Question 1

In a typical manufacturing factory,line functions do NOT include ________.

Accepted Answer

A)  purchasing 
B)  stamping 
C)  welding 
D)  assembly 
A)  purchasing 
B)  stamping 
C)  welding 
D)  assembly A

Question 2

What type of information is used in making nonroutine decisions,such as the decision to replace a traditional assembly line with fully automated robots?

Accepted Answer

A)  scorekeeping information 
B)  attention directing information 
C)  problem solving information 
D)  auditing information 
A)  scorekeeping information 
B)  attention directing information 
C)  problem solving information 
D)  auditing information C

Question 3

A company is setting the price on a special order of a manufactured product routinely made.What type of information is needed to set the price?

Accepted Answer

A)  scorekeeping 
B)  attention directing 
C)  problem-solving 
D)  interim reports 
A)  scorekeeping 
B)  attention directing 
C)  problem-solving 
D)  interim reports C

Question 4

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 5

An IMA ethical standard states,"Each member has a responsibility to disclose delays or deficiencies in information,timeliness,processing or internal controls in conformance with organizational policy and or applicable law." This statement comes from the ________ standard.

Accepted Answer

A)  integrity 
B)  confidentiality 
C)  competence 
D)  credibility 
A)  integrity 
B)  confidentiality 
C)  competence 
D)  credibility

Question 6

Wal-Mart buys Halloween candy from a candy company in Hershey,Pennsylvania.This is an example of a(n)________.

Accepted Answer

A)  A2B transaction 
B)  B2B transaction 
C)  B2C transaction 
D)  C2B transaction 
A)  A2B transaction 
B)  B2B transaction 
C)  B2C transaction 
D)  C2B transaction

Question 7

What is Six Sigma?

Accepted Answer

A)  a process improvement to eliminate waste from the entire enterprise 
B)  a process improvement to reduce the time products spend in the production process 
C)  a process improvement to reduce the time products spend in activities that do not add value 
D)  a data-driven approach to eliminate defects in any process 
A)  a process improvement to eliminate waste from the entire enterprise 
B)  a process improvement to reduce the time products spend in the production process 
C)  a process improvement to reduce the time products spend in activities that do not add value 
D)  a data-driven approach to eliminate defects in any process

Question 8

Accountants support only some of the value-chain functions.

Accepted Answer

A) True 
 B)False

Question 9

What type of managers supports line managers by providing information and advice?

Accepted Answer

A)  staff managers 
B)  operating managers 
C)  assembly room managers 
D)  welding room managers 
A)  staff managers 
B)  operating managers 
C)  assembly room managers 
D)  welding room managers

Question 10

According to the Financial Executive,which of the following situations create pressures for unethical behavior?

Accepted Answer

A)  emphasis on long-term results 
B)  upward trends in the economy 
C)  ignoring small lapses in ethical behavior 
D)  rising stock prices 
A)  emphasis on long-term results 
B)  upward trends in the economy 
C)  ignoring small lapses in ethical behavior 
D)  rising stock prices

Question 11

The Helium Company held a Christmas party.The company expected attendance of 100 people and prepared the following budget:
$\begin{array}{ll}
\text { Hotel room rental } & \$ 500 \
\text { Food } & 500 \
\text { Entertainment } & 800 \
\text { Decorations } & 300\
\text { Total Costs }&\$2,100
\end{array}$
One hundred people attended the party.The following costs were incurred:
$\begin{array}{ll}
\text { Hotel room rental } & \$ 575 \
\text { Food } & 640 \
\text { Entertainment } & 750 \
\text { Decorations } & 350\
\text { Total Costs }&\$2,315
\end{array}$
What is the variance for total costs?

Accepted Answer

A)  $215 Unfavorable 
B)  $215 Favorable 
C)  $25 Favorable 
D)  $140 Unfavorable 
A)  $215 Unfavorable 
B)  $215 Favorable 
C)  $25 Favorable 
D)  $140 Unfavorable

Question 12

According to the Financial Executives Institute,a function of the controller is ________.

Accepted Answer

A)  investments 
B)  short-term financing 
C)  provision of capital 
D)  reporting and interpreting 
A)  investments 
B)  short-term financing 
C)  provision of capital 
D)  reporting and interpreting

Question 13

Management by exception is the practice of ignoring areas that deviate from the plan.

Accepted Answer

A) True 
 B)False

Question 14

One of a treasurer's responsibilities is tax administration.

Accepted Answer

A) True 
 B)False

Question 15

The IMA's ethical standard of confidentiality does NOT require each member to ________.

Accepted Answer

A)  keep information confidential except when disclosure is authorized or legally required 
B)  inform all relevant parties regarding appropriate use of confidential information 
C)  refrain from using confidential information for unethical or illegal advantage 
D)  provide confidential decision support information and recommendations that are accurate, clear, concise and timely 
A)  keep information confidential except when disclosure is authorized or legally required 
B)  inform all relevant parties regarding appropriate use of confidential information 
C)  refrain from using confidential information for unethical or illegal advantage 
D)  provide confidential decision support information and recommendations that are accurate, clear, concise and timely

Question 16

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

Accepted Answer

A) True 
 B)False

Question 17

Which statement about JIT is FALSE?

Accepted Answer

A)  JIT minimizes inventories of raw materials, work in process and finished goods. 
B)  JIT eliminates non-value-added activities such as inspection. 
C)  JIT decreases the amount of time products spend in the production process. 
D)  JIT focuses on customer satisfaction and the prevention of defects. 
A)  JIT minimizes inventories of raw materials, work in process and finished goods. 
B)  JIT eliminates non-value-added activities such as inspection. 
C)  JIT decreases the amount of time products spend in the production process. 
D)  JIT focuses on customer satisfaction and the prevention of defects.

Question 18

Which statement is FALSE concerning Enterprise Resource Planning (ERP)systems?

Accepted Answer

A)  Accounting is one part of an ERP system. 
B)  Accountants must work with operating managers throughout the organization to ensure that the ERP system provides the financial information that managers need. 
C)  ERP systems support all functional areas of a company. 
D)  SAP is not a provider of ERP systems. 
A)  Accounting is one part of an ERP system. 
B)  Accountants must work with operating managers throughout the organization to ensure that the ERP system provides the financial information that managers need. 
C)  ERP systems support all functional areas of a company. 
D)  SAP is not a provider of ERP systems.

Question 19

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

Accepted Answer

A) True 
 B)False

Question 20

________ is the field of accounting that develops information for external parties such as stockholders,suppliers,banks and governmental regulatory bodies.

Accepted Answer

A)  Auditing 
B)  Internal auditing 
C)  Management accounting 
D)  Financial accounting 
A)  Auditing 
B)  Internal auditing 
C)  Management accounting 
D)  Financial accounting

In a typical manufacturing factory,line functions do NOT include ________.

What type of information is used in making nonroutine decisions,such as the decision to replace a traditional assembly line with fully automated robots?

A company is setting the price on a special order of a manufactured product routinely made.What type of information is needed to set the price?

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

An IMA ethical standard states,"Each member has a responsibility to disclose delays or deficiencies in information,timeliness,processing or internal controls in conformance with organizational policy and or applicable law." This statement comes from the ________ standard.

Wal-Mart buys Halloween candy from a candy company in Hershey,Pennsylvania.This is an example of a(n)________.

What is Six Sigma?

Accountants support only some of the value-chain functions.

What type of managers supports line managers by providing information and advice?

According to the Financial Executive,which of the following situations create pressures for unethical behavior?

According to the Financial Executives Institute,a function of the controller is ________.

Management by exception is the practice of ignoring areas that deviate from the plan.

One of a treasurer's responsibilities is tax administration.

The IMA's ethical standard of confidentiality does NOT require each member to ________.

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

Which statement about JIT is FALSE?

Which statement is FALSE concerning Enterprise Resource Planning (ERP)systems?

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

________ is the field of accounting that develops information for external parties such as stockholders,suppliers,banks and governmental regulatory bodies.

Introduction to Cost Behavior and Cost Volume Profit Relationships

Measurement of Cost Behavior

Cost Management Systems and Activity-Based Costing

Relevant Information for Decision Making With a Focus on Pricing Decisions

Relevant Information for Decision Making With a Focus on Operational Decisions

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,and Professional Ethics

In a typical manufacturing factory,line functions do NOT include ________.

What type of information is used in making nonroutine decisions,such as the decision to replace a traditional assembly line with fully automated robots?

A company is setting the price on a special order of a manufactured product routinely made.What type of information is needed to set the price?

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

An IMA ethical standard states,"Each member has a responsibility to disclose delays or deficiencies in information,timeliness,processing or internal controls in conformance with organizational policy and or applicable law." This statement comes from the ________ standard.

Wal-Mart buys Halloween candy from a candy company in Hershey,Pennsylvania.This is an example of a(n)________.

What is Six Sigma?

Accountants support only some of the value-chain functions.

What type of managers supports line managers by providing information and advice?

According to the Financial Executive,which of the following situations create pressures for unethical behavior?

According to the Financial Executives Institute,a function of the controller is ________.

Management by exception is the practice of ignoring areas that deviate from the plan.

One of a treasurer's responsibilities is tax administration.

The IMA's ethical standard of confidentiality does NOT require each member to ________.

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

Which statement about JIT is FALSE?

Which statement is FALSE concerning Enterprise Resource Planning (ERP)systems?

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

________ is the field of accounting that develops information for external parties such as stockholders,suppliers,banks and governmental regulatory bodies.

Introduction to Cost Behavior and Cost Volume Profit Relationships

Measurement of Cost Behavior

Cost Management Systems and Activity-Based Costing

Relevant Information for Decision Making With a Focus on Pricing Decisions

Relevant Information for Decision Making With a Focus on Operational Decisions

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