Question 1

Accounting

Accepted Answer

A)  always has an external orientation. 
B)  always has an internal orientation. 
C)  information assists in planning and controlling. 
D)  terms serve as a model of the organization. 
A)  always has an external orientation. 
B)  always has an internal orientation. 
C)  information assists in planning and controlling. 
D)  terms serve as a model of the organization. C

Question 2

Total quality management emphasizes

Accepted Answer

A)  zero defects. 
B)  continual improvement. 
C)  elimination of waste. 
D)  all of the above. 
A)  zero defects. 
B)  continual improvement. 
C)  elimination of waste. 
D)  all of the above. D

Question 3

Management accounting and financial accounting differ in that management accounting information is prepared

Accepted Answer

A)  following prescribed rules. 
B)  using whatever methods the company finds beneficial. 
C)  for shareholders. 
D)  to summarize the whole company with little detail. 
A)  following prescribed rules. 
B)  using whatever methods the company finds beneficial. 
C)  for shareholders. 
D)  to summarize the whole company with little detail. B

Question 4

Breakthroughs in technology this century have given rise to which one of the following effects?

Accepted Answer

A)  Direct materials have GREATLY decreased as a percentage of total manufacturing costs. 
B)  Manufacturing overhead has only SLIGHTLY decreased as a percentage of total manufacturing costs. 
C)  Direct labour has GREATLY decreased as a percentage of total manufacturing costs. 
D)  Manufacturing overhead has GREATLY decreased as a percentage of total manufacturing costs. 
A)  Direct materials have GREATLY decreased as a percentage of total manufacturing costs. 
B)  Manufacturing overhead has only SLIGHTLY decreased as a percentage of total manufacturing costs. 
C)  Direct labour has GREATLY decreased as a percentage of total manufacturing costs. 
D)  Manufacturing overhead has GREATLY decreased as a percentage of total manufacturing costs.

Question 5

To compete on the basis if price, the seller must carefully manage:

Accepted Answer

A)  cost. 
B)  service. 
C)  quality. 
D)  none of the above. 
A)  cost. 
B)  service. 
C)  quality. 
D)  none of the above.

Question 6

Management accounting reports are prepared

Accepted Answer

A)  to meet the needs of decision makers within the firm. 
B)  whenever shareholders request them. 
C)  according to guidelines prepared by the shares and Financial Services Authority. 
D)  according to financial accounting standards. 
A)  to meet the needs of decision makers within the firm. 
B)  whenever shareholders request them. 
C)  according to guidelines prepared by the shares and Financial Services Authority. 
D)  according to financial accounting standards.

Question 7

Which of the following activities is NOT significant to the advancement of information technology?

Accepted Answer

A)  enterprise resource planning software 
B)  emergence of electronic commerce 
C)  theory of constraints 
D)  decision support systems 
A)  enterprise resource planning software 
B)  emergence of electronic commerce 
C)  theory of constraints 
D)  decision support systems

Question 8

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

Accepted Answer

A)  planning. 
B)  control. 
C)  decision making. 
D)  all of the above. 
A)  planning. 
B)  control. 
C)  decision making. 
D)  all of the above.

Question 9

Why has time become such an important factor in competition?

Accepted Answer

Reducing the time that it takes to act m

Question 10

Which one of the following statements about ethical behaviour is true?

Accepted Answer

A)  Ethical behaviour is not guided by well-defined rules and is often subjective. 
B)  Ethical behaviour is best described as doing actions that are permitted by law. 
C)  Ethical behaviour always involves choosing between actions that are clearly right or wrong. 
D)  Ethical behaviour is best guided by a policy of placing corporate performance above individual ends. 
A)  Ethical behaviour is not guided by well-defined rules and is often subjective. 
B)  Ethical behaviour is best described as doing actions that are permitted by law. 
C)  Ethical behaviour always involves choosing between actions that are clearly right or wrong. 
D)  Ethical behaviour is best guided by a policy of placing corporate performance above individual ends.

Question 11

Which of the following statements is NOT true about world-class firms?

Accepted Answer

A)  World-class firms are firms that are poor in customer support. 
B)  World-class firms know their market and their products. 
C)  World-class firms strive continually to improve product design, manufacture, and delivery. 
D)  World-class firms can compete with the best of the best in a global environment. 
A)  World-class firms are firms that are poor in customer support. 
B)  World-class firms know their market and their products. 
C)  World-class firms strive continually to improve product design, manufacture, and delivery. 
D)  World-class firms can compete with the best of the best in a global environment.

Question 12

Which of the following costing activities is associated with the financial accounting system?

Accepted Answer

A)  determining the cost of a department 
B)  determining the cost of goods sold for financial statements 
C)  preparing budgets 
D)  determining the cost of a customer 
A)  determining the cost of a department 
B)  determining the cost of goods sold for financial statements 
C)  preparing budgets 
D)  determining the cost of a customer

Question 13

Identify and discuss the emerging themes that are affecting the way cost accounting is practiced.

Accepted Answer

Seven emerging themes affecting cost ele

Question 14

Give some examples of reporting feedback that will assist in continuous improvement of a dry cleaning company.

Accepted Answer

A dry cleaners will be interested in mon

Question 15

Which of the following activities is NOT associated with the financial accounting information system?

Accepted Answer

A)  reporting on the cost of quality 
B)  reporting to the shareholders 
C)  preparing reports for the tax authorities 
D)  preparing a statement of cash flows 
A)  reporting on the cost of quality 
B)  reporting to the shareholders 
C)  preparing reports for the tax authorities 
D)  preparing a statement of cash flows

Question 16

The monitoring of a plan's implementation is called

Accepted Answer

A)  planning. 
B)  controlling. 
C)  decision making. 
D)  budgeting. 
A)  planning. 
B)  controlling. 
C)  decision making. 
D)  budgeting.

Question 17

The overall objective of accounting information systems is to

Accepted Answer

A)  provide information to users. 
B)  manage the organization. 
C)  prepare financial reports. 
D)  report to the government. 
A)  provide information to users. 
B)  manage the organization. 
C)  prepare financial reports. 
D)  report to the government.

Question 18

Management accounting is concerned with which kind of decision?

Accepted Answer

A)  product costing and pricing 
B)  continuous operational improvement 
C)  financial control 
D)  all of the above 
A)  product costing and pricing 
B)  continuous operational improvement 
C)  financial control 
D)  all of the above

Question 19

Cost accounting

Accepted Answer

A)  is concerned with assigning costs to various cost objects. 
B)  attempts to satisfy the costing objectives of both financial accounting and management accounting. 
C)  provides cost information that supports planning, controlling, and decision making. 
D)  All of the above descriptions are true. 
A)  is concerned with assigning costs to various cost objects. 
B)  attempts to satisfy the costing objectives of both financial accounting and management accounting. 
C)  provides cost information that supports planning, controlling, and decision making. 
D)  All of the above descriptions are true.

Question 20

Competitive advantage is established by

Accepted Answer

A)  providing more customer products than competitors. 
B)  providing better quality than competitors. 
C)  providing greater customer value for less cost than competitors. 
D)  providing greater efficiencies than competitors. 
A)  providing more customer products than competitors. 
B)  providing better quality than competitors. 
C)  providing greater customer value for less cost than competitors. 
D)  providing greater efficiencies than competitors.

Exam 1: Introduction to Management Accounting

Accounting

Total quality management emphasizes

Management accounting and financial accounting differ in that management accounting information is prepared

Breakthroughs in technology this century have given rise to which one of the following effects?

To compete on the basis if price, the seller must carefully manage:

Management accounting reports are prepared

Which of the following activities is NOT significant to the advancement of information technology?

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

Why has time become such an important factor in competition?

Which one of the following statements about ethical behaviour is true?

Which of the following statements is NOT true about world-class firms?

Which of the following costing activities is associated with the financial accounting system?

Identify and discuss the emerging themes that are affecting the way cost accounting is practiced.

Give some examples of reporting feedback that will assist in continuous improvement of a dry cleaning company.

Which of the following activities is NOT associated with the financial accounting information system?

The monitoring of a plan's implementation is called

The overall objective of accounting information systems is to

Management accounting is concerned with which kind of decision?

Cost accounting

Competitive advantage is established by

An Introduction to Cost Terms and Concepts

Cost Assignment

Accounting Entries for a Job Costing System

Process Costing

Joint and By-Product Costing

Income Effects of Alternative Cost Accumulation Systems

Cost-Volume-Profit Analysis

Measuring Relevant Costs and Revenues for Decision-Making

Activity-Based Costing

Pricing Decisions and Profitability Analysis

Decision-Making Under Conditions of Risk and Uncertainty

Capital Investment Decisions: Appraisal Methods

Capital Investment Decisions: the Impact of Capital Rationing, Taxation, Inflation and Risk

The Budgeting Process

Management Control Systems

Standard Costing and Variance Analysis 1

Standard Costing and Variance Analysis 2: Further Aspects

Divisional Financial Performance Measures

Transfer Pricing in Divisionalized Companies

Cost Management

Strategic Management Accounting

Cost Estimation and Cost Behaviour

Quantitative Models for the Planning and Control of Stocks

The Application of Linear Programming to Management Accounting

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