Question 1

Which of the following is not a major factor causing changes in management accounting today?

Accepted Answer

A)  Increased global competition is not a major factor. 
B)  E- commerce is not a major factor. 
C)  Increasing importance of the service sector of the economy is not a major factor. 
D)  Declining work ethic is not a major factor. 
A)  Increased global competition is not a major factor. 
B)  E- commerce is not a major factor. 
C)  Increasing importance of the service sector of the economy is not a major factor. 
D)  Declining work ethic is not a major factor. D

Question 2

When the benefits of a potential decision are greater than the costs, the decision should usually be made.

Accepted Answer

A) True 
 B)False  True

Question 3

Examples of companies that had faulty accounting information are

Accepted Answer

Enron, WorldCom, Tyco, Global Crossing, Adelphia, Xerox

Question 4

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...

Question 5

A whistleblower is a supervisor that reports wrongdoings to the people he or she supervises.

Accepted Answer

A) True 
 B)False

Question 6

Which of the following statements is not true?

Accepted Answer

A)  Management accounting information is used across the entire value chain of activities. 
B)  External accountants are expected to adhere to standards of ethical conduct. 
C)  Management accounting does not play a vital role in the achievement of a company's goals and objectives. 
D)  Management accounting information is used throughout the life cycle of products and services. 
A)  Management accounting information is used across the entire value chain of activities. 
B)  External accountants are expected to adhere to standards of ethical conduct. 
C)  Management accounting does not play a vital role in the achievement of a company's goals and objectives. 
D)  Management accounting information is used throughout the life cycle of products and services.

Question 7

A company can best reduce the life cycle costs of product and services by managing the revenues and costs associated with which function of the value chain?

Accepted Answer

A)  Customer service is the best function to reduce the life cycle costs of product and services. 
B)  Support is the best function to reduce the life cycle costs of product and services. 
C)  Production is the best function to reduce the life cycle costs of product and services. 
D)  Design is the best function to reduce the life cycle costs of product and services. 
A)  Customer service is the best function to reduce the life cycle costs of product and services. 
B)  Support is the best function to reduce the life cycle costs of product and services. 
C)  Production is the best function to reduce the life cycle costs of product and services. 
D)  Design is the best function to reduce the life cycle costs of product and services.

Question 8

The value chain is the sum of all costs added to products as the products pass from manufacturers to wholesalers to retailers.

Accepted Answer

A) True 
 B)False

Question 9

Product life cycles:

Accepted Answer

A)  are the same for all products 
B)  have nothing to do with product profitability 
C)  must be considered to effectively plan for production 
D)  are computerized bicycles 
A)  are the same for all products 
B)  have nothing to do with product profitability 
C)  must be considered to effectively plan for production 
D)  are computerized bicycles

Question 10

Distinguish between line and staff roles in an organization, and give an example of each.

Accepted Answer

Line authority is authority exerted down

Question 11

Staff authority is authority to advise but not command.

Accepted Answer

A) True 
 B)False

Question 12

One of a controller's responsibilities is tax administration.

Accepted Answer

A) True 
 B)False

Question 13

Distribution is the function of a value chain that includes:

Accepted Answer

A)  the support activities provided to the customer 
B)  the manner by which individuals or groups learn about the value and features of products or services 
C)  the mechanism by which products or services are delivered to the customer 
D)  All of these answers are correct. 
A)  the support activities provided to the customer 
B)  the manner by which individuals or groups learn about the value and features of products or services 
C)  the mechanism by which products or services are delivered to the customer 
D)  All of these answers are correct.

Question 14

The largest U.S. association of professional accountants whose major interest is management accounting is the:

Accepted Answer

A)  American Institute of CPAs 
B)  Government Accounting Institute 
C)  Institute of Management Accountants 
D)  American Accounting Association 
A)  American Institute of CPAs 
B)  Government Accounting Institute 
C)  Institute of Management Accountants 
D)  American Accounting Association

Question 15

Broad concepts or guidelines and detailed practices, including all conventions, rules, and procedures that together make up accepted accounting practice at a given time

Accepted Answer

Generally

Question 16

An accountant earns the designation of certified public accountant (CPA) by:

Accepted Answer

A)  meeting an education requirement 
B)  passing an examination 
C)  meeting a qualifying experience requirement 
D)  All of these answers are correct. 
A)  meeting an education requirement 
B)  passing an examination 
C)  meeting a qualifying experience requirement 
D)  All of these answers are correct.

Question 17

Feedback provided by comparing results with plans and by highlighting variances

Accepted Answer

The answer of Feedback provided by comparing results with plans...

Question 18

The codes of conduct for integrity include all of the following except:

Accepted Answer

A)  communicating information subjectively 
B)  avoiding actual or apparent conflicts of interest 
C)  refusing any gift that would influence the accountant's actions 
D)  recognizing and communicating professional limitations 
A)  communicating information subjectively 
B)  avoiding actual or apparent conflicts of interest 
C)  refusing any gift that would influence the accountant's actions 
D)  recognizing and communicating professional limitations

Question 19

Buying manufacturing or operating inputs electronically is a type of:

Accepted Answer

A)  B2B transaction 
B)  C2B transaction 
C)  A2B transaction 
D)  B2C transaction 
A)  B2B transaction 
B)  C2B transaction 
C)  A2B transaction 
D)  B2C transaction

Question 20

According to the Standards of Ethical Conduct for Management Accountants, the standard of confidentiality includes:

Accepted Answer

A)  disclosing all relevant information 
B)  avoiding actual or apparent conflicts of interest 
C)  the ongoing development of the accountant's knowledge and skills 
D)  All of these answers are correct. 
A)  disclosing all relevant information 
B)  avoiding actual or apparent conflicts of interest 
C)  the ongoing development of the accountant's knowledge and skills 
D)  All of these answers are correct.

Which of the following is not a major factor causing changes in management accounting today?

When the benefits of a potential decision are greater than the costs, the decision should usually be made.

Examples of companies that had faulty accounting information are

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

A whistleblower is a supervisor that reports wrongdoings to the people he or she supervises.

Which of the following statements is not true?

A company can best reduce the life cycle costs of product and services by managing the revenues and costs associated with which function of the value chain?

The value chain is the sum of all costs added to products as the products pass from manufacturers to wholesalers to retailers.

Product life cycles:

Distinguish between line and staff roles in an organization, and give an example of each.

Staff authority is authority to advise but not command.

One of a controller's responsibilities is tax administration.

Distribution is the function of a value chain that includes:

The largest U.S. association of professional accountants whose major interest is management accounting is the:

Broad concepts or guidelines and detailed practices, including all conventions, rules, and procedures that together make up accepted accounting practice at a given time

An accountant earns the designation of certified public accountant (CPA) by:

Feedback provided by comparing results with plans and by highlighting variances

The codes of conduct for integrity include all of the following except:

Buying manufacturing or operating inputs electronically is a type of:

According to the Standards of Ethical Conduct for Management Accountants, the standard of confidentiality includes:

Introduction to Cost Behavior and Cost Volume Relationships

Measurement of Cost Behavior

Cost Management Systems and Activity-Based Costing

Relevant Information and Decision-Making: Marketing Decisions

Relevant Information and Decision-Making: Product Decisions

The Master Budget

Flexible Budget and Variance Analysis

Management Control Systems and Responsibility Accounting

Management Control in Decentralized Organizations

Capital Budgeting

Cost Allocation

Job-Costing

Process-Costing Systems

Overhead Application: Variable and Absorbtion Costing

Basic Accounting Concepts, Techniques, and Conventions

Understanding Corporate Annual Reports: Basic Financial Statements

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Exam 1: Managerial Accounting and the Business Organization

Which of the following is not a major factor causing changes in management accounting today?

When the benefits of a potential decision are greater than the costs, the decision should usually be made.

Examples of companies that had faulty accounting information are

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

A whistleblower is a supervisor that reports wrongdoings to the people he or she supervises.

Which of the following statements is not true?

A company can best reduce the life cycle costs of product and services by managing the revenues and costs associated with which function of the value chain?

The value chain is the sum of all costs added to products as the products pass from manufacturers to wholesalers to retailers.

Product life cycles:

Distinguish between line and staff roles in an organization, and give an example of each.

Staff authority is authority to advise but not command.

One of a controller's responsibilities is tax administration.

Distribution is the function of a value chain that includes:

The largest U.S. association of professional accountants whose major interest is management accounting is the:

Broad concepts or guidelines and detailed practices, including all conventions, rules, and procedures that together make up accepted accounting practice at a given time

An accountant earns the designation of certified public accountant (CPA) by:

Feedback provided by comparing results with plans and by highlighting variances

The codes of conduct for integrity include all of the following except:

Buying manufacturing or operating inputs electronically is a type of:

According to the Standards of Ethical Conduct for Management Accountants, the standard of confidentiality includes:

Introduction to Cost Behavior and Cost Volume Relationships

Measurement of Cost Behavior

Cost Management Systems and Activity-Based Costing

Relevant Information and Decision-Making: Marketing Decisions

Relevant Information and Decision-Making: Product Decisions

The Master Budget

Flexible Budget and Variance Analysis

Management Control Systems and Responsibility Accounting

Management Control in Decentralized Organizations

Capital Budgeting

Cost Allocation

Job-Costing

Process-Costing Systems

Overhead Application: Variable and Absorbtion Costing

Basic Accounting Concepts, Techniques, and Conventions

Understanding Corporate Annual Reports: Basic Financial Statements

Filters