Question 1

The purpose of the triple bottom line (TBL)approach is draw management's focus

Accepted Answer

A) primarily to financial prosperity but also people and products. 
B) to environmental sustainability, economic prosperity, and social networking. 
C) to financial prosperity, but also to areas of environmental stewardship and protection, as well as adhering to the laws of the jurisdictions in which the company operates. 
D) to profit, people, and planet. 
E) to what is important to shareholders. 
A) primarily to financial prosperity but also people and products. 
B) to environmental sustainability, economic prosperity, and social networking. 
C) to financial prosperity, but also to areas of environmental stewardship and protection, as well as adhering to the laws of the jurisdictions in which the company operates. 
D) to profit, people, and planet. 
E) to what is important to shareholders.

Question 2

Corporate social responsibility (CSR)is the legislated integration of social and environmental concerns into business decisions.

Accepted Answer

A) True 
 B)False

Question 3

There are three (3)basic business strategies: low cost, premium products, and customer satisfaction.

Accepted Answer

A) True 
 B)False

Question 4

Learning arises from comparing actual performance to expected performance.

Accepted Answer

A) True 
 B)False

Question 5

Enterprise Resource Planning software (ERP)

Accepted Answer

A) integrates data and provide managers with reports that highlight the interdependence of different business activities. 
B) facilitates "Easy Reporting for Proposals." 
C) provides financial reports for each separate enterprise in a conglomerate. 
D) is used only by plant managers to create "Exceptional Reports for Production." 
E) is free software downloaded over the Internet. 
A) integrates data and provide managers with reports that highlight the interdependence of different business activities. 
B) facilitates "Easy Reporting for Proposals." 
C) provides financial reports for each separate enterprise in a conglomerate. 
D) is used only by plant managers to create "Exceptional Reports for Production." 
E) is free software downloaded over the Internet.

Question 6

Corporate social responsibility is now mandatory for all publicly traded companies in Canada.

Accepted Answer

A) True 
 B)False

Question 7

In the value chain, research and development generates and experiments with new ideas related to new products.

Accepted Answer

A) True 
 B)False

Question 8

Match each independent statement with the appropriate use of feedback.
A)Changing reward systems.
B)Changing how decision alternatives are identified.
C)Changing goals.
D)Changing the range of information collected in order to make predictions.
E)Changing managers.
F)Changing how the company operates.
-Altec Company considers basing its marketing bonuses on the profitability of sales rather than on the dollar amount of sales.

Accepted Answer

The answer of Match each independent statement with the appropriate...

Question 9

For which of the following areas is a chief operating officer (COO)typically responsible?

Accepted Answer

A) treasurer 
B) non-financial operating functions 
C) risk management 
D) taxation 
E) controllership 
A) treasurer 
B) non-financial operating functions 
C) risk management 
D) taxation 
E) controllership

Question 10

Define Corporate Social Responsibility (CSR), and describe why it is important for corporate profitability.In addition describe the elements of the CSR approach called the Triple Bottom Line (TBL).

Accepted Answer

a.Defined - Corporate social responsibil

Question 11

Briefly explain the planning and control activities in management accounting.How are these two activities linked to each other?

Accepted Answer

Planning business operations relates to

Question 12

Which of the following is an example of the Integrative Analysis guideline from the CPA Guidelines for Ethical Behaviour?

Accepted Answer

A) planning and identifying possible conflicts of interest 
B) having the requisite knowledge to perform certain tasks 
C) no ownership interest in an audit client 
D) scrutinizing ethical constraints to determine the best way forward 
E) providing advice on bank loan covenants 
A) planning and identifying possible conflicts of interest 
B) having the requisite knowledge to perform certain tasks 
C) no ownership interest in an audit client 
D) scrutinizing ethical constraints to determine the best way forward 
E) providing advice on bank loan covenants

Question 13

Management accounting

Accepted Answer

A) measures, analyzes, and reports financial and nonfinancial information to internal managers. 
B) provides information about the company as a whole. 
C) reports information that has occurred in the past that is verifiable and reliable. 
D) provides information that is generally available only on a quarterly or annual basis. 
E) must follow generally accepted accounting principles. 
A) measures, analyzes, and reports financial and nonfinancial information to internal managers. 
B) provides information about the company as a whole. 
C) reports information that has occurred in the past that is verifiable and reliable. 
D) provides information that is generally available only on a quarterly or annual basis. 
E) must follow generally accepted accounting principles.

Question 14

For each of the independent activities give the aspect of the Five-Step Decision-Making Process that best describes what is being undertaken.
A)Implement the decision, evaluate performance, and learn
B)Identify the problem and uncertainties
C)Make predictions about the future
D)Decide on and implement one of the alternatives
E)Obtain information
-Preparing a report comparing actual and budgeted waste percentages from a chemical process in a herbicide plant.

Accepted Answer

The answer of For each of the independent activities give...

Question 15

Financial accounting

Accepted Answer

A) focuses on the future and includes activities such as preparing next year's operating budget. 
B) must comply with IFRS/ASPE. 
C) reports include detailed information on the various operating segments of the business such as product lines or departments. 
D) is prepared for the use of department heads and other employees. 
E) is primarily concerned with profitability analysis. 
A) focuses on the future and includes activities such as preparing next year's operating budget. 
B) must comply with IFRS/ASPE. 
C) reports include detailed information on the various operating segments of the business such as product lines or departments. 
D) is prepared for the use of department heads and other employees. 
E) is primarily concerned with profitability analysis.

Question 16

Which of the following individuals focuses on reporting and interpreting relevant financial information used to manage the company?

Accepted Answer

A) chief financial officer 
B) controller 
C) line management 
D) treasurer 
E) accounting manager 
A) chief financial officer 
B) controller 
C) line management 
D) treasurer 
E) accounting manager

Question 17

An Enterprise Resource Planning System can best be described as

Accepted Answer

A) a collection of programs that use a variety of unconnected databases. 
B) a single database that collects data and feeds it into applications that support each of the company's business activities, such as purchases, production, distribution, and sales. 
C) a database that is primarily used by a purchasing department to determine the correct amount of a particular supply item to purchase. 
D) a sophisticated means of linking two or more companies to facilitate their planning processes. 
E) exception reporting system for plant managers. 
A) a collection of programs that use a variety of unconnected databases. 
B) a single database that collects data and feeds it into applications that support each of the company's business activities, such as purchases, production, distribution, and sales. 
C) a database that is primarily used by a purchasing department to determine the correct amount of a particular supply item to purchase. 
D) a sophisticated means of linking two or more companies to facilitate their planning processes. 
E) exception reporting system for plant managers.

Question 18

For each of the independent activities give the aspect of the Five-Step Decision-Making Process that best describes what is being undertaken.
A)Implement the decision, evaluate performance, and learn
B)Identify the problem and uncertainties
C)Make predictions about the future
D)Decide on and implement one of the alternatives
E)Obtain information
-Evaluating a new environmental law.

Accepted Answer

The answer of For each of the independent activities give...

Question 19

________ refers to a strategy that integrates people and technology across all business functions and enhances relationships with customers, suppliers, and other stakeholders.

Accepted Answer

A) Customer relationship management 
B) Strategic management 
C) Supply chain management 
D) Total quality management 
E) Customer enhancement strategy 
A) Customer relationship management 
B) Strategic management 
C) Supply chain management 
D) Total quality management 
E) Customer enhancement strategy

Question 20

________ describe(s)the flow of goods, services, and information from the purchase of materials to the delivery of products to consumers, regardless of whether those activities occur in the same organization or with other organizations.

Accepted Answer

A) Supply chain 
B) Key success factors 
C) Continuous improvement 
D) Customer focus 
E) Value chain 
A) Supply chain 
B) Key success factors 
C) Continuous improvement 
D) Customer focus 
E) Value chain

The purpose of the triple bottom line (TBL)approach is draw management's focus

Corporate social responsibility (CSR)is the legislated integration of social and environmental concerns into business decisions.

There are three (3)basic business strategies: low cost, premium products, and customer satisfaction.

Learning arises from comparing actual performance to expected performance.

Enterprise Resource Planning software (ERP)

Corporate social responsibility is now mandatory for all publicly traded companies in Canada.

In the value chain, research and development generates and experiments with new ideas related to new products.

For which of the following areas is a chief operating officer (COO)typically responsible?

Define Corporate Social Responsibility (CSR), and describe why it is important for corporate profitability.In addition describe the elements of the CSR approach called the Triple Bottom Line (TBL).

Briefly explain the planning and control activities in management accounting.How are these two activities linked to each other?

Which of the following is an example of the Integrative Analysis guideline from the CPA Guidelines for Ethical Behaviour?

Management accounting

Financial accounting

Which of the following individuals focuses on reporting and interpreting relevant financial information used to manage the company?

An Enterprise Resource Planning System can best be described as

________ refers to a strategy that integrates people and technology across all business functions and enhances relationships with customers, suppliers, and other stakeholders.

________ describe(s)the flow of goods, services, and information from the purchase of materials to the delivery of products to consumers, regardless of whether those activities occur in the same organization or with other organizations.

An Introduction to Cost Terms and Purposes

Cost-Volume-Profit Analysis

Job Costing

Activity-Based Costing and Management

Master Budget and Responsibility Accounting

Flexible Budgets, Variances, and Management Control: I

Flexible Budgets, Variances, and Management Control: II

Income Effects of Denominator Level on Inventory Valuation

Analysis of Cost Behaviour

Decision Making and Relevant Information

Pricing Decisions, Product Profitability Decisions, and Cost Management

Strategy, Balanced Scorecard, and Profitability Analysis

Period Cost Allocation

Cost Allocation: Joint Products and Byproducts

Revenue and Customer Profitability Analysis

Process Costing

Spoilage, Rework, and Scrap

Inventory Cost Management Strategies

Capital Budgeting: Methods of Investment Analysis

Transfer Pricing and Multinational Management Control Systems

Multinational Performance Measurement and Compensation

Filters

Exam 1: The Accountants Vital Role in Decision Making

The purpose of the triple bottom line (TBL)approach is draw management's focus

Corporate social responsibility (CSR)is the legislated integration of social and environmental concerns into business decisions.

There are three (3)basic business strategies: low cost, premium products, and customer satisfaction.

Learning arises from comparing actual performance to expected performance.

Enterprise Resource Planning software (ERP)

Corporate social responsibility is now mandatory for all publicly traded companies in Canada.

In the value chain, research and development generates and experiments with new ideas related to new products.

For which of the following areas is a chief operating officer (COO)typically responsible?

Define Corporate Social Responsibility (CSR), and describe why it is important for corporate profitability.In addition describe the elements of the CSR approach called the Triple Bottom Line (TBL).

Briefly explain the planning and control activities in management accounting.How are these two activities linked to each other?

Which of the following is an example of the Integrative Analysis guideline from the CPA Guidelines for Ethical Behaviour?

Management accounting

Financial accounting

Which of the following individuals focuses on reporting and interpreting relevant financial information used to manage the company?

An Enterprise Resource Planning System can best be described as

________ refers to a strategy that integrates people and technology across all business functions and enhances relationships with customers, suppliers, and other stakeholders.

________ describe(s)the flow of goods, services, and information from the purchase of materials to the delivery of products to consumers, regardless of whether those activities occur in the same organization or with other organizations.

An Introduction to Cost Terms and Purposes

Cost-Volume-Profit Analysis

Job Costing

Activity-Based Costing and Management

Master Budget and Responsibility Accounting

Flexible Budgets, Variances, and Management Control: I

Flexible Budgets, Variances, and Management Control: II

Income Effects of Denominator Level on Inventory Valuation

Analysis of Cost Behaviour

Decision Making and Relevant Information

Pricing Decisions, Product Profitability Decisions, and Cost Management

Strategy, Balanced Scorecard, and Profitability Analysis

Period Cost Allocation

Cost Allocation: Joint Products and Byproducts

Revenue and Customer Profitability Analysis

Process Costing

Spoilage, Rework, and Scrap

Inventory Cost Management Strategies

Capital Budgeting: Methods of Investment Analysis

Transfer Pricing and Multinational Management Control Systems

Multinational Performance Measurement and Compensation

Filters