Question 1

What is the name of the newly formed professional accounting body?

Accepted Answer

A)  CA Canada 
B)  CFA Canada 
C)  CPA Canada 
D)  CMA Canada 
A)  CA Canada 
B)  CFA Canada 
C)  CPA Canada 
D)  CMA Canada C

Question 2

What does the Triple Bottom Line include?

Accepted Answer

A)  measures of revenues generated by the company 
B)  measures of activities not simply related to increasing profits 
C)  measures of activities related to the costs incurred by the company 
D)  measures of activities related to increasing profits 
A)  measures of revenues generated by the company 
B)  measures of activities not simply related to increasing profits 
C)  measures of activities related to the costs incurred by the company 
D)  measures of activities related to increasing profits B

Question 3

Activity-based costing is a more detailed approach to determining the cost of goods and services.

Accepted Answer

A) True 
 B)False  True

Question 4

The value chain is the set of activities required to design,develop,produce,market,and deliver products and services to customers.

Accepted Answer

A) True 
 B)False

Question 5

What is the primary objective of management accounting?

Accepted Answer

A)  to provide stockholders 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 Canada Revenue Agency with information about taxable income 
A)  to provide stockholders 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 Canada Revenue Agency with information about taxable income

Question 6

Management accounting information is important for both for-profit and not-for-profit organizations.

Accepted Answer

A) True 
 B)False

Question 7

What does total quality management emphasize?

Accepted Answer

A)  1% defects 
B)  a lack of improvement 
C)  the elimination of waste 
D)  the status quo 
A)  1% defects 
B)  a lack of improvement 
C)  the elimination of waste 
D)  the status quo

Question 8

The process of choosing among competing alternatives is decision making.

Accepted Answer

A) True 
 B)False

Question 9

What is a primary activity in the value chain?

Accepted Answer

A)  procurement 
B)  marketing and sales 
C)  human resources management 
D)  technology development
A pr 
A)  procurement 
B)  marketing and sales 
C)  human resources management 
D)  technology development
A pr

Question 10

What is customer value?

Accepted Answer

A)  the difference between what a customer receives and what the customer gives up when buying a product or service 
B)  the establishment of a competitive advantage by creating better customer value for the same cost 
C)  the efficient performance of necessary activities and elimination of activities that do not create customer value 
D)  the improvement of costing accuracy by emphasizing the activities and tasks that must be performed 
A)  the difference between what a customer receives and what the customer gives up when buying a product or service 
B)  the establishment of a competitive advantage by creating better customer value for the same cost 
C)  the efficient performance of necessary activities and elimination of activities that do not create customer value 
D)  the improvement of costing accuracy by emphasizing the activities and tasks that must be performed

Question 11

Which of the following employees would normally occupy a line position?

Accepted Answer

A)  the controller 
B)  the purchasing manager 
C)  the treasurer 
D)  the vice-president of marketing 
A)  the controller 
B)  the purchasing manager 
C)  the treasurer 
D)  the vice-president of marketing

Question 12

With which of the following do virtually all managerial accounting practices assist managers?

Accepted Answer

A)  maximizing profits 
B)  determining costs 
C)  creating annual reports 
D)  generating tax reports 
A)  maximizing profits 
B)  determining costs 
C)  creating annual reports 
D)  generating tax reports

Question 13

CMA,CGA and CA organizations have recently have been brought together under a new professional body called CPA Canada.

Accepted Answer

A) True 
 B)False

Question 14

The Triple Bottom Line refers to management putting triple the focus on profits.

Accepted Answer

A) True 
 B)False

Question 15

Managerial accounting is designed primarily for external users.

Accepted Answer

A) True 
 B)False

Question 16

Another name for management accounting could be internal accounting.

Accepted Answer

A) True 
 B)False

Question 17

Which of the following involves choosing actions that are right,proper,and just?

Accepted Answer

A)  balanced costing 
B)  activity-based costing 
C)  ethical behaviour 
D)  cross-functional perspective 
A)  balanced costing 
B)  activity-based costing 
C)  ethical behaviour 
D)  cross-functional perspective

Question 18

Which of the following is an objective of management accounting?

Accepted Answer

A)  to prepare external reports for investors,creditors,government agencies,and other outside users 
B)  to provide information for the costing of services,products,and other objects of interest to management 
C)  to provide tax information for planning,controlling,evaluating,and continuous improvement 
D)  to provide information for investment decision making 
A)  to prepare external reports for investors,creditors,government agencies,and other outside users 
B)  to provide information for the costing of services,products,and other objects of interest to management 
C)  to provide tax information for planning,controlling,evaluating,and continuous improvement 
D)  to provide information for investment decision making

Question 19

The belief that each member of a group bears some responsibility for the well-being of other members is a common principle underlying all ethical systems.

Accepted Answer

A) True 
 B)False

Question 20

Virtually all management accounting practices were developed to assist managers in maximizing profits.

Accepted Answer

A) True 
 B)False

What is the name of the newly formed professional accounting body?

What does the Triple Bottom Line include?

Activity-based costing is a more detailed approach to determining the cost of goods and services.

The value chain is the set of activities required to design,develop,produce,market,and deliver products and services to customers.

What is the primary objective of management accounting?

Management accounting information is important for both for-profit and not-for-profit organizations.

What does total quality management emphasize?

The process of choosing among competing alternatives is decision making.

What is a primary activity in the value chain?

What is customer value?

Which of the following employees would normally occupy a line position?

With which of the following do virtually all managerial accounting practices assist managers?

CMA,CGA and CA organizations have recently have been brought together under a new professional body called CPA Canada.

The Triple Bottom Line refers to management putting triple the focus on profits.

Managerial accounting is designed primarily for external users.

Another name for management accounting could be internal accounting.

Which of the following involves choosing actions that are right,proper,and just?

Which of the following is an objective of management accounting?

The belief that each member of a group bears some responsibility for the well-being of other members is a common principle underlying all ethical systems.

Virtually all management accounting practices were developed to assist managers in maximizing profits.

Basic Managerial Accounting Concepts

Cost Behaviour

Costvolumeprofit Analysis: a Managerial Planning Tool

Job-Order Costing

Process Costing

Activity-Based Costing and Management

Absorption and Variable Costing,and Inventory Management

Budgeting, production, cash, and Master Budget

Standard Costing: a Managerial Control Tool

Flexible Budgets and Overhead Analysis

Performance Evaluation and Decentralization

Short-Run Decision Making: Relevant Costing

Capital Investment Decisions

Filters

Exam 1: Introduction to Managerial Accounting

What is the name of the newly formed professional accounting body?

What does the Triple Bottom Line include?

Activity-based costing is a more detailed approach to determining the cost of goods and services.

The value chain is the set of activities required to design,develop,produce,market,and deliver products and services to customers.

What is the primary objective of management accounting?

Management accounting information is important for both for-profit and not-for-profit organizations.

What does total quality management emphasize?

The process of choosing among competing alternatives is decision making.

What is a primary activity in the value chain?

What is customer value?

Which of the following employees would normally occupy a line position?

With which of the following do virtually all managerial accounting practices assist managers?

CMA,CGA and CA organizations have recently have been brought together under a new professional body called CPA Canada.

The Triple Bottom Line refers to management putting triple the focus on profits.

Managerial accounting is designed primarily for external users.

Another name for management accounting could be internal accounting.

Which of the following involves choosing actions that are right,proper,and just?

Which of the following is an objective of management accounting?

The belief that each member of a group bears some responsibility for the well-being of other members is a common principle underlying all ethical systems.

Virtually all management accounting practices were developed to assist managers in maximizing profits.

Basic Managerial Accounting Concepts

Cost Behaviour

Costvolumeprofit Analysis: a Managerial Planning Tool

Job-Order Costing

Process Costing

Activity-Based Costing and Management

Absorption and Variable Costing,and Inventory Management

Budgeting, production, cash, and Master Budget

Standard Costing: a Managerial Control Tool

Flexible Budgets and Overhead Analysis

Performance Evaluation and Decentralization

Short-Run Decision Making: Relevant Costing

Capital Investment Decisions

Filters