Question 1

Which of the following costing activities is associated with the financial accounting system?

Accepted Answer

A)  determining the cost of a department 
B)  determining the cost of goods sold for financial statements 
C)  preparing budgets 
D)  determining the cost of a customer 
A)  determining the cost of a department 
B)  determining the cost of goods sold for financial statements 
C)  preparing budgets 
D)  determining the cost of a customer

Question 2

What is the difference between a staff position and a line position?

Accepted Answer

A line position has direct responsibilit

Question 3

Which of the following approaches have led to advancements in the manufacturing environment?

Accepted Answer

A)  theory of constraints 
B)  computer-integrated manufacturing 
C)  JIT manufacturing 
D)  all of these 
A)  theory of constraints 
B)  computer-integrated manufacturing 
C)  JIT manufacturing 
D)  all of these

Question 4

Currently, the activity found LEAST often within the controller's department is

Accepted Answer

A)  updating the general ledger. 
B)  budget preparation. 
C)  maintaining accounts receivable records. 
D)  establishing and maintaining a market for the organization's debt and equity securities. 
A)  updating the general ledger. 
B)  budget preparation. 
C)  maintaining accounts receivable records. 
D)  establishing and maintaining a market for the organization's debt and equity securities.

Question 5

Inspecting units produced to determine if they meet specifications 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 6

Explain the relationship between the Financial Accounting System and the Cost Management System.

Accepted Answer

A financial accounting system is mainly

Question 7

Automation of the manufacturing environment is associated with increases in

Accepted Answer

A)  inventory. 
B)  productive capacity. 
C)  processing time. 
D)  none of these. 
A)  inventory. 
B)  productive capacity. 
C)  processing time. 
D)  none of these.

Question 8

In JIT manufacturing, each operation produces

Accepted Answer

A)  only what is necessary for the succeeding operations. 
B)  all that it can to offset fixed costs. 
C)  a fixed percentage in excess of orders to ensure adequate quality stock. 
D)  all that it can in order to build inventories. 
A)  only what is necessary for the succeeding operations. 
B)  all that it can to offset fixed costs. 
C)  a fixed percentage in excess of orders to ensure adequate quality stock. 
D)  all that it can in order to build inventories.

Question 9

Which of the following job positions is a line function?

Accepted Answer

A)  financial vice president 
B)  controller 
C)  production supervisor 
D)  treasurer 
A)  financial vice president 
B)  controller 
C)  production supervisor 
D)  treasurer

Question 10

You are a management accountant for Burn's Corporation.Ruth Hamilton, the sales representative for one of Burn's suppliers, invited you to attend a professional sporting event.Because you are an avid sports fan, you accepted Ruth's invitation.

Accepted Answer

According to the Standards of Ethical Co

Question 11

A person in a staff position

Accepted Answer

A)  is directly involved in production. 
B)  provides support for the line function. 
C)  is not actually an employee of the company. 
D)  all of these. 
A)  is directly involved in production. 
B)  provides support for the line function. 
C)  is not actually an employee of the company. 
D)  all of these.

Question 12

When a management accountant attends training seminars on new FASB rules, which part of the IMA Code of Conduct is being observed?

Accepted Answer

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

Question 13

What is customer orientation? Why is it important in a global environment? What role does cost management play in serving customers?

Accepted Answer

Organizations are concerned with the imp

Question 14

Altering dates of shipping documents of next January's sales to record them as sales in the current year would be a violation of which standard of ethical conduct for management accountants?

Accepted Answer

A)  competence 
B)  integrity 
C)  credibility 
D)  all of these 
A)  competence 
B)  integrity 
C)  credibility 
D)  all of these

Question 15

Which of the following statements is NOT true about world-class firms?

Accepted Answer

A)  World-class firms are firms that are poor in customer support. 
B)  World-class firms know their market and their products. 
C)  World-class firms strive continually to improve product design, manufacture, and delivery. 
D)  World-class firms can compete with the best of the best in a global environment. 
A)  World-class firms are firms that are poor in customer support. 
B)  World-class firms know their market and their products. 
C)  World-class firms strive continually to improve product design, manufacture, and delivery. 
D)  World-class firms can compete with the best of the best in a global environment.

Question 16

Discuss four factors that are changing the way we manufacture.

Accepted Answer

Technology has fostered computer-integra

Question 17

Which of the following does NOT describe cost management system?

Accepted Answer

A)  evaluation of segments or products within the firm 
B)  emphasis on the future 
C)  externally focused 
D)  focus on effective use of resources 
A)  evaluation of segments or products within the firm 
B)  emphasis on the future 
C)  externally focused 
D)  focus on effective use of resources

Question 18

The standards of ethical conduct for management accountants include

Accepted Answer

A)  competence and performance. 
B)  integrity and respect for others. 
C)  confidentiality, confidence, integrity, and observance. 
D)  competence, confidentiality, integrity, and credibility. 
A)  competence and performance. 
B)  integrity and respect for others. 
C)  confidentiality, confidence, integrity, and observance. 
D)  competence, confidentiality, integrity, and credibility.

Question 19

Setting the company's profit targets for the upcoming year is an example of the management function of

Accepted Answer

A)  planning. 
B)  control. 
C)  variance analysis. 
D)  internal auditing. 
A)  planning. 
B)  control. 
C)  variance analysis. 
D)  internal auditing.

Question 20

Today's cost managers must assemble cost information and determine how to value things.Which methods would NOT be critical to achieving this?

Accepted Answer

A)  foreign currency translation 
B)  costing and quality analysis 
C)  differentiating between value-added and non-value-added activities 
D)  measuring productivity 
A)  foreign currency translation 
B)  costing and quality analysis 
C)  differentiating between value-added and non-value-added activities 
D)  measuring productivity

Which of the following costing activities is associated with the financial accounting system?

What is the difference between a staff position and a line position?

Which of the following approaches have led to advancements in the manufacturing environment?

Currently, the activity found LEAST often within the controller's department is

Inspecting units produced to determine if they meet specifications is an example of

Explain the relationship between the Financial Accounting System and the Cost Management System.

Automation of the manufacturing environment is associated with increases in

In JIT manufacturing, each operation produces

Which of the following job positions is a line function?

You are a management accountant for Burn's Corporation.Ruth Hamilton, the sales representative for one of Burn's suppliers, invited you to attend a professional sporting event.Because you are an avid sports fan, you accepted Ruth's invitation.

A person in a staff position

When a management accountant attends training seminars on new FASB rules, which part of the IMA Code of Conduct is being observed?

What is customer orientation? Why is it important in a global environment? What role does cost management play in serving customers?

Altering dates of shipping documents of next January's sales to record them as sales in the current year would be a violation of which standard of ethical conduct for management accountants?

Which of the following statements is NOT true about world-class firms?

Discuss four factors that are changing the way we manufacture.

Which of the following does NOT describe cost management system?

The standards of ethical conduct for management accountants include

Setting the company's profit targets for the upcoming year is an example of the management function of

Today's cost managers must assemble cost information and determine how to value things.Which methods would NOT be critical to achieving this?

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

Exam 1: Introduction to Cost Management

Which of the following costing activities is associated with the financial accounting system?

What is the difference between a staff position and a line position?

Which of the following approaches have led to advancements in the manufacturing environment?

Currently, the activity found LEAST often within the controller's department is

Inspecting units produced to determine if they meet specifications is an example of

Explain the relationship between the Financial Accounting System and the Cost Management System.

Automation of the manufacturing environment is associated with increases in

In JIT manufacturing, each operation produces

Which of the following job positions is a line function?

You are a management accountant for Burn's Corporation.Ruth Hamilton, the sales representative for one of Burn's suppliers, invited you to attend a professional sporting event.Because you are an avid sports fan, you accepted Ruth's invitation.

A person in a staff position

When a management accountant attends training seminars on new FASB rules, which part of the IMA Code of Conduct is being observed?

What is customer orientation? Why is it important in a global environment? What role does cost management play in serving customers?

Altering dates of shipping documents of next January's sales to record them as sales in the current year would be a violation of which standard of ethical conduct for management accountants?

Which of the following statements is NOT true about world-class firms?

Discuss four factors that are changing the way we manufacture.

Which of the following does NOT describe cost management system?

The standards of ethical conduct for management accountants include

Setting the company's profit targets for the upcoming year is an example of the management function of

Today's cost managers must assemble cost information and determine how to value things.Which methods would NOT be critical to achieving this?

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