Question 1

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

Accepted Answer

A) Maintain an appropriate level of professional expertise by continually developing knowledge and skills. 
B) Provide decision support information and recommendations that are accurate,clear,concise and timely. 
C) Mitigate actual conflicts of interest.Regularly communicate with business associates to avoid apparent conflicts of interest.Advise all parties of any potential conflicts. 
D) Perform professional duties in accordance with relevant laws,regulations,and technical standards. 
A) Maintain an appropriate level of professional expertise by continually developing knowledge and skills. 
B) Provide decision support information and recommendations that are accurate,clear,concise and timely. 
C) Mitigate actual conflicts of interest.Regularly communicate with business associates to avoid apparent conflicts of interest.Advise all parties of any potential conflicts. 
D) Perform professional duties in accordance with relevant laws,regulations,and technical standards.

Question 2

A harvest strategy focuses on short-term profits and cash,even at the expense of market share.

Accepted Answer

A) True 
 B)False

Question 3

Which of the following statements related to ethical behavior is not a correct statement?

Accepted Answer

A) The spirit of the law is more important than the letter of the law. 
B) Moral values and codes are more important than rules and policies. 
C) A person is considered to uphold ethical business practices as long as he or she complies with the law. 
D) Ethical business behavior is not mere compliance with the law. 
A) The spirit of the law is more important than the letter of the law. 
B) Moral values and codes are more important than rules and policies. 
C) A person is considered to uphold ethical business practices as long as he or she complies with the law. 
D) Ethical business behavior is not mere compliance with the law.

Question 4

Two ways to develop a competitive advantage is through product differentiation and low-cost production.How does a company set itself apart from competitors under each strategy?

Accepted Answer

If a company follows a strategy of produ

Question 5

Two ways to develop a competitive advantage is through product differentiation and low-cost production.List three examples of managerial accounting information a company might need to monitor each of these strategies.

Accepted Answer

Answers will vary.Co

Question 6

Juan's Ortiz's taco stand in Bomfa,California,specializes in fresh,handmade tacos.While Juan's business does not yet have a national presence,he does have a strong citywide reputation.Recently,Juan has been receiving some orders from other parts of the country through the company's website.He is beginning to think about the potential for growing his out-of-city business.
Required:
a.How can managerial accounting information be useful to Juan as he thinks about growing his out-of-city business?
b.What decisions might Juan need to make if he decides to grow his out-of-city business?
c.What managerial accounting information might Juan find useful as he decides how to grow his out-of-city business?
Units 1-1,2 -

Accepted Answer

Answers will vary. a.Managerial accounti

Question 7

-Which of the following is not a component of the IMA Statement of Ethical Professional Practice standards?

Accepted Answer

A) Reliability 
B) Confidentiality 
C) Integrity 
D) Credibility 
A) Reliability 
B) Confidentiality 
C) Integrity 
D) Credibility

Question 8

The four strategies based on a firm's approach to market share growth are build,hold,harvest and divest.

Accepted Answer

A) True 
 B)False

Question 9

The supply chain's goal is to

Accepted Answer

A) avoid carrying too much inventory. 
B) to reduce or eliminate defective goods. 
C) to measure performance based on financial and non-financial components. 
D) to get the right product to the right location,in the right quantities at the right time,and at the right cost. 
A) avoid carrying too much inventory. 
B) to reduce or eliminate defective goods. 
C) to measure performance based on financial and non-financial components. 
D) to get the right product to the right location,in the right quantities at the right time,and at the right cost.

Question 10

Most managerial decisions are made at which of the following levels?

Accepted Answer

A) Organization-level 
B) Operating-segment level 
C) Managerial accounting level 
D) Presidential level 
A) Organization-level 
B) Operating-segment level 
C) Managerial accounting level 
D) Presidential level

Question 11

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 12

Your boss has asked you to lead a committee to develop a code of conduct for the company.Write a memo to the committee members to schedule your first meeting.In your memo list the six components you believe are most important to be included in the code and explain why.

Accepted Answer

Answers will vary. January 15,20xx To: C

Question 13

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

Accepted Answer

A) Financial 
B) Customer 
C) Internal business processes 
D) Regulatory 
A) Financial 
B) Customer 
C) Internal business processes 
D) Regulatory

Question 14

Which of the following might be measures of performance for a balanced scorecard?

Accepted Answer

A) Stock price 
B) Sales revenue 
C) Customer satisfaction 
D) Stock price,sales revenue,and customer satisfaction 
A) Stock price 
B) Sales revenue 
C) Customer satisfaction 
D) Stock price,sales revenue,and customer satisfaction

Question 15

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 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 not a type of unethical behavior employees might observe?

Accepted Answer

A) Abusive or intimidating behavior 
B) Lying to employees 
C) Misreporting of hours worked 
D) Having employees sign an acknowledgement that they understand and will adhere to the corporate code of conduct. 
A) Abusive or intimidating behavior 
B) Lying to employees 
C) Misreporting of hours worked 
D) Having employees sign an acknowledgement that they understand and will adhere to the corporate code of conduct.

Question 18

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 19

Decision makers might have a long list of information they would find helpful,and they are generally not willing to sacrifice accuracy for having the information quickly.

Accepted Answer

A) True 
 B)False

Question 20

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.

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

A harvest strategy focuses on short-term profits and cash,even at the expense of market share.

Which of the following statements related to ethical behavior is not a correct statement?

Two ways to develop a competitive advantage is through product differentiation and low-cost production.How does a company set itself apart from competitors under each strategy?

Two ways to develop a competitive advantage is through product differentiation and low-cost production.List three examples of managerial accounting information a company might need to monitor each of these strategies.

-Which of the following is not a component of the IMA Statement of Ethical Professional Practice standards?

The four strategies based on a firm's approach to market share growth are build,hold,harvest and divest.

The supply chain's goal is to

Most managerial decisions are made at which of the following levels?

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

Your boss has asked you to lead a committee to develop a code of conduct for the company.Write a memo to the committee members to schedule your first meeting.In your memo list the six components you believe are most important to be included in the code and explain why.

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

Which of the following might be measures of performance for a balanced scorecard?

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

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

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

Just-in-time inventory can be traced back to

Decision makers might have a long list of information they would find helpful,and they are generally not willing to sacrifice accuracy for having the information quickly.

Ethical behavior is

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 competence standard?

A harvest strategy focuses on short-term profits and cash,even at the expense of market share.

Which of the following statements related to ethical behavior is not a correct statement?

Two ways to develop a competitive advantage is through product differentiation and low-cost production.How does a company set itself apart from competitors under each strategy?

Two ways to develop a competitive advantage is through product differentiation and low-cost production.List three examples of managerial accounting information a company might need to monitor each of these strategies.

-Which of the following is not a component of the IMA Statement of Ethical Professional Practice standards?

The four strategies based on a firm's approach to market share growth are build,hold,harvest and divest.

The supply chain's goal is to

Most managerial decisions are made at which of the following levels?

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

Your boss has asked you to lead a committee to develop a code of conduct for the company.Write a memo to the committee members to schedule your first meeting.In your memo list the six components you believe are most important to be included in the code and explain why.

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

Which of the following might be measures of performance for a balanced scorecard?

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

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

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

Just-in-time inventory can be traced back to

Decision makers might have a long list of information they would find helpful,and they are generally not willing to sacrifice accuracy for having the information quickly.

Ethical behavior is

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