Question 1

Managers and other internal users are the primary users of managerial accounting information.

Accepted Answer

A) True 
 B)False

Question 2

Which of the following positions is responsible for the oversight, strategy formulation, and guidance at a large corporation?

Accepted Answer

A) CEO 
B) Company president 
C) Stockholders 
D) Board of Directors 
A) CEO 
B) Company president 
C) Stockholders 
D) Board of Directors

Question 3

What factor has changed the roles of managerial accountants?

Accepted Answer

A) Stricter GAAP standards 
B) Technology 
C) Stricter audit standards 
D) None of the above 
A) Stricter GAAP standards 
B) Technology 
C) Stricter audit standards 
D) None of the above

Question 4

The standards of the IMA Statement of Ethical Professional Practice include which of the following?

Accepted Answer

A) Objectivity 
B) Fairness 
C) Honesty 
D) Integrity 
A) Objectivity 
B) Fairness 
C) Honesty 
D) Integrity

Question 5

Budgets are the quantitative expression of management's plans.

Accepted Answer

A) True 
 B)False

Question 6

Sustainability refers to the ability of a system to:

Accepted Answer

A) maintain its own viability. 
B) endure without giving way. 
C) sparingly use resources as to not deplete or permanently damage them. 
D) All of the above are correct. 
A) maintain its own viability. 
B) endure without giving way. 
C) sparingly use resources as to not deplete or permanently damage them. 
D) All of the above are correct.

Question 7

Managerial accountants are now considered to be similar to internal consultants and business advisors.

Accepted Answer

A) True 
 B)False

Question 8

Which of the following statements is false about financial accounting?

Accepted Answer

A) Financial accounting helps investors make decisions. 
B) Financial accounting provides sufficient information for managers to effectively plan and control operations. 
C) Financial accounting reports help creditors make decisions. 
D) Financial accounting provides external reports. 
A) Financial accounting helps investors make decisions. 
B) Financial accounting provides sufficient information for managers to effectively plan and control operations. 
C) Financial accounting reports help creditors make decisions. 
D) Financial accounting provides external reports.

Question 9

According to SOX, at least one member of the audit committee should be a financial expert.

Accepted Answer

A) True 
 B)False

Question 10

Is financial accounting or managerial accounting more useful to a plant (factory)manager? Explain your answer.

Accepted Answer

Managerial accounting is more useful to

Question 11

Which of the following are the internal decision makers of a company?

Accepted Answer

A) Vendors 
B) Managers 
C) Shareholders 
D) Customers 
A) Vendors 
B) Managers 
C) Shareholders 
D) Customers

Question 12

Lean thinking is both a philosophy and a business strategy of manufacturing without waste.

Accepted Answer

A) True 
 B)False

Question 13

Which of the following is an example of the IMA's competence standard?

Accepted Answer

A) Provide decision support information and recommendations that is accurate, clear, concise and timely. 
B) Keep information confidential, except when disclosure is legally required. 
C) Communicate information fairly and objectively. 
D) Abstain from engaging in or supporting any activity that might discredit the profession. 
A) Provide decision support information and recommendations that is accurate, clear, concise and timely. 
B) Keep information confidential, except when disclosure is legally required. 
C) Communicate information fairly and objectively. 
D) Abstain from engaging in or supporting any activity that might discredit the profession.

Question 14

Discuss at least four differences between financial accounting and managerial accounting.

Accepted Answer

The answer of Discuss at least four differences between financial...

Question 15

Inflating your expenses for a company-sponsored conference that discredits the profession is a violation of what ethical standard?

Accepted Answer

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

Question 16

Managerial accounting reports are prepared whenever they are requested and contain specific data required by the managers of the company.

Accepted Answer

A) True 
 B)False

Question 17

Managerial accounting information tends to report on segments of the business.

Accepted Answer

A) True 
 B)False

Question 18

Which of the following is not used in a cost-benefit analysis?

Accepted Answer

A) Future benefits to be received from project 
B) Amounts for future costs of project 
C) Book value of past investment in equipment 
D) Amount needed to invest in project initially 
A) Future benefits to be received from project 
B) Amounts for future costs of project 
C) Book value of past investment in equipment 
D) Amount needed to invest in project initially

Question 19

How often should managerial accounting reports be prepared?

Accepted Answer

A) Annually 
B) Quarterly 
C) Monthly 
D) As often as necessary 
A) Annually 
B) Quarterly 
C) Monthly 
D) As often as necessary

Question 20

Which statement is true?

Accepted Answer

A) Management uses financial information to analyze costs. 
B) Management uses financial information to plan internal operations. 
C) Management uses reports created for internal parties. 
D) All of the above are true. 
A) Management uses financial information to analyze costs. 
B) Management uses financial information to plan internal operations. 
C) Management uses reports created for internal parties. 
D) All of the above are true.

Managers and other internal users are the primary users of managerial accounting information.

Which of the following positions is responsible for the oversight, strategy formulation, and guidance at a large corporation?

What factor has changed the roles of managerial accountants?

The standards of the IMA Statement of Ethical Professional Practice include which of the following?

Budgets are the quantitative expression of management's plans.

Sustainability refers to the ability of a system to:

Managerial accountants are now considered to be similar to internal consultants and business advisors.

Which of the following statements is false about financial accounting?

According to SOX, at least one member of the audit committee should be a financial expert.

Is financial accounting or managerial accounting more useful to a plant (factory)manager? Explain your answer.

Which of the following are the internal decision makers of a company?

Lean thinking is both a philosophy and a business strategy of manufacturing without waste.

Which of the following is an example of the IMA's competence standard?

Discuss at least four differences between financial accounting and managerial accounting.

Inflating your expenses for a company-sponsored conference that discredits the profession is a violation of what ethical standard?

Managerial accounting reports are prepared whenever they are requested and contain specific data required by the managers of the company.

Managerial accounting information tends to report on segments of the business.

Which of the following is not used in a cost-benefit analysis?

How often should managerial accounting reports be prepared?

Which statement is true?

Building Blocks of Managerial Accounting

Job Costing

Activity-Based Costing, Lean Operations, and the Costs of Quality

Process Costing

Cost Behavior

Cost-Volume-Profit Analysis

Relevant Costs for Short-Term Decisions

The Master Budget

Performance Evalulation

Standard Costs and Variances

Capital Investment Decisions and the Time Value of Money

Statement of Cash Flows

Financial Statement Analysis

Sustainability

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Exam 1: Introduction to Managerial Accounting

Managers and other internal users are the primary users of managerial accounting information.

Which of the following positions is responsible for the oversight, strategy formulation, and guidance at a large corporation?

What factor has changed the roles of managerial accountants?

The standards of the IMA Statement of Ethical Professional Practice include which of the following?

Budgets are the quantitative expression of management's plans.

Sustainability refers to the ability of a system to:

Managerial accountants are now considered to be similar to internal consultants and business advisors.

Which of the following statements is false about financial accounting?

According to SOX, at least one member of the audit committee should be a financial expert.

Is financial accounting or managerial accounting more useful to a plant (factory)manager? Explain your answer.

Which of the following are the internal decision makers of a company?

Lean thinking is both a philosophy and a business strategy of manufacturing without waste.

Which of the following is an example of the IMA's competence standard?

Discuss at least four differences between financial accounting and managerial accounting.

Inflating your expenses for a company-sponsored conference that discredits the profession is a violation of what ethical standard?

Managerial accounting reports are prepared whenever they are requested and contain specific data required by the managers of the company.

Managerial accounting information tends to report on segments of the business.

Which of the following is not used in a cost-benefit analysis?

How often should managerial accounting reports be prepared?

Which statement is true?

Building Blocks of Managerial Accounting

Job Costing

Activity-Based Costing, Lean Operations, and the Costs of Quality

Process Costing

Cost Behavior

Cost-Volume-Profit Analysis

Relevant Costs for Short-Term Decisions

The Master Budget

Performance Evalulation

Standard Costs and Variances

Capital Investment Decisions and the Time Value of Money

Statement of Cash Flows

Financial Statement Analysis

Sustainability

Filters