Exam 1: Managerial Accounting,the Business Organization,and Professional Ethics

________ involves an analysis of alternative courses of action and the identification of the best course of action to follow.

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

The controller is primarily concerned with a company's financial matters and the treasurer is concerned with a company's operating matters.

The Foreign Corrupt Practices Act requires ________.

The product life cycle for an automobile is usually a few months.

An unfavorable variance occurs on a performance report when ________.

A company is considering whether to change the mix of products sold.They think it would be more profitable to emphasize the products with the highest profit per unit.What type of information is needed to answer this question?

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

Financial reports prepared by financial accountants focus on ________.Financial reports prepared by management accountants focus on ________.

Which of the following organizations oversees the CMA Exam?

Companies produce most ________ and ________ information on a routine basis such as every day,every month or every quarter.

A chemical plant has changed the production process for several chemicals.Computers now run the new equipment and robots have replaced most of the workers.What new activities should the accounting system undertake now?

If an employee observes unethical behavior in an organization,the employee is first obligated to ________.

This is a statement from the IMA's Statement of Ethical Professional Practice: "Each member has a responsibility to communicate information fairly and objectively." This statement comes from the ________ standard.

Who provides assurance to external users about the reliability of a company's financial statements?

A telephone hotline is established for customers to call with questions about a new electronic device.This is an example of the ________ function in the ________.

During the product development stage of the product life cycle,companies typically experience ________.

The function of the value chain that provides support activities to the customer is called ________.

________ is (are)the primary consideration in choosing among accounting systems.

Additional costly information should be acquired when the expected benefit of an improved decision exceeds the cost of the information.