Question 1

XBRL is an integrated information system that supports all functional areas of a business.

Accepted Answer

A) True 
 B)False

Question 2

Accountants do NOT support the ________ function of the value chain.

Accepted Answer

A) research and development 
B) design of products,services or processes 
C) customer service 
D) none of the above 
A) research and development 
B) design of products,services or processes 
C) customer service 
D) none of the above

Question 3

Management-by-exception means that managers should ________.

Accepted Answer

A) concentrate on areas that deviate from the plan 
B) in the absence of other evidence,presume that areas that conform with plans are running smoothly 
C) A and B 
D) none of the above 
A) concentrate on areas that deviate from the plan 
B) in the absence of other evidence,presume that areas that conform with plans are running smoothly 
C) A and B 
D) none of the above

Question 4

________ information involves routine reports that compare actual results to predicted results.

Accepted Answer

A) Budgets 
B) Attention directing 
C) Scorekeeping 
D) Problem solving 
A) Budgets 
B) Attention directing 
C) Scorekeeping 
D) Problem solving

Question 5

A sorority held a party.The sorority prepared the following budget for 25 expected attendees:   Twenty-five people attended the party and the following costs were incurred:
  What is the variance for food cost?

Accepted Answer

A) $30 Unfavorable 
B) $30 Favorable 
C) $10 Favorable 
D) $70 Unfavorable 
A) $30 Unfavorable 
B) $30 Favorable 
C) $10 Favorable 
D) $70 Unfavorable

Question 6

Which of the following statements is FALSE?

Accepted Answer

A) Management accounting allows accountants to plan and control operations. 
B) Management accountants play a role in supporting all the functions of the value chain. 
C) Management accounting allows an accountant to learn about interrelationships between different functional areas. 
D) Management accounting helps an accountant understand how information can improve decisions in different functional areas. 
A) Management accounting allows accountants to plan and control operations. 
B) Management accountants play a role in supporting all the functions of the value chain. 
C) Management accounting allows an accountant to learn about interrelationships between different functional areas. 
D) Management accounting helps an accountant understand how information can improve decisions in different functional areas.

Question 7

The Hola Company held a Christmas party.The company 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 total costs?

Accepted Answer

A) $115 Unfavorable 
B) $115 Favorable 
C) $25 Favorable 
D) $140 Unfavorable 
A) $115 Unfavorable 
B) $115 Favorable 
C) $25 Favorable 
D) $140 Unfavorable

Question 8

An example of a staff department at a clothing manufacturer is the ________.

Accepted Answer

A) pressing department 
B) cutting department 
C) sewing department 
D) maintenance department 
A) pressing department 
B) cutting department 
C) sewing department 
D) maintenance department

Question 9

What are the four standards of ethical conduct covered by the IMA's Statement of Ethical Professional Practice?

Accepted Answer

Competence,Confident

Question 10

A(n)________ is a review to determine whether the policies and procedures specified by top management have been implemented.

Accepted Answer

A) management audit 
B) internal audit 
C) internal control 
D) internal accounting control 
A) management audit 
B) internal audit 
C) internal control 
D) internal accounting control

Question 11

According to the IMA's Statement of Ethical Professional Practice,the standard of credibility requires ________.

Accepted Answer

A) mitigating actual conflicts of interest 
B) maintaining an appropriate level of professional expertise by continually developing knowledge and skills 
C) communicating information fairly and objectively 
D) performing professional duties in accordance with relevant laws,regulations and technical standards 
A) mitigating actual conflicts of interest 
B) maintaining an appropriate level of professional expertise by continually developing knowledge and skills 
C) communicating information fairly and objectively 
D) performing professional duties in accordance with relevant laws,regulations and technical standards

Question 12

One of a treasurer's responsibilities is tax administration.

Accepted Answer

A) True 
 B)False

Question 13

Which credential is associated with independent auditors?

Accepted Answer

A) CMA 
B) CPA 
C) CFP 
D) IMA 
A) CMA 
B) CPA 
C) CFP 
D) IMA

Question 14

One advantage of the management-by-exception approach is that it ________.

Accepted Answer

A) frees managers from needless concern over operations that adhere to plans 
B) allows managers to ignore aspects of the business outside their area of expertise 
C) allows managers to ignore day-to-day operations 
D) allows managers to ignore problem situations 
A) frees managers from needless concern over operations that adhere to plans 
B) allows managers to ignore aspects of the business outside their area of expertise 
C) allows managers to ignore day-to-day operations 
D) allows managers to ignore problem situations

Question 15

The ________ is mainly concerned with the company's operating matters whereas the ________ is mainly concerned with the company's financial matters.

Accepted Answer

A) treasurer; controller 
B) controller; treasurer 
C) managerial accountant; financial accountant 
D) chief executive officer; chief financial officer 
A) treasurer; controller 
B) controller; treasurer 
C) managerial accountant; financial accountant 
D) chief executive officer; chief financial officer

Question 16

The behavioral implications of an accounting system refers to the system's effects on the firm's customers.

Accepted Answer

A) True 
 B)False

Question 17

In the IMA's Statement of Ethical Professional Practice,integrity is one of the standards explained.

Accepted Answer

A) True 
 B)False

Question 18

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

Accepted Answer

The three types of information needed by

Question 19

Marketing is the function of the value chain that involves ________.

Accepted Answer

A) the mechanism by which a company delivers products or services to the customer 
B) the manner by which individuals or groups learn about the value and features of products or services 
C) selling activities and delivery activities 
D) selling activities and customer service 
A) the mechanism by which a company delivers products or services to the customer 
B) the manner by which individuals or groups learn about the value and features of products or services 
C) selling activities and delivery activities 
D) selling activities and customer service

Question 20

According to the IMA's Statement of Ethical Professional Practice,the standard of credibility includes ________.

Accepted Answer

A) continually developing the accountant's knowledge and skills 
B) mitigating actual conflicts of interest 
C) disclosing all relevant information that could reasonably be expected to influence an intended user's understanding of the reports 
D) refrain from engaging in any conduct that would prejudice carrying out duties ethically 
A) continually developing the accountant's knowledge and skills 
B) mitigating actual conflicts of interest 
C) disclosing all relevant information that could reasonably be expected to influence an intended user's understanding of the reports 
D) refrain from engaging in any conduct that would prejudice carrying out duties ethically

XBRL is an integrated information system that supports all functional areas of a business.

Accountants do NOT support the ________ function of the value chain.

Management-by-exception means that managers should ________.

________ information involves routine reports that compare actual results to predicted results.

A sorority held a party.The sorority prepared the following budget for 25 expected attendees: Twenty-five people attended the party and the following costs were incurred: What is the variance for food cost?

Which of the following statements is FALSE?

The Hola Company held a Christmas party.The company 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 total costs?

An example of a staff department at a clothing manufacturer is the ________.

What are the four standards of ethical conduct covered by the IMA's Statement of Ethical Professional Practice?

A(n)________ is a review to determine whether the policies and procedures specified by top management have been implemented.

According to the IMA's Statement of Ethical Professional Practice,the standard of credibility requires ________.

One of a treasurer's responsibilities is tax administration.

Which credential is associated with independent auditors?

One advantage of the management-by-exception approach is that it ________.

The is mainly concerned with the company's operating matters whereas the is mainly concerned with the company's financial matters.

The behavioral implications of an accounting system refers to the system's effects on the firm's customers.

In the IMA's Statement of Ethical Professional Practice,integrity is one of the standards explained.

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

Marketing is the function of the value chain that involves ________.

According to the IMA's Statement of Ethical Professional Practice,the standard of credibility includes ________.

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

XBRL is an integrated information system that supports all functional areas of a business.

Accountants do NOT support the ________ function of the value chain.

Management-by-exception means that managers should ________.

________ information involves routine reports that compare actual results to predicted results.

A sorority held a party.The sorority prepared the following budget for 25 expected attendees: Twenty-five people attended the party and the following costs were incurred: What is the variance for food cost?

Which of the following statements is FALSE?

The Hola Company held a Christmas party.The company 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 total costs?

An example of a staff department at a clothing manufacturer is the ________.

What are the four standards of ethical conduct covered by the IMA's Statement of Ethical Professional Practice?

A(n)________ is a review to determine whether the policies and procedures specified by top management have been implemented.

According to the IMA's Statement of Ethical Professional Practice,the standard of credibility requires ________.

One of a treasurer's responsibilities is tax administration.

Which credential is associated with independent auditors?

One advantage of the management-by-exception approach is that it ________.

The ________ is mainly concerned with the company's operating matters whereas the ________ is mainly concerned with the company's financial matters.

The behavioral implications of an accounting system refers to the system's effects on the firm's customers.

In the IMA's Statement of Ethical Professional Practice,integrity is one of the standards explained.

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

Marketing is the function of the value chain that involves ________.

According to the IMA's Statement of Ethical Professional Practice,the standard of credibility includes ________.

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

The is mainly concerned with the company's operating matters whereas the is mainly concerned with the company's financial matters.