Question 1

Which of the following statements refers to management accounting information?

Accepted Answer

A) There are no regulations governing the reports. 
B) The reports are generally delayed and historical. 
C) The audience tends to be stockholders,creditors,and tax authorities. 
D) It primarily measures and records business transactions. 
E) The reports are audited so can be used in confidence by potential investors. 
A) There are no regulations governing the reports. 
B) The reports are generally delayed and historical. 
C) The audience tends to be stockholders,creditors,and tax authorities. 
D) It primarily measures and records business transactions. 
E) The reports are audited so can be used in confidence by potential investors.

Question 2

________ 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

Question 3

A company may employ CPAs and other persons who are required to meet certain standards of professional conduct due to their membership in relevant professional organizations.These standards of conduct often include the areas of responsibility,competence,fairness and independence.However,holding only a few people responsible for sound professional conduct does not make a company behave ethically.
Required:
What can a company do to increase the likelihood of its employees being ethical in all their undertakings?

Accepted Answer

A company can begin by establishing its

Question 4

Which of the following is an example of an intrinsic reward?

Accepted Answer

A) participation in a stock option plan 
B) receiving a cash performance bonus 
C) being acknowledged for a job well done 
D) receiving an all expenses paid vacation as a bonus 
E) receiving a salary increase to keep up with inflation 
A) participation in a stock option plan 
B) receiving a cash performance bonus 
C) being acknowledged for a job well done 
D) receiving an all expenses paid vacation as a bonus 
E) receiving a salary increase to keep up with inflation

Question 5

Line management exists to provide advice and assistance to staff departments.

Accepted Answer

A) True 
 B)False

Question 6

Managerial accounting and cost accounting both measure and report financial and non-financial information relating to the cost of acquiring or utilizing resources.

Accepted Answer

A) True 
 B)False

Question 7

Describe the value chain and how it can help organizations become more effective.

Accepted Answer

A value chain is a sequence of business

Question 8

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

Accepted Answer

A) True 
 B)False

Question 9

Collecting information to follow through on how actual performance compares to planned or budgeted performance is referred to as

Accepted Answer

A) an accounting system. 
B) scorekeeping. 
C) management accounting. 
D) attention directing. 
E) problem solving. 
A) an accounting system. 
B) scorekeeping. 
C) management accounting. 
D) attention directing. 
E) problem solving.

Question 10

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

Accepted Answer

A) True 
 B)False

Question 11

The controller is also called the CFO.

Accepted Answer

A) True 
 B)False

Question 12

Performance measures must be based on financial information to be verifiable.

Accepted Answer

A) True 
 B)False

Question 13

Define sustainability accounting and describe why this is an important area for management and cost accounting.

Accepted Answer

Sustainability accounting focuses on rep

Question 14

Customers are demanding that companies use the value chain and supply chain to deliver ever-improving levels of performance regarding key success factors.Briefly describe each of the following key success factors: cost and efficiency;quality;time;innovation.For each key success factor give an example an activity that relates to that factor;and,the effect of that activity on the value chain.

Accepted Answer

Cost and Efficiency: Organizations are u

Question 15

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 16

The process of preparing a budget enhances coordination and communication throughout the company.

Accepted Answer

A) True 
 B)False

Question 17

Companies generally follow one of two basic strategies: 1)providing a quality product or service at low prices,or 2)offering a unique product or service often priced higher than competing products.

Accepted Answer

A) True 
 B)False

Question 18

For each type of report listed below,identify one planning decision and one control decision for which the information would be helpful.
Item:
a.annual financial statements for the past three years
b.report detailing sales by department by each hour of the day for the past week
c.special study regarding increased road traffic due to the construction of a new shopping mall at a nearby intersection

Accepted Answer

Note that answers will vary,but may incl

Question 19

List the Five-Step Decision-Making Process in order.

Accepted Answer

1.Identify the problem and uncertainties

Question 20

________ is the generation of,and experimentation with,ideas related to new products,services,or processes.

Accepted Answer

A) Research and development 
B) Design of products,services,or processes 
C) Production 
D) Marketing 
E) Quality control 
A) Research and development 
B) Design of products,services,or processes 
C) Production 
D) Marketing 
E) Quality control

Which of the following statements refers to management accounting information?

________ 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.

Which of the following is an example of an intrinsic reward?

Line management exists to provide advice and assistance to staff departments.

Managerial accounting and cost accounting both measure and report financial and non-financial information relating to the cost of acquiring or utilizing resources.

Describe the value chain and how it can help organizations become more effective.

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

Collecting information to follow through on how actual performance compares to planned or budgeted performance is referred to as

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

The controller is also called the CFO.

Performance measures must be based on financial information to be verifiable.

Define sustainability accounting and describe why this is an important area for management and cost accounting.

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).

The process of preparing a budget enhances coordination and communication throughout the company.

Companies generally follow one of two basic strategies: 1)providing a quality product or service at low prices,or 2)offering a unique product or service often priced higher than competing products.

List the Five-Step Decision-Making Process in order.

________ is the generation of,and experimentation with,ideas related to new products,services,or processes.

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

Which of the following statements refers to management accounting information?

________ 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.

Which of the following is an example of an intrinsic reward?

Line management exists to provide advice and assistance to staff departments.

Managerial accounting and cost accounting both measure and report financial and non-financial information relating to the cost of acquiring or utilizing resources.

Describe the value chain and how it can help organizations become more effective.

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

Collecting information to follow through on how actual performance compares to planned or budgeted performance is referred to as

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

The controller is also called the CFO.

Performance measures must be based on financial information to be verifiable.

Define sustainability accounting and describe why this is an important area for management and cost accounting.

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).

The process of preparing a budget enhances coordination and communication throughout the company.

Companies generally follow one of two basic strategies: 1)providing a quality product or service at low prices,or 2)offering a unique product or service often priced higher than competing products.

List the Five-Step Decision-Making Process in order.

________ is the generation of,and experimentation with,ideas related to new products,services,or processes.

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