Question 1

In resolving an ethical conflict, which of the following would NEVER be appropriate?

Accepted Answer

A)  discussing the matter with the chief executive officer 
B)  discussing the matter with an external member of the board of directors 
C)  taking the matter to the press where there is no legal requirement 
D)  resigning from the position because of a conflict 
A)  discussing the matter with the chief executive officer 
B)  discussing the matter with an external member of the board of directors 
C)  taking the matter to the press where there is no legal requirement 
D)  resigning from the position because of a conflict

Question 2

The formulation of a program for the accomplishment of a specific purpose is referred to as

Accepted Answer

A)  controlling. 
B)  motivating. 
C)  organizing. 
D)  planning. 
A)  controlling. 
B)  motivating. 
C)  organizing. 
D)  planning.

Question 3

Give some examples of reporting feedback that will assist in continuous improvement of a service industry company.

Accepted Answer

A service industry company will be inter

Question 4

In an accounting information system, the inputs are usually

Accepted Answer

A)  financial statements. 
B)  analyzing data. 
C)  performance reports. 
D)  economic events. 
A)  financial statements. 
B)  analyzing data. 
C)  performance reports. 
D)  economic events.

Question 5

A person in a staff position

Accepted Answer

A)  is directly involved in production. 
B)  provides support for the line function. 
C)  is not actually an employee of the company. 
D)  all of these. 
A)  is directly involved in production. 
B)  provides support for the line function. 
C)  is not actually an employee of the company. 
D)  all of these.

Question 6

In just-in-time (JIT) manufacturing, each operation produces only what is necessary for the succeeding operations.

Accepted Answer

A) True 
 B)False

Question 7

Monitoring the number of defects produced is an example of the management function of

Accepted Answer

A)  planning. 
B)  control. 
C)  decision making. 
D)  both a and c. 
A)  planning. 
B)  control. 
C)  decision making. 
D)  both a and c.

Question 8

Changes in the way business is conducted worldwide have broadened the focus of cost management accounting systems.

Accepted Answer

A) True 
 B)False

Question 9

Financial accounting information is used for

Accepted Answer

A)  investment decisions. 
B)  regulatory measures. 
C)  stewardship evaluation. 
D)  all of the above. 
A)  investment decisions. 
B)  regulatory measures. 
C)  stewardship evaluation. 
D)  all of the above.

Question 10

You are a management accountant for Savage Corporation. Gabe Hopen, the sales representative for one of Savage suppliers, invited you to attend a professional sporting event. Because you are an avid sports fan, you accepted Gabe's invitation.
At the sporting event, Gabe begins talking about Savage's upcoming contract renewals with suppliers. Because there is intense competition and because it is the first bid he will submit to Savage Corporation, he asks you to review his bid to make sure "it is good enough" before he submits it to the company. In addition, because you are knowledgeable about costs, especially regarding this contract, he asks you to tell him if his bid is "in the ballpark" or "needs improvement." he indicates that if he wins the contract, you will be provided with season tickets for the rest of the year.
Considering the Standards of Ethical Conduct for Management Accountants, how would you respond to Gabe's request?

Accepted Answer

According to the Standards of Ethical Co

Question 11

The Institute of Management accountants has established ethical standards for management accountants.

Accepted Answer

A) True 
 B)False

Question 12

Which of the following relates to the credibility section of the IMA Code of Conduct?

Accepted Answer

A)  Prepare clear and complete reports. 
B)  Communicate professional limitations. 
C)  Avoid actual or apparent conflicts of interest. 
D)  Communicate information fairly and objectively. 
A)  Prepare clear and complete reports. 
B)  Communicate professional limitations. 
C)  Avoid actual or apparent conflicts of interest. 
D)  Communicate information fairly and objectively.

Question 13

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

Question 14

The monitoring of a plan's implementation is called

Accepted Answer

A)  planning. 
B)  controlling. 
C)  decision making. 
D)  budgeting. 
A)  planning. 
B)  controlling. 
C)  decision making. 
D)  budgeting.

Question 15

The cost management information system is concerned with

Accepted Answer

A)  reporting financial information according to GAAP. 
B)  providing cost information that is used in planning, control, and decision-making. 
C)  reporting to external users. 
D)  providing financial information to investors. 
A)  reporting financial information according to GAAP. 
B)  providing cost information that is used in planning, control, and decision-making. 
C)  reporting to external users. 
D)  providing financial information to investors.

Question 16

Which of the following positions would most likely be a staff manager?

Accepted Answer

A)  manager of a Sears store 
B)  president 
C)  manager of a clothing division 
D)  controller 
A)  manager of a Sears store 
B)  president 
C)  manager of a clothing division 
D)  controller

Question 17

When a management accountant attends training seminars on new FASB rules, which part of the IMA Code of Conduct is being observed?

Accepted Answer

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

Question 18

Which of the following statements is NOT true about world-class firms?

Accepted Answer

A)  World-class firms are firms that are poor in customer support. 
B)  World-class firms know their market and their products. 
C)  World-class firms strive continually to improve product design, manufacture, and delivery. 
D)  World-class firms can compete with the best of the best in a global environment. 
A)  World-class firms are firms that are poor in customer support. 
B)  World-class firms know their market and their products. 
C)  World-class firms strive continually to improve product design, manufacture, and delivery. 
D)  World-class firms can compete with the best of the best in a global environment.

Question 19

JIT is a critical part of a more comprehensive approach referred to as:

Accepted Answer

A)  supply chain management 
B)  lean manufacturing 
C)  just-in-time manufacturing 
D)  computer-integrated manufacturing 
A)  supply chain management 
B)  lean manufacturing 
C)  just-in-time manufacturing 
D)  computer-integrated manufacturing

Question 20

The examination for obtaining the Certificate in Management Accounting consists of two parts: (1) Financial Planning, Performance and Control, and (2) Financial Decision Making.

Accepted Answer

A) True 
 B)False

In resolving an ethical conflict, which of the following would NEVER be appropriate?

The formulation of a program for the accomplishment of a specific purpose is referred to as

Give some examples of reporting feedback that will assist in continuous improvement of a service industry company.

In an accounting information system, the inputs are usually

A person in a staff position

In just-in-time (JIT) manufacturing, each operation produces only what is necessary for the succeeding operations.

Monitoring the number of defects produced is an example of the management function of

Changes in the way business is conducted worldwide have broadened the focus of cost management accounting systems.

Financial accounting information is used for

The Institute of Management accountants has established ethical standards for management accountants.

Which of the following relates to the credibility section of the IMA Code of Conduct?

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

The monitoring of a plan's implementation is called

The cost management information system is concerned with

Which of the following positions would most likely be a staff manager?

When a management accountant attends training seminars on new FASB rules, which part of the IMA Code of Conduct is being observed?

Which of the following statements is NOT true about world-class firms?

JIT is a critical part of a more comprehensive approach referred to as:

The examination for obtaining the Certificate in Management Accounting consists of two parts: (1) Financial Planning, Performance and Control, and (2) Financial Decision Making.

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

Filters

Exam 1: Introduction to Cost Management

In resolving an ethical conflict, which of the following would NEVER be appropriate?

The formulation of a program for the accomplishment of a specific purpose is referred to as

Give some examples of reporting feedback that will assist in continuous improvement of a service industry company.

In an accounting information system, the inputs are usually

A person in a staff position

In just-in-time (JIT) manufacturing, each operation produces only what is necessary for the succeeding operations.

Monitoring the number of defects produced is an example of the management function of

Changes in the way business is conducted worldwide have broadened the focus of cost management accounting systems.

Financial accounting information is used for

The Institute of Management accountants has established ethical standards for management accountants.

Which of the following relates to the credibility section of the IMA Code of Conduct?

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

The monitoring of a plan's implementation is called

The cost management information system is concerned with

Which of the following positions would most likely be a staff manager?

When a management accountant attends training seminars on new FASB rules, which part of the IMA Code of Conduct is being observed?

Which of the following statements is NOT true about world-class firms?

JIT is a critical part of a more comprehensive approach referred to as:

The examination for obtaining the Certificate in Management Accounting consists of two parts: (1) Financial Planning, Performance and Control, and (2) Financial Decision Making.

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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