to others in the industry,maximizing its short-term earnings and positive cash flow.

Which of the following is an example of an enterprise resource planning ERP system?

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