Question 1

Which of the following persons or groups would be LEAST likely to receive detailed managerial accounting reports?

Accepted Answer

A)  Plant managers 
B)  Current shareholders 
C)  Sales territory managers 
D)  CEO 
A)  Plant managers 
B)  Current shareholders 
C)  Sales territory managers 
D)  CEO

Question 2

Evaluating results against the plan is an example of the management function of

Accepted Answer

A)  controlling. 
B)  decision-making. 
C)  directing. 
D)  planning. 
A)  controlling. 
B)  decision-making. 
C)  directing. 
D)  planning.

Question 3

The cost of downtime caused by quality problems with the raw materials would be classified as a(n)

Accepted Answer

A)  prevention cost. 
B)  appraisal cost. 
C)  internal failure cost. 
D)  external failure cost. 
A)  prevention cost. 
B)  appraisal cost. 
C)  internal failure cost. 
D)  external failure cost.

Question 4

Managerial accountants often work on teams called

Accepted Answer

A)  audit teams. 
B)  cross-functional teams. 
C)  multi-functional teams. 
D)  work groups. 
A)  audit teams. 
B)  cross-functional teams. 
C)  multi-functional teams. 
D)  work groups.

Question 5

In most companies, managerial accountants no longer perform routine mechanical accounting tasks.

Accepted Answer

A) True 
 B)False

Question 6

IFRS stands for "important financial reporting standards."

Accepted Answer

A) True 
 B)False

Question 7

Scrutinizing ethical constraints to determine the best way forward is an example of ________ in the CPA Guidelines for Ethical Behaviour.

Accepted Answer

A)  Adherence to Rules of Professional Conduct 
B)  Enabling Competencies 
C)  Assessing the Situation 
D)  Integrative Analysis 
A)  Adherence to Rules of Professional Conduct 
B)  Enabling Competencies 
C)  Assessing the Situation 
D)  Integrative Analysis

Question 8

The Toronto Stock Exchange (TSE/TSX) requires that members of a board of directors for a listed company have

Accepted Answer

A)  members experienced in business. 
B)  two independent members. 
C)  membership that represents the diversity of Canada. 
D)  only stockholders as members. 
A)  members experienced in business. 
B)  two independent members. 
C)  membership that represents the diversity of Canada. 
D)  only stockholders as members.

Question 9

The primary managerial accounting product is the company's audited financial statements.

Accepted Answer

A) True 
 B)False

Question 10

Lean production systems typically emphasize quality.

Accepted Answer

A) True 
 B)False

Question 11

Comparing actual results to budgets is an example of the management function of

Accepted Answer

A)  controlling. 
B)  decision-making. 
C)  directing. 
D)  planning. 
A)  controlling. 
B)  decision-making. 
C)  directing. 
D)  planning.

Question 12

XBRL stands for

Accepted Answer

A)  eXtensible Business Reporting Language. 
B)  eXisting Business Responsibility Language. 
C)  eXtensive Business Registering Location. 
D)  eXtractable Business Reporting Location. 
A)  eXtensible Business Reporting Language. 
B)  eXisting Business Responsibility Language. 
C)  eXtensive Business Registering Location. 
D)  eXtractable Business Reporting Location.

Question 13

The internal audit department reports directly to the subcommittee of the board of directors called the audit committee.

Accepted Answer

A) True 
 B)False

Question 14

Which of the following is TRUE about a lean production system?

Accepted Answer

A)  Customer orders drive the production process. 
B)  Inventory levels are maintained at high levels. 
C)  Raw materials are purchased in large quantities. 
D)  Finished goods are produced ahead of customers' orders to protect against running out of finished goods inventory. 
A)  Customer orders drive the production process. 
B)  Inventory levels are maintained at high levels. 
C)  Raw materials are purchased in large quantities. 
D)  Finished goods are produced ahead of customers' orders to protect against running out of finished goods inventory.

Question 15

When management compares the budget to actual results, which of the following is being fulfilled?

Accepted Answer

A)  Directing 
B)  Controlling 
C)  Decision-making 
D)  Planning 
A)  Directing 
B)  Controlling 
C)  Decision-making 
D)  Planning

Question 16

Which of the following cost items should be classified as an external failure cost on a cost of quality report?

Accepted Answer

A)  Net cost of scrap 
B)  Customer returns of defective products 
C)  Technical support provided to suppliers 
D)  Supplies used in the quality inspection program 
A)  Net cost of scrap 
B)  Customer returns of defective products 
C)  Technical support provided to suppliers 
D)  Supplies used in the quality inspection program

Question 17

Financial accounting

Accepted Answer

A)  focuses on the future and includes activities such as preparing next year's operating budget. 
B)  must comply with IFRS/ASPE. 
C)  reports include detailed information on the various operating segments of the business such as product lines or departments. 
D)  is prepared for the use of department heads and other employees. 
A)  focuses on the future and includes activities such as preparing next year's operating budget. 
B)  must comply with IFRS/ASPE. 
C)  reports include detailed information on the various operating segments of the business such as product lines or departments. 
D)  is prepared for the use of department heads and other employees.

Question 18

Appraisal costs are incurred to detect poor-quality goods or services.

Accepted Answer

A) True 
 B)False

Question 19

IFRS stands for

Accepted Answer

A)  International and Foreign Reporting Systems. 
B)  International Financial Reporting Standards. 
C)  Important Foreign Registering Systems. 
D)  International and Foreign Registering Standards. 
A)  International and Foreign Reporting Systems. 
B)  International Financial Reporting Standards. 
C)  Important Foreign Registering Systems. 
D)  International and Foreign Registering Standards.

Question 20

No ownership interest in an audit client is an example of Adherence to Rules of Professional Conduct in the CPA Guidelines for Ethical Behaviour.

Accepted Answer

A) True 
 B)False

Which of the following persons or groups would be LEAST likely to receive detailed managerial accounting reports?

Evaluating results against the plan is an example of the management function of

The cost of downtime caused by quality problems with the raw materials would be classified as a(n)

Managerial accountants often work on teams called

In most companies, managerial accountants no longer perform routine mechanical accounting tasks.

IFRS stands for "important financial reporting standards."

Scrutinizing ethical constraints to determine the best way forward is an example of ________ in the CPA Guidelines for Ethical Behaviour.

The Toronto Stock Exchange (TSE/TSX) requires that members of a board of directors for a listed company have

The primary managerial accounting product is the company's audited financial statements.

Lean production systems typically emphasize quality.

Comparing actual results to budgets is an example of the management function of

XBRL stands for

The internal audit department reports directly to the subcommittee of the board of directors called the audit committee.

Which of the following is TRUE about a lean production system?

When management compares the budget to actual results, which of the following is being fulfilled?

Which of the following cost items should be classified as an external failure cost on a cost of quality report?

Financial accounting

Appraisal costs are incurred to detect poor-quality goods or services.

IFRS stands for

No ownership interest in an audit client is an example of Adherence to Rules of Professional Conduct in the CPA Guidelines for Ethical Behaviour.

Building Blocks of Managerial Accounting

Cost Behaviour

Cost-Volume-Profit Analysis

Job Costing

Process Costing

Activity Based Costing

Short-Term Business Decisions

The Master Budget and Responsibility Accounting

Flexible Budgets and Standard Costs

Performance Evaluation and the Balanced Scorecard

Capital Investment Decisions and the Time Value of Money

Filters

Exam 1: Introduction to Managerial Accounting

Which of the following persons or groups would be LEAST likely to receive detailed managerial accounting reports?

Evaluating results against the plan is an example of the management function of

The cost of downtime caused by quality problems with the raw materials would be classified as a(n)

Managerial accountants often work on teams called

In most companies, managerial accountants no longer perform routine mechanical accounting tasks.

IFRS stands for "important financial reporting standards."

Scrutinizing ethical constraints to determine the best way forward is an example of ________ in the CPA Guidelines for Ethical Behaviour.

The Toronto Stock Exchange (TSE/TSX) requires that members of a board of directors for a listed company have

The primary managerial accounting product is the company's audited financial statements.

Lean production systems typically emphasize quality.

Comparing actual results to budgets is an example of the management function of

XBRL stands for

The internal audit department reports directly to the subcommittee of the board of directors called the audit committee.

Which of the following is TRUE about a lean production system?

When management compares the budget to actual results, which of the following is being fulfilled?

Which of the following cost items should be classified as an external failure cost on a cost of quality report?

Financial accounting

Appraisal costs are incurred to detect poor-quality goods or services.

IFRS stands for

No ownership interest in an audit client is an example of Adherence to Rules of Professional Conduct in the CPA Guidelines for Ethical Behaviour.

Building Blocks of Managerial Accounting

Cost Behaviour

Cost-Volume-Profit Analysis

Job Costing

Process Costing

Activity Based Costing

Short-Term Business Decisions

The Master Budget and Responsibility Accounting

Flexible Budgets and Standard Costs

Performance Evaluation and the Balanced Scorecard

Capital Investment Decisions and the Time Value of Money

Filters