Question 1

Performance measures are limited to financial data.

Accepted Answer

A) True 
 B)False

Question 2

Identify and explain the important questions a manager must address before preparing a managerial report. (Hint: Think "w's.")

Accepted Answer

Why: To establish the purpose of the rep

Question 3

Which of the following is not part of the "perform" stage in the management process?

Accepted Answer

A)  Matching human resources to the task to be performed 
B)  Hiring and training personnel 
C)  Identifying operating activities that minimize waste 
D)  Controlling operations 
A)  Matching human resources to the task to be performed 
B)  Hiring and training personnel 
C)  Identifying operating activities that minimize waste 
D)  Controlling operations

Question 4

Primary processes in the value chain are comprised of

Accepted Answer

A)  marketing, legal and accounting services. 
B)  research and development, marketing, supply, design, production, distribution, and information systems. 
C)  research and development, design, supply, production, marketing, distribution and customer service. 
D)  human resources, legal services, information systems and management accounting. 
A)  marketing, legal and accounting services. 
B)  research and development, marketing, supply, design, production, distribution, and information systems. 
C)  research and development, design, supply, production, marketing, distribution and customer service. 
D)  human resources, legal services, information systems and management accounting.

Question 5

Benchmarking enables a company to determine whether it is making continuous improvement in its operations without regard to competition.

Accepted Answer

A) True 
 B)False

Question 6

Which of the following would be used to measure the performance of a segment in a profit-generating company?

Accepted Answer

A)  Nonfinancial performance measures 
B)  Financial performance measures 
C)  Both financial and nonfinancial measures 
D)  Neither financial nor nonfinancial measures 
A)  Nonfinancial performance measures 
B)  Financial performance measures 
C)  Both financial and nonfinancial measures 
D)  Neither financial nor nonfinancial measures

Question 7

The analyses and flow of accounting data inside a company need not depend on the double-entry format.

Accepted Answer

A) True 
 B)False

Question 8

What would a company using an activity-based management approach attempt to do in regard to activities that add value to the product and those that do not?

Accepted Answer

Companies employing the activity-based m

Question 9

If the report is urgently needed, it is sometimes necessary to sacrifice accuracy for

Accepted Answer

A)  timeliness. 
B)  personal feelings. 
C)  profits. 
D)  expectations. 
A)  timeliness. 
B)  personal feelings. 
C)  profits. 
D)  expectations.

Question 10

Management accounting is the process of identifying, measuring, accumulating, analyzing, preparing, and communicating financial information used by management.

Accepted Answer

A) True 
 B)False

Question 11

The main goal of total quality management is to reduce product costs.

Accepted Answer

A) True 
 B)False

Question 12

Which of the following is not a result of adopting a just-in-time operating environment?

Accepted Answer

A)  Reduced materials waste 
B)  Reduced production time 
C)  Reduced total labor hours 
D)  Reduced production costs 
A)  Reduced materials waste 
B)  Reduced production time 
C)  Reduced total labor hours 
D)  Reduced production costs

Question 13

Which of the following statements is true regarding the ethical standards of management accountants?

Accepted Answer

A)  Management accountants are not obligated to develop their knowledge and skills beyond the level they had when they sought employment with the company. 
B)  Management accountants are not responsible for monitoring their subordinates to ensure maintenance of confidentiality within the company. 
C)  Management accountants are allowed privacy and are not bound to refrain from supporting activities of personal interest even when they could discredit the profession. 
D)  Management accountants should refrain from relationships with individuals that could cause possible conflicts of interest. 
A)  Management accountants are not obligated to develop their knowledge and skills beyond the level they had when they sought employment with the company. 
B)  Management accountants are not responsible for monitoring their subordinates to ensure maintenance of confidentiality within the company. 
C)  Management accountants are allowed privacy and are not bound to refrain from supporting activities of personal interest even when they could discredit the profession. 
D)  Management accountants should refrain from relationships with individuals that could cause possible conflicts of interest.

Question 14

Activity-based costing traces costs to a company's activities related to

Accepted Answer

A)  purchasing and setup. 
B)  production and nonproduction. 
C)  production only. 
D)  nonproduction only. 
A)  purchasing and setup. 
B)  production and nonproduction. 
C)  production only. 
D)  nonproduction only.

Question 15

Financial accounting usually involves analyses of various segments of a business, such as cost centers, profit centers, or departments, or of some specific aspect of its operations.

Accepted Answer

A) True 
 B)False

Question 16

A business plan is a comprehensive statement of how a company will achieve its objectives, but does not include budgets or performance goals.

Accepted Answer

A) True 
 B)False

Question 17

JIT, TQM, ABM, and TOC all make a contribution to

Accepted Answer

A)  encourage competition. 
B)  eliminate all costs. 
C)  continuous improvement. 
D)  assign costs differently than before. 
A)  encourage competition. 
B)  eliminate all costs. 
C)  continuous improvement. 
D)  assign costs differently than before.

Question 18

Activity-based management's primary goal is to reduce

Accepted Answer

A)  nonvalue-adding costs. 
B)  defects. 
C)  inventory size. 
D)  machine setup time. 
A)  nonvalue-adding costs. 
B)  defects. 
C)  inventory size. 
D)  machine setup time.

Question 19

In making the transition from financial accounting to management accounting, you must become accustomed to using the historical dollar as the primary unit of measurement.

Accepted Answer

A) True 
 B)False

Question 20

Activity-based management is an extension of activity-based costing.

Accepted Answer

A) True 
 B)False

Performance measures are limited to financial data.

Identify and explain the important questions a manager must address before preparing a managerial report. (Hint: Think "w's.")

Which of the following is not part of the "perform" stage in the management process?

Primary processes in the value chain are comprised of

Benchmarking enables a company to determine whether it is making continuous improvement in its operations without regard to competition.

Which of the following would be used to measure the performance of a segment in a profit-generating company?

The analyses and flow of accounting data inside a company need not depend on the double-entry format.

What would a company using an activity-based management approach attempt to do in regard to activities that add value to the product and those that do not?

If the report is urgently needed, it is sometimes necessary to sacrifice accuracy for

Management accounting is the process of identifying, measuring, accumulating, analyzing, preparing, and communicating financial information used by management.

The main goal of total quality management is to reduce product costs.

Which of the following is not a result of adopting a just-in-time operating environment?

Which of the following statements is true regarding the ethical standards of management accountants?

Activity-based costing traces costs to a company's activities related to

Financial accounting usually involves analyses of various segments of a business, such as cost centers, profit centers, or departments, or of some specific aspect of its operations.

A business plan is a comprehensive statement of how a company will achieve its objectives, but does not include budgets or performance goals.

JIT, TQM, ABM, and TOC all make a contribution to

Activity-based management's primary goal is to reduce

In making the transition from financial accounting to management accounting, you must become accustomed to using the historical dollar as the primary unit of measurement.

Activity-based management is an extension of activity-based costing.

Costing Systems- Job Order Costing

Costing Systems- Process Costing

Value-Based Systems- Abm and Lean

Cost Behavior Analysis

The Budgeting Process

Performance Management and Evaluation

Standard Costing and Variance Analysis

Short Run Decision Analysis

Capital Investment Analysis

Pricing Decisions, Incl Target Costing and Transfer Pricing

Quality Management and Measurement

Financial Analysis of Performance

Filters

Exam 1: The Changing Business Environment - a Managers Perspective

Performance measures are limited to financial data.

Identify and explain the important questions a manager must address before preparing a managerial report. (Hint: Think "w's.")

Which of the following is not part of the "perform" stage in the management process?

Primary processes in the value chain are comprised of

Benchmarking enables a company to determine whether it is making continuous improvement in its operations without regard to competition.

Which of the following would be used to measure the performance of a segment in a profit-generating company?

The analyses and flow of accounting data inside a company need not depend on the double-entry format.

What would a company using an activity-based management approach attempt to do in regard to activities that add value to the product and those that do not?

If the report is urgently needed, it is sometimes necessary to sacrifice accuracy for

Management accounting is the process of identifying, measuring, accumulating, analyzing, preparing, and communicating financial information used by management.

The main goal of total quality management is to reduce product costs.

Which of the following is not a result of adopting a just-in-time operating environment?

Which of the following statements is true regarding the ethical standards of management accountants?

Activity-based costing traces costs to a company's activities related to

Financial accounting usually involves analyses of various segments of a business, such as cost centers, profit centers, or departments, or of some specific aspect of its operations.

A business plan is a comprehensive statement of how a company will achieve its objectives, but does not include budgets or performance goals.

JIT, TQM, ABM, and TOC all make a contribution to

Activity-based management's primary goal is to reduce

In making the transition from financial accounting to management accounting, you must become accustomed to using the historical dollar as the primary unit of measurement.

Activity-based management is an extension of activity-based costing.

Costing Systems- Job Order Costing

Costing Systems- Process Costing

Value-Based Systems- Abm and Lean

Cost Behavior Analysis

The Budgeting Process

Performance Management and Evaluation

Standard Costing and Variance Analysis

Short Run Decision Analysis

Capital Investment Analysis

Pricing Decisions, Incl Target Costing and Transfer Pricing

Quality Management and Measurement

Financial Analysis of Performance

Filters