Question 1

Cost accounting

Accepted Answer

A)  is concerned with assigning costs to various cost objects. 
B)  attempts to satisfy the costing objectives of both financial accounting and management accounting. 
C)  provides cost information that supports planning, controlling, and decision making. 
D)  all of these. 
A)  is concerned with assigning costs to various cost objects. 
B)  attempts to satisfy the costing objectives of both financial accounting and management accounting. 
C)  provides cost information that supports planning, controlling, and decision making. 
D)  all of these. D

Question 2

Principles of personal ethical behavior include

Accepted Answer

A)  integrity. 
B)  respect for others. 
C)  fairness. 
D)  all of these. 
A)  integrity. 
B)  respect for others. 
C)  fairness. 
D)  all of these. D

Question 3

The internal auditor performs a

Accepted Answer

A)  line function. 
B)  staff function. 
C)  production function. 
D)  marketing function. 
A)  line function. 
B)  staff function. 
C)  production function. 
D)  marketing function. B

Question 4

Which of the following is a staff position?

Accepted Answer

A)  vice president of production 
B)  vice president of finance 
C)  vice president of marketing 
D)  plant foreman 
A)  vice president of production 
B)  vice president of finance 
C)  vice president of marketing 
D)  plant foreman

Question 5

Identify and discuss the factors that are affecting the way cost accounting is practiced.

Accepted Answer

Seven emerging themes affecting cost ele

Question 6

Engaging in or supporting an activity that would discredit the profession would relate to which part of the IMA Code of Conduct?

Accepted Answer

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

Question 7

Financial accounting information is used for

Accepted Answer

A)  investment decisions. 
B)  regulatory measures. 
C)  stewardship evaluation. 
D)  all of these. 
A)  investment decisions. 
B)  regulatory measures. 
C)  stewardship evaluation. 
D)  all of these.

Question 8

Which of the following statements is TRUE?

Accepted Answer

A)  The service sector comprises approximately 75 percent of the United States' economy and employment. 
B)  The service sector comprises approximately 20 percent of the United States' economy and employment. 
C)  Traditional smokestack industries have increased in importance in recent years. 
D)  The service sector has decreased in importance in recent years. 
A)  The service sector comprises approximately 75 percent of the United States' economy and employment. 
B)  The service sector comprises approximately 20 percent of the United States' economy and employment. 
C)  Traditional smokestack industries have increased in importance in recent years. 
D)  The service sector has decreased in importance in recent years.

Question 9

Which of the following emerging trends in cost accounting deals with managers striving to create an environment that will enable workers to manufacture perfect (zero-defect) products?

Accepted Answer

A)  advances in information technology 
B)  time as a competitive element 
C)  global competition 
D)  total quality management 
A)  advances in information technology 
B)  time as a competitive element 
C)  global competition 
D)  total quality management

Question 10

Analyzing cost overruns to determine their cause is an example of

Accepted Answer

A)  planning. 
B)  control. 
C)  decision making. 
D)  both a and c. 
A)  planning. 
B)  control. 
C)  decision making. 
D)  both a and c.

Question 11

_______________ broadens the focus of accounting because it is concerned with factors that drive costs, such as cycle time and process productivity.

Accepted Answer

A)  Cost accounting 
B)  Cost management 
C)  Financial management 
D)  Financial accounting 
A)  Cost accounting 
B)  Cost management 
C)  Financial management 
D)  Financial accounting

Question 12

Which of the following positions would most likely be a line manager?

Accepted Answer

A)  personnel department manager 
B)  president 
C)  treasurer 
D)  purchasing department manager 
A)  personnel department manager 
B)  president 
C)  treasurer 
D)  purchasing department manager

Question 13

In a company, engineers have redesigned production process lowering production costs, shorting production cycle time, reducing waste and improving quality.Which type of managerial activity applies to this situation?

Accepted Answer

A)  controlling 
B)  continuous improvement 
C)  planning 
D)  decision making 
A)  controlling 
B)  continuous improvement 
C)  planning 
D)  decision making

Question 14

Setting the selling price of a company's product is an example of

Accepted Answer

A)  planning. 
B)  control. 
C)  decision making. 
D)  all of these. 
A)  planning. 
B)  control. 
C)  decision making. 
D)  all of these.

Question 15

Accounting activities within an organization are usually under the overall supervision of the

Accepted Answer

A)  Certified Public Accountant. 
B)  controller. 
C)  Chartered Accountant. 
D)  treasurer. 
A)  Certified Public Accountant. 
B)  controller. 
C)  Chartered Accountant. 
D)  treasurer.

Question 16

In a performance report,

Accepted Answer

A)  differences between actual costs and allowed costs are always undesirable. 
B)  expenditures of less than allowed amounts are undesirable. 
C)  expenditures of more than allowed amounts are not permitted to occur. 
D)  expenditures of less than allowed amounts are desirable. 
A)  differences between actual costs and allowed costs are always undesirable. 
B)  expenditures of less than allowed amounts are undesirable. 
C)  expenditures of more than allowed amounts are not permitted to occur. 
D)  expenditures of less than allowed amounts are desirable.

Question 17

Competitive advantage is established by providing

Accepted Answer

A)  more customer products than competitors. 
B)  better quality than competitors. 
C)  greater customer value for less cost than competitors. 
D)  greater efficiencies than competitors. 
A)  more customer products than competitors. 
B)  better quality than competitors. 
C)  greater customer value for less cost than competitors. 
D)  greater efficiencies than competitors.

Question 18

Which of the following describes the managerial activity of comparing actual results with budgeted results?

Accepted Answer

A)  control 
B)  continuous improvement 
C)  planning 
D)  decision making 
A)  control 
B)  continuous improvement 
C)  planning 
D)  decision making

Question 19

Divulging company information (when not legally obligated to do so) would be a violation of which part of the IMA Code of Conduct?

Accepted Answer

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

Question 20

Investigating production variances and adjusting the production process is an example of

Accepted Answer

A)  planning. 
B)  control. 
C)  internal auditing. 
D)  both a and c. 
A)  planning. 
B)  control. 
C)  internal auditing. 
D)  both a and c.

Cost accounting

Principles of personal ethical behavior include

The internal auditor performs a

Which of the following is a staff position?

Identify and discuss the factors that are affecting the way cost accounting is practiced.

Engaging in or supporting an activity that would discredit the profession would relate to which part of the IMA Code of Conduct?

Financial accounting information is used for

Which of the following statements is TRUE?

Which of the following emerging trends in cost accounting deals with managers striving to create an environment that will enable workers to manufacture perfect (zero-defect) products?

Analyzing cost overruns to determine their cause is an example of

_______________ broadens the focus of accounting because it is concerned with factors that drive costs, such as cycle time and process productivity.

Which of the following positions would most likely be a line manager?

In a company, engineers have redesigned production process lowering production costs, shorting production cycle time, reducing waste and improving quality.Which type of managerial activity applies to this situation?

Setting the selling price of a company's product is an example of

Accounting activities within an organization are usually under the overall supervision of the

In a performance report,

Competitive advantage is established by providing

Which of the following describes the managerial activity of comparing actual results with budgeted results?

Divulging company information (when not legally obligated to do so) would be a violation of which part of the IMA Code of Conduct?

Investigating production variances and adjusting the production process is an example of

Basic Cost Management Concepts

Cost Behavior

Activity-Based Costing

Product and Service Costing: Job-Order System

Process Costing

Allocating Costs of Support Departments and Joint Products

Budgeting for Planning and Control

Standard Costing: a Functional-Based Control Approach

Decentralization: Responsibility Accounting, Performance Evaluation, and Transfer Pricing

Strategic Cost Management

Activity-Based Management

The Balanced Scorecard: Strategic-Based Control

Quality and Environmental Cost Management

Lean Accounting and Productivity Measurement

Cost-Volume-Profit Analysis

Activity Resource Usage Model and Tactical Decision Making

Pricing and Profitability Analysis

Capital Investment

Inventory Management: Economic Order Quantity, Jit, and the Theory of Constraints

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Exam 1: Introduction to Cost Management

Cost accounting

Principles of personal ethical behavior include

The internal auditor performs a

Which of the following is a staff position?

Identify and discuss the factors that are affecting the way cost accounting is practiced.

Engaging in or supporting an activity that would discredit the profession would relate to which part of the IMA Code of Conduct?

Financial accounting information is used for

Which of the following statements is TRUE?

Which of the following emerging trends in cost accounting deals with managers striving to create an environment that will enable workers to manufacture perfect (zero-defect) products?

Analyzing cost overruns to determine their cause is an example of

_______________ broadens the focus of accounting because it is concerned with factors that drive costs, such as cycle time and process productivity.

Which of the following positions would most likely be a line manager?

In a company, engineers have redesigned production process lowering production costs, shorting production cycle time, reducing waste and improving quality.Which type of managerial activity applies to this situation?

Setting the selling price of a company's product is an example of

Accounting activities within an organization are usually under the overall supervision of the

In a performance report,

Competitive advantage is established by providing

Which of the following describes the managerial activity of comparing actual results with budgeted results?

Divulging company information (when not legally obligated to do so) would be a violation of which part of the IMA Code of Conduct?

Investigating production variances and adjusting the production process is an example of

Basic Cost Management Concepts

Cost Behavior

Activity-Based Costing

Product and Service Costing: Job-Order System

Process Costing

Allocating Costs of Support Departments and Joint Products

Budgeting for Planning and Control

Standard Costing: a Functional-Based Control Approach

Decentralization: Responsibility Accounting, Performance Evaluation, and Transfer Pricing

Strategic Cost Management

Activity-Based Management

The Balanced Scorecard: Strategic-Based Control

Quality and Environmental Cost Management

Lean Accounting and Productivity Measurement

Cost-Volume-Profit Analysis

Activity Resource Usage Model and Tactical Decision Making

Pricing and Profitability Analysis

Capital Investment

Inventory Management: Economic Order Quantity, Jit, and the Theory of Constraints

Filters