Question 1

The ________ ________ contains six primary business functions in modern organizations.

Accepted Answer

A) value chain 
B) design chain 
C) product chain 
D) production chain 
E) organizational chain 
A) value chain 
B) design chain 
C) product chain 
D) production chain 
E) organizational chain A

Question 2

________ have a behavioral affect by motivating and rewarding employees for achieving organizational goals.

Accepted Answer

A) Costs 
B) Controls 
C) Technologies 
D) Budgets 
E) Distributions 
A) Costs 
B) Controls 
C) Technologies 
D) Budgets 
E) Distributions D

Question 3

Which of the following is not a key success factor that managerial accountants use to promote sustainability in their organizations?

Accepted Answer

A) Cost. 
B) Efficiency. 
C) Quality. 
D) Time. 
E) Relevance. 
A) Cost. 
B) Efficiency. 
C) Quality. 
D) Time. 
E) Relevance. E

Question 4

A manager can install a budgeting system to replace the old accounting system and to develop formal planning methods.Which of the following is not a correct statement or benefit of implementing the new budgeting system to trace costs?

Accepted Answer

A) It compels managers to plan ahead. 
B) It compares actual to budgeted information. 
C) Managers learn and take action to make different decisions to improve firm performance. 
D) Managers can take corrective action with information discovered from budgeting. 
E) Time spent on implementing budgeting process is always easy to quantify. 
A) It compels managers to plan ahead. 
B) It compares actual to budgeted information. 
C) Managers learn and take action to make different decisions to improve firm performance. 
D) Managers can take corrective action with information discovered from budgeting. 
E) Time spent on implementing budgeting process is always easy to quantify.

Question 5

When workers underperform,behavioral considerations suggest:

Accepted Answer

A) managers write up the workers immediately. 
B) managers send written reports that highlight their underperformance. 
C) managers discuss with workers ways to improve performance actions. 
D) managers should terminate the employee without taking other actions. 
E) managers should ignore the underperformance and go on with business. 
A) managers write up the workers immediately. 
B) managers send written reports that highlight their underperformance. 
C) managers discuss with workers ways to improve performance actions. 
D) managers should terminate the employee without taking other actions. 
E) managers should ignore the underperformance and go on with business.

Question 6

An Enterprise Resource Planning (ERP)system is:

Accepted Answer

A) a cost-management system that specifically focuses on strategic issues. 
B) a single database that collects data and feeds it into applications that support each of the company's business activities,such as purchasing,production,distribution,and sales. 
C) a sequence of business functions in which customer usefulness is added to products. 
D) a strategy that integrates people and technology in all business functions to deepen relationships with customers,partners,and distributors. 
E) an integrated philosophy of management for continuously improving the quality of products and processes. 
A) a cost-management system that specifically focuses on strategic issues. 
B) a single database that collects data and feeds it into applications that support each of the company's business activities,such as purchasing,production,distribution,and sales. 
C) a sequence of business functions in which customer usefulness is added to products. 
D) a strategy that integrates people and technology in all business functions to deepen relationships with customers,partners,and distributors. 
E) an integrated philosophy of management for continuously improving the quality of products and processes.

Question 7

Which of the following is not a way that a manager at a manufacturing firm can improve the performance level in the organization?

Accepted Answer

A) A focus on the value-chain. 
B) A focus on supply-chain operations. 
C) A focus only on budgeting to improve all performance levels in the organization. 
D) A focus on customer service and the distribution channels to enhance operations. 
E) A focus on marketing strategies to develop new products and services. 
A) A focus on the value-chain. 
B) A focus on supply-chain operations. 
C) A focus only on budgeting to improve all performance levels in the organization. 
D) A focus on customer service and the distribution channels to enhance operations. 
E) A focus on marketing strategies to develop new products and services.

Question 8

There is no difference in the goals of financial accounting and management accounting.

Accepted Answer

A) True 
 B)False

Question 9

Sustainability:

Accepted Answer

A) is the development of employment opportunities to decrease the national job deficit. 
B) is a political term that corporate controllers use only at global manufacturing operations when they refer to ethical standards of production. 
C) is the development and implementation of strategies to achieve long-term financial,social,and environmental performance. 
D) is a technique that is used only when the organization outsources operations in global operations. 
E) is a step in the decision-making process that managers only use to enhance ethical standards in their organizations. 
A) is the development of employment opportunities to decrease the national job deficit. 
B) is a political term that corporate controllers use only at global manufacturing operations when they refer to ethical standards of production. 
C) is the development and implementation of strategies to achieve long-term financial,social,and environmental performance. 
D) is a technique that is used only when the organization outsources operations in global operations. 
E) is a step in the decision-making process that managers only use to enhance ethical standards in their organizations.

Question 10

Explain why it is important for managers to account for all of the costs incurred in each value-chain category.What is their goal? Be specific.

Accepted Answer

Student responses are expected to vary b

Question 11

The term strategy describes how an organization will compete and it describes the opportunities that managers should pursue.

Accepted Answer

A) True 
 B)False

Question 12

________ comprises the actions that implement the planning decisions,deciding how to evaluate performance,and providing feedback and learning to help future decision making.

Accepted Answer

A) Ethics 
B) Control 
C) Planning 
D) Financial accounting 
E) Management accounting 
A) Ethics 
B) Control 
C) Planning 
D) Financial accounting 
E) Management accounting

Question 13

What should a managerial accountant do when faced with ethical issues that arise in their organizations?

Accepted Answer

Most professional accounting organizatio

Question 14

Which of the following is not a way for a company to improve customer response time?

Accepted Answer

A) An increase in capacity of bottleneck operations. 
B) Decrease in response time to consumer requests. 
C) Faster delivery procedures. 
D) Produce the product quicker. 
E) Effective management accounting information. 
A) An increase in capacity of bottleneck operations. 
B) Decrease in response time to consumer requests. 
C) Faster delivery procedures. 
D) Produce the product quicker. 
E) Effective management accounting information.

Question 15

A cost concept is typically used for the external reporting purpose of accounting and may not be an appropriate concept for the internal or routine reporting to managers.

Accepted Answer

A) True 
 B)False

Question 16

Strategic cost management describes cost management that:

Accepted Answer

A) is not consistent with organizational goals. 
B) does not relate to ethical practices. 
C) has no focus on the organization. 
D) specifically focuses on strategic issues. 
E) does not specifically focus on strategic issues. 
A) is not consistent with organizational goals. 
B) does not relate to ethical practices. 
C) has no focus on the organization. 
D) specifically focuses on strategic issues. 
E) does not specifically focus on strategic issues.

Question 17

Users of management accounting information include:

Accepted Answer

A) banks. 
B) investors. 
C) suppliers. 
D) regulators. 
E) managers of the organization. 
A) banks. 
B) investors. 
C) suppliers. 
D) regulators. 
E) managers of the organization.

Question 18

Define strategy and explain why strategic decisions are important to a management accountant.

Accepted Answer

The organization's strategy describes ho

Question 19

Companies feel pressure to reduce costs as a result of increased global competition.

Accepted Answer

A) True 
 B)False

Question 20

The planning and control activities are never flexible enough so managers cannot seize sudden opportunities unforeseen at the time the plan is formulated.

Accepted Answer

A) True 
 B)False

The contains six primary business functions in modern organizations.

________ have a behavioral affect by motivating and rewarding employees for achieving organizational goals.

Which of the following is not a key success factor that managerial accountants use to promote sustainability in their organizations?

A manager can install a budgeting system to replace the old accounting system and to develop formal planning methods.Which of the following is not a correct statement or benefit of implementing the new budgeting system to trace costs?

When workers underperform,behavioral considerations suggest:

An Enterprise Resource Planning (ERP)system is:

Which of the following is not a way that a manager at a manufacturing firm can improve the performance level in the organization?

There is no difference in the goals of financial accounting and management accounting.

Sustainability:

Explain why it is important for managers to account for all of the costs incurred in each value-chain category.What is their goal? Be specific.

The term strategy describes how an organization will compete and it describes the opportunities that managers should pursue.

________ comprises the actions that implement the planning decisions,deciding how to evaluate performance,and providing feedback and learning to help future decision making.

What should a managerial accountant do when faced with ethical issues that arise in their organizations?

Which of the following is not a way for a company to improve customer response time?

A cost concept is typically used for the external reporting purpose of accounting and may not be an appropriate concept for the internal or routine reporting to managers.

Strategic cost management describes cost management that:

Users of management accounting information include:

Define strategy and explain why strategic decisions are important to a management accountant.

Companies feel pressure to reduce costs as a result of increased global competition.

The planning and control activities are never flexible enough so managers cannot seize sudden opportunities unforeseen at the time the plan is formulated.

An Introduction to Cost Terms and Purposes

Cost-Volume-Profit Analysis

Job Costing

Process Costing and Cost Allocation

Activity-Based Costing and Activity-Based Management

Pricing Decisions, customer Profitability, and Cost Management

Determining How Costs Behave

Decision Making and Relevant Information

Quality, inventory Management, and Time

Capital Investments

Master Budget and Responsibility Accounting

Flexible Budgets, cost Variances, and Management Control

Strategy, Balanced Scorecard, and Strategic Profitability Analysis

Transfer Pricing

Performance Measurement and Compensation

Filters

Exam 1: The Manager and Management Accounting

The ________ ________ contains six primary business functions in modern organizations.

________ have a behavioral affect by motivating and rewarding employees for achieving organizational goals.

Which of the following is not a key success factor that managerial accountants use to promote sustainability in their organizations?

A manager can install a budgeting system to replace the old accounting system and to develop formal planning methods.Which of the following is not a correct statement or benefit of implementing the new budgeting system to trace costs?

When workers underperform,behavioral considerations suggest:

An Enterprise Resource Planning (ERP)system is:

Which of the following is not a way that a manager at a manufacturing firm can improve the performance level in the organization?

There is no difference in the goals of financial accounting and management accounting.

Sustainability:

Explain why it is important for managers to account for all of the costs incurred in each value-chain category.What is their goal? Be specific.

The term strategy describes how an organization will compete and it describes the opportunities that managers should pursue.

________ comprises the actions that implement the planning decisions,deciding how to evaluate performance,and providing feedback and learning to help future decision making.

What should a managerial accountant do when faced with ethical issues that arise in their organizations?

Which of the following is not a way for a company to improve customer response time?

A cost concept is typically used for the external reporting purpose of accounting and may not be an appropriate concept for the internal or routine reporting to managers.

Strategic cost management describes cost management that:

Users of management accounting information include:

Define strategy and explain why strategic decisions are important to a management accountant.

Companies feel pressure to reduce costs as a result of increased global competition.

The planning and control activities are never flexible enough so managers cannot seize sudden opportunities unforeseen at the time the plan is formulated.

An Introduction to Cost Terms and Purposes

Cost-Volume-Profit Analysis

Job Costing

Process Costing and Cost Allocation

Activity-Based Costing and Activity-Based Management

Pricing Decisions, customer Profitability, and Cost Management

Determining How Costs Behave

Decision Making and Relevant Information

Quality, inventory Management, and Time

Capital Investments

Master Budget and Responsibility Accounting

Flexible Budgets, cost Variances, and Management Control

Strategy, Balanced Scorecard, and Strategic Profitability Analysis

Transfer Pricing

Performance Measurement and Compensation

Filters

The contains six primary business functions in modern organizations.