Question 1

The controller is primarily concerned with a company's financial matters, the treasurer with operating matters.

Accepted Answer

A) True 
 B)False

Question 2

The majority of accountants work in

Accepted Answer

Private in

Question 3

The Omega Sorority held a Homecoming party.The sorority prepared the following budget for 25 expected attendees: $\begin{array}{lr}
\text { Room rental } & \$ 150 \
\text { Food } & 290 \
\text { Entertainment } & 150 \
\text { Decorations } & \underline{75} \
& \
\text { Totals } & \$ 665
\end{array}$ After all bills for the party were paid, the total came to $660.Details are: $140 for room rental; $320 for food; $125 for entertainment; and $75 for decorations.Twenty-five persons attended the party. What is the variance in food?

Accepted Answer

A) $30 unfavorable is the food variance. 
B) $35 favorable is the food variance. 
C) $10 favorable is the food variance. 
D) $70 unfavorable is the food variance. 
A) $30 unfavorable is the food variance. 
B) $35 favorable is the food variance. 
C) $10 favorable is the food variance. 
D) $70 unfavorable is the food variance.

Question 4

Budgets _____.

Accepted Answer

A) are quantitative expressions of action plans 
B) provide feedback by comparing results with plans and by highlighting deviations from plans 
C) are deviations from a plan 
D) ignore areas that are presumed to be running smoothly 
A) are quantitative expressions of action plans 
B) provide feedback by comparing results with plans and by highlighting deviations from plans 
C) are deviations from a plan 
D) ignore areas that are presumed to be running smoothly

Question 5

A budget uses predicted or estimated revenues and costs.

Accepted Answer

A) True 
 B)False

Question 6

Management by exception is the practice of concentrating on areas that deviate from
the plan and ignoring areas that are presumed to be running smoothly.

Accepted Answer

A) True 
 B)False

Question 7

The primary users of management accounting information are _____.

Accepted Answer

A) bankers 
B) governmental regulatory authorities 
C) internal decision makers 
D) suppliers 
A) bankers 
B) governmental regulatory authorities 
C) internal decision makers 
D) suppliers

Question 8

Maintenance provides line support at a factory.

Accepted Answer

A) True 
 B)False

Question 9

Which of the following items should be considered in addition to simplicity by managers when designing accounting systems?

Accepted Answer

A) Cost-benefit balances should be considered. 
B) Behavior implications should be considered. 
C) Cost-benefit balances and behavior implications should be considered. 
D) None of these answers is correct. 
A) Cost-benefit balances should be considered. 
B) Behavior implications should be considered. 
C) Cost-benefit balances and behavior implications should be considered. 
D) None of these answers is correct.

Question 10

Product and service process design is the function of a value chain that includes _____.

Accepted Answer

A) the generation of, and experimentation with, ideas related to new products, services, or processes 
B) the detail and engineering of products 
C) the coordination and assembly of resources to produce a product or deliver a service 
D) the manner by which individuals or groups learn about the value and features of products or services 
A) the generation of, and experimentation with, ideas related to new products, services, or processes 
B) the detail and engineering of products 
C) the coordination and assembly of resources to produce a product or deliver a service 
D) the manner by which individuals or groups learn about the value and features of products or services

Question 11

Which of the following is a designation associated with independent auditors?

Accepted Answer

A) The CPA is associated with independent auditors. 
B) The CMA is associated with independent auditors. 
C) The CFM is associated with independent auditors. 
D) The IMA is associated with independent auditors. 
A) The CPA is associated with independent auditors. 
B) The CMA is associated with independent auditors. 
C) The CFM is associated with independent auditors. 
D) The IMA is associated with independent auditors.

Question 12

The Hola Company held a Christmas party.The company expected attendance of 100 persons and prepared the following budget: $\begin{array}{lr}
\text { Hotel room rental } & \$ 600 \
\text { Food } & 500 \
\text { Entertainment } & 800 \
\text { Decorations } & 300 \
& \
\text { Total s } & \$ 2,200
\end{array}$ After all bills for the party were paid, the total came to $2,315.Details are: $575 for hotel room rental; $640 for food; $750 for entertainment; and $350 for decorations.One hundred persons attended the party. What is the main reason for the unfavorable total budget variance?

Accepted Answer

A) Hotel room rent is the main reason. 
B) Food is the main reason. 
C) Entertainment is the main reason. 
D) Decorations are the main reason. 
A) Hotel room rent is the main reason. 
B) Food is the main reason. 
C) Entertainment is the main reason. 
D) Decorations are the main reason.

Question 13

In English-speaking countries outside of the United States, management accountants are known as chartered accountants.

Accepted Answer

A) True 
 B)False

Question 14

The four general categories of the Standards of Ethical Conduct for Management Accountants

Accepted Answer

Competence, Confiden

Question 15

Organizing workers into departments and assigning activities to those departments is an example of _____.

Accepted Answer

A) planning 
B) controlling 
C) budgeting 
D) analyzing 
A) planning 
B) controlling 
C) budgeting 
D) analyzing

Question 16

This development is an XML-based accounting language that helps communicate financial information electronically

Accepted Answer

The answer of This development is an XML-based accounting language...

Question 17

Explain the cost-benefit and behavioral issues involved in designing an accounting system.

Accepted Answer

The cost-benefit balance, weighing known

Question 18

Which of the following products have a product life cycle of a few months?

Accepted Answer

A) Fashion clothing has a product life cycle of a few months. 
B) Automobiles have a product life cycle of a few months. 
C) Planes have a product life cycle of a few months. 
D) Electric stoves have a product life cycle of a few months. 
A) Fashion clothing has a product life cycle of a few months. 
B) Automobiles have a product life cycle of a few months. 
C) Planes have a product life cycle of a few months. 
D) Electric stoves have a product life cycle of a few months.

Question 19

Examples of companies that had faulty accounting information are

Accepted Answer

Enron, WorldCom, Tyc

Question 20

A supplier to your company offers to let you, a management accountant, use the supplier's condominium in Cancun for your vacation.Accepting the supplier's offer violates the ethical standard of _____.

Accepted Answer

A) competence 
B) confidentiality 
C) integrity 
D) objectivity 
A) competence 
B) confidentiality 
C) integrity 
D) objectivity

The controller is primarily concerned with a company's financial matters, the treasurer with operating matters.

The majority of accountants work in

Budgets _____.

A budget uses predicted or estimated revenues and costs.

Management by exception is the practice of concentrating on areas that deviate from the plan and ignoring areas that are presumed to be running smoothly.

The primary users of management accounting information are _____.

Maintenance provides line support at a factory.

Which of the following items should be considered in addition to simplicity by managers when designing accounting systems?

Product and service process design is the function of a value chain that includes _____.

Which of the following is a designation associated with independent auditors?

In English-speaking countries outside of the United States, management accountants are known as chartered accountants.

The four general categories of the Standards of Ethical Conduct for Management Accountants

Organizing workers into departments and assigning activities to those departments is an example of _____.

This development is an XML-based accounting language that helps communicate financial information electronically

Explain the cost-benefit and behavioral issues involved in designing an accounting system.

Which of the following products have a product life cycle of a few months?

Examples of companies that had faulty accounting information are

A supplier to your company offers to let you, a management accountant, use the supplier's condominium in Cancun for your vacation.Accepting the supplier's offer violates the ethical standard of _____.

Introduction to Cost Behavior and Cost-Volume Relationships

Measurement of Cost Behavior

Cost Management Systems and an Introduction to Activity-Based Costing

Relevant Information and Decision Making With a Focus on Pricing Decisions

Relevant Information and Decision Making: Operational Decisions

Introduction to Budgets and Preparing the Master Budget

Flexible Budgets and Variance Analysis

Management Control Systems and Responsibility Accounting

Management Control in Decentralized Organizations

Capital Budgeting

Cost Allocation

Accounting for Overhead Costs

Job-Costing and Process-Costing Systems

Basic Accounting: Concepts, Techniques, and Conventions

Understanding Corporate Annual Reports: Basic Financial Statements

Understanding and Analyzing Consolidated Financial Statements

Filters

Exam 1: Managerial Accounting, the Business Organization, and Professional Ethics

The controller is primarily concerned with a company's financial matters, the treasurer with operating matters.

The majority of accountants work in

Budgets _____.

A budget uses predicted or estimated revenues and costs.

Management by exception is the practice of concentrating on areas that deviate from the plan and ignoring areas that are presumed to be running smoothly.

The primary users of management accounting information are _____.

Maintenance provides line support at a factory.

Which of the following items should be considered in addition to simplicity by managers when designing accounting systems?

Product and service process design is the function of a value chain that includes _____.

Which of the following is a designation associated with independent auditors?

In English-speaking countries outside of the United States, management accountants are known as chartered accountants.

The four general categories of the Standards of Ethical Conduct for Management Accountants

Organizing workers into departments and assigning activities to those departments is an example of _____.

This development is an XML-based accounting language that helps communicate financial information electronically

Explain the cost-benefit and behavioral issues involved in designing an accounting system.

Which of the following products have a product life cycle of a few months?

Examples of companies that had faulty accounting information are

A supplier to your company offers to let you, a management accountant, use the supplier's condominium in Cancun for your vacation.Accepting the supplier's offer violates the ethical standard of _____.

Introduction to Cost Behavior and Cost-Volume Relationships

Measurement of Cost Behavior

Cost Management Systems and an Introduction to Activity-Based Costing

Relevant Information and Decision Making With a Focus on Pricing Decisions

Relevant Information and Decision Making: Operational Decisions

Introduction to Budgets and Preparing the Master Budget

Flexible Budgets and Variance Analysis

Management Control Systems and Responsibility Accounting

Management Control in Decentralized Organizations

Capital Budgeting

Cost Allocation

Accounting for Overhead Costs

Job-Costing and Process-Costing Systems

Basic Accounting: Concepts, Techniques, and Conventions

Understanding Corporate Annual Reports: Basic Financial Statements

Understanding and Analyzing Consolidated Financial Statements

Filters