Question 1

What is cross-functional expertise and why is it important to the systems approach?

Accepted Answer

The ability to see situations from many

Question 2

The value chain includes which of the following activities?

Accepted Answer

A)  designing and developing products and services 
B)  producing products and services 
C)  marketing and delivering products and services 
D)  all of the above 
A)  designing and developing products and services 
B)  producing products and services 
C)  marketing and delivering products and services 
D)  all of the above

Question 3

Identify the trends impacting management accounting and discuss the implications for management accounting.

Accepted Answer

Changes in the manufacturing environment

Question 4

You are a management accountant for the Eugene Division of Lowden Company. Your longtime friend, David Orth, is the Eugene Division manager. David was instrumental in helping you obtain your current position. Because the manager's annual bonus is based on the amount of profit the Eugene Division reports for the year, David has asked you to "massage the numbers" to make the Eugene Division appear more profitable.
Considering the Standards of Ethical Conduct for Management Accountants, how would you respond to David Orth's request?

Accepted Answer

According to the Standards of Ethical Co

Question 5

The standards of ethical conduct for management accountants include

Accepted Answer

A)  competence and performance. 
B)  integrity and respect for others. 
C)  confidentiality, confidence, integrity, and observance. 
D)  competence, confidentiality, integrity, and objectivity. 
A)  competence and performance. 
B)  integrity and respect for others. 
C)  confidentiality, confidence, integrity, and observance. 
D)  competence, confidentiality, integrity, and objectivity.

Question 6

Which of the following costs would be included in value-chain product costs?

Accepted Answer

A)  research and development 
B)  production 
C)  customer service 
D)  all of the above 
A)  research and development 
B)  production 
C)  customer service 
D)  all of the above

Question 7

Competitive advantage is established by

Accepted Answer

A)  providing more customer products than competitors. 
B)  providing better quality than competitors. 
C)  providing greater customer value for less cost than competitors. 
D)  providing greater efficiencies than competitors. 
A)  providing more customer products than competitors. 
B)  providing better quality than competitors. 
C)  providing greater customer value for less cost than competitors. 
D)  providing greater efficiencies than competitors.

Question 8

The overall objective of accounting information systems is to

Accepted Answer

A)  provide information to users. 
B)  manage the organization. 
C)  prepare financial reports. 
D)  report to the government. 
A)  provide information to users. 
B)  manage the organization. 
C)  prepare financial reports. 
D)  report to the government.

Question 9

Developing a company strategy for responding to anticipated new markets is an example of

Accepted Answer

A)  planning. 
B)  control. 
C)  decision making. 
D)  all of the above. 
A)  planning. 
B)  control. 
C)  decision making. 
D)  all of the above.

Question 10

Which of the following characteristics does NOT pertain to management accounting?

Accepted Answer

A)  provides information and estimates about future activity 
B)  generates specific-purpose financial statements and reports 
C)  provides financial and operating data multidisciplinary in scope 
D)  has externally imposed standards 
A)  provides information and estimates about future activity 
B)  generates specific-purpose financial statements and reports 
C)  provides financial and operating data multidisciplinary in scope 
D)  has externally imposed standards

Question 11

Discuss the change in composition of total manufacturing costs during the last century, using the three major cost categories: direct materials, direct labour, and manufacturing overhead.

Accepted Answer

The answer of Discuss the change in composition of total...

Question 12

Identify and discuss the emerging themes that are affecting the way cost accounting is practiced.

Accepted Answer

Seven emerging themes affecting cost ele

Question 13

Comparing actual quality costs with planned quality costs is an example of

Accepted Answer

A)  planning. 
B)  controlling. 
C)  performance evaluation. 
D)  both b and c 
A)  planning. 
B)  controlling. 
C)  performance evaluation. 
D)  both b and c

Question 14

Cost accounting

Accepted Answer

A)  is concerned with assigning costs to various cost objects. 
B)  attempts to satisfy the costing objectives of both financial accounting and management accounting. 
C)  provides cost information that supports planning, controlling, and decision making. 
D)  All of the above descriptions are true. 
A)  is concerned with assigning costs to various cost objects. 
B)  attempts to satisfy the costing objectives of both financial accounting and management accounting. 
C)  provides cost information that supports planning, controlling, and decision making. 
D)  All of the above descriptions are true.

Question 15

Management accounting is the branch of accounting concerned with reporting to

Accepted Answer

A)  internal managers. 
B)  shareholders. 
C)  the government. 
D)  bankers. 
A)  internal managers. 
B)  shareholders. 
C)  the government. 
D)  bankers.

Question 16

Management accounting reports are prepared

Accepted Answer

A)  to meet the needs of decision makers within the firm. 
B)  whenever shareholders request them. 
C)  according to guidelines prepared by the shares and Financial Services Authority. 
D)  according to financial accounting standards. 
A)  to meet the needs of decision makers within the firm. 
B)  whenever shareholders request them. 
C)  according to guidelines prepared by the shares and Financial Services Authority. 
D)  according to financial accounting standards.

Question 17

One advantage of employee empowerment is

Accepted Answer

A)  it frees up some of the time of upper management for more strategic decision making 
B)  workers can improve production processes in a timely manner 
C)  employees closest to the work can provide valuable input in increasing efficiency 
D)  all of the above are advantages 
A)  it frees up some of the time of upper management for more strategic decision making 
B)  workers can improve production processes in a timely manner 
C)  employees closest to the work can provide valuable input in increasing efficiency 
D)  all of the above are advantages

Question 18

Which of the following costing activities is associated with the financial accounting system?

Accepted Answer

A)  determining the cost of a department 
B)  determining the cost of goods sold for financial statements 
C)  preparing budgets 
D)  determining the cost of a customer 
A)  determining the cost of a department 
B)  determining the cost of goods sold for financial statements 
C)  preparing budgets 
D)  determining the cost of a customer

What is cross-functional expertise and why is it important to the systems approach?

The value chain includes which of the following activities?

Identify the trends impacting management accounting and discuss the implications for management accounting.

The standards of ethical conduct for management accountants include

Which of the following costs would be included in value-chain product costs?

Competitive advantage is established by

The overall objective of accounting information systems is to

Developing a company strategy for responding to anticipated new markets is an example of

Which of the following characteristics does NOT pertain to management accounting?

Discuss the change in composition of total manufacturing costs during the last century, using the three major cost categories: direct materials, direct labour, and manufacturing overhead.

Identify and discuss the emerging themes that are affecting the way cost accounting is practiced.

Comparing actual quality costs with planned quality costs is an example of

Cost accounting

Management accounting is the branch of accounting concerned with reporting to

Management accounting reports are prepared

One advantage of employee empowerment is

Which of the following costing activities is associated with the financial accounting system?

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

What is cross-functional expertise and why is it important to the systems approach?

The value chain includes which of the following activities?

Identify the trends impacting management accounting and discuss the implications for management accounting.

The standards of ethical conduct for management accountants include

Which of the following costs would be included in value-chain product costs?

Competitive advantage is established by

The overall objective of accounting information systems is to

Developing a company strategy for responding to anticipated new markets is an example of

Which of the following characteristics does NOT pertain to management accounting?

Discuss the change in composition of total manufacturing costs during the last century, using the three major cost categories: direct materials, direct labour, and manufacturing overhead.

Identify and discuss the emerging themes that are affecting the way cost accounting is practiced.

Comparing actual quality costs with planned quality costs is an example of

Cost accounting

Management accounting is the branch of accounting concerned with reporting to

Management accounting reports are prepared

One advantage of employee empowerment is

Which of the following costing activities is associated with the financial accounting system?

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