Question 1

Animus Ltd is a mining company.Which of the following is an example of 'control'?

Accepted Answer

A)  Awarding bonuses to Aimus Ltd's top performing executives 
B)  Setting production targets for the company's new mines 
C)  Developing correction actions to respond to lower-than-expected production levels in the existing mines. 
D)  Pursuing legal actions against environmental activists who stole mining equipment. 
A)  Awarding bonuses to Aimus Ltd's top performing executives 
B)  Setting production targets for the company's new mines 
C)  Developing correction actions to respond to lower-than-expected production levels in the existing mines. 
D)  Pursuing legal actions against environmental activists who stole mining equipment. C

Question 2

Behavioural issues are not taken into consideration when developing management accounting systems.Graduate Attribute: Problem Solving

Accepted Answer

A) True 
 B)False  False

Question 3

The increased information needs of modern organisations have meant that management accounting has had to change its focus over the years.

Accepted Answer

A) True 
 B)False  True

Question 4

Which of the following are ethical standards for management accountants?
i.Competence
ii.Objectivity
iii.Confidentiality
iv.Integrity

Accepted Answer

A)  i,ii,iii and iv 
B)  ii,iii and iv 
C)  i,ii and iv 
D)  i,iii and iv 
A)  i,ii,iii and iv 
B)  ii,iii and iv 
C)  i,ii and iv 
D)  i,iii and iv

Question 5

Organisations prepare a mission statement that describes the desired future position and/or goals of the organisation.

Accepted Answer

A) True 
 B)False

Question 6

Staff management and line management both have indirect responsibilities to the operations of an organisation.

Accepted Answer

A) True 
 B)False

Question 7

The 'vision' of an organisation:

Accepted Answer

A)  refers to the desired future state of an organisation 
B)  refers to a statement that defines the purpose of the organisation 
C)  refers to specific statements of objective,upon which goals can be set 
D)  is only useful for non profit organisations 
A)  refers to the desired future state of an organisation 
B)  refers to a statement that defines the purpose of the organisation 
C)  refers to specific statements of objective,upon which goals can be set 
D)  is only useful for non profit organisations

Question 8

The role of management accounting is to:

Accepted Answer

A)  provide information to parties outside the organisation 
B)  provide information to managers within the organisation. 
C)  provide information to government agencies. 
D)  All of the given answers 
A)  provide information to parties outside the organisation 
B)  provide information to managers within the organisation. 
C)  provide information to government agencies. 
D)  All of the given answers

Question 9

Which of the following is necessary for management accounting information to be useful?

Accepted Answer

A)  It must report to external users 
B)  It must develop a framework of principles and guidelines 
C)  It must adapt to accommodate changes in the business environment 
D)  It must focus on the enterprise in its entirety 
A)  It must report to external users 
B)  It must develop a framework of principles and guidelines 
C)  It must adapt to accommodate changes in the business environment 
D)  It must focus on the enterprise in its entirety

Question 10

'Control' involves:

Accepted Answer

A)  formulating details of operations and finances for the next financial year 
B)  comparing actual performance against targets 
C)  deciding whether to expand activities 
D)  All of the given answers 
A)  formulating details of operations and finances for the next financial year 
B)  comparing actual performance against targets 
C)  deciding whether to expand activities 
D)  All of the given answers

Question 11

Which of the following is not an objective of management accounting?

Accepted Answer

A)  Providing information for making decisions 
B)  Providing information for planning 
C)  Providing information for control 
D)  Providing information for profit and loss statements 
A)  Providing information for making decisions 
B)  Providing information for planning 
C)  Providing information for control 
D)  Providing information for profit and loss statements

Question 12

The systems and procedures implemented to provide regular information to assist with control are called control systems.

Accepted Answer

A) True 
 B)False

Question 13

Which of the following does not represent the ethics of professional accountants?

Accepted Answer

A)  Competence and confidentiality 
B)  Integrity and objectivity 
C)  Professional scepticism and efficiency 
D)  Objectivity and confidentiality 
A)  Competence and confidentiality 
B)  Integrity and objectivity 
C)  Professional scepticism and efficiency 
D)  Objectivity and confidentiality

Question 14

Part of the planning process involves:

Accepted Answer

A)  formulating details of operations and finances for the next financial year 
B)  comparing actual performance against targets 
C)  making a choice between available alternatives 
D)  measuring the performance of managers against preset targets 
A)  formulating details of operations and finances for the next financial year 
B)  comparing actual performance against targets 
C)  making a choice between available alternatives 
D)  measuring the performance of managers against preset targets

Question 15

Which of the following statements is an element of confidentiality?
i.Accountants must not disclose information acquired in the course of their work
ii.Accountants must disclose information if there is a professional duty to do so.
iii.Accountants may not use information gained in the course of their work for their own or another's personal advantage.

Accepted Answer

A)  i 
B)  ii 
C)  iii 
D)  i,ii and iii 
A)  i 
B)  ii 
C)  iii 
D)  i,ii and iii

Question 16

Which of the following statement/s about management accounting is/are true?
i.It is a part of an organisation's management information system
ii.It is relied on by managers to plan and control an organisation's operations.
iii.It is relied on by external users to make investment decisions.

Accepted Answer

A)  i and ii 
B)  i,ii and iii 
C)  iii 
D)  ii 
A)  i and ii 
B)  i,ii and iii 
C)  iii 
D)  ii

Question 17

Both financial and management accounting:

Accepted Answer

A)  draw on data from the organisation's basic information system 
B)  provide information for external users 
C)  must comply with Australian accounting standards 
D)  rely exclusively on historical data 
A)  draw on data from the organisation's basic information system 
B)  provide information for external users 
C)  must comply with Australian accounting standards 
D)  rely exclusively on historical data

Question 18

A management accountant should be concerned with:

Accepted Answer

A)  providing daily information on physical measures of operational performance 
B)  assisting in interdepartmental communications 
C)  developing and implementing information systems 
D)  All of the given answers 
A)  providing daily information on physical measures of operational performance 
B)  assisting in interdepartmental communications 
C)  developing and implementing information systems 
D)  All of the given answers

Question 19

Management accounting:

Accepted Answer

A)  must comply with Australian accounting standards 
B)  focuses primarily on the needs of managers internal to the organisation 
C)  provides information for parties external to the organisation 
D)  involves reports focusing on the enterprise in its entirety 
A)  must comply with Australian accounting standards 
B)  focuses primarily on the needs of managers internal to the organisation 
C)  provides information for parties external to the organisation 
D)  involves reports focusing on the enterprise in its entirety

Question 20

Choose the statement that best completes this sentence: 'All management accounting information …'

Accepted Answer

A)  has a focus on past costs 
B)  has a focus on future costs 
C)  is collected as required by internal management of the firm 
D)  is constrained by the requirements of the Australian Accounting Standards 
A)  has a focus on past costs 
B)  has a focus on future costs 
C)  is collected as required by internal management of the firm 
D)  is constrained by the requirements of the Australian Accounting Standards

Animus Ltd is a mining company.Which of the following is an example of 'control'?

Behavioural issues are not taken into consideration when developing management accounting systems.Graduate Attribute: Problem Solving

The increased information needs of modern organisations have meant that management accounting has had to change its focus over the years.

Which of the following are ethical standards for management accountants? i.Competence ii.Objectivity iii.Confidentiality iv.Integrity

Organisations prepare a mission statement that describes the desired future position and/or goals of the organisation.

Staff management and line management both have indirect responsibilities to the operations of an organisation.

The 'vision' of an organisation:

The role of management accounting is to:

Which of the following is necessary for management accounting information to be useful?

'Control' involves:

Which of the following is not an objective of management accounting?

The systems and procedures implemented to provide regular information to assist with control are called control systems.

Which of the following does not represent the ethics of professional accountants?

Part of the planning process involves:

Which of the following statement/s about management accounting is/are true? i.It is a part of an organisation's management information system ii.It is relied on by managers to plan and control an organisation's operations. iii.It is relied on by external users to make investment decisions.

Both financial and management accounting:

A management accountant should be concerned with:

Management accounting:

Choose the statement that best completes this sentence: 'All management accounting information …'

Management Accounting: Cost Terms and Concepts

Cost Behaviour, Cost Drivers and Cost Estimation

Product Costing Systems

Process Costing and Operation Costing

Service Costing

A Closer Look at Overhead Costs

Activity-Based Costing

Budgeting Systems

Standard Costs for Control: Direct Material and Direct Labour

Standard Costs for Control: Flexible Budgets and Manufacturing Overhead

Managing and Reporting Performance

Financial Performance Measures and Incentive Schemes

Strategic Performance Measurement Systems

Managing Suppliers and Customers

Managing Costs and Quality

Sustainability and Management Accounting

Cost Volume Profit Analysis

Information for Decisions: Relevant Costs and Benefits

Pricing and Product Mix Decisions

Information for Capital Expenditure Decisions

Filters

Exam 1: Management Accounting: Information for Creating Value and Managing Resources

Animus Ltd is a mining company.Which of the following is an example of 'control'?

Behavioural issues are not taken into consideration when developing management accounting systems.Graduate Attribute: Problem Solving

The increased information needs of modern organisations have meant that management accounting has had to change its focus over the years.

Which of the following are ethical standards for management accountants? i.Competence ii.Objectivity iii.Confidentiality iv.Integrity

Organisations prepare a mission statement that describes the desired future position and/or goals of the organisation.

Staff management and line management both have indirect responsibilities to the operations of an organisation.

The 'vision' of an organisation:

The role of management accounting is to:

Which of the following is necessary for management accounting information to be useful?

'Control' involves:

Which of the following is not an objective of management accounting?

The systems and procedures implemented to provide regular information to assist with control are called control systems.

Which of the following does not represent the ethics of professional accountants?

Part of the planning process involves:

Which of the following statement/s about management accounting is/are true? i.It is a part of an organisation's management information system ii.It is relied on by managers to plan and control an organisation's operations. iii.It is relied on by external users to make investment decisions.

Both financial and management accounting:

A management accountant should be concerned with:

Management accounting:

Choose the statement that best completes this sentence: 'All management accounting information …'

Management Accounting: Cost Terms and Concepts

Cost Behaviour, Cost Drivers and Cost Estimation

Product Costing Systems

Process Costing and Operation Costing

Service Costing

A Closer Look at Overhead Costs

Activity-Based Costing

Budgeting Systems

Standard Costs for Control: Direct Material and Direct Labour

Standard Costs for Control: Flexible Budgets and Manufacturing Overhead

Managing and Reporting Performance

Financial Performance Measures and Incentive Schemes

Strategic Performance Measurement Systems

Managing Suppliers and Customers

Managing Costs and Quality

Sustainability and Management Accounting

Cost Volume Profit Analysis

Information for Decisions: Relevant Costs and Benefits

Pricing and Product Mix Decisions

Information for Capital Expenditure Decisions

Filters