Question 1

Give two examples of each stage in the management process.

Accepted Answer

Plan: Determining the mission statement

Question 2

Management executes a plan by overseeing the daily operations of an organization.

Accepted Answer

A) True 
 B)False

Question 3

Primary processes

Accepted Answer

A)  apply only to a just-in-time environment. 
B)  include information systems and human resources. 
C)  add value to a product or service. 
D)  limit bottlenecks during production. 
A)  apply only to a just-in-time environment. 
B)  include information systems and human resources. 
C)  add value to a product or service. 
D)  limit bottlenecks during production.

Question 4

In order to obtain information about benchmarks,a manager might join a trade association for the company's particular industry.

Accepted Answer

A) True 
 B)False

Question 5

The management process includes all of the following stages except

Accepted Answer

A)  evaluate. 
B)  communicate. 
C)  plan. 
D)  record. 
A)  evaluate. 
B)  communicate. 
C)  plan. 
D)  record.

Question 6

The management accountant must be knowledgeable about all relevant laws,regulations,and technical standards that pertain to his or her duties.

Accepted Answer

A) True 
 B)False

Question 7

An advantage of value chain analysis is that it allows a company to

Accepted Answer

A)  evaluate ethical conduct. 
B)  focus on its core competencies. 
C)  use the four "w's." 
D)  increase sales to customers. 
A)  evaluate ethical conduct. 
B)  focus on its core competencies. 
C)  use the four "w's." 
D)  increase sales to customers.

Question 8

Neither the amount of detail nor the format of a management accounting report is affected by those to whom the report is sent.

Accepted Answer

A) True 
 B)False

Question 9

Like balance sheets and income statements,management accounting formats are much the same from company to company.

Accepted Answer

A) True 
 B)False

Question 10

Comparing the number of bytes processed per nanosecond by each computer is an example of using nonfinancial data analysis.

Accepted Answer

A) True 
 B)False

Question 11

The just-in-time philosophy emphasizes

Accepted Answer

A)  completing products on schedule. 
B)  increasing production. 
C)  finishing all products before starting new ones. 
D)  eliminating waste. 
A)  completing products on schedule. 
B)  increasing production. 
C)  finishing all products before starting new ones. 
D)  eliminating waste.

Question 12

What steps would a company using TQM take to improve product or service quality?

Accepted Answer

The company would focus on improving qua

Question 13

Total quality management has many of the same characteristics as the JIT philosophy.

Accepted Answer

A) True 
 B)False

Question 14

Assume you are the president of the business club at your school.You are thinking about creating a fundraising project to generate money for next year's operations.Develop an outline of your ideas using the various stages of the management process.

Accepted Answer

Note: Student answers will vary consider

Question 15

Accumulating,interpreting,and reporting financial information is important for

Accepted Answer

A)  service-related firms only. 
B)  manufacturing firms only. 
C)  virtually all types of organizations. 
D)  not-for-profit organizations only. 
A)  service-related firms only. 
B)  manufacturing firms only. 
C)  virtually all types of organizations. 
D)  not-for-profit organizations only.

Question 16

Hiring a janitorial service firm rather than employing full-time employees is an example of outsourcing.

Accepted Answer

A) True 
 B)False

Question 17

Give two examples of nonfinancial performance measures.

Accepted Answer

Examples include number of cus

Question 18

The keys to successful report writing include identifying the who,what,when,and why of the report.

Accepted Answer

A) True 
 B)False

Question 19

The unit of measurement used in management accounting is

Accepted Answer

A)  primarily the historical dollar. 
B)  usually current replacement cost. 
C)  any measurement unit that is useful in a particular situation. 
D)  the measurement unit used by competing companies. 
A)  primarily the historical dollar. 
B)  usually current replacement cost. 
C)  any measurement unit that is useful in a particular situation. 
D)  the measurement unit used by competing companies.

Question 20

Most management decisions are based on analyses using expected future dollars.

Accepted Answer

A) True 
 B)False

Exam 15: The Changing Business Environment - a Managers Perspective

Give two examples of each stage in the management process.

Management executes a plan by overseeing the daily operations of an organization.

Primary processes

In order to obtain information about benchmarks,a manager might join a trade association for the company's particular industry.

The management process includes all of the following stages except

The management accountant must be knowledgeable about all relevant laws,regulations,and technical standards that pertain to his or her duties.

An advantage of value chain analysis is that it allows a company to

Neither the amount of detail nor the format of a management accounting report is affected by those to whom the report is sent.

Like balance sheets and income statements,management accounting formats are much the same from company to company.

Comparing the number of bytes processed per nanosecond by each computer is an example of using nonfinancial data analysis.

The just-in-time philosophy emphasizes

What steps would a company using TQM take to improve product or service quality?

Total quality management has many of the same characteristics as the JIT philosophy.

Assume you are the president of the business club at your school.You are thinking about creating a fundraising project to generate money for next year's operations.Develop an outline of your ideas using the various stages of the management process.

Accumulating,interpreting,and reporting financial information is important for

Hiring a janitorial service firm rather than employing full-time employees is an example of outsourcing.

Give two examples of nonfinancial performance measures.

The keys to successful report writing include identifying the who,what,when,and why of the report.

The unit of measurement used in management accounting is

Most management decisions are based on analyses using expected future dollars.

Uses of Accounting Information and the Financial Statements

Analyzing Business Transactions

Measuring Business Income

Supplement - Closing Entries and the Work Sheet

Financial Reporting and Analysis

The Operating Cycle and Merchandising Operations

Inventories

Cash and Receivables

Current Liabilities and Fair Value Accounting

Long Term Assets

Long-Term Liabilities

Contributed Capital

Investments

The Corporate Income Statement and the Statement of Stockholders Equity

The Statement of Cash Flows

Cost Concepts and Cost Allocation

Costing Systems- Job Order Costing

Costing Systems- Process Costing

Value-Based Systems- Abm and Lean

Cost Behavior Analysis

The Budgeting Process

Performance Management and Evaluation

Standard Costing and Variance Analysis

Short Run Decision Analysis

Capital Investment Analysis

Pricing Decisions,incltarget Costing and Transfer Pricing

Quality Management and Measurement

Financial Analysis of Performance

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