Exam 1: Managerial Accounting and the Business Environment

A value chain consists of the major subassemblies that add value to a product.

Corporate social responsibility refers to the moral obligation of all corporations to make substantial monetary contributions to charitable causes.

Inventories consisting of units of product that are only partially complete are called ______________.

Customer value propositions tend to fall into three broad categories--theory of constraints,six sigma,and enterprise risk management.

Which of the following is NOT one of the three major customer value propositions discussed in the text?

The Sarbanes-Oxley Act of 2002 was intended to protect the interests of those who invest in publicly traded companies by ensuring that their original investments could be recovered in case of fraud.

Which of the following persons would occupy a line position in a department store? I.Sales manager II)Manager,furniture department III)Manager,advertising department IV)Manager,personnel department

Which of the following is NOT one of the five steps in the lean thinking model discussed in the text?

Decentralization refers to:

The Statement of Ethical Professional Practice promulgated by the Institute of Management Accountants specifically states,among other things,that management accountants have a responsibility to inform responsible journalists of any wrongdoing they uncover in the organization.

Enterprise risk management involves replacing risky investments with investments in low-risk government securities.

The controller occupies:

The controller occupies a staff position in an organization.

The lean thinking model focuses on reducing defects to as close to zero as possible.

_________________ is an example of a staff position.

The Sarbanes-Oxley Act of 2002 contains all of the following provisions EXCEPT:

Companies that choose an operational excellence strategy are in essence saying to their customers,"Choose us because we can deliver products and services faster,more conveniently,and at a lower price than our competitors."

A strategy is a game plan that enables a company to attract customers by mimicking what successful competitors do.

The Institute of Management Accountants' Statement of Ethical Professional Practice specifically states,among other things,that management accountants have a responsibility to keep information confidential except when disclosure is authorized or legally required.

The Institute of Management Accountants' Statement of Ethical Professional Practice states that when faced with significant ethical issues,management accountants should first: