Question 1

Reduction in tariffs,quotas,and other barriers to free trade;improvements in global transportation system;and increasing sophistication in international trade markets,are several factors that have led to an increase in worldwide competition in many industries.

Accepted Answer

A) True 
 B)False

Question 2

The PDCA Cycle is a system of continuous improvement in which a planning committee selects from a list of alternatives for improvement and moves to fully implement immediately the chosen improvement.

Accepted Answer

A) True 
 B)False

Question 3

List seven key differences between Managerial Accounting and Financial Accounting.

Accepted Answer

The answer of List seven key differences between Managerial Accounting...

Question 4

List four management practices (programs of continuous improvement)that may be used to achieve the objectives of the lean business model.

Accepted Answer

The answer of List four management practices (programs of continuous...

Question 5

Explain the lean business model and its corresponding management practices and potential benefits.

Accepted Answer

The answer of Explain the lean business model and its...

Question 6

Managerial accounting emphasizes the future in addition to historical reports,whereas financial accounting:

Accepted Answer

A)  emphasizes a future perspective. 
B)  emphasizes individual organizational units. 
C)  emphasizes timeliness. 
D)  emphasizes a historical perspective.

Question 7

Companies using the just-in-time (JIT)approach hope to achieve:

Accepted Answer

A)  the hiring of specialized workers to increase production. 
B)  gains in production flexibility. 
C)  reduction of costs associated with setup by producing in large batches. 
D)  reduced defect rates,resulting in less waste and greater customer satisfaction.

Question 8

What is the professional designation for the majority of professional accountants in Canada?

Accepted Answer

A)  Chartered Certified Accountants 
B)  Chartered Management Accountants 
C)  Chartered Professional Accountants 
D)  Certified Public Accountants

Question 9

Companies that use the just-in-time (JIT)approach purchase materials and produce units only as needed to meet actual customer demand.

Accepted Answer

A) True 
 B)False

Question 10

Control involves the process of instituting procedures and then obtaining feedback to ensure that all parts of the organization are functioning effectively and moving toward overall company goals.

Accepted Answer

A) True 
 B)False

Question 11

Effective corporate governance enhances stakeholders' confidence that an organization is being managed in their best interests rather than solely in the interests of top management and certain key individuals.

Accepted Answer

A) True 
 B)False

Question 12

Merchandising firms largely refer to retail and wholesale outlets that buy goods from suppliers and resell them to customers.

Accepted Answer

A) True 
 B)False

Question 13

Corporate governance

Accepted Answer

A)  is a department within Canada Revenue with a mandate to ensure all corporations file annual tax returns. 
B)  if effective,should enhance stakeholders' confidence that the organization is being managed in their best interests. 
C)  ensures the personal interests of top management are fully achieved. 
D)  is only important to non-publicly traded companies.

Question 14

One major implication of globalization for many organizations is that they must find new ways of conducting business.

Accepted Answer

A) True 
 B)False

Question 15

Management accounting information is primarily concerned with reports on the organization as a whole while financial accounting focuses more on the individual segments of the organization.

Accepted Answer

A) True 
 B)False

Question 16

The Code of Ethics for Professional Accountants established by the International Federation of Accountants governs only the activities of accountants in public practice.

Accepted Answer

A) True 
 B)False

Question 17

There are four major characteristics of total quality management.

Accepted Answer

A) True 
 B)False

Question 18

The management cycle proceeds in what order?

Accepted Answer

A)  Control,implementation,planning 
B)  Planning,implementation,control 
C)  Implementation,planning,control 
D)  Implementation,control,planning

Question 19

The main idea underlying the lean business model is the elimination of waste.

Accepted Answer

A) True 
 B)False

Question 20

Managers everywhere carry out three major activities: planning,implementation,and control.

Accepted Answer

A) True 
 B)False

Exam 1: An Introduction to Managerial Accounting and Cost Concepts

Reduction in tariffs,quotas,and other barriers to free trade;improvements in global transportation system;and increasing sophistication in international trade markets,are several factors that have led to an increase in worldwide competition in many industries.

The PDCA Cycle is a system of continuous improvement in which a planning committee selects from a list of alternatives for improvement and moves to fully implement immediately the chosen improvement.

List seven key differences between Managerial Accounting and Financial Accounting.

List four management practices (programs of continuous improvement)that may be used to achieve the objectives of the lean business model.

Explain the lean business model and its corresponding management practices and potential benefits.

Managerial accounting emphasizes the future in addition to historical reports,whereas financial accounting:

Companies using the just-in-time (JIT) approach hope to achieve:

What is the professional designation for the majority of professional accountants in Canada?

Companies that use the just-in-time (JIT)approach purchase materials and produce units only as needed to meet actual customer demand.

Control involves the process of instituting procedures and then obtaining feedback to ensure that all parts of the organization are functioning effectively and moving toward overall company goals.

Effective corporate governance enhances stakeholders' confidence that an organization is being managed in their best interests rather than solely in the interests of top management and certain key individuals.

Merchandising firms largely refer to retail and wholesale outlets that buy goods from suppliers and resell them to customers.

Corporate governance

One major implication of globalization for many organizations is that they must find new ways of conducting business.

Management accounting information is primarily concerned with reports on the organization as a whole while financial accounting focuses more on the individual segments of the organization.

The Code of Ethics for Professional Accountants established by the International Federation of Accountants governs only the activities of accountants in public practice.

There are four major characteristics of total quality management.

The management cycle proceeds in what order?

The main idea underlying the lean business model is the elimination of waste.

Managers everywhere carry out three major activities: planning,implementation,and control.