Question 1

Cost management is the branch of accounting concerned with reporting to

Accepted Answer

A)  internal managers. 
B)  stockholders. 
C)  the government. 
D)  bankers. 
A)  internal managers. 
B)  stockholders. 
C)  the government. 
D)  bankers.

Question 2

In resolving an ethical conflict, which of the following would NEVER be appropriate?

Accepted Answer

A)  discussing the matter with the chief executive officer 
B)  discussing the matter with an external member of the board of directors 
C)  taking the matter to the press where there is no legal requirement 
D)  resigning from the position because of a conflict 
A)  discussing the matter with the chief executive officer 
B)  discussing the matter with an external member of the board of directors 
C)  taking the matter to the press where there is no legal requirement 
D)  resigning from the position because of a conflict

Question 3

Explain what is meant by confidentiality and why it is important.

Accepted Answer

Management accountants are entrusted wit

Question 4

Which of the following is NOT part of the financial accounting information system?

Accepted Answer

A)  filing reports with the SEC 
B)  reporting a large contingent liability to current and potential shareholders 
C)  determining the future cashflows of a proposed flexible manufacturing system 
D)  preparing GAAP financial statements 
A)  filing reports with the SEC 
B)  reporting a large contingent liability to current and potential shareholders 
C)  determining the future cashflows of a proposed flexible manufacturing system 
D)  preparing GAAP financial statements

Question 5

Which of the following activities is NOT associated with the financial accounting information system?

Accepted Answer

A)  reporting on the cost of quality 
B)  reporting to the SEC 
C)  preparing reports for the IRS 
D)  preparing a statement of cash flows 
A)  reporting on the cost of quality 
B)  reporting to the SEC 
C)  preparing reports for the IRS 
D)  preparing a statement of cash flows

Question 6

Cost management reports are prepared

Accepted Answer

A)  to meet the needs of decision makers within the firm. 
B)  whenever stockholders request them. 
C)  according to guidelines prepared by the Securities and Exchange Commission. 
D)  according to financial accounting standards. 
A)  to meet the needs of decision makers within the firm. 
B)  whenever stockholders request them. 
C)  according to guidelines prepared by the Securities and Exchange Commission. 
D)  according to financial accounting standards.

Question 7

Describe the connection between planning, controlling, and feedback.

Accepted Answer

Planning establishes performan

Question 8

Which of the following is NOT provided by cost accountants?

Accepted Answer

A)  cost information in accordance with GAAP 
B)  cost information about processes and activities 
C)  financial information for external users 
D)  cost information about products, customers, and services 
A)  cost information in accordance with GAAP 
B)  cost information about processes and activities 
C)  financial information for external users 
D)  cost information about products, customers, and services

Question 9

The monitoring of a plan's implementation is called

Accepted Answer

A)  planning. 
B)  controlling. 
C)  decision making. 
D)  budgeting. 
A)  planning. 
B)  controlling. 
C)  decision making. 
D)  budgeting.

Question 10

Persons in the United States who provide assurance services are designated as

Accepted Answer

A)  Certified Public Accountants. 
B)  Certified Financial Accountants. 
C)  Chartered Accountants. 
D)  Certified Management Accountants. 
A)  Certified Public Accountants. 
B)  Certified Financial Accountants. 
C)  Chartered Accountants. 
D)  Certified Management Accountants.

Question 11

Which of the following job positions is a staff position?

Accepted Answer

A)  controller 
B)  production vice president 
C)  production supervisor 
D)  assembly foreman 
A)  controller 
B)  production vice president 
C)  production supervisor 
D)  assembly foreman

Question 12

A(n) ________________ is a computerized information system that strives to input data once and make it available to people across the company for different purposes

Accepted Answer

A)  cost management information system 
B)  enterprise resource planning system 
C)  internal accounting system 
D)  financial accounting system 
A)  cost management information system 
B)  enterprise resource planning system 
C)  internal accounting system 
D)  financial accounting system

Question 13

Factors that have led to a global market for manufacturing and service firms are

Accepted Answer

A)  improved transportation and communications systems. 
B)  improved telemarketing and communications. 
C)  improved distribution and transportation systems. 
D)  None of these factors have contributed. 
A)  improved transportation and communications systems. 
B)  improved telemarketing and communications. 
C)  improved distribution and transportation systems. 
D)  None of these factors have contributed.

Question 14

Evaluating the performance of a segment of the company 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.

Question 15

What is the role of the controller in an organization? Describe some of the activities over which he or she has control.

Accepted Answer

The controller is responsible for both i

Question 16

Which of the following cost management tools supports the firm's concentration on the delivery of value to the customer?

Accepted Answer

A)  service industry growth 
B)  global competition 
C)  preparing an earnings report for the SEC 
D)  value-chain analysis 
A)  service industry growth 
B)  global competition 
C)  preparing an earnings report for the SEC 
D)  value-chain analysis

Question 17

Why has time become such an important factor in competition?

Accepted Answer

Reducing the time that it takes to act m

Question 18

The cost management information system is concerned with

Accepted Answer

A)  reporting financial information according to GAAP. 
B)  providing cost information that is used in planning, control, and decision-making. 
C)  reporting to external users. 
D)  providing financial information to investors. 
A)  reporting financial information according to GAAP. 
B)  providing cost information that is used in planning, control, and decision-making. 
C)  reporting to external users. 
D)  providing financial information to investors.

Question 19

Give some examples of reporting feedback that will assist in continuous improvement of a dry cleaning company.

Accepted Answer

A dry cleaning company will be intereste

Question 20

The certification sponsored by the Institute of Management Accountants that emphasizes economics, finance, management, financial accounting and reporting, management reporting, and decision analysis is the

Accepted Answer

A)  CPA. 
B)  CMA. 
C)  CIA. 
D)  all of these. 
A)  CPA. 
B)  CMA. 
C)  CIA. 
D)  all of these.

Cost management is the branch of accounting concerned with reporting to

In resolving an ethical conflict, which of the following would NEVER be appropriate?

Explain what is meant by confidentiality and why it is important.

Which of the following is NOT part of the financial accounting information system?

Which of the following activities is NOT associated with the financial accounting information system?

Cost management reports are prepared

Describe the connection between planning, controlling, and feedback.

Which of the following is NOT provided by cost accountants?

The monitoring of a plan's implementation is called

Persons in the United States who provide assurance services are designated as

Which of the following job positions is a staff position?

A(n) ________________ is a computerized information system that strives to input data once and make it available to people across the company for different purposes

Factors that have led to a global market for manufacturing and service firms are

Evaluating the performance of a segment of the company is an example of

What is the role of the controller in an organization? Describe some of the activities over which he or she has control.

Which of the following cost management tools supports the firm's concentration on the delivery of value to the customer?

Why has time become such an important factor in competition?

The cost management information system is concerned with

Give some examples of reporting feedback that will assist in continuous improvement of a dry cleaning company.

The certification sponsored by the Institute of Management Accountants that emphasizes economics, finance, management, financial accounting and reporting, management reporting, and decision analysis is the

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 management is the branch of accounting concerned with reporting to

In resolving an ethical conflict, which of the following would NEVER be appropriate?

Explain what is meant by confidentiality and why it is important.

Which of the following is NOT part of the financial accounting information system?

Which of the following activities is NOT associated with the financial accounting information system?

Cost management reports are prepared

Describe the connection between planning, controlling, and feedback.

Which of the following is NOT provided by cost accountants?

The monitoring of a plan's implementation is called

Persons in the United States who provide assurance services are designated as

Which of the following job positions is a staff position?

A(n) ________________ is a computerized information system that strives to input data once and make it available to people across the company for different purposes

Factors that have led to a global market for manufacturing and service firms are

Evaluating the performance of a segment of the company is an example of

What is the role of the controller in an organization? Describe some of the activities over which he or she has control.

Which of the following cost management tools supports the firm's concentration on the delivery of value to the customer?

Why has time become such an important factor in competition?

The cost management information system is concerned with

Give some examples of reporting feedback that will assist in continuous improvement of a dry cleaning company.

The certification sponsored by the Institute of Management Accountants that emphasizes economics, finance, management, financial accounting and reporting, management reporting, and decision analysis is the

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