Question 1

Competence includes maintaining an appropriate level of professional expertise by continually developing knowledge and skills.

Accepted Answer

A) True 
 B)False

Question 2

Exact quantification of costs and benefits is not always possible when making a decision.

Accepted Answer

A) True 
 B)False

Question 3

In order,list the five steps in the decision-making process.

Accepted Answer

1.Identify the problem and uncertainties

Question 4

List the four standards of ethical conduct for management accountants.For each standard,give an example that demonstrates compliance with that standard.

Accepted Answer

Please note that answers may vary,but ma

Question 5

The key to a company's success is creating value for customers while differentiating itself from its competitors.

Accepted Answer

A) True 
 B)False

Question 6

Classify each cost item into one of the business functions of the value chain,either (1)R&D, (2)design, (3)production, (4)marketing, (5)distribution,or (6)customer service.
Item:
a.cost of samples mailed to promote sales of a new product
b.labor cost of workers in the manufacturing plant
c.bonus paid to a person with a 90% satisfaction rating in handling customers with complaints
d.transportation costs for shipping products to retail outlets

Accepted Answer

a.(4)marketing
b.(3)

Question 7

Management accountants might provide information on decisions on whether to buy a product from outside or manufacture it in-house.

Accepted Answer

A) True 
 B)False

Question 8

A well-conceived plan allows managers the ability to ________.

Accepted Answer

A) set static goals and still be flexible 
B) control lower-level managers from implementing change 
C) conservatively estimate costs so that actual operating results will be favorable when comparisons are made 
D) take advantage of unforeseen opportunities 
A) set static goals and still be flexible 
B) control lower-level managers from implementing change 
C) conservatively estimate costs so that actual operating results will be favorable when comparisons are made 
D) take advantage of unforeseen opportunities

Question 9

Generally,companies follow one of two broad strategies: offering a quality product at a low price,or offering a unique product or service priced higher than the competition.Assume you are opening a small food outlet across the street from your campus.How might that business be operated under each of the two broad strategies? Consider the following specific operational areas:
a.target customers
b.products offered
c.product pricing
d.location choice
e.advertising content
f.advertising media

Accepted Answer

The purpose of this question is to explo

Question 10

Cost accounting is the process of measuring,analyzing,and reporting financial and nonfinancial information related to the costs of acquiring or using resources in an organization.

Accepted Answer

A) True 
 B)False

Question 11

Which of the following is true of planning in decision making?

Accepted Answer

A) It helps an organization to select goals and strategies. 
B) It improves the quality of products. 
C) It helps in evaluating performance. 
D) It helps in the analysis of actual performance. 
A) It helps an organization to select goals and strategies. 
B) It improves the quality of products. 
C) It helps in evaluating performance. 
D) It helps in the analysis of actual performance.

Question 12

Control comprises taking actions that implement the planning decisions,evaluating past performance,and providing feedback and learning to help future decision making.

Accepted Answer

A) True 
 B)False

Question 13

Which of the following differentiates marketing from customer service?

Accepted Answer

A) Marketing is the process of promoting and selling products or services to customers or prospective customers,whereas customer service is the process of providing after-sales service to customers. 
B) Marketing is the process of processing orders and shipping products or services to customers,whereas customer service is the process of providing additional information to customers about the product. 
C) Marketing is the process of detailed planning,engineering,and testing of products and processes,whereas customer service concentrates on existing customers. 
D) Marketing is the process of processing orders and shipping products or services to customers,whereas customer service is concerned with choosing the right customer for the product. 
A) Marketing is the process of promoting and selling products or services to customers or prospective customers,whereas customer service is the process of providing after-sales service to customers. 
B) Marketing is the process of processing orders and shipping products or services to customers,whereas customer service is the process of providing additional information to customers about the product. 
C) Marketing is the process of detailed planning,engineering,and testing of products and processes,whereas customer service concentrates on existing customers. 
D) Marketing is the process of processing orders and shipping products or services to customers,whereas customer service is concerned with choosing the right customer for the product.

Question 14

A budget ________.

Accepted Answer

A) is the qualitative expression of a proposed plan of action by management 
B) is an aid for coordinating what needs to be done to execute a plan 
C) helps in identifying problems and uncertainties 
D) promotes production automation 
A) is the qualitative expression of a proposed plan of action by management 
B) is an aid for coordinating what needs to be done to execute a plan 
C) helps in identifying problems and uncertainties 
D) promotes production automation

Question 15

That part of the value chain that includes ordering and shipping the product to retail outlets is ________.

Accepted Answer

A) Customer service 
B) Production 
C) Marketing 
D) Distribution 
A) Customer service 
B) Production 
C) Marketing 
D) Distribution

Question 16

When managers determine whether it is less expensive to buy products from a vendor or make them in house they are performing ________.

Accepted Answer

A) Cost-benefit analysis 
B) Supply-chain analysis 
C) Value-chain analysis 
D) Research and development 
A) Cost-benefit analysis 
B) Supply-chain analysis 
C) Value-chain analysis 
D) Research and development

Question 17

Which of the following differentiates confidentiality and credibility under the Standards of Ethical Conduct?

Accepted Answer

A) Credibility deals with refraining from activities that would prejudice carrying duties ethically,while confidentiality deals with communicating information fairly and objectively. 
B) Confidentiality deals with refraining from the usage of critical information for unethical or illegal advantage,while credibility ensures disclosing the relevant information that would help the intended user's understanding. 
C) Credibility deals with refraining from the usage of critical information for unethical or illegal advantage,while confidentiality ensures disclosing the relevant information that would help the user's understanding. 
D) Credibility ensures appropriate level of professional expertise by continually developing knowledge and skills,while confidentiality encourages mitigation of actual conflicts of interest. 
A) Credibility deals with refraining from activities that would prejudice carrying duties ethically,while confidentiality deals with communicating information fairly and objectively. 
B) Confidentiality deals with refraining from the usage of critical information for unethical or illegal advantage,while credibility ensures disclosing the relevant information that would help the intended user's understanding. 
C) Credibility deals with refraining from the usage of critical information for unethical or illegal advantage,while confidentiality ensures disclosing the relevant information that would help the user's understanding. 
D) Credibility ensures appropriate level of professional expertise by continually developing knowledge and skills,while confidentiality encourages mitigation of actual conflicts of interest.

Question 18

Classify each cost item of Ripon Printers given below into one of the business functions of the value chain,either (1)R&D, (2)design of products and processes, (3)production, (4)marketing (including sales), (5)distribution,or (6)customer service.
Item:
a.cost of customer order forms
b.cost of paper used in manufacture of books
c.cost of paper used in packing cartons to ship books
d.cost of paper used in display at national trade show
e.depreciation of trucks used to transport books to college bookstores
f.cost of the wood used to manufacture paper
g.salary of the scientists attempting to find another source of printing ink
h.cost of designing the book size so that a standard-sized box is filled to capacity

Accepted Answer

a.(4)marketing (including sales)
b.(3)pr

Question 19

Financial accounting is concerned primarily with ________.

Accepted Answer

A) external reporting to investors,creditors,and government authorities 
B) cost planning and cost controls 
C) product design and marketing strategies 
D) providing information for strategic and tactical decisions 
A) external reporting to investors,creditors,and government authorities 
B) cost planning and cost controls 
C) product design and marketing strategies 
D) providing information for strategic and tactical decisions

Question 20

Which of the following is an area that customers want to see improved levels of performance?

Accepted Answer

A) higher sales margin 
B) quality of the product 
C) lower marginal costs 
D) profit margins 
A) higher sales margin 
B) quality of the product 
C) lower marginal costs 
D) profit margins

Competence includes maintaining an appropriate level of professional expertise by continually developing knowledge and skills.

Exact quantification of costs and benefits is not always possible when making a decision.

In order,list the five steps in the decision-making process.

List the four standards of ethical conduct for management accountants.For each standard,give an example that demonstrates compliance with that standard.

The key to a company's success is creating value for customers while differentiating itself from its competitors.

Management accountants might provide information on decisions on whether to buy a product from outside or manufacture it in-house.

A well-conceived plan allows managers the ability to ________.

Cost accounting is the process of measuring,analyzing,and reporting financial and nonfinancial information related to the costs of acquiring or using resources in an organization.

Which of the following is true of planning in decision making?

Control comprises taking actions that implement the planning decisions,evaluating past performance,and providing feedback and learning to help future decision making.

Which of the following differentiates marketing from customer service?

A budget ________.

That part of the value chain that includes ordering and shipping the product to retail outlets is ________.

When managers determine whether it is less expensive to buy products from a vendor or make them in house they are performing ________.

Which of the following differentiates confidentiality and credibility under the Standards of Ethical Conduct?

Financial accounting is concerned primarily with ________.

Which of the following is an area that customers want to see improved levels of performance?

An Introduction to Cost Terms and Purposes

Cost-Volume-Profit Analysis

Job Costing

Activity-Based Costing and Activity-Based Management

Master Budget and Responsibility Accounting

Flexible Budgets,direct-Cost Variances,and Management Control

Flexible Budgets, overhead Cost Variances, and Management Control

Inventory Costing and Capacity Analysis

Determining How Costs Behave

Decision Making and Relevant Information

Strategy,balanced Scorecard,and Strategic Profitability Analysis

Pricing Decisions and Cost Management

Cost Allocation, customer-Profitability Analysis, and Sales-Variance Analysis

Allocation of Support-Department Costs, common Costs, and Revenues

Cost Allocation: Joint Products and Byproducts

Process Costing

Spoilage, rework, and Scrap

Balanced Scorecard: Quality and Time

Inventory Management, just-In-Time, and Simplified Costing Methods

Capital Budgeting and Cost Analysis

Management Control Systems, transfer Pricing, and Multinational Considerations

Performance Measurement, compensation, and Multinational Considerations

Filters

Exam 1: The Manager and Management Accounting

Competence includes maintaining an appropriate level of professional expertise by continually developing knowledge and skills.

Exact quantification of costs and benefits is not always possible when making a decision.

In order,list the five steps in the decision-making process.

List the four standards of ethical conduct for management accountants.For each standard,give an example that demonstrates compliance with that standard.

The key to a company's success is creating value for customers while differentiating itself from its competitors.

Management accountants might provide information on decisions on whether to buy a product from outside or manufacture it in-house.

A well-conceived plan allows managers the ability to ________.

Cost accounting is the process of measuring,analyzing,and reporting financial and nonfinancial information related to the costs of acquiring or using resources in an organization.

Which of the following is true of planning in decision making?

Control comprises taking actions that implement the planning decisions,evaluating past performance,and providing feedback and learning to help future decision making.

Which of the following differentiates marketing from customer service?

A budget ________.

That part of the value chain that includes ordering and shipping the product to retail outlets is ________.

When managers determine whether it is less expensive to buy products from a vendor or make them in house they are performing ________.

Which of the following differentiates confidentiality and credibility under the Standards of Ethical Conduct?

Financial accounting is concerned primarily with ________.

Which of the following is an area that customers want to see improved levels of performance?

An Introduction to Cost Terms and Purposes

Cost-Volume-Profit Analysis

Job Costing

Activity-Based Costing and Activity-Based Management

Master Budget and Responsibility Accounting

Flexible Budgets,direct-Cost Variances,and Management Control

Flexible Budgets, overhead Cost Variances, and Management Control

Inventory Costing and Capacity Analysis

Determining How Costs Behave

Decision Making and Relevant Information

Strategy,balanced Scorecard,and Strategic Profitability Analysis

Pricing Decisions and Cost Management

Cost Allocation, customer-Profitability Analysis, and Sales-Variance Analysis

Allocation of Support-Department Costs, common Costs, and Revenues

Cost Allocation: Joint Products and Byproducts

Process Costing

Spoilage, rework, and Scrap

Balanced Scorecard: Quality and Time

Inventory Management, just-In-Time, and Simplified Costing Methods

Capital Budgeting and Cost Analysis

Management Control Systems, transfer Pricing, and Multinational Considerations

Performance Measurement, compensation, and Multinational Considerations

Filters