Question 1

Just-in-time implementations are simple and take little or no effort to implement and will work for most companies.

Accepted Answer

A) True 
 B)False

Question 2

Managerial accounting is used by managers to

Accepted Answer

A) assure appropriate use of an organization's resources. 
B) assure accountability for an organization's resources. 
C) provide information used in planning,evaluation and controlling functions within an organization. 
D) assure appropriate use of an organization's resources,accountability for an organization's resources,and provides information used in planning,evaluation and controlling functions within an organization. 
A) assure appropriate use of an organization's resources. 
B) assure accountability for an organization's resources. 
C) provide information used in planning,evaluation and controlling functions within an organization. 
D) assure appropriate use of an organization's resources,accountability for an organization's resources,and provides information used in planning,evaluation and controlling functions within an organization.

Question 3

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 4

Long-term planning is often referred to as strategic planning.

Accepted Answer

A) True 
 B)False

Question 5

The Institute of Management Accountants IMA and many other professional organizations have a code of conduct to direct the membership's ethical behavior.Discuss the standards that guide the conduct of members of the IMA.

Accepted Answer

Competence Maintain an appropriate level

Question 6

Preparers of managerial accounting information are generally not active participants in the decision making process.

Accepted Answer

A) True 
 B)False

Question 7

List three reasons why it is important for a company to have a written code of conduct.

Accepted Answer

Answers will vary.Common examp

Question 8

The supply chain's goal is to reduce or eliminate defects.

Accepted Answer

A) True 
 B)False

Question 9

The IMA Statement of Ethical Professional Practice applies to

Accepted Answer

A) all accountants. 
B) all CPAs. 
C) all members of the IMA. 
D) only accountants and CPAs. 
A) all accountants. 
B) all CPAs. 
C) all members of the IMA. 
D) only accountants and CPAs.

Question 10

Which of the following is not an activity in which managerial accounting is designed to assist managers?

Accepted Answer

A) Reporting 
B) Controlling 
C) Decision making 
D) Evaluation 
A) Reporting 
B) Controlling 
C) Decision making 
D) Evaluation

Question 11

A problem with traditional computerization of operations was that

Accepted Answer

A) functional areas such as marketing and production created systems to meet their own needs without considering the needs of other areas. 
B) traditional systems often resulted in a collection of mismatched or redundant systems. 
C) both functional areas such as marketing and production created systems to meet their own needs without considering the needs of other areas and traditional systems often resulted in a collection of mismatched or redundant systems. 
D) neither functional areas such as marketing and production created systems to meet their own needs without considering the needs of other areas nor traditional systems often resulted in a collection of mismatched or redundant systems. 
A) functional areas such as marketing and production created systems to meet their own needs without considering the needs of other areas. 
B) traditional systems often resulted in a collection of mismatched or redundant systems. 
C) both functional areas such as marketing and production created systems to meet their own needs without considering the needs of other areas and traditional systems often resulted in a collection of mismatched or redundant systems. 
D) neither functional areas such as marketing and production created systems to meet their own needs without considering the needs of other areas nor traditional systems often resulted in a collection of mismatched or redundant systems.

Question 12

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

Accepted Answer

A) True 
 B)False

Question 13

A supply chain is a network of facilities that procure raw materials,transform them into intermediate goods and then into final products,and deliver the final products to customers through a distribution system.

Accepted Answer

A) True 
 B)False

Question 14

Which of the following is not a characteristic of a managerial accountant?

Accepted Answer

A) Just a number cruncher 
B) Analyze and interpret financial data 
C) Analyze and interpret operating data 
D) Active participant in the decision making process 
A) Just a number cruncher 
B) Analyze and interpret financial data 
C) Analyze and interpret operating data 
D) Active participant in the decision making process

Question 15

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 16

In each of the following situations,identify whether the setting is primarily financial accounting or managerial accounting.
a.Falcon Company sent its annual report to its stockholders.
b.Genesis,Inc.'s controller sent a report of actual versus budgeted sales figures to the sales manager.
c.Hurtz Rent-All Company determines that its investments have declined in value and should be adjusted.
d.Inca,Inc.controller suspects that cash is being stolen by a sales clerk.As a result,she prepares an analysis to compare each sales clerk's collections for each day.
e.Jones Company executives are meeting to review the annual report to be submitted to the SEC.
Unit 1-1 -

Accepted Answer

a.Financial b.Manage

Question 17

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 not one of the ways Porter suggested a firm use to develop a competitive advantage?

Accepted Answer

A) Product differentiation 
B) Low cost production 
C) Contribution differentiation 
D) Both product differentiation and low cost production 
A) Product differentiation 
B) Low cost production 
C) Contribution differentiation 
D) Both product differentiation and low cost production

Question 18

Frequent feedback from planning,controlling,evaluating,and decision making activities creates which of the following types of decision-making process?

Accepted Answer

A) Linear 
B) Circular 
C) Scattered 
D) Linear and scattered 
A) Linear 
B) Circular 
C) Scattered 
D) Linear and scattered

Question 19

The Institute of Management Accountants IMA and many other professional organizations have a code of conduct to direct the membership's ethical behavior.The IMA standards include competence,confidentiality,integrity,and credibility.For each standard,give a situation in which the code of conduct will help a management accounting in his or her decision making.

Accepted Answer

Answers will vary.Common examples may in

Question 20

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.

Just-in-time implementations are simple and take little or no effort to implement and will work for most companies.

Managerial accounting is used by managers to

The purpose of financial statements contained in annual reports is to

Long-term planning is often referred to as strategic planning.

The Institute of Management Accountants IMA and many other professional organizations have a code of conduct to direct the membership's ethical behavior.Discuss the standards that guide the conduct of members of the IMA.

Preparers of managerial accounting information are generally not active participants in the decision making process.

List three reasons why it is important for a company to have a written code of conduct.

The supply chain's goal is to reduce or eliminate defects.

The IMA Statement of Ethical Professional Practice applies to

Which of the following is not an activity in which managerial accounting is designed to assist managers?

A problem with traditional computerization of operations was that

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

A supply chain is a network of facilities that procure raw materials,transform them into intermediate goods and then into final products,and deliver the final products to customers through a distribution system.

Which of the following is not a characteristic of a managerial accountant?

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

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 not one of the ways Porter suggested a firm use to develop a competitive advantage?

Frequent feedback from planning,controlling,evaluating,and decision making activities creates which of the following types of decision-making process?

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

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

Just-in-time implementations are simple and take little or no effort to implement and will work for most companies.

Managerial accounting is used by managers to

The purpose of financial statements contained in annual reports is to

Long-term planning is often referred to as strategic planning.

The Institute of Management Accountants IMA and many other professional organizations have a code of conduct to direct the membership's ethical behavior.Discuss the standards that guide the conduct of members of the IMA.

Preparers of managerial accounting information are generally not active participants in the decision making process.

List three reasons why it is important for a company to have a written code of conduct.

The supply chain's goal is to reduce or eliminate defects.

The IMA Statement of Ethical Professional Practice applies to

Which of the following is not an activity in which managerial accounting is designed to assist managers?

A problem with traditional computerization of operations was that

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

A supply chain is a network of facilities that procure raw materials,transform them into intermediate goods and then into final products,and deliver the final products to customers through a distribution system.

Which of the following is not a characteristic of a managerial accountant?

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

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 not one of the ways Porter suggested a firm use to develop a competitive advantage?

Frequent feedback from planning,controlling,evaluating,and decision making activities creates which of the following types of decision-making process?

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

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