Question 1

Developing a company strategy for responding to anticipated new markets is an example of

Accepted Answer

A)  planning. 
B)  controlling. 
C)  decision making. 
D)  all of these are correct.

Question 2

_________ is a crucial element in all phases of the value chain.

Accepted Answer

The answer of _________ is a crucial element in all...

Question 3

Activity-based costing is a less detailed approach to determining the cost of goods and services than traditional cost accounting.

Accepted Answer

A) True 
 B)False

Question 4

List the different types of certifications that can be obtained by an accountant.

Accepted Answer

The answer of List the different types of certifications that...

Question 5

Which of the following would occupy a line position in a hospital?

Accepted Answer

A)  manager of the cafeteria 
B)  hospital administrator 
C)  chief of surgery 
D)  none of these

Question 6

The belief that each member of a group bears no responsibility for the well-being of other members is a common principle underlying all ethical systems.

Accepted Answer

A) True 
 B)False

Question 7

_____________________________ is the continual search for ways to increase the overall efficiency and productivity of activities by reducing waste, increasing quality and managing costs.

Accepted Answer

The answer of _____________________________ is the continual search for ways...

Question 8

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

Accepted Answer

A) True 
 B)False

Question 9

Briefly describe activity-based costing (ABC), value chain, lean accounting and enterprise risk management (ERM).

Accepted Answer

The answer of Briefly describe activity-based costing (ABC), value chain,...

Question 10

The detailed formulation of action to achieve a particular end is the management activity called_____________.

Accepted Answer

The answer of The detailed formulation of action to achieve...

Question 11

Managerial accounting information is not important for not-for-profit organizations.

Accepted Answer

A) True 
 B)False

Question 12

The primary objective of managerial accounting is

Accepted Answer

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

Question 13

The ____________________ is responsible for the finance function.

Accepted Answer

The answer of The ____________________ is responsible for the finance...

Question 14

Management accounting information is only used by manufacturing organizations.

Accepted Answer

A) True 
 B)False

Question 15

To promote ethical behavior by managers and employees, organizations commonly establish a__________________________.

Accepted Answer

The answer of To promote ethical behavior by managers and...

Question 16

Total quality management emphasizes

Accepted Answer

A)  zero defects. 
B)  continuous improvement. 
C)  elimination of waste. 
D)  all of these are correct.

Question 17

Describe the provisions of the Sarbanes-Oxley Act of 2002.

Accepted Answer

The answer of Describe the provisions of the Sarbanes-Oxley Act...

Question 18

The________________supervises all accounting functions and reports directly to the general manager and chief operating officer (COO).

Accepted Answer

The answer of The________________supervises all accounting functions and reports directly...

Question 19

The objective of profit maximization

Accepted Answer

A)  should be the only goal of an organization. 
B)  is an objective of financial accounting but not managerial accounting. 
C)  should be achieved through legal and ethical means. 
D)  should outweigh the goal of product quality.

Question 20

Financial accounting

Accepted Answer

A)  is concerned with the information about the firm as a whole. 
B)  has to adhere to GAAP policies. 
C)  focuses on external users. 
D)  all of these are correct

Exam 1: Introduction to Managerial Accounting

Developing a company strategy for responding to anticipated new markets is an example of

_________ is a crucial element in all phases of the value chain.

Activity-based costing is a less detailed approach to determining the cost of goods and services than traditional cost accounting.

List the different types of certifications that can be obtained by an accountant.

Which of the following would occupy a line position in a hospital?

The belief that each member of a group bears no responsibility for the well-being of other members is a common principle underlying all ethical systems.

_____________________________ is the continual search for ways to increase the overall efficiency and productivity of activities by reducing waste, increasing quality and managing costs.

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

Briefly describe activity-based costing (ABC), value chain, lean accounting and enterprise risk management (ERM).

The detailed formulation of action to achieve a particular end is the management activity called_____________.

Managerial accounting information is not important for not-for-profit organizations.

The primary objective of managerial accounting is

The ____________________ is responsible for the finance function.

Management accounting information is only used by manufacturing organizations.

To promote ethical behavior by managers and employees, organizations commonly establish a__________________________.

Total quality management emphasizes

Describe the provisions of the Sarbanes-Oxley Act of 2002.

The________________supervises all accounting functions and reports directly to the general manager and chief operating officer (COO).

The objective of profit maximization

Financial accounting