Question 1

Define value chain and provide a graphic of the interacting flows of information within the value chain.

Accepted Answer

The value chain is the set of processes

Question 2

In comparing financial and management accounting,which of the following more accurately describes management accounting information?

Accepted Answer

A) historical,precise,useful 
B) required,estimated,internal 
C) budgeted,informative,adaptable 
D) comparable,verifiable,monetary 
A) historical,precise,useful 
B) required,estimated,internal 
C) budgeted,informative,adaptable 
D) comparable,verifiable,monetary

Question 3

Broadly speaking,cost accounting can be defined as a(n)

Accepted Answer

A) external reporting system that is based on activity-based costs. 
B) system used for providing the government and creditors with information about a company's internal operations. 
C) internal reporting system that provides product costing and other information used by managers in performing their functions. 
D) internal reporting system needed by manufacturers to be in compliance with Cost Accounting Standards Board pronouncements. 
A) external reporting system that is based on activity-based costs. 
B) system used for providing the government and creditors with information about a company's internal operations. 
C) internal reporting system that provides product costing and other information used by managers in performing their functions. 
D) internal reporting system needed by manufacturers to be in compliance with Cost Accounting Standards Board pronouncements.

Question 4

The learning and growth perspective of the balanced scorecard addresses the things that an organization needs to do well to meet customer needs and expectations.

Accepted Answer

A) True 
 B)False

Question 5

A managerial accountant who prepares clear reports and recommendations after analyzing relevant facts is exercising which of the following standards?

Accepted Answer

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

Question 6

The value chain

Accepted Answer

A) reflects the production of goods within an organizational context. 
B) is concerned with upstream suppliers,but not downstream customers. 
C) results when all non-value-added activities are eliminated from a production process. 
D) is the foundation of strategic resource management. 
A) reflects the production of goods within an organizational context. 
B) is concerned with upstream suppliers,but not downstream customers. 
C) results when all non-value-added activities are eliminated from a production process. 
D) is the foundation of strategic resource management.

Question 7

Which ethical standard is violated when an accountant uses information from a financial statement he is preparing to advise a relative of a stock purchase?

Accepted Answer

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

Question 8

Outcomes that have resulted from past actions are also referred to as ____________________ indicators.

Accepted Answer

The answer of Outcomes that have resulted from past actions...

Question 9

Modern management accounting can be characterized by its

Accepted Answer

A) flexibility. 
B) standardization. 
C) complexity. 
D) precision. 
A) flexibility. 
B) standardization. 
C) complexity. 
D) precision.

Question 10

On what needs do (1)management accounting and (2)financial accounting focus?

Accepted Answer

Management accounting focuses on the nee

Question 11

The balanced scorecard perspective that addresses concerns about organizational growth is the ____,____ perspective.

Accepted Answer

The answer of The balanced scorecard perspective that addresses concerns...

Question 12

The world has essentially become smaller because of

Accepted Answer

A) improved technology. 
B) trade agreements. 
C) better communications systems. 
D) all of the above. 
A) improved technology. 
B) trade agreements. 
C) better communications systems. 
D) all of the above.

Question 13

The Institute of Management Accountants' Code of Ethics

Accepted Answer

A) is a legally enforceable contract with all management accountants. 
B) should be viewed as a goal for professional behavior. 
C) is a legally enforceable contract with all CPAs. 
D) provides ways to measure departures from ethical behavior. 
A) is a legally enforceable contract with all management accountants. 
B) should be viewed as a goal for professional behavior. 
C) is a legally enforceable contract with all CPAs. 
D) provides ways to measure departures from ethical behavior.

Question 14

Cost accounting is necessitated by

Accepted Answer

A) the high degree of conversion found in certain businesses. 
B) external reporting requirements for manufacturing companies. 
C) management's need to be aware of all production activities. 
D) management's need for information to be used for planning and controlling activities. 
A) the high degree of conversion found in certain businesses. 
B) external reporting requirements for manufacturing companies. 
C) management's need to be aware of all production activities. 
D) management's need for information to be used for planning and controlling activities.

Question 15

The learning and growth perspective of the balanced scorecard addresses stakeholder concerns about profitability and organizational growth.

Accepted Answer

A) True 
 B)False

Question 16

An organization's strategy is the guiding force for its mission.

Accepted Answer

A) True 
 B)False

Question 17

Financial accounting and cost accounting are both highly concerned with

Accepted Answer

A) preparing budgets. 
B) determining product cost. 
C) providing managers with information necessary for control purposes. 
D) determining performance standards. 
A) preparing budgets. 
B) determining product cost. 
C) providing managers with information necessary for control purposes. 
D) determining performance standards.

Question 18

The Sarbanes-Oxley Act of 2002 provides legal protection for individuals who report illegal organizational activities to appropriate persons or agencies.

Accepted Answer

A) True 
 B)False

Question 19

The balanced scorecard perspective that addresses how well the organization is meeting specific customer-based criteria is the ________ perspective.

Accepted Answer

The answer of The balanced scorecard perspective that addresses how...

Question 20

The balanced scorecard perspective that addresses things that an organization needs to do well to meet customer needs and expectations is the _______ perspective.

Accepted Answer

The answer of The balanced scorecard perspective that addresses things...

Define value chain and provide a graphic of the interacting flows of information within the value chain.

In comparing financial and management accounting,which of the following more accurately describes management accounting information?

Broadly speaking,cost accounting can be defined as a(n)

The learning and growth perspective of the balanced scorecard addresses the things that an organization needs to do well to meet customer needs and expectations.

A managerial accountant who prepares clear reports and recommendations after analyzing relevant facts is exercising which of the following standards?

The value chain

Which ethical standard is violated when an accountant uses information from a financial statement he is preparing to advise a relative of a stock purchase?

Outcomes that have resulted from past actions are also referred to as ____________________ indicators.

Modern management accounting can be characterized by its

On what needs do (1)management accounting and (2)financial accounting focus?

The balanced scorecard perspective that addresses concerns about organizational growth is the , perspective.

The world has essentially become smaller because of

The Institute of Management Accountants' Code of Ethics

Cost accounting is necessitated by

The learning and growth perspective of the balanced scorecard addresses stakeholder concerns about profitability and organizational growth.

An organization's strategy is the guiding force for its mission.

Financial accounting and cost accounting are both highly concerned with

The Sarbanes-Oxley Act of 2002 provides legal protection for individuals who report illegal organizational activities to appropriate persons or agencies.

The balanced scorecard perspective that addresses how well the organization is meeting specific customer-based criteria is the ________ perspective.

The balanced scorecard perspective that addresses things that an organization needs to do well to meet customer needs and expectations is the _______ perspective.

Cost Terminology and Cost Behaviors

Predetermined Overhead Rates, Flexible Budgets, and Absorptionvariable Costing

Activity-Based Management and Activity-Based Costing

Job Order Costing

Process Costing

Standard Costing and Variance Analysis

The Master Budget

Break-Even Point and Cost-Volume-Profit Analysis

Relevant Information for Decision Making

Allocation of Joint Costs and Accounting for By-Products

Introduction to Cost Management Systems

Responsibility Accounting,support Department Allocations,and Transfer Pricing

Performance Measurement, balanced Scorecards, and Performance Rewards

Capital Budgeting

Managing Costs and Uncertainty

Implementing Quality Concepts

Inventory and Production Management

Emerging Management Practices

Filters

Exam 1: Introduction to Cost Accounting

Define value chain and provide a graphic of the interacting flows of information within the value chain.

In comparing financial and management accounting,which of the following more accurately describes management accounting information?

Broadly speaking,cost accounting can be defined as a(n)

The learning and growth perspective of the balanced scorecard addresses the things that an organization needs to do well to meet customer needs and expectations.

A managerial accountant who prepares clear reports and recommendations after analyzing relevant facts is exercising which of the following standards?

The value chain

Which ethical standard is violated when an accountant uses information from a financial statement he is preparing to advise a relative of a stock purchase?

Outcomes that have resulted from past actions are also referred to as ____________________ indicators.

Modern management accounting can be characterized by its

On what needs do (1)management accounting and (2)financial accounting focus?

The balanced scorecard perspective that addresses concerns about organizational growth is the ____,____ perspective.

The world has essentially become smaller because of

The Institute of Management Accountants' Code of Ethics

Cost accounting is necessitated by

The learning and growth perspective of the balanced scorecard addresses stakeholder concerns about profitability and organizational growth.

An organization's strategy is the guiding force for its mission.

Financial accounting and cost accounting are both highly concerned with

The Sarbanes-Oxley Act of 2002 provides legal protection for individuals who report illegal organizational activities to appropriate persons or agencies.

The balanced scorecard perspective that addresses how well the organization is meeting specific customer-based criteria is the ________ perspective.

The balanced scorecard perspective that addresses things that an organization needs to do well to meet customer needs and expectations is the _______ perspective.

Cost Terminology and Cost Behaviors

Predetermined Overhead Rates, Flexible Budgets, and Absorptionvariable Costing

Activity-Based Management and Activity-Based Costing

Job Order Costing

Process Costing

Standard Costing and Variance Analysis

The Master Budget

Break-Even Point and Cost-Volume-Profit Analysis

Relevant Information for Decision Making

Allocation of Joint Costs and Accounting for By-Products

Introduction to Cost Management Systems

Responsibility Accounting,support Department Allocations,and Transfer Pricing

Performance Measurement, balanced Scorecards, and Performance Rewards

Capital Budgeting

Managing Costs and Uncertainty

Implementing Quality Concepts

Inventory and Production Management

Emerging Management Practices

Filters

The balanced scorecard perspective that addresses concerns about organizational growth is the , perspective.