Question 1

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) Disclose information when only good for financial performance improvements. 
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) Disclose information when only good for financial performance improvements.

Question 2

A tool that managerial accountants have developed to assist in monitoring organizational performance is the balanced scorecard.

Accepted Answer

A) True 
 B)False

Question 3

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

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

In which type of organization would using a balanced scorecard not be appropriate?

Accepted Answer

A) For-profit organizations 
B) Governmental units 
C) Service organizations 
D) For non-profit organizations only 
A) For-profit organizations 
B) Governmental units 
C) Service organizations 
D) For non-profit organizations only

Question 6

The primary users of managerial accounting information are managers and decision makers.

Accepted Answer

A) True 
 B)False

Question 7

Managerial accounting is designed to assist managers with four general activities: planning,controlling,evaluating and decision making.Give two examples of each type of activity for a furniture manufacturer.

Accepted Answer

Answers will vary.Common examples may in

Question 8

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

Accepted Answer

A) Overarching principles that express members' values 
B) Interpretations of principles 
C) Both overarching principles that express members' values and interpretations of principles 
D) Neither overarching principles that express members' values nor interpretations of principles 
A) Overarching principles that express members' values 
B) Interpretations of principles 
C) Both overarching principles that express members' values and interpretations of principles 
D) Neither overarching principles that express members' values nor interpretations of principles

Question 9

The leading professional organization for management accountants is the

Accepted Answer

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

Question 10

The basic financial statements always report on transactions and events

Accepted Answer

A) that have already occurred. 
B) that will occur in the future. 
C) that are projected. 
D) that have been audited. 
A) that have already occurred. 
B) that will occur in the future. 
C) that are projected. 
D) that have been audited.

Question 11

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 12

Since external users of financial statements have no way to verify the reported information

Accepted Answer

A) they cannot make informed decisions from financial information. 
B) FASB provides consequences to companies who distribute false managerial accounting reports to outsiders. 
C) GAAP provides a level of protection or assurance that the reports will follow certain standards. 
D) IFRS provides a level of assurance that reported information is accurate. 
A) they cannot make informed decisions from financial information. 
B) FASB provides consequences to companies who distribute false managerial accounting reports to outsiders. 
C) GAAP provides a level of protection or assurance that the reports will follow certain standards. 
D) IFRS provides a level of assurance that reported information is accurate.

Question 13

If a company follows a strategy of product differentiation,it will seek ways to set its products apart from competitors' in terms of quality,design or service.

Accepted Answer

A) True 
 B)False

Question 14

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.Human resources manager
b.Purchasing manager
c.Engineering department
Unit 1-1 -

Accepted Answer

Answers will vary.Common examples may in

Question 15

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

Accepted Answer

A) to do so would violate federal trade laws 
B) it would be too expensive to distribute the information 
C) to do so would provide competitors with vital information about corporate strategies and capabilities. 
D) to do so would violate federal trade laws and it would be too expensive to distribute the information. 
A) to do so would violate federal trade laws 
B) it would be too expensive to distribute the information 
C) to do so would provide competitors with vital information about corporate strategies and capabilities. 
D) to do so would violate federal trade laws and it would be too expensive to distribute the information.

Question 16

Managerial accounting reports historical information,often with the purpose of comparing actual results to budgeted results.

Accepted Answer

A) True 
 B)False

Question 17

Which of the following are strategies based on a firm's approach to market share growth?

Accepted Answer

A) Handle,hermetic,hold,or harvest 
B) Build,hold,harvest,or divest 
C) Handle,expand,low-cost,or divest 
D) Build,expand,hold,or divest 
A) Handle,hermetic,hold,or harvest 
B) Build,hold,harvest,or divest 
C) Handle,expand,low-cost,or divest 
D) Build,expand,hold,or divest

Question 18

Decision makers sometimes might need to sacrifice precision for timeliness because

Accepted Answer

A) receiving highly accurate information after the deadline has passed would be of no help. 
B) the nature of many business decisions does not require precision in managerial accounting reports. 
C) both receiving highly accurate information after the deadline has passed would be of no help and the nature of many business decisions does not require precision in managerial accounting reports. 
D) neither receiving highly accurate information after the deadline has passed would be of no help nor the nature of many business decisions does not require precision in managerial accounting reports. 
A) receiving highly accurate information after the deadline has passed would be of no help. 
B) the nature of many business decisions does not require precision in managerial accounting reports. 
C) both receiving highly accurate information after the deadline has passed would be of no help and the nature of many business decisions does not require precision in managerial accounting reports. 
D) neither receiving highly accurate information after the deadline has passed would be of no help nor the nature of many business decisions does not require precision in managerial accounting reports.

Question 19

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 20

Define managerial accounting and explain how managerial accounting information helps managers do their jobs.

Accepted Answer

Managerial accounting is defined by the

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

A tool that managerial accountants have developed to assist in monitoring organizational performance is the balanced scorecard.

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

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

In which type of organization would using a balanced scorecard not be appropriate?

The primary users of managerial accounting information are managers and decision makers.

Managerial accounting is designed to assist managers with four general activities: planning,controlling,evaluating and decision making.Give two examples of each type of activity for a furniture manufacturer.

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

The leading professional organization for management accountants is the

The basic financial statements always report on transactions and events

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

Since external users of financial statements have no way to verify the reported information

If a company follows a strategy of product differentiation,it will seek ways to set its products apart from competitors' in terms of quality,design or service.

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

Managerial accounting reports historical information,often with the purpose of comparing actual results to budgeted results.

Which of the following are strategies based on a firm's approach to market share growth?

Decision makers sometimes might need to sacrifice precision for timeliness because

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

Define managerial accounting and explain how managerial accounting information helps managers do their jobs.

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

A tool that managerial accountants have developed to assist in monitoring organizational performance is the balanced scorecard.

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

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

In which type of organization would using a balanced scorecard not be appropriate?

The primary users of managerial accounting information are managers and decision makers.

Managerial accounting is designed to assist managers with four general activities: planning,controlling,evaluating and decision making.Give two examples of each type of activity for a furniture manufacturer.

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

The leading professional organization for management accountants is the

The basic financial statements always report on transactions and events

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

Since external users of financial statements have no way to verify the reported information

If a company follows a strategy of product differentiation,it will seek ways to set its products apart from competitors' in terms of quality,design or service.

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

Managerial accounting reports historical information,often with the purpose of comparing actual results to budgeted results.

Which of the following are strategies based on a firm's approach to market share growth?

Decision makers sometimes might need to sacrifice precision for timeliness because

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

Define managerial accounting and explain how managerial accounting information helps managers do their jobs.

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