Question 1

Which of the following does NOT describe cost management system?

Accepted Answer

A)  evaluation of segments or products within the firm 
B)  emphasis on the future 
C)  externally focused 
D)  focus on effective use of resources 
A)  evaluation of segments or products within the firm 
B)  emphasis on the future 
C)  externally focused 
D)  focus on effective use of resources

Question 2

Which of the following is NOT an advance in information technology that affects firms?

Accepted Answer

A)  computer integrated applications 
B)  GAAP reporting 
C)  emergence of electronic commerce 
D)  availability of tools such as OLAP and DSS 
A)  computer integrated applications 
B)  GAAP reporting 
C)  emergence of electronic commerce 
D)  availability of tools such as OLAP and DSS

Question 3

You are a management accountant for the Eastern Division of Strong Enterprises. Your longtime friend, Alana Rodriguez, is the Eastern Division manager. Alana was instrumental in helping you obtain your current position. Because the manager's annual bonus is based on the amount of profit the Eastern Division reports for the year, Alana has asked you to "massage the numbers" to make the Eastern Division appear more profitable.
Considering the Standards of Ethical Conduct for Management Accountants, how would you respond to Alana Rodriguez' request?

Accepted Answer

According to the Standards of Ethical Co

Question 4

The __________ is a method used to continuously improve manufacturing and nonmanufacturing activities.

Accepted Answer

theory of

Question 5

Evaluating the performance of a segment of the company is an example of

Accepted Answer

A)  planning. 
B)  control. 
C)  internal auditing. 
D)  both a and c. 
A)  planning. 
B)  control. 
C)  internal auditing. 
D)  both a and c.

Question 6

Which of the following have been found to be TRUE?

Accepted Answer

A)  Firms that emphasize ethics outperform firms that don't emphasize ethics. 
B)  Those corporations that mention ethics in their management reports have lower than average performance. 
C)  Companies with a strong code of ethics and sense of integrity and honor will have trouble competing over the long run. 
D)  All of these. 
A)  Firms that emphasize ethics outperform firms that don't emphasize ethics. 
B)  Those corporations that mention ethics in their management reports have lower than average performance. 
C)  Companies with a strong code of ethics and sense of integrity and honor will have trouble competing over the long run. 
D)  All of these.

Question 7

The Treasurer of a company is responsible for all taxation activities, including dealing with the IRS.

Accepted Answer

A) True 
 B)False

Question 8

JIT is a critical part of a more comprehensive approach referred to as Lean Manufacturing.

Accepted Answer

A) True 
 B)False

Question 9

Investigating production variances and adjusting the production process is an example of

Accepted Answer

A)  planning. 
B)  control. 
C)  internal auditing. 
D)  both a and c. 
A)  planning. 
B)  control. 
C)  internal auditing. 
D)  both a and c.

Question 10

Explain what is meant by confidentiality and why it is important.

Accepted Answer

Management accountants are entrusted wit

Question 11

The primary objective of the cost management information system is to provide

Accepted Answer

A)  stockholders and potential investors with useful information for decision making. 
B)  banks and other creditors with information useful in making credit decisions. 
C)  management with information useful for planning and control of operations. 
D)  the Internal Revenue Service with information about taxable income. 
A)  stockholders and potential investors with useful information for decision making. 
B)  banks and other creditors with information useful in making credit decisions. 
C)  management with information useful for planning and control of operations. 
D)  the Internal Revenue Service with information about taxable income.

Question 12

In JIT manufacturing, each operation produces

Accepted Answer

A)  only what is necessary for the succeeding operations. 
B)  all that it can to offset fixed costs. 
C)  a fixed percentage in excess of orders to ensure adequate quality stock. 
D)  all that it can in order to build inventories. 
A)  only what is necessary for the succeeding operations. 
B)  all that it can to offset fixed costs. 
C)  a fixed percentage in excess of orders to ensure adequate quality stock. 
D)  all that it can in order to build inventories.

Question 13

The Certificate of Public Accounting does not include the right to serve as external auditors.

Accepted Answer

A) True 
 B)False

Question 14

Describe the two major subsystems of the Cost Management System and briefly summarize their importance.

Accepted Answer

A cost management system consists of two

Question 15

What can a company do to increase the likelihood of its employees being ethical in all their undertakings?

Accepted Answer

Companies can establish a culture and at

Question 16

Which of the following job positions is a line function?

Accepted Answer

A)  financial vice president 
B)  controller 
C)  production supervisor 
D)  treasurer 
A)  financial vice president 
B)  controller 
C)  production supervisor 
D)  treasurer

Question 17

The chief accounting officer of an organization is the

Accepted Answer

A)  vice president of finance. 
B)  internal auditor. 
C)  treasurer. 
D)  controller. 
A)  vice president of finance. 
B)  internal auditor. 
C)  treasurer. 
D)  controller.

Question 18

Which of the following are results of Lean Manufacturing?

Accepted Answer

A)  elimination of waste 
B)  decreased lead time 
C)  costs decrease 
D)  all of the above 
A)  elimination of waste 
B)  decreased lead time 
C)  costs decrease 
D)  all of the above

Question 19

Which of the following is a cost management subsystem designed to assign costs to individual products and services and other objects, as specified by management

Accepted Answer

A)  financial accounting information system 
B)  operational control system 
C)  cost accounting information system 
D)  all of the above 
A)  financial accounting information system 
B)  operational control system 
C)  cost accounting information system 
D)  all of the above

Question 20

Persons in the United States who provide external auditing services are designated as

Accepted Answer

A)  Certified Public Accountants. 
B)  Certified Financial Accountants. 
C)  Chartered Accountants. 
D)  Certified Management Accountants. 
A)  Certified Public Accountants. 
B)  Certified Financial Accountants. 
C)  Chartered Accountants. 
D)  Certified Management Accountants.

Which of the following does NOT describe cost management system?

Which of the following is NOT an advance in information technology that affects firms?

The __________ is a method used to continuously improve manufacturing and nonmanufacturing activities.

Evaluating the performance of a segment of the company is an example of

Which of the following have been found to be TRUE?

The Treasurer of a company is responsible for all taxation activities, including dealing with the IRS.

JIT is a critical part of a more comprehensive approach referred to as Lean Manufacturing.

Investigating production variances and adjusting the production process is an example of

Explain what is meant by confidentiality and why it is important.

The primary objective of the cost management information system is to provide

In JIT manufacturing, each operation produces

The Certificate of Public Accounting does not include the right to serve as external auditors.

Describe the two major subsystems of the Cost Management System and briefly summarize their importance.

What can a company do to increase the likelihood of its employees being ethical in all their undertakings?

Which of the following job positions is a line function?

The chief accounting officer of an organization is the

Which of the following are results of Lean Manufacturing?

Which of the following is a cost management subsystem designed to assign costs to individual products and services and other objects, as specified by management

Persons in the United States who provide external auditing services are designated as

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

Which of the following does NOT describe cost management system?

Which of the following is NOT an advance in information technology that affects firms?

The __________ is a method used to continuously improve manufacturing and nonmanufacturing activities.

Evaluating the performance of a segment of the company is an example of

Which of the following have been found to be TRUE?

The Treasurer of a company is responsible for all taxation activities, including dealing with the IRS.

JIT is a critical part of a more comprehensive approach referred to as Lean Manufacturing.

Investigating production variances and adjusting the production process is an example of

Explain what is meant by confidentiality and why it is important.

The primary objective of the cost management information system is to provide

In JIT manufacturing, each operation produces

The Certificate of Public Accounting does not include the right to serve as external auditors.

Describe the two major subsystems of the Cost Management System and briefly summarize their importance.

What can a company do to increase the likelihood of its employees being ethical in all their undertakings?

Which of the following job positions is a line function?

The chief accounting officer of an organization is the

Which of the following are results of Lean Manufacturing?

Which of the following is a cost management subsystem designed to assign costs to individual products and services and other objects, as specified by management

Persons in the United States who provide external auditing services are designated as

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