Question 1

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

Accepted Answer

Worldwide competitive pressures, deregulation, growth in the service industry, and advances in information and manufacturing technology have changed the nature of our economy and caused many manufacturing and service industries to dramatically change the way in which they operate. These changes, in turn, have prompted the development of innovative and relevant cost management practices.

Question 2

Total quality management emphasizes

Accepted Answer

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

Question 3

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. D

Question 4

Which of the following is the officer responsible for money management and serves chiefly as the custodian of the organization's funds?

Accepted Answer

A)  Certified Public Accountant 
B)  controller 
C)  Chartered Accountant 
D)  treasurer 
A)  Certified Public Accountant 
B)  controller 
C)  Chartered Accountant 
D)  treasurer

Question 5

Engaging in or supporting an activity that would discredit the profession would relate to which part of the IMA Code of Conduct?

Accepted Answer

A)  competence 
B)  independence 
C)  integrity 
D)  credibility 
A)  competence 
B)  independence 
C)  integrity 
D)  credibility

Question 6

The focus of Lean Manufacturing is to eliminate waste, which is anything that does not add value to the end user (customer).

Accepted Answer

A) True 
 B)False

Question 7

The cost management subsystem designed to assign costs to individual products and services is called the __________ information system.

Accepted Answer

The answer of The cost management subsystem designed to assign...

Question 8

Today's cost managers must assemble cost information and determine how to value things. Which methods would NOT be critical to achieving this?

Accepted Answer

A)  foreign currency translation 
B)  costing and quality analysis 
C)  differentiating between value-added and non-value-added activities 
D)  measuring productivity 
A)  foreign currency translation 
B)  costing and quality analysis 
C)  differentiating between value-added and non-value-added activities 
D)  measuring productivity

Question 9

Firms subject to the Sarbanes-Oxley Act of 2002 do not have to disclose whether they have a code of ethics for senior financial officers, nor why.

Accepted Answer

A) True 
 B)False

Question 10

Disclosing company information (when not legally obligated to do so) would be a violation of which part of the IMA Code of Conduct?

Accepted Answer

A)  competence 
B)  confidentiality 
C)  independence 
D)  credibility 
A)  competence 
B)  confidentiality 
C)  independence 
D)  credibility

Question 11

The standards of ethical conduct for management accountants include competence, confidentiality, integrity, resolution of ethical conflict, and __________ .

Accepted Answer

The answer of The standards of ethical conduct for management...

Question 12

Enterprise resource planning (ERP) software has the objective of providing an integrated system capability and is able to run all the operations of a company.

Accepted Answer

A) True 
 B)False

Question 13

Cost management is the branch of accounting concerned with reporting to

Accepted Answer

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

Question 14

The manager has to decide what tasks are needed and how they should be accomplished. This statement describes

Accepted Answer

A)  the organization chart. 
B)  planning. 
C)  organizing. 
D)  none of these. 
A)  the organization chart. 
B)  planning. 
C)  organizing. 
D)  none of these.

Question 15

An accountant certified to possess the minimal professional qualifications for an external auditor is a

Accepted Answer

A)  CPA 
B)  CMA 
C)  CIA 
D)  all of these. 
A)  CPA 
B)  CMA 
C)  CIA 
D)  all of these.

Question 16

Altering dates of shipping documents of next January's sales to record them as sales in the current year would be a violation of which standard of ethical conduct for management accountants?

Accepted Answer

A)  competence 
B)  integrity 
C)  credibility 
D)  all of these 
A)  competence 
B)  integrity 
C)  credibility 
D)  all of these

Question 17

Which of the following job positions is a staff position?

Accepted Answer

A)  controller 
B)  production vice president 
C)  production supervisor 
D)  assembly foreman 
A)  controller 
B)  production vice president 
C)  production supervisor 
D)  assembly foreman

Question 18

Which of the following emerging trends 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 19

Continuous improvement is

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)  all of these. 
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)  all of these.

Question 20

In resolving an ethical conflict, it is inappropriate to discuss the problem with the immediate supervisor because of a violation of which standard of ethical conduct for management accountants?

Accepted Answer

A)  competence 
B)  confidentiality 
C)  credibility 
D)  This action is not in violation of the code of conduct. 
A)  competence 
B)  confidentiality 
C)  credibility 
D)  This action is not in violation of the code of conduct.

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

Total quality management emphasizes

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

Which of the following is the officer responsible for money management and serves chiefly as the custodian of the organization's funds?

Engaging in or supporting an activity that would discredit the profession would relate to which part of the IMA Code of Conduct?

The focus of Lean Manufacturing is to eliminate waste, which is anything that does not add value to the end user (customer).

The cost management subsystem designed to assign costs to individual products and services is called the __________ information system.

Today's cost managers must assemble cost information and determine how to value things. Which methods would NOT be critical to achieving this?

Firms subject to the Sarbanes-Oxley Act of 2002 do not have to disclose whether they have a code of ethics for senior financial officers, nor why.

Disclosing company information (when not legally obligated to do so) would be a violation of which part of the IMA Code of Conduct?

The standards of ethical conduct for management accountants include competence, confidentiality, integrity, resolution of ethical conflict, and __________ .

Enterprise resource planning (ERP) software has the objective of providing an integrated system capability and is able to run all the operations of a company.

Cost management is the branch of accounting concerned with reporting to

The manager has to decide what tasks are needed and how they should be accomplished. This statement describes

An accountant certified to possess the minimal professional qualifications for an external auditor is a

Altering dates of shipping documents of next January's sales to record them as sales in the current year would be a violation of which standard of ethical conduct for management accountants?

Which of the following job positions is a staff position?

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

Continuous improvement is

In resolving an ethical conflict, it is inappropriate to discuss the problem with the immediate supervisor because of a violation of which standard of ethical conduct for management accountants?

Basic Cost Management Concepts

Cost Behavior

Activity-Based Costing

Product and Service Costing: Job-Order System

Process Costing

Allocating Costs of Support Departments and Joint Products

Budgeting for Planning and Control Key

Standard Costing: a Functional-Based Control Approach

Decentralization: Responsibility Accounting, Performance Evaluation, and Transfer Pricing

Strategic Cost Management

Activity-Based Management

The Balanced Scorecard: Strategic-Based Control

Quality and Environmental Cost Management

Lean Accounting and Productivity Measurement

Cost-Volume-Profit Analysis

Activity Resource Usage Model and Tactical Decision Making

Pricing and Profitability Analysis

Capital Investment

Inventory Management: Economic Order Quantity, Jit, and the Theory of Constraints

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Exam 1: Introduction to Cost Management

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

Total quality management emphasizes

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

Which of the following is the officer responsible for money management and serves chiefly as the custodian of the organization's funds?

Engaging in or supporting an activity that would discredit the profession would relate to which part of the IMA Code of Conduct?

The focus of Lean Manufacturing is to eliminate waste, which is anything that does not add value to the end user (customer).

The cost management subsystem designed to assign costs to individual products and services is called the __________ information system.

Today's cost managers must assemble cost information and determine how to value things. Which methods would NOT be critical to achieving this?

Firms subject to the Sarbanes-Oxley Act of 2002 do not have to disclose whether they have a code of ethics for senior financial officers, nor why.

Disclosing company information (when not legally obligated to do so) would be a violation of which part of the IMA Code of Conduct?

The standards of ethical conduct for management accountants include competence, confidentiality, integrity, resolution of ethical conflict, and __________ .

Enterprise resource planning (ERP) software has the objective of providing an integrated system capability and is able to run all the operations of a company.

Cost management is the branch of accounting concerned with reporting to

The manager has to decide what tasks are needed and how they should be accomplished. This statement describes

An accountant certified to possess the minimal professional qualifications for an external auditor is a

Altering dates of shipping documents of next January's sales to record them as sales in the current year would be a violation of which standard of ethical conduct for management accountants?

Which of the following job positions is a staff position?

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

Continuous improvement is

In resolving an ethical conflict, it is inappropriate to discuss the problem with the immediate supervisor because of a violation of which standard of ethical conduct for management accountants?

Basic Cost Management Concepts

Cost Behavior

Activity-Based Costing

Product and Service Costing: Job-Order System

Process Costing

Allocating Costs of Support Departments and Joint Products

Budgeting for Planning and Control Key

Standard Costing: a Functional-Based Control Approach

Decentralization: Responsibility Accounting, Performance Evaluation, and Transfer Pricing

Strategic Cost Management

Activity-Based Management

The Balanced Scorecard: Strategic-Based Control

Quality and Environmental Cost Management

Lean Accounting and Productivity Measurement

Cost-Volume-Profit Analysis

Activity Resource Usage Model and Tactical Decision Making

Pricing and Profitability Analysis

Capital Investment

Inventory Management: Economic Order Quantity, Jit, and the Theory of Constraints

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