Question 1

The primary reason for amalgamating the three accounting bodies is to ensure that Canadian accountants have a strong voice with the Canadian government.

Accepted Answer

A) True 
 B)False

Question 2

Managerial accounting is designed primarily for external users.

Accepted Answer

A) True 
 B)False

Question 3

Time is NOT a crucial element in all phases of the value chain.

Accepted Answer

A) True 
 B)False

Question 4

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 5

Select the appropriate definition for each of the items listed below.
-Positions that are supportive in nature and have only indirect responsibility for an organization's basic objectives

Accepted Answer

A) Financial accounting 
B) Managerial accounting 
C) Planning 
D) Controlling 
E) Decision making
F)Value chain
G)Continuous improvement
H)Line positions
I)Time
J)Total quality management
K)Lean accounting
L)Staff positions
M)Controller
N)Treasurer
O)Chartered Accountant (C
A) 
P)Ethical behaviour
Q)Certified General Accountant (CG
A) 
R)Certified Management Accountant (CM
A) 
S)Certified Professional Accountant (CP
A) 
T)CICA 
A) Financial accounting 
B) Managerial accounting 
C) Planning 
D) Controlling 
E) Decision making
F)Value chain
G)Continuous improvement
H)Line positions
I)Time
J)Total quality management
K)Lean accounting
L)Staff positions
M)Controller
N)Treasurer
O)Chartered Accountant (C
A) 
P)Ethical behaviour
Q)Certified General Accountant (CG
A) 
R)Certified Management Accountant (CM
A) 
S)Certified Professional Accountant (CP
A) 
T)CICA

Question 6

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 7

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

Accepted Answer

A) True 
 B)False

Question 8

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 9

Select the appropriate definition for each of the items listed below.
-Positions that have direct responsibility for the basic objectives of an organization

Accepted Answer

A) Financial accounting 
B) Managerial accounting 
C) Planning 
D) Controlling 
E) Decision making
F)Value chain
G)Continuous improvement
H)Line positions
I)Time
J)Total quality management
K)Lean accounting
L)Staff positions
M)Controller
N)Treasurer
O)Chartered Accountant (C
A) 
P)Ethical behaviour
Q)Certified General Accountant (CG
A) 
R)Certified Management Accountant (CM
A) 
S)Certified Professional Accountant (CP
A) 
T)CICA 
A) Financial accounting 
B) Managerial accounting 
C) Planning 
D) Controlling 
E) Decision making
F)Value chain
G)Continuous improvement
H)Line positions
I)Time
J)Total quality management
K)Lean accounting
L)Staff positions
M)Controller
N)Treasurer
O)Chartered Accountant (C
A) 
P)Ethical behaviour
Q)Certified General Accountant (CG
A) 
R)Certified Management Accountant (CM
A) 
S)Certified Professional Accountant (CP
A) 
T)CICA

Question 10

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 11

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 12

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

Question 13

Financial accounting has its emphasis on the future.

Accepted Answer

A) True 
 B)False

Question 14

A cost accountant would normally occupy a staff position within an organization.

Accepted Answer

A) True 
 B)False

Question 15

Management accounting information is used only by manufacturing organizations.

Accepted Answer

A) True 
 B)False

Question 16

Which of the following is an example of the management activity referred to as planning?

Accepted Answer

A) developing a strategy to dispose of hazardous waste 
B) deciding to eliminate an unprofitable segment of an organization 
C) outsourcing the organization's payroll processing 
D) upgrading outdated equipment 
A) developing a strategy to dispose of hazardous waste 
B) deciding to eliminate an unprofitable segment of an organization 
C) outsourcing the organization's payroll processing 
D) upgrading outdated equipment

Question 17

Select the appropriate definition for each of the items listed below.
-Historically,an accountant who has passed a rigorous qualifying examination,has met an experience requirement,and who participates in continuing education

Accepted Answer

A) Financial accounting 
B) Managerial accounting 
C) Planning 
D) Controlling 
E) Decision making
F)Value chain
G)Continuous improvement
H)Line positions
I)Time
J)Total quality management
K)Lean accounting
L)Staff positions
M)Controller
N)Treasurer
O)Chartered Accountant (C
A) 
P)Ethical behaviour
Q)Certified General Accountant (CG
A) 
R)Certified Management Accountant (CM
A) 
S)Certified Professional Accountant (CP
A) 
T)CICA 
A) Financial accounting 
B) Managerial accounting 
C) Planning 
D) Controlling 
E) Decision making
F)Value chain
G)Continuous improvement
H)Line positions
I)Time
J)Total quality management
K)Lean accounting
L)Staff positions
M)Controller
N)Treasurer
O)Chartered Accountant (C
A) 
P)Ethical behaviour
Q)Certified General Accountant (CG
A) 
R)Certified Management Accountant (CM
A) 
S)Certified Professional Accountant (CP
A) 
T)CICA

Question 18

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

Accepted Answer

A) True 
 B)False

Question 19

Select the appropriate definition for each of the items listed below.
-Historically,an accountant who works as a business professional in public practice,industry,government,or education

Accepted Answer

A) Financial accounting 
B) Managerial accounting 
C) Planning 
D) Controlling 
E) Decision making
F)Value chain
G)Continuous improvement
H)Line positions
I)Time
J)Total quality management
K)Lean accounting
L)Staff positions
M)Controller
N)Treasurer
O)Chartered Accountant (C
A) 
P)Ethical behaviour
Q)Certified General Accountant (CG
A) 
R)Certified Management Accountant (CM
A) 
S)Certified Professional Accountant (CP
A) 
T)CICA 
A) Financial accounting 
B) Managerial accounting 
C) Planning 
D) Controlling 
E) Decision making
F)Value chain
G)Continuous improvement
H)Line positions
I)Time
J)Total quality management
K)Lean accounting
L)Staff positions
M)Controller
N)Treasurer
O)Chartered Accountant (C
A) 
P)Ethical behaviour
Q)Certified General Accountant (CG
A) 
R)Certified Management Accountant (CM
A) 
S)Certified Professional Accountant (CP
A) 
T)CICA

Question 20

Select the appropriate definition for each of the items listed below.
-The managerial activity of monitoring a plan's implementation and taking corrective action as needed

Accepted Answer

A) Financial accounting 
B) Managerial accounting 
C) Planning 
D) Controlling 
E) Decision making
F)Value chain
G)Continuous improvement
H)Line positions
I)Time
J)Total quality management
K)Lean accounting
L)Staff positions
M)Controller
N)Treasurer
O)Chartered Accountant (C
A) 
P)Ethical behaviour
Q)Certified General Accountant (CG
A) 
R)Certified Management Accountant (CM
A) 
S)Certified Professional Accountant (CP
A) 
T)CICA 
A) Financial accounting 
B) Managerial accounting 
C) Planning 
D) Controlling 
E) Decision making
F)Value chain
G)Continuous improvement
H)Line positions
I)Time
J)Total quality management
K)Lean accounting
L)Staff positions
M)Controller
N)Treasurer
O)Chartered Accountant (C
A) 
P)Ethical behaviour
Q)Certified General Accountant (CG
A) 
R)Certified Management Accountant (CM
A) 
S)Certified Professional Accountant (CP
A) 
T)CICA

The primary reason for amalgamating the three accounting bodies is to ensure that Canadian accountants have a strong voice with the Canadian government.

Managerial accounting is designed primarily for external users.

Time is NOT a crucial element in all phases of the value chain.

What does total quality management emphasize?

Select the appropriate definition for each of the items listed below. -Positions that are supportive in nature and have only indirect responsibility for an organization's basic objectives

Which of the following is an objective of management accounting?

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

What is customer value?

Select the appropriate definition for each of the items listed below. -Positions that have direct responsibility for the basic objectives of an organization

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

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.

What does the Triple Bottom Line include?

Financial accounting has its emphasis on the future.

A cost accountant would normally occupy a staff position within an organization.

Management accounting information is used only by manufacturing organizations.

Which of the following is an example of the management activity referred to as planning?

Select the appropriate definition for each of the items listed below. -Historically,an accountant who has passed a rigorous qualifying examination,has met an experience requirement,and who participates in continuing education

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

Select the appropriate definition for each of the items listed below. -Historically,an accountant who works as a business professional in public practice,industry,government,or education

Select the appropriate definition for each of the items listed below. -The managerial activity of monitoring a plan's implementation and taking corrective action as needed

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

The primary reason for amalgamating the three accounting bodies is to ensure that Canadian accountants have a strong voice with the Canadian government.

Managerial accounting is designed primarily for external users.

Time is NOT a crucial element in all phases of the value chain.

What does total quality management emphasize?

Select the appropriate definition for each of the items listed below. -Positions that are supportive in nature and have only indirect responsibility for an organization's basic objectives

Which of the following is an objective of management accounting?

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

What is customer value?

Select the appropriate definition for each of the items listed below. -Positions that have direct responsibility for the basic objectives of an organization

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

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.

What does the Triple Bottom Line include?

Financial accounting has its emphasis on the future.

A cost accountant would normally occupy a staff position within an organization.

Management accounting information is used only by manufacturing organizations.

Which of the following is an example of the management activity referred to as planning?

Select the appropriate definition for each of the items listed below. -Historically,an accountant who has passed a rigorous qualifying examination,has met an experience requirement,and who participates in continuing education

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

Select the appropriate definition for each of the items listed below. -Historically,an accountant who works as a business professional in public practice,industry,government,or education

Select the appropriate definition for each of the items listed below. -The managerial activity of monitoring a plan's implementation and taking corrective action as needed

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