Question 1

In resolving an ethical conflict, which of the following would never be appropriate?

Accepted Answer

A)  discussing the matter with the chief executive officer 
B)  discussing the matter with an external member of the board of directors 
C)  taking the matter to the press where there is no legal requirement 
D)  resigning from the position because of a conflict 
A)  discussing the matter with the chief executive officer 
B)  discussing the matter with an external member of the board of directors 
C)  taking the matter to the press where there is no legal requirement 
D)  resigning from the position because of a conflict C

Question 2

Principles of personal ethical behaviour that are essential to an ethical life include

Accepted Answer

A)  integrity. 
B)  respect for others. 
C)  accountability. 
D)  all of the above. 
A)  integrity. 
B)  respect for others. 
C)  accountability. 
D)  all of the above. D

Question 3

Management accounting is primarily concerned with:

Accepted Answer

A)  providing investors with useful information for valuing securities. 
B)  providing creditors information on the status of their loans. 
C)  providing managers with relevant information to help achieve organizational goals. 
D)  providing the relevant taxation authorities with information to determine the amount of taxes owed. 
A)  providing investors with useful information for valuing securities. 
B)  providing creditors information on the status of their loans. 
C)  providing managers with relevant information to help achieve organizational goals. 
D)  providing the relevant taxation authorities with information to determine the amount of taxes owed. C

Question 4

Automation of the manufacturing environment is associated with increases in

Accepted Answer

A)  inventory. 
B)  capacity. 
C)  processing time. 
D)  none of these. 
A)  inventory. 
B)  capacity. 
C)  processing time. 
D)  none of these.

Question 5

Factors that have led to a global market for manufacturing and service firms are

Accepted Answer

A)  improved transportation and communications systems. 
B)  improved telemarketing and communications. 
C)  improved distribution and transportation systems. 
D)  None of these factors have contributed. 
A)  improved transportation and communications systems. 
B)  improved telemarketing and communications. 
C)  improved distribution and transportation systems. 
D)  None of these factors have contributed.

Question 6

Which of the following statements correctly distinguishes between financial and management accounting?

Accepted Answer

A)  Management accounting reports on the whole organization. 
B)  Financial accounting is oriented toward the future. 
C)  Financial accounting is primarily concerned with providing information for internal users. 
D)  Management accounting is oriented more toward the planning and control aspects of management. 
A)  Management accounting reports on the whole organization. 
B)  Financial accounting is oriented toward the future. 
C)  Financial accounting is primarily concerned with providing information for internal users. 
D)  Management accounting is oriented more toward the planning and control aspects of management.

Question 7

Investigating production variances and adjusting the production process is an example of

Accepted Answer

A)  planning. 
B)  control. 
C)  internal auditing. 
D)  both a and c 
A)  planning. 
B)  control. 
C)  internal auditing. 
D)  both a and c

Question 8

Software that has integrated system capability using real time data is

Accepted Answer

A)  enterprise resource planning software. 
B)  on-line analytic programs. 
C)  computer-assisted engineering software. 
D)  none of the above. 
A)  enterprise resource planning software. 
B)  on-line analytic programs. 
C)  computer-assisted engineering software. 
D)  none of the above.

Question 9

Why has time become such an important factor in competition?

Accepted Answer

Reducing the time that it takes to act m

Question 10

What is customer orientation? Why is it important in a global environment? What role does cost management play in serving customers?

Accepted Answer

Organizations are concerned with the imp

Question 11

Total quality management emphasizes

Accepted Answer

A)  zero defects. 
B)  continual improvement. 
C)  elimination of waste. 
D)  all of the above. 
A)  zero defects. 
B)  continual improvement. 
C)  elimination of waste. 
D)  all of the above.

Question 12

Briefly discuss the three dimensions on which competition takes place.

Accepted Answer

Competition takes place on the dimension

Question 13

How has the nature of accounting systems shifted in response to technology?

Accepted Answer

There is a shift from external report-ba

Question 14

Which of the following emerging themes in cost accounting deals with managers striving to create an environment that will enable workers to manufacture perfect (zero-defect) products?

Accepted Answer

A)  advances in information technology 
B)  time as a competitive element 
C)  global competition 
D)  total quality management 
A)  advances in information technology 
B)  time as a competitive element 
C)  global competition 
D)  total quality management

Question 15

Improvement in time performance is most likely NOT enhanced by

Accepted Answer

A)  redesign of products. 
B)  adding processes in production. 
C)  eliminating waste. 
D)  eliminating nonvalue-added activities. 
A)  redesign of products. 
B)  adding processes in production. 
C)  eliminating waste. 
D)  eliminating nonvalue-added activities.

Question 16

To compete on the basis if price, the seller must carefully manage:

Accepted Answer

A)  cost 
B)  service 
C)  quality 
D)  none of the above 
A)  cost 
B)  service 
C)  quality 
D)  none of the above

Question 17

Continuous improvement is NOT

Accepted Answer

A)  critical in a dynamic environment. 
B)  important to finding and maintaining a competitive advantage. 
C)  an effort to find ways to increase overall efficiency, improve quality, and reduce costs. 
D)  a responsibility of managers in world-class organizations. 
A)  critical in a dynamic environment. 
B)  important to finding and maintaining a competitive advantage. 
C)  an effort to find ways to increase overall efficiency, improve quality, and reduce costs. 
D)  a responsibility of managers in world-class organizations.

Question 18

Breakthroughs in technology this century have given rise to which one of the following effects?

Accepted Answer

A)  Direct materials have GREATLY decreased as a percentage of total manufacturing costs. 
B)  Manufacturing overhead has only SLIGHTLY decreased as a percentage of total manufacturing costs. 
C)  Direct labour has GREATLY decreased as a percentage of total manufacturing costs. 
D)  Manufacturing overhead has GREATLY decreased as a percentage of total manufacturing costs. 
A)  Direct materials have GREATLY decreased as a percentage of total manufacturing costs. 
B)  Manufacturing overhead has only SLIGHTLY decreased as a percentage of total manufacturing costs. 
C)  Direct labour has GREATLY decreased as a percentage of total manufacturing costs. 
D)  Manufacturing overhead has GREATLY decreased as a percentage of total manufacturing costs.

Question 19

The primary objective of management accounting is

Accepted Answer

A)  to provide shareholders and potential investors with useful information for decision making. 
B)  to provide banks and other creditors with information useful in making credit decisions. 
C)  to provide management with information useful for planning and control of operations. 
D)  to provide the relevant taxation authorities with information about taxable income. 
A)  to provide shareholders and potential investors with useful information for decision making. 
B)  to provide banks and other creditors with information useful in making credit decisions. 
C)  to provide management with information useful for planning and control of operations. 
D)  to provide the relevant taxation authorities with information about taxable income.

Question 20

The _____ is an accounting information subsystem that is primarily concerned with producing outputs for external users.

Accepted Answer

A)  cost management information system 
B)  computer system 
C)  internal accounting system 
D)  financial accounting information system 
A)  cost management information system 
B)  computer system 
C)  internal accounting system 
D)  financial accounting information system

In resolving an ethical conflict, which of the following would never be appropriate?

Principles of personal ethical behaviour that are essential to an ethical life include

Management accounting is primarily concerned with:

Automation of the manufacturing environment is associated with increases in

Factors that have led to a global market for manufacturing and service firms are

Which of the following statements correctly distinguishes between financial and management accounting?

Investigating production variances and adjusting the production process is an example of

Software that has integrated system capability using real time data is

Why has time become such an important factor in competition?

What is customer orientation? Why is it important in a global environment? What role does cost management play in serving customers?

Total quality management emphasizes

Briefly discuss the three dimensions on which competition takes place.

How has the nature of accounting systems shifted in response to technology?

Which of the following emerging themes in cost accounting deals with managers striving to create an environment that will enable workers to manufacture perfect (zero-defect) products?

Improvement in time performance is most likely NOT enhanced by

To compete on the basis if price, the seller must carefully manage:

Continuous improvement is NOT

Breakthroughs in technology this century have given rise to which one of the following effects?

The primary objective of management accounting is

The _____ is an accounting information subsystem that is primarily concerned with producing outputs for external users.

An Introduction to Cost Terms and Concepts

Cost-Volume-Profit Analysis

Measuring Relevant Costs and Revenues for Decision-Making

Pricing Decisions and Profitability Analysis

Capital Investment Decisions

Cost Assignment

Activity-Based Costing

The Budgeting Process

Management Control Systems

Standard Costing and Variance Analysis

Divisional Financial Performance Measurement

Transfer Pricing in Divisionalized Companies

Cost Management

Strategic Performance Management

Filters

Exam 1: Introduction to Management Accounting

In resolving an ethical conflict, which of the following would never be appropriate?

Principles of personal ethical behaviour that are essential to an ethical life include

Management accounting is primarily concerned with:

Automation of the manufacturing environment is associated with increases in

Factors that have led to a global market for manufacturing and service firms are

Which of the following statements correctly distinguishes between financial and management accounting?

Investigating production variances and adjusting the production process is an example of

Software that has integrated system capability using real time data is

Why has time become such an important factor in competition?

What is customer orientation? Why is it important in a global environment? What role does cost management play in serving customers?

Total quality management emphasizes

Briefly discuss the three dimensions on which competition takes place.

How has the nature of accounting systems shifted in response to technology?

Which of the following emerging themes in cost accounting deals with managers striving to create an environment that will enable workers to manufacture perfect (zero-defect) products?

Improvement in time performance is most likely NOT enhanced by

To compete on the basis if price, the seller must carefully manage:

Continuous improvement is NOT

Breakthroughs in technology this century have given rise to which one of the following effects?

The primary objective of management accounting is

The _____ is an accounting information subsystem that is primarily concerned with producing outputs for external users.

An Introduction to Cost Terms and Concepts

Cost-Volume-Profit Analysis

Measuring Relevant Costs and Revenues for Decision-Making

Pricing Decisions and Profitability Analysis

Capital Investment Decisions

Cost Assignment

Activity-Based Costing

The Budgeting Process

Management Control Systems

Standard Costing and Variance Analysis

Divisional Financial Performance Measurement

Transfer Pricing in Divisionalized Companies

Cost Management

Strategic Performance Management

Filters