Question 1

Assigning specific individuals to specific activities is most often performed by:

Accepted Answer

A)  Process managers. 
B)  Functional managers. 
C)  Top management. 
D)  Operational managers. 
A)  Process managers. 
B)  Functional managers. 
C)  Top management. 
D)  Operational managers.

Question 2

Costs occur throughout the organization wherever resources are consumed.

Accepted Answer

A) True 
 B)False

Question 3

Developing financial statements is most often performed by:

Accepted Answer

A)  Process managers. 
B)  Functional managers. 
C)  Top management. 
D)  Operational managers. 
A)  Process managers. 
B)  Functional managers. 
C)  Top management. 
D)  Operational managers.

Question 4

Analyzing performance reports for a new cell phone product is an example of which stage in the PDCA management process?

Accepted Answer

A)  Do. 
B)  Check. 
C)  Assess. 
D)  Analyze. 
E)  Act. 
A)  Do. 
B)  Check. 
C)  Assess. 
D)  Analyze. 
E)  Act.

Question 5

The competence standard of the IMA Statement of Ethical Professional Practice includes being able to recognize and help manage risk.

Accepted Answer

A) True 
 B)False

Question 6

The process domain includes all decisions and activities relating to an organization's products or services.

Accepted Answer

A) True 
 B)False

Question 7

Which of the following is part of the entity domain?

Accepted Answer

A)  Reporting to company stakeholders. 
B)  Creating a strategy for a specific customer segment. 
C)  Implementing continuous improvement activities. 
D)  Directing the work of many functions. 
E)  Determining which features to offer on different models of products. 
A)  Reporting to company stakeholders. 
B)  Creating a strategy for a specific customer segment. 
C)  Implementing continuous improvement activities. 
D)  Directing the work of many functions. 
E)  Determining which features to offer on different models of products.

Question 8

Payments to government officials to avoid importation rules in countries where such payments are common is a violation of the U.S. Foreign Corrupt Practices Act. Knowing this is an example of which standard in the IMA Statement of Ethical Professional Practice?

Accepted Answer

A)  Competence. 
B)  Confidentiality. 
C)  Credibility. 
D)  Integrity. 
A)  Competence. 
B)  Confidentiality. 
C)  Credibility. 
D)  Integrity.

Question 9

Use the following information to answer questions 20-24:
  
-What is the percentage change of the number of iPhone 8 units sold from 2018 to 2019?

Accepted Answer

A)  (105%) 
B)  105% 
C)  4000% 
D)  1900% 
E)  771% 
A)  (105%) 
B)  105% 
C)  4000% 
D)  1900% 
E)  771%

Question 10

The confidentiality standard of the IMA Statement of Ethical Professional Practice includes refraining from any conduct that could prejudice carrying out duties ethically.

Accepted Answer

A) True 
 B)False

Question 11

Fan Club Inc. recently submitted a budget for the coming year to management. Included in the budget were the plans for a new product: a rechargeable fan. The new fan will not only last longer than the competitor's product but is also quieter. While not yet approved, the budget called for aggressive advertising to support its sales targets, as the business community was not yet aware that Fan Club was close to production of a new fan. A member of the management accounting staff "shared" the budget with a distributor. In accordance with the IMA Statement of Ethical Professional Practice, which of the following would best represent an ethical conflict in this situation?

Accepted Answer

A)  The budget has not been approved and therefore is not for publication. 
B)  The price has not been established, so expectations must be managed. 
C)  The staff member exposed the company to a potential lawsuit. 
D)  The employee should refrain from disclosing confidential information. 
A)  The budget has not been approved and therefore is not for publication. 
B)  The price has not been established, so expectations must be managed. 
C)  The staff member exposed the company to a potential lawsuit. 
D)  The employee should refrain from disclosing confidential information.

Question 12

Pricing decisions are part of which decision domain?

Accepted Answer

A)  Process. 
B)  Customer/market. 
C)  Product. 
D)  Supply chain. 
E)  Entity. 
A)  Process. 
B)  Customer/market. 
C)  Product. 
D)  Supply chain. 
E)  Entity.

Question 13

The management process consists of plan, deliver, check, and analyze.

Accepted Answer

A) True 
 B)False

Question 14

An accounting manager would be an example of a functional manager.

Accepted Answer

A) True 
 B)False

Question 15

Establishing strategic objectives is most often performed by:

Accepted Answer

A)  Process managers. 
B)  Functional managers. 
C)  Top management. 
D)  Operational managers. 
A)  Process managers. 
B)  Functional managers. 
C)  Top management. 
D)  Operational managers.

Question 16

Setting up distribution channels for products is part of which decision domain?

Accepted Answer

A)  Supply chain. 
B)  Product. 
C)  Process. 
D)  Entity. 
E)  Customer/market. 
A)  Supply chain. 
B)  Product. 
C)  Process. 
D)  Entity. 
E)  Customer/market.

Question 17

The integrity standard of the IMA Statement of Ethical Professional Practice includes contributing to a positive ethical culture.

Accepted Answer

A) True 
 B)False

Question 18

Which standard of the IMA Statement of Ethical Professional Practice states that financial management professionals should not engage in activities that might discredit the profession?

Accepted Answer

A)  Integrity. 
B)  Confidentiality. 
C)  Competence. 
D)  Credibility. 
A)  Integrity. 
B)  Confidentiality. 
C)  Competence. 
D)  Credibility.

Question 19

Which of the following sequences match the four stages of the PDCA management process?

Accepted Answer

A)  Complete financial statements, complete analysis of performance shortfalls, change financial objectives, set financial reporting goals. 
B)  Complete analysis of performance shortfalls, complete financial statements, change financial objectives, set financial reporting goals. 
C)  Set financial reporting goals, complete analysis of performance shortfalls, complete financial statements, change financial objectives. 
D)  Set financial reporting goals, complete financial statements, complete analysis of performance shortfalls, change financial objectives. 
A)  Complete financial statements, complete analysis of performance shortfalls, change financial objectives, set financial reporting goals. 
B)  Complete analysis of performance shortfalls, complete financial statements, change financial objectives, set financial reporting goals. 
C)  Set financial reporting goals, complete analysis of performance shortfalls, complete financial statements, change financial objectives. 
D)  Set financial reporting goals, complete financial statements, complete analysis of performance shortfalls, change financial objectives.

Question 20

Developing a product marketing plan is part of which decision domain?

Accepted Answer

A)  Customer/market. 
B)  Entity. 
C)  Process. 
D)  Product. 
E)  Supply chain. 
A)  Customer/market. 
B)  Entity. 
C)  Process. 
D)  Product. 
E)  Supply chain.

Assigning specific individuals to specific activities is most often performed by:

Costs occur throughout the organization wherever resources are consumed.

Developing financial statements is most often performed by:

Analyzing performance reports for a new cell phone product is an example of which stage in the PDCA management process?

The competence standard of the IMA Statement of Ethical Professional Practice includes being able to recognize and help manage risk.

The process domain includes all decisions and activities relating to an organization's products or services.

Which of the following is part of the entity domain?

Payments to government officials to avoid importation rules in countries where such payments are common is a violation of the U.S. Foreign Corrupt Practices Act. Knowing this is an example of which standard in the IMA Statement of Ethical Professional Practice?

Use the following information to answer questions 20-24: -What is the percentage change of the number of iPhone 8 units sold from 2018 to 2019?

The confidentiality standard of the IMA Statement of Ethical Professional Practice includes refraining from any conduct that could prejudice carrying out duties ethically.

Pricing decisions are part of which decision domain?

The management process consists of plan, deliver, check, and analyze.

An accounting manager would be an example of a functional manager.

Establishing strategic objectives is most often performed by:

Setting up distribution channels for products is part of which decision domain?

The integrity standard of the IMA Statement of Ethical Professional Practice includes contributing to a positive ethical culture.

Which standard of the IMA Statement of Ethical Professional Practice states that financial management professionals should not engage in activities that might discredit the profession?

Which of the following sequences match the four stages of the PDCA management process?

Developing a product marketing plan is part of which decision domain?

Measuring and Evaluating Performance

Defining and Using Cost Estimates

Cost Pools, Capacity, and Activity- Based Costing

Understanding the Management Process

Planning in the Product Domain

Assessing and Improving Product Profitability

Setting Process Expectations

Evaluating and Improving Process Performance

Setting Performance Expectations at the Entity Level

Setting Performance Expectations in Large, Complex Organizations

Evaluating and Improving Entity Performance

Setting and Achieving Targets in the Customer Domain

Strategic Cost Management and the Value Chain Domain

Filters

Exam 1: Business Planning and Analysis: An Integrative Framework for Management Accounting

Assigning specific individuals to specific activities is most often performed by:

Costs occur throughout the organization wherever resources are consumed.

Developing financial statements is most often performed by:

Analyzing performance reports for a new cell phone product is an example of which stage in the PDCA management process?

The competence standard of the IMA Statement of Ethical Professional Practice includes being able to recognize and help manage risk.

The process domain includes all decisions and activities relating to an organization's products or services.

Which of the following is part of the entity domain?

Payments to government officials to avoid importation rules in countries where such payments are common is a violation of the U.S. Foreign Corrupt Practices Act. Knowing this is an example of which standard in the IMA Statement of Ethical Professional Practice?

Use the following information to answer questions 20-24: -What is the percentage change of the number of iPhone 8 units sold from 2018 to 2019?

The confidentiality standard of the IMA Statement of Ethical Professional Practice includes refraining from any conduct that could prejudice carrying out duties ethically.

Pricing decisions are part of which decision domain?

The management process consists of plan, deliver, check, and analyze.

An accounting manager would be an example of a functional manager.

Establishing strategic objectives is most often performed by:

Setting up distribution channels for products is part of which decision domain?

The integrity standard of the IMA Statement of Ethical Professional Practice includes contributing to a positive ethical culture.

Which standard of the IMA Statement of Ethical Professional Practice states that financial management professionals should not engage in activities that might discredit the profession?

Which of the following sequences match the four stages of the PDCA management process?

Developing a product marketing plan is part of which decision domain?

Measuring and Evaluating Performance

Defining and Using Cost Estimates

Cost Pools, Capacity, and Activity- Based Costing

Understanding the Management Process

Planning in the Product Domain

Assessing and Improving Product Profitability

Setting Process Expectations

Evaluating and Improving Process Performance

Setting Performance Expectations at the Entity Level

Setting Performance Expectations in Large, Complex Organizations

Evaluating and Improving Entity Performance

Setting and Achieving Targets in the Customer Domain

Strategic Cost Management and the Value Chain Domain

Filters