Question 1

The emergence of products and services that offer sustainable solutions is another manifestation of the centrality of sustainability.

Accepted Answer

A) True 
 B)False

Question 2

Key success factors include cost,quality,timeliness,and innovation.

Accepted Answer

A) True 
 B)False

Question 3

How can a budget help management implement strategy?
_____________________________________________________________________________________________
_____________________________________________________________________________________________

Accepted Answer

A budget is a planning tool,a

Question 4

Describe the value chain and how it can help organisations become more effective.
_____________________________________________________________________________________________
_____________________________________________________________________________________________

Accepted Answer

A value chain is a sequence of business

Question 5

CPA Australia and the Institute of Chartered Accountants in Australia (ICAA)established the Accounting Professional and Ethical Standards Board.

Accepted Answer

A) True 
 B)False

Question 6

Many managements of businesses follow one of two generic strategies: cost leadership or ________.

Accepted Answer

A) product differentiation 
B) growth 
C) marketing 
D) pricing 
A) product differentiation 
B) growth 
C) marketing 
D) pricing

Question 7

How can customer focus result in increased profits for a company?
_____________________________________________________________________________________________
_____________________________________________________________________________________________

Accepted Answer

If customers who provide a com

Question 8

Which statement is FALSE?

Accepted Answer

A) If I can't measure it,I can't manage it. 
B) Employees spend more attention on those variables that are not getting measured. 
C) What gets measured gets managed. 
D) People react to measurements. 
A) If I can't measure it,I can't manage it. 
B) Employees spend more attention on those variables that are not getting measured. 
C) What gets measured gets managed. 
D) People react to measurements.

Question 9

Management accounting information includes:

Accepted Answer

A) the cost of producing a product. 
B) tabulated results of customer satisfaction surveys. 
C) the percentage of units produced that are defective. 
D) All of these answers are correct. 
A) the cost of producing a product. 
B) tabulated results of customer satisfaction surveys. 
C) the percentage of units produced that are defective. 
D) All of these answers are correct.

Question 10

The production component of the value chain refers to acquiring,coordinating,and assembling resources to produce a product or deliver a service.

Accepted Answer

A) True 
 B)False

Question 11

What does staff management include?

Accepted Answer

A) Human resource managers 
B) Distribution managers 
C) Purchasing managers 
D) Manufacturing managers 
A) Human resource managers 
B) Distribution managers 
C) Purchasing managers 
D) Manufacturing managers

Question 12

The supply chain refers to the sequence of business functions in which customer usefulness is added to products or services.

Accepted Answer

A) True 
 B)False

Question 13

The value chain is the sequence of business functions in which:

Accepted Answer

A) value is deducted from the products or services of an organisation. 
B) products and services are evaluated with respect to their value to the supply chain. 
C) usefulness is added to the products or services of an organisation. 
D) value is proportionately added to the products or services of an organisation. 
A) value is deducted from the products or services of an organisation. 
B) products and services are evaluated with respect to their value to the supply chain. 
C) usefulness is added to the products or services of an organisation. 
D) value is proportionately added to the products or services of an organisation.

Question 14

The chief financial officer (CFO)is usually responsible for banking,short- and long-term financing,investments,and cash management.

Accepted Answer

A) True 
 B)False

Question 15

Management accountants help managers track performance on the chosen key success factors relative to the performance of itself in previous years.

Accepted Answer

A) True 
 B)False

Question 16

Financial accounting is concerned PRIMARILY with:

Accepted Answer

A) cost planning and cost controls. 
B) providing information for strategic and tactical decisions. 
C) external reporting to investors,creditors,and government authorities. 
D) profitability analysis. 
A) cost planning and cost controls. 
B) providing information for strategic and tactical decisions. 
C) external reporting to investors,creditors,and government authorities. 
D) profitability analysis.

Question 17

Which of the following is MOST likely to use ONLY financial accounting information?

Accepted Answer

A) Vice CEO of operations 
B) Department manager 
C) Current shareholder 
D) Factory shift supervisor 
A) Vice CEO of operations 
B) Department manager 
C) Current shareholder 
D) Factory shift supervisor

Question 18

Which item is NOT an indication of competence under the CIMA Code of Ethics?

Accepted Answer

A) Maintain an appropriate level of professional expertise by continually developing knowledge and skills. 
B) Perform professional duties in accordance with relevant laws,regulations,and technical standards. 
C) Keep information confidential except when disclosure is authorised or legally required. 
D) Provide decision support information and recommendations that are accurate,clear,concise,and timely. 
A) Maintain an appropriate level of professional expertise by continually developing knowledge and skills. 
B) Perform professional duties in accordance with relevant laws,regulations,and technical standards. 
C) Keep information confidential except when disclosure is authorised or legally required. 
D) Provide decision support information and recommendations that are accurate,clear,concise,and timely.

Question 19

Sustainability is 'the ability to continue a defined behaviour indefinitely'.

Accepted Answer

A) True 
 B)False

Question 20

When competition is intense,there are strong potential entrants,there are many similar products in the market,there are few available suppliers,and customers are demanding.

Accepted Answer

A) True 
 B)False

Exam 1: Management Accounting in Context

The emergence of products and services that offer sustainable solutions is another manifestation of the centrality of sustainability.

Key success factors include cost,quality,timeliness,and innovation.

How can a budget help management implement strategy? _____________________________________________________________________________________________ _____________________________________________________________________________________________

Describe the value chain and how it can help organisations become more effective. _____________________________________________________________________________________________ _____________________________________________________________________________________________

CPA Australia and the Institute of Chartered Accountants in Australia (ICAA)established the Accounting Professional and Ethical Standards Board.

Many managements of businesses follow one of two generic strategies: cost leadership or ________.

How can customer focus result in increased profits for a company? _____________________________________________________________________________________________ _____________________________________________________________________________________________

Which statement is FALSE?

Management accounting information includes:

The production component of the value chain refers to acquiring,coordinating,and assembling resources to produce a product or deliver a service.

What does staff management include?

The supply chain refers to the sequence of business functions in which customer usefulness is added to products or services.

The value chain is the sequence of business functions in which:

The chief financial officer (CFO)is usually responsible for banking,short- and long-term financing,investments,and cash management.

Management accountants help managers track performance on the chosen key success factors relative to the performance of itself in previous years.

Financial accounting is concerned PRIMARILY with:

Which of the following is MOST likely to use ONLY financial accounting information?

Which item is NOT an indication of competence under the CIMA Code of Ethics?

Sustainability is 'the ability to continue a defined behaviour indefinitely'.

When competition is intense,there are strong potential entrants,there are many similar products in the market,there are few available suppliers,and customers are demanding.

Different Costs for Different Purposes

Determining How Costs Behave

Costvolumeprofit Analysis

Estimating the Cost of Producing Services

Estimating the Costs of Products and Inventory

Target Costing, Managing Activities and Managing Capacity

Activity-Based Management and Activity-Based Costing

Pricing and Customer Profitability

Decision Making and Relevant Information

Budgeting, Management Control and Responsibility Accounting

Flexible Budgets, Direct Cost Variances and Management Control

Flexible Budgets, Overhead Cost Variances and Management Control

Allocation of Support-Department Costs, Common Costs and Revenues

Strategy Formation, Strategic Control and the Balanced Scorecard

Quality, Time and the Balanced Scorecard

Inventory Management, Just-In-Time and Simplified Costing Methods

Capital Budgeting and Cost Analysis

Management Control Systems, Transfer Pricing and Multinational Considerations

Performance Measurement, Compensation and Multinational Considerations

Measuring and Reporting Sustainability

Filters

How can a budget help management implement strategy? _ _

Describe the value chain and how it can help organisations become more effective. _ _

How can customer focus result in increased profits for a company? _ _