Question 1

The last step in the five-step decision-making framework is "make and implement a decision."

Accepted Answer

A) True 
 B)False

Question 2

Which statement underpins the way in which the organisation conducts business?

Accepted Answer

A) Mission 
B) Ethics 
C) Values 
D) Strategy 
A) Mission 
B) Ethics 
C) Values 
D) Strategy

Question 3

You have been employed as an entry-level management accountant for nine months.You suspect that your immediate supervisor is involved in a significant fraud involving the diversion of company assets for personal use.Briefly describe the steps you could take to resolve this dilemma.
_____________________________________________________________________________________________
_____________________________________________________________________________________________

Accepted Answer

The management accountant should first c

Question 4

________ are those functions,activities or business practices,defined by the market not the company,and as viewed by the customer,that are critical to the vendor/customer relationship.

Accepted Answer

A) Operations 
B) Cycles 
C) Tactics 
D) Key success factors 
A) Operations 
B) Cycles 
C) Tactics 
D) Key success factors

Question 5

The process of preparing a budget:

Accepted Answer

A) forces coordination and communication across business functions. 
B) reduces overcapacity. 
C) promotes production automation. 
D) increases accounting efficiencies. 
A) forces coordination and communication across business functions. 
B) reduces overcapacity. 
C) promotes production automation. 
D) increases accounting efficiencies.

Question 6

Ethical challenges for management accountants include:

Accepted Answer

A) whether to report unfavourable department information that may result in unfavourable consequences for a friend. 
B) whether to accept gifts from suppliers,knowing it is an effort to indirectly influence decisions. 
C) whether to file a tax return this year. 
D) Both A and B are correct. 
A) whether to report unfavourable department information that may result in unfavourable consequences for a friend. 
B) whether to accept gifts from suppliers,knowing it is an effort to indirectly influence decisions. 
C) whether to file a tax return this year. 
D) Both A and B are correct.

Question 7

Whose perceptions of the company's products or services are most important to the manager?

Accepted Answer

A) chairman of the boards' perception 
B) board of directors' perception 
C) shareholders' perception 
D) customers' perception 
A) chairman of the boards' perception 
B) board of directors' perception 
C) shareholders' perception 
D) customers' perception

Question 8

In order,list the five steps in the decision-making process.
_____________________________________________________________________________________________
_____________________________________________________________________________________________

Accepted Answer

1.Identify the problem
2.Gathe

Question 9

If there is an ethical conflict concerning your direct supervisor,when is it appropriate to contact authorities or individuals not employed by the organisation?

Accepted Answer

A) When your supervisor is about to receive a bonus 
B) When you are about to be terminated 
C) When there is a clear violation of the law 
D) When there is a personal conflict 
A) When your supervisor is about to receive a bonus 
B) When you are about to be terminated 
C) When there is a clear violation of the law 
D) When there is a personal conflict

Question 10

What has happened to the differences between staff and line management as teamwork has become more prominent in the last few years?

Accepted Answer

A) Have increased. 
B) Have only been evident in the employee reward system. 
C) Have become more important relative to promotions. 
D) Have diminished. 
A) Have increased. 
B) Have only been evident in the employee reward system. 
C) Have become more important relative to promotions. 
D) Have diminished.

Question 11

Control includes deciding what feedback to provide to facilitate future decision making.

Accepted Answer

A) True 
 B)False

Question 12

Management accountants might provide information for use in decisions on whether to buy a product from outside or manufacture it in-house.

Accepted Answer

A) True 
 B)False

Question 13

Financial accounting reports financial and non-financial information that helps managers implement company strategies.

Accepted Answer

A) True 
 B)False

Question 14

Key success factors can exist in both the ________ areas and the condition or circumstances of the company.

Accepted Answer

A) dynamic 
B) functional 
C) static 
D) organisational 
A) dynamic 
B) functional 
C) static 
D) organisational

Question 15

For each report listed below,identify whether the major purpose of the report is for (1)routine internal reporting, (2)non-routine internal reporting,or for (3)external reporting to investors and other outside parties.
Item:
a.study detailing sale information of the top-ten selling products
b.weekly report of total sales generated by each store in the metropolitan area
c.annual report sent to shareholders
d.monthly report comparing budgeted sales by store to actual sales

Accepted Answer

a.(2)non-routine internal repo

Question 16

Which questions do management accountants help answer in the strategy formulation process?
_____________________________________________________________________________________________
_____________________________________________________________________________________________

Accepted Answer

1.Who are our most important customers,a

Question 17

Total quality management is a philosophy in which management improves operations throughout the value chain.

Accepted Answer

A) True 
 B)False

Question 18

Managers always require the information in an accounting system to be presented in the same format.

Accepted Answer

A) True 
 B)False

Question 19

What are externalities?
_____________________________________________________________________________________________
_____________________________________________________________________________________________

Accepted Answer

Externalities are costs that are not pai

Question 20

Describe management accounting and financial accounting.

Accepted Answer

Management accounting provides informati

The last step in the five-step decision-making framework is "make and implement a decision."

Which statement underpins the way in which the organisation conducts business?

You have been employed as an entry-level management accountant for nine months.You suspect that your immediate supervisor is involved in a significant fraud involving the diversion of company assets for personal use.Briefly describe the steps you could take to resolve this dilemma. _ _

________ are those functions,activities or business practices,defined by the market not the company,and as viewed by the customer,that are critical to the vendor/customer relationship.

The process of preparing a budget:

Ethical challenges for management accountants include:

Whose perceptions of the company's products or services are most important to the manager?

In order,list the five steps in the decision-making process. _ _

If there is an ethical conflict concerning your direct supervisor,when is it appropriate to contact authorities or individuals not employed by the organisation?

What has happened to the differences between staff and line management as teamwork has become more prominent in the last few years?

Control includes deciding what feedback to provide to facilitate future decision making.

Management accountants might provide information for use in decisions on whether to buy a product from outside or manufacture it in-house.

Financial accounting reports financial and non-financial information that helps managers implement company strategies.

Key success factors can exist in both the ________ areas and the condition or circumstances of the company.

Which questions do management accountants help answer in the strategy formulation process? _ _

Total quality management is a philosophy in which management improves operations throughout the value chain.

Managers always require the information in an accounting system to be presented in the same format.

What are externalities? _ _

Describe management accounting and financial accounting.

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

Exam 1: Management Accounting in Context

The last step in the five-step decision-making framework is "make and implement a decision."

Which statement underpins the way in which the organisation conducts business?

________ are those functions,activities or business practices,defined by the market not the company,and as viewed by the customer,that are critical to the vendor/customer relationship.

The process of preparing a budget:

Ethical challenges for management accountants include:

Whose perceptions of the company's products or services are most important to the manager?

In order,list the five steps in the decision-making process. _____________________________________________________________________________________________ _____________________________________________________________________________________________

If there is an ethical conflict concerning your direct supervisor,when is it appropriate to contact authorities or individuals not employed by the organisation?

What has happened to the differences between staff and line management as teamwork has become more prominent in the last few years?

Control includes deciding what feedback to provide to facilitate future decision making.

Management accountants might provide information for use in decisions on whether to buy a product from outside or manufacture it in-house.

Financial accounting reports financial and non-financial information that helps managers implement company strategies.

Key success factors can exist in both the ________ areas and the condition or circumstances of the company.

Which questions do management accountants help answer in the strategy formulation process? _____________________________________________________________________________________________ _____________________________________________________________________________________________

Total quality management is a philosophy in which management improves operations throughout the value chain.

Managers always require the information in an accounting system to be presented in the same format.

What are externalities? _____________________________________________________________________________________________ _____________________________________________________________________________________________

Describe management accounting and financial accounting.

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

In order,list the five steps in the decision-making process. _ _

Which questions do management accountants help answer in the strategy formulation process? _ _

What are externalities? _ _