Question 1

Explain the term professional behaviour.

Accepted Answer

Professional Behaviour - Membe

Question 2

What is developing a company strategy for responding to anticipated new markets an example of?

Accepted Answer

A)  planning 
B)  delegating 
C)  controlling 
D)  decision making 
A)  planning 
B)  delegating 
C)  controlling 
D)  decision making

Question 3

Select the appropriate definition for each of the items listed below.
-The provision of accounting information for a company's internal users

Accepted Answer

A) Financial accounting 
B) Managerial accounting 
C) Planning 
D) Controlling 
E) Decision making
F)Value chain
G)Continuous improvement
H)Line positions
I)Time
J)Total quality management
K)Lean accounting
L)Staff positions
M)Controller
N)Treasurer
O)Ethical behaviour 
A) Financial accounting 
B) Managerial accounting 
C) Planning 
D) Controlling 
E) Decision making
F)Value chain
G)Continuous improvement
H)Line positions
I)Time
J)Total quality management
K)Lean accounting
L)Staff positions
M)Controller
N)Treasurer
O)Ethical behaviour

Question 4

Which of the following is a characteristic of customer value?

Accepted Answer

A)  the establishment of a competitive advantage by creating better customer value for the same cost 
B)  the improvement of costing accuracy by emphasizing the activities and tasks that must be performed 
C)  the efficient performance of necessary activities and elimination of activities that do not create customer value 
D)  the difference between what a customer receives and what the customer gives up when buying a product or service 
A)  the establishment of a competitive advantage by creating better customer value for the same cost 
B)  the improvement of costing accuracy by emphasizing the activities and tasks that must be performed 
C)  the efficient performance of necessary activities and elimination of activities that do not create customer value 
D)  the difference between what a customer receives and what the customer gives up when buying a product or service

Question 5

Select the appropriate definition for each of the items listed below.
-The chief accounting officer in an organization

Accepted Answer

A) Financial accounting 
B) Managerial accounting 
C) Planning 
D) Controlling 
E) Decision making
F)Value chain
G)Continuous improvement
H)Line positions
I)Time
J)Total quality management
K)Lean accounting
L)Staff positions
M)Controller
N)Treasurer
O)Ethical behaviour 
A) Financial accounting 
B) Managerial accounting 
C) Planning 
D) Controlling 
E) Decision making
F)Value chain
G)Continuous improvement
H)Line positions
I)Time
J)Total quality management
K)Lean accounting
L)Staff positions
M)Controller
N)Treasurer
O)Ethical behaviour

Question 6

Select the appropriate definition for each of the items listed below.
-Organizing costs according to the value chain and collecting both financial and nonfinancial information

Accepted Answer

A) Financial accounting 
B) Managerial accounting 
C) Planning 
D) Controlling 
E) Decision making
F)Value chain
G)Continuous improvement
H)Line positions
I)Time
J)Total quality management
K)Lean accounting
L)Staff positions
M)Controller
N)Treasurer
O)Ethical behaviour 
A) Financial accounting 
B) Managerial accounting 
C) Planning 
D) Controlling 
E) Decision making
F)Value chain
G)Continuous improvement
H)Line positions
I)Time
J)Total quality management
K)Lean accounting
L)Staff positions
M)Controller
N)Treasurer
O)Ethical behaviour

Question 7

Managerial accounting information is important for both for-profit and not-for-profit organizations.

Accepted Answer

A) True 
 B)False

Question 8

Select the appropriate definition for each of the items listed below.
-Positions that have direct responsibility for the basic objectives of an organization

Accepted Answer

A) Financial accounting 
B) Managerial accounting 
C) Planning 
D) Controlling 
E) Decision making
F)Value chain
G)Continuous improvement
H)Line positions
I)Time
J)Total quality management
K)Lean accounting
L)Staff positions
M)Controller
N)Treasurer
O)Ethical behaviour 
A) Financial accounting 
B) Managerial accounting 
C) Planning 
D) Controlling 
E) Decision making
F)Value chain
G)Continuous improvement
H)Line positions
I)Time
J)Total quality management
K)Lean accounting
L)Staff positions
M)Controller
N)Treasurer
O)Ethical behaviour

Question 9

Select the appropriate definition for each of the items listed below.
-The individual responsible for the finance function; raises capital and manages cash and investments

Accepted Answer

A) Financial accounting 
B) Managerial accounting 
C) Planning 
D) Controlling 
E) Decision making
F)Value chain
G)Continuous improvement
H)Line positions
I)Time
J)Total quality management
K)Lean accounting
L)Staff positions
M)Controller
N)Treasurer
O)Ethical behaviour 
A) Financial accounting 
B) Managerial accounting 
C) Planning 
D) Controlling 
E) Decision making
F)Value chain
G)Continuous improvement
H)Line positions
I)Time
J)Total quality management
K)Lean accounting
L)Staff positions
M)Controller
N)Treasurer
O)Ethical behaviour

Question 10

The belief that each member of a group bears some responsibility for the well-being of other members is a common principle underlying all ethical systems.

Accepted Answer

A) True 
 B)False

Question 11

Which statement best describes financial accounting?

Accepted Answer

A)  It is internally focused. 
B)  It has an emphasis on the future. 
C)  It has no regulatory or mandatory rules. 
D)  It is concerned with information about the organization as a whole. 
A)  It is internally focused. 
B)  It has an emphasis on the future. 
C)  It has no regulatory or mandatory rules. 
D)  It is concerned with information about the organization as a whole.

Question 12

Select the appropriate definition for each of the items listed below.
-The managerial activity of monitoring a plan's implementation and taking corrective action as needed

Accepted Answer

A) Financial accounting 
B) Managerial accounting 
C) Planning 
D) Controlling 
E) Decision making
F)Value chain
G)Continuous improvement
H)Line positions
I)Time
J)Total quality management
K)Lean accounting
L)Staff positions
M)Controller
N)Treasurer
O)Ethical behaviour 
A) Financial accounting 
B) Managerial accounting 
C) Planning 
D) Controlling 
E) Decision making
F)Value chain
G)Continuous improvement
H)Line positions
I)Time
J)Total quality management
K)Lean accounting
L)Staff positions
M)Controller
N)Treasurer
O)Ethical behaviour

Question 13

Select the appropriate definition for each of the items listed below.
-A management activity that involves the detailed formulation of action to achieve a particular end

Accepted Answer

A) Financial accounting 
B) Managerial accounting 
C) Planning 
D) Controlling 
E) Decision making
F)Value chain
G)Continuous improvement
H)Line positions
I)Time
J)Total quality management
K)Lean accounting
L)Staff positions
M)Controller
N)Treasurer
O)Ethical behaviour 
A) Financial accounting 
B) Managerial accounting 
C) Planning 
D) Controlling 
E) Decision making
F)Value chain
G)Continuous improvement
H)Line positions
I)Time
J)Total quality management
K)Lean accounting
L)Staff positions
M)Controller
N)Treasurer
O)Ethical behaviour

Question 14

Select the appropriate definition for each of the items listed below.
-A type of accounting that is primarily concerned with producing information for external users

Accepted Answer

A) Financial accounting 
B) Managerial accounting 
C) Planning 
D) Controlling 
E) Decision making
F)Value chain
G)Continuous improvement
H)Line positions
I)Time
J)Total quality management
K)Lean accounting
L)Staff positions
M)Controller
N)Treasurer
O)Ethical behaviour 
A) Financial accounting 
B) Managerial accounting 
C) Planning 
D) Controlling 
E) Decision making
F)Value chain
G)Continuous improvement
H)Line positions
I)Time
J)Total quality management
K)Lean accounting
L)Staff positions
M)Controller
N)Treasurer
O)Ethical behaviour

Question 15

The Triple Bottom Line refers to management putting triple the focus on profits.

Accepted Answer

A) True 
 B)False

Question 16

Select the appropriate definition for each of the items listed below.
-Positions that are supportive in nature and have only indirect responsibility for an organization's basic objectives

Accepted Answer

A) Financial accounting 
B) Managerial accounting 
C) Planning 
D) Controlling 
E) Decision making
F)Value chain
G)Continuous improvement
H)Line positions
I)Time
J)Total quality management
K)Lean accounting
L)Staff positions
M)Controller
N)Treasurer
O)Ethical behaviour 
A) Financial accounting 
B) Managerial accounting 
C) Planning 
D) Controlling 
E) Decision making
F)Value chain
G)Continuous improvement
H)Line positions
I)Time
J)Total quality management
K)Lean accounting
L)Staff positions
M)Controller
N)Treasurer
O)Ethical behaviour

Question 17

A cost accountant would normally occupy a line position within an organization.

Accepted Answer

A) True 
 B)False

Question 18

Because service organizations do not make or sell tangible products, they have no need for managerial accounting.

Accepted Answer

A) True 
 B)False

Question 19

Explain the term professional competence.

Accepted Answer

Professional Competence - Memb

Question 20

Which of the following involves choosing actions that are right, proper, and just?

Accepted Answer

A)  balanced costing 
B)  ethical behaviour 
C)  activity-based costing 
D)  cross-functional perspective 
A)  balanced costing 
B)  ethical behaviour 
C)  activity-based costing 
D)  cross-functional perspective

Explain the term professional behaviour.

What is developing a company strategy for responding to anticipated new markets an example of?

Select the appropriate definition for each of the items listed below. -The provision of accounting information for a company's internal users

Which of the following is a characteristic of customer value?

Select the appropriate definition for each of the items listed below. -The chief accounting officer in an organization

Select the appropriate definition for each of the items listed below. -Organizing costs according to the value chain and collecting both financial and nonfinancial information

Managerial accounting information is important for both for-profit and not-for-profit organizations.

Select the appropriate definition for each of the items listed below. -Positions that have direct responsibility for the basic objectives of an organization

Select the appropriate definition for each of the items listed below. -The individual responsible for the finance function; raises capital and manages cash and investments

The belief that each member of a group bears some responsibility for the well-being of other members is a common principle underlying all ethical systems.

Which statement best describes financial accounting?

Select the appropriate definition for each of the items listed below. -The managerial activity of monitoring a plan's implementation and taking corrective action as needed

Select the appropriate definition for each of the items listed below. -A management activity that involves the detailed formulation of action to achieve a particular end

Select the appropriate definition for each of the items listed below. -A type of accounting that is primarily concerned with producing information for external users

The Triple Bottom Line refers to management putting triple the focus on profits.

Select the appropriate definition for each of the items listed below. -Positions that are supportive in nature and have only indirect responsibility for an organization's basic objectives

A cost accountant would normally occupy a line position within an organization.

Because service organizations do not make or sell tangible products, they have no need for managerial accounting.

Explain the term professional competence.

Which of the following involves choosing actions that are right, proper, and just?

Basic Managerial Accounting Concepts

Cost Behaviour

Cost-Volume-Profit Analysis: a Managerial Planning Tool

Job-Order Costing

Process Costing

Activity-Based Costing and Management

Absorption and Variable Costing, and Inventory Management

Budgeting, Production, Cash, and Master Budget

Standard Costing: a Managerial Control Tool

Flexible Budgets and Overhead Analysis

Performance Evaluation and Decentralization

Short-Run Decision Making: Relevant Costing

Capital Investment Decisions

Filters

Exam 1: Introduction to Managerial Accounting

Explain the term professional behaviour.

What is developing a company strategy for responding to anticipated new markets an example of?

Select the appropriate definition for each of the items listed below. -The provision of accounting information for a company's internal users

Which of the following is a characteristic of customer value?

Select the appropriate definition for each of the items listed below. -The chief accounting officer in an organization

Select the appropriate definition for each of the items listed below. -Organizing costs according to the value chain and collecting both financial and nonfinancial information

Managerial accounting information is important for both for-profit and not-for-profit organizations.

Select the appropriate definition for each of the items listed below. -Positions that have direct responsibility for the basic objectives of an organization

Select the appropriate definition for each of the items listed below. -The individual responsible for the finance function; raises capital and manages cash and investments

The belief that each member of a group bears some responsibility for the well-being of other members is a common principle underlying all ethical systems.

Which statement best describes financial accounting?

Select the appropriate definition for each of the items listed below. -The managerial activity of monitoring a plan's implementation and taking corrective action as needed

Select the appropriate definition for each of the items listed below. -A management activity that involves the detailed formulation of action to achieve a particular end

Select the appropriate definition for each of the items listed below. -A type of accounting that is primarily concerned with producing information for external users

The Triple Bottom Line refers to management putting triple the focus on profits.

Select the appropriate definition for each of the items listed below. -Positions that are supportive in nature and have only indirect responsibility for an organization's basic objectives

A cost accountant would normally occupy a line position within an organization.

Because service organizations do not make or sell tangible products, they have no need for managerial accounting.

Explain the term professional competence.

Which of the following involves choosing actions that are right, proper, and just?

Basic Managerial Accounting Concepts

Cost Behaviour

Cost-Volume-Profit Analysis: a Managerial Planning Tool

Job-Order Costing

Process Costing

Activity-Based Costing and Management

Absorption and Variable Costing, and Inventory Management

Budgeting, Production, Cash, and Master Budget

Standard Costing: a Managerial Control Tool

Flexible Budgets and Overhead Analysis

Performance Evaluation and Decentralization

Short-Run Decision Making: Relevant Costing

Capital Investment Decisions

Filters