Question 1

A budget ________.

Accepted Answer

A) is a quantitative expression of a plan of action 
B) provides feedback by comparing actual results with planned results 
C) includes deviations from planned results 
D) ignores areas that are presumed to be running smoothly 
A) is a quantitative expression of a plan of action 
B) provides feedback by comparing actual results with planned results 
C) includes deviations from planned results 
D) ignores areas that are presumed to be running smoothly

Question 2

The Foreign Corrupt Practices Act requires ________.

Accepted Answer

A) companies to accept bribes from officials in foreign countries 
B) all publicly held companies to follow the act only if they conduct business outside the United States 
C) companies to maintain their accounting records in reasonable detail and accuracy 
D) companies to prepare a separate report on their system of internal control 
A) companies to accept bribes from officials in foreign countries 
B) all publicly held companies to follow the act only if they conduct business outside the United States 
C) companies to maintain their accounting records in reasonable detail and accuracy 
D) companies to prepare a separate report on their system of internal control

Question 3

The IMA's ethical standard for integrity includes all of the following EXCEPT ________.

Accepted Answer

A) each member has a responsibility to mitigate actual conflicts of interest 
B) each member has a responsibility to refrain from engaging in any conduct that would prejudice carrying out duties ethically 
C) each member has a responsibility to abstain from engaging in or supporting any activity that would discredit the profession 
D) each member has a responsibility to monitor subordinates' activities to ensure compliance with the ethical standard 
A) each member has a responsibility to mitigate actual conflicts of interest 
B) each member has a responsibility to refrain from engaging in any conduct that would prejudice carrying out duties ethically 
C) each member has a responsibility to abstain from engaging in or supporting any activity that would discredit the profession 
D) each member has a responsibility to monitor subordinates' activities to ensure compliance with the ethical standard

Question 4

During the product development stage of the product life cycle,companies typically experience ________.

Accepted Answer

A) revenues and no costs 
B) costs and no revenues 
C) both costs and revenues 
D) neither costs nor revenues 
A) revenues and no costs 
B) costs and no revenues 
C) both costs and revenues 
D) neither costs nor revenues

Question 5

Performance reports ________.

Accepted Answer

A) are quantitative expressions of plans for action 
B) provide feedback by comparing actual results with planned results 
C) ignore areas that are presumed to be running smoothly 
D) provide information to enable managers to select a value chain function to emphasize 
A) are quantitative expressions of plans for action 
B) provide feedback by comparing actual results with planned results 
C) ignore areas that are presumed to be running smoothly 
D) provide information to enable managers to select a value chain function to emphasize

Question 6

The detailed design and engineering of products,services or processes is called the ________ function in the value chain.

Accepted Answer

A) research and development 
B) design of products,services or processes 
C) engineering of products,services or processes 
D) production 
A) research and development 
B) design of products,services or processes 
C) engineering of products,services or processes 
D) production

Question 7

Financial accounting reports are usually prepared for a period of one year or less.

Accepted Answer

A) True 
 B)False

Question 8

Which of the following items should be considered by managers when designing accounting systems?

Accepted Answer

A) cost-benefit balances 
B) behavioral implications 
C) cost-benefit balances and behavioral implications 
D) none of the above 
A) cost-benefit balances 
B) behavioral implications 
C) cost-benefit balances and behavioral implications 
D) none of the above

Question 9

When comparing management accounting and financial accounting,which of the following statements is FALSE?

Accepted Answer

A) Management accounting has a future orientation whereas financial accounting has a past orientation. 
B) Management accounting prepares detailed reports whereas financial accounting prepares summary reports. 
C) Management accountants are constrained by the principles of reporting promulgated by the Institute of Management Accountants whereas financial accountants are constrained by Generally Accepted Accounting Principles. 
D) Behavioral considerations are of primary importance in management accounting,but not in financial accounting. 
A) Management accounting has a future orientation whereas financial accounting has a past orientation. 
B) Management accounting prepares detailed reports whereas financial accounting prepares summary reports. 
C) Management accountants are constrained by the principles of reporting promulgated by the Institute of Management Accountants whereas financial accountants are constrained by Generally Accepted Accounting Principles. 
D) Behavioral considerations are of primary importance in management accounting,but not in financial accounting.

Question 10

The controller is primarily concerned with a company's financial matters and the treasurer is concerned with a company's operating matters.

Accepted Answer

A) True 
 B)False

Question 11

The Institute of Management Accountants has adopted a set of standards for ethical conduct which includes ________.

Accepted Answer

A) competence,integrity,confidentiality and objectivity 
B) competence,confidentiality,credibility and objectivity 
C) competence,confidentiality,credibility and integrity 
D) competence,integrity,morality and confidentiality 
A) competence,integrity,confidentiality and objectivity 
B) competence,confidentiality,credibility and objectivity 
C) competence,confidentiality,credibility and integrity 
D) competence,integrity,morality and confidentiality

Question 12

List three types of accounting information that managers need to achieve their goals and objectives.

Accepted Answer

Scorekeeping informa

Question 13

Explain a Certified Management Accountant's ethical responsibilities.

Accepted Answer

A CMA must follow the code of conduct pr

Question 14

The cost-benefit balance is the primary consideration in choosing among accounting systems and methods.

Accepted Answer

A) True 
 B)False

Question 15

Which of the following is a major factor causing changes in management accounting today?

Accepted Answer

A) decreased global competition 
B) advances in technology 
C) shift to manufacturing-based economy 
D) expansion of the value chain 
A) decreased global competition 
B) advances in technology 
C) shift to manufacturing-based economy 
D) expansion of the value chain

Question 16

The Certified Management Accountant (CMA)designation refers to independent auditors.

Accepted Answer

A) True 
 B)False

Question 17

Which of the following is NOT a government regulation that influences accounting systems?

Accepted Answer

A) Sarbanes-Oxley Act 
B) Foreign Corrupt Practices Act 
C) tax rules promulgated by the Internal Revenue Service 
D) International Financial Reporting Standards 
A) Sarbanes-Oxley Act 
B) Foreign Corrupt Practices Act 
C) tax rules promulgated by the Internal Revenue Service 
D) International Financial Reporting Standards

Question 18

A fraternity held a party.The fraternity prepared the following budget for 25 expected attendees:   Twenty-five people attended the party.The following costs were incurred:
  What is the primary reason for the unfavorable variance for total costs?

Accepted Answer

A) room rental 
B) food 
C) entertainment 
D) decorations 
A) room rental 
B) food 
C) entertainment 
D) decorations

Question 19

The majority of accountants work for government entities and nonprofit firms.

Accepted Answer

A) True 
 B)False

Question 20

Key Bank held a party.Key Bank expected attendance of 100 people and prepared the following budget:   One hundred people attended the party.The following costs were incurred:
  What is the variance for the cost of food?

Accepted Answer

A) $215 Unfavorable 
B) $240 Favorable 
C) $215 Favorable 
D) $240 Unfavorable 
A) $215 Unfavorable 
B) $240 Favorable 
C) $215 Favorable 
D) $240 Unfavorable

A budget ________.

The Foreign Corrupt Practices Act requires ________.

The IMA's ethical standard for integrity includes all of the following EXCEPT ________.

During the product development stage of the product life cycle,companies typically experience ________.

Performance reports ________.

The detailed design and engineering of products,services or processes is called the ________ function in the value chain.

Financial accounting reports are usually prepared for a period of one year or less.

Which of the following items should be considered by managers when designing accounting systems?

When comparing management accounting and financial accounting,which of the following statements is FALSE?

The controller is primarily concerned with a company's financial matters and the treasurer is concerned with a company's operating matters.

The Institute of Management Accountants has adopted a set of standards for ethical conduct which includes ________.

List three types of accounting information that managers need to achieve their goals and objectives.

Explain a Certified Management Accountant's ethical responsibilities.

The cost-benefit balance is the primary consideration in choosing among accounting systems and methods.

Which of the following is a major factor causing changes in management accounting today?

The Certified Management Accountant (CMA)designation refers to independent auditors.

Which of the following is NOT a government regulation that influences accounting systems?

A fraternity held a party.The fraternity prepared the following budget for 25 expected attendees: Twenty-five people attended the party.The following costs were incurred: What is the primary reason for the unfavorable variance for total costs?

The majority of accountants work for government entities and nonprofit firms.

Key Bank held a party.Key Bank expected attendance of 100 people and prepared the following budget: One hundred people attended the party.The following costs were incurred: What is the variance for the cost of food?

Introduction to Cost Behavior and Cost-Volume Relationships

Measurement of Cost Behavior

Cost Management Systems and Activity-Based Costing

Relevant Information for Decision Making With a Focus

Relevant Information for Decision Making With a Focus

Introduction to Budgets and Preparing the Master Budget

Flexible Budgets and Variance Analysis

Management Control Systems and Responsibility Accounting

Management Control in Decentralized Organizations

Capital Budgeting

Cost Allocation

Accounting for Overhead Costs

Job-Order Costing and Process-Costing Systems

Basic Accounting: Concepts, techniques, and Conventions

Understanding Corporate Annual Reports: Basic Financial Statements

Understanding and Analyzing Consolidated Financial Statements

Filters

Exam 1: Managerial Accounting, the Business Organization

A budget ________.

The Foreign Corrupt Practices Act requires ________.

The IMA's ethical standard for integrity includes all of the following EXCEPT ________.

During the product development stage of the product life cycle,companies typically experience ________.

Performance reports ________.

The detailed design and engineering of products,services or processes is called the ________ function in the value chain.

Financial accounting reports are usually prepared for a period of one year or less.

Which of the following items should be considered by managers when designing accounting systems?

When comparing management accounting and financial accounting,which of the following statements is FALSE?

The controller is primarily concerned with a company's financial matters and the treasurer is concerned with a company's operating matters.

The Institute of Management Accountants has adopted a set of standards for ethical conduct which includes ________.

List three types of accounting information that managers need to achieve their goals and objectives.

Explain a Certified Management Accountant's ethical responsibilities.

The cost-benefit balance is the primary consideration in choosing among accounting systems and methods.

Which of the following is a major factor causing changes in management accounting today?

The Certified Management Accountant (CMA)designation refers to independent auditors.

Which of the following is NOT a government regulation that influences accounting systems?

A fraternity held a party.The fraternity prepared the following budget for 25 expected attendees: Twenty-five people attended the party.The following costs were incurred: What is the primary reason for the unfavorable variance for total costs?

The majority of accountants work for government entities and nonprofit firms.

Key Bank held a party.Key Bank expected attendance of 100 people and prepared the following budget: One hundred people attended the party.The following costs were incurred: What is the variance for the cost of food?

Introduction to Cost Behavior and Cost-Volume Relationships

Measurement of Cost Behavior

Cost Management Systems and Activity-Based Costing

Relevant Information for Decision Making With a Focus

Relevant Information for Decision Making With a Focus

Introduction to Budgets and Preparing the Master Budget

Flexible Budgets and Variance Analysis

Management Control Systems and Responsibility Accounting

Management Control in Decentralized Organizations

Capital Budgeting

Cost Allocation

Accounting for Overhead Costs

Job-Order Costing and Process-Costing Systems

Basic Accounting: Concepts, techniques, and Conventions

Understanding Corporate Annual Reports: Basic Financial Statements

Understanding and Analyzing Consolidated Financial Statements

Filters