Question 1

Integrated information processing systems that tie together managerial accounting,financial reporting,customer databases,supply chain management and other data bases are

Accepted Answer

A) not technically feasible. 
B) required by the Internal Revenue Service regulations. 
C) not in accordance with generally accepted accounting principles. 
D) now commercially available. 
A) not technically feasible. 
B) required by the Internal Revenue Service regulations. 
C) not in accordance with generally accepted accounting principles. 
D) now commercially available.

Question 2

List the six business functions in the value chain and describe how they contribute to the final product's service,quality,and cost.

Accepted Answer

The answer of List the six business functions in the...

Question 3

The best example of using managerial accounting information to help organizations succeed includes which of the following?

Accepted Answer

A) implementing strategies. 
B) processing travel vouchers. 
C) tracking employee time and attendance. 
D) reconciling petty cash balances. 
A) implementing strategies. 
B) processing travel vouchers. 
C) tracking employee time and attendance. 
D) reconciling petty cash balances.

Question 4

Which of the following is true of Managerial Accounting?

Accepted Answer

A) Complies with Securities and Exchange Commission rules and regulations. 
B) Uses cost-benefit analysis to determine the amount of detail presented. 
C) Prepares general-purpose reports for people outside an organization. 
D) Presents summary historical data in compliance with generally accepted accounting principles. 
A) Complies with Securities and Exchange Commission rules and regulations. 
B) Uses cost-benefit analysis to determine the amount of detail presented. 
C) Prepares general-purpose reports for people outside an organization. 
D) Presents summary historical data in compliance with generally accepted accounting principles.

Question 5

What is the definition of economic depreciation according to managerial accounting?

Accepted Answer

A) the decline in value of assets during the period using the sales value of assets as the measure of value,only. 
B) the decline in value of assets during the period using the replacement costs as the measure of value,only. 
C) the decline in value of assets during the period using either the sales value of assets or their replacement costs as the measure of value. 
D) the decline in value of assets during the period using amortized acquisition cost as the measure of value. 
A) the decline in value of assets during the period using the sales value of assets as the measure of value,only. 
B) the decline in value of assets during the period using the replacement costs as the measure of value,only. 
C) the decline in value of assets during the period using either the sales value of assets or their replacement costs as the measure of value. 
D) the decline in value of assets during the period using amortized acquisition cost as the measure of value.

Question 6

What production methodology strives to eliminate inventory and increase efficiency and quality?

Accepted Answer

A) Total quality management. 
B) Theory of constraints. 
C) Benchmarking. 
D) Just-in-time. 
A) Total quality management. 
B) Theory of constraints. 
C) Benchmarking. 
D) Just-in-time.

Question 7

Which of the following is an example of direct materials cost for an automobile manufacturer?

Accepted Answer

A) cost of wages of assembly workers 
B) cost of oil or lubricants for the factory machinery 
C) cost of the automobile windshield 
D) salary of the production supervisor 
A) cost of wages of assembly workers 
B) cost of oil or lubricants for the factory machinery 
C) cost of the automobile windshield 
D) salary of the production supervisor

Question 8

What is the term that describes the decline in value of assets during the period using either the sales value of assets or their replacement costs as the measure of value?

Accepted Answer

A) economic inflation. 
B) economic deflation. 
C) economic appreciation. 
D) economic depreciation. 
A) economic inflation. 
B) economic deflation. 
C) economic appreciation. 
D) economic depreciation.

Question 9

Compare financial and managerial accounting.Discuss the environment in which each is relevant.

Accepted Answer

Financial accounting is focused on exter

Question 10

The benefits of a just-in-time system usually include which of the following?

Accepted Answer

A) elimination of non-value-added activities. 
B) increase in inventory levels,thus guarding against stock-outs. 
C) increased time spent valuating inventories. 
D) decrease in the number of deliveries required to maintain production. 
A) elimination of non-value-added activities. 
B) increase in inventory levels,thus guarding against stock-outs. 
C) increased time spent valuating inventories. 
D) decrease in the number of deliveries required to maintain production.

Question 11

Which of the following statements is true concerning total variable costs?

Accepted Answer

A) Total variable costs do not vary in total within the relevant range. 
B) Total variable costs vary in total in proportion to the activity level. 
C) Total variable costs vary in total in an inverse relationship with production. 
D) Total variable costs vary in total,but not in proportion to changes in the activity level. 
A) Total variable costs do not vary in total within the relevant range. 
B) Total variable costs vary in total in proportion to the activity level. 
C) Total variable costs vary in total in an inverse relationship with production. 
D) Total variable costs vary in total,but not in proportion to changes in the activity level.

Question 12

Which of the following statements is true concerning variable costs?

Accepted Answer

A) Variable costs are likely to respond to the amount of attention devoted to them by a management. 
B) Variable costs are associated with marketing,shipping,warehousing,and billing activities. 
C) Variable costs do not change in total for a given period but decrease on a per unit basis. 
D) Variable costs change in total with changes in production activity. 
A) Variable costs are likely to respond to the amount of attention devoted to them by a management. 
B) Variable costs are associated with marketing,shipping,warehousing,and billing activities. 
C) Variable costs do not change in total for a given period but decrease on a per unit basis. 
D) Variable costs change in total with changes in production activity.

Question 13

What recent management innovation views a business as a linked sequence of processes that transforms inputs into saleable outputs and is used to improve operations?

Accepted Answer

A) Just-in-time production 
B) Total quality management 
C) Theory of constraints 
D) Strategic cost analysis systems 
A) Just-in-time production 
B) Total quality management 
C) Theory of constraints 
D) Strategic cost analysis systems

Question 14

An accounting employee notices that another employee in the Purchasing Department has
been accepting gift cards from a company supplier,which is against company policy.According to the Institute of Management Accountants' code of conduct,what steps should the accounting employee take to stop the practice?

Accepted Answer

Whether real or perceived,the purchasing

Question 15

Malone,an auto mechanic,left his $35,000-a-year job at Jim's Garage,which provided additional health care insurance benefits of $5,000 a year,and he became an opera singer.Malone now draws an annual salary of $25,000 and pays for his own health care insurance of $3,500 a year with the Orlando Opera Company.Identify his opportunity costs.

Accepted Answer

Opportunity Costs =

Question 16

Identify the key financial players in the organization.

Accepted Answer

The top financial person is the financia

Question 17

Benezra Enterprises,Inc.
Benezra Enterprises,Inc.has a plant capacity that can produce 4,000 units annually.Its predicted operations for the year are:
   
Refer to the information for Benezra Enterprises.What is the current operating profit?

Accepted Answer

The answer of Benezra Enterprises,Inc.
Benezra Enterprises,Inc.has a plant capacity that...

Question 18

Discuss the three principal uses of managerial accounting information and how they would be used in a manufacturing organization to enhance managerial decision making.

Accepted Answer

The three principal uses of accounting i

Question 19

Any item for which the manager wishes to measure cost is called a(n)

Accepted Answer

A) direct cost. 
B) indirect cost. 
C) cost object. 
D) target cost. 
A) direct cost. 
B) indirect cost. 
C) cost object. 
D) target cost.

Question 20

Income forgone from not using an asset in its best economic alternative is an example of which of the following type of cost?

Accepted Answer

A) outlay cost. 
B) direct cost. 
C) indirect cost. 
D) opportunity cost. 
A) outlay cost. 
B) direct cost. 
C) indirect cost. 
D) opportunity cost.

Integrated information processing systems that tie together managerial accounting,financial reporting,customer databases,supply chain management and other data bases are

List the six business functions in the value chain and describe how they contribute to the final product's service,quality,and cost.

The best example of using managerial accounting information to help organizations succeed includes which of the following?

Which of the following is true of Managerial Accounting?

What is the definition of economic depreciation according to managerial accounting?

What production methodology strives to eliminate inventory and increase efficiency and quality?

Which of the following is an example of direct materials cost for an automobile manufacturer?

What is the term that describes the decline in value of assets during the period using either the sales value of assets or their replacement costs as the measure of value?

Compare financial and managerial accounting.Discuss the environment in which each is relevant.

The benefits of a just-in-time system usually include which of the following?

Which of the following statements is true concerning total variable costs?

Which of the following statements is true concerning variable costs?

What recent management innovation views a business as a linked sequence of processes that transforms inputs into saleable outputs and is used to improve operations?

Identify the key financial players in the organization.

Benezra Enterprises,Inc. Benezra Enterprises,Inc.has a plant capacity that can produce 4,000 units annually.Its predicted operations for the year are: Refer to the information for Benezra Enterprises.What is the current operating profit?

Discuss the three principal uses of managerial accounting information and how they would be used in a manufacturing organization to enhance managerial decision making.

Any item for which the manager wishes to measure cost is called a(n)

Income forgone from not using an asset in its best economic alternative is an example of which of the following type of cost?

Measuring Product Costs

Activity-Based Management

Strategic Management of Costs,quality,and Time

Cost Drivers and Cost Behavior

Financial Modeling for Short-Term Decision Making

Differential Cost Analysis for Operating Decisions

Capital Expenditure Decisions

Profit Planning and Budgeting

Profit and Cost Center Performance Evaluation

Investment Center Performance Evaluation

Incentive Issues

Allocating Costs to Responsibility Centers

Filters

Exam 1: Fundamental Concepts

Integrated information processing systems that tie together managerial accounting,financial reporting,customer databases,supply chain management and other data bases are

List the six business functions in the value chain and describe how they contribute to the final product's service,quality,and cost.

The best example of using managerial accounting information to help organizations succeed includes which of the following?

Which of the following is true of Managerial Accounting?

What is the definition of economic depreciation according to managerial accounting?

What production methodology strives to eliminate inventory and increase efficiency and quality?

Which of the following is an example of direct materials cost for an automobile manufacturer?

What is the term that describes the decline in value of assets during the period using either the sales value of assets or their replacement costs as the measure of value?

Compare financial and managerial accounting.Discuss the environment in which each is relevant.

The benefits of a just-in-time system usually include which of the following?

Which of the following statements is true concerning total variable costs?

Which of the following statements is true concerning variable costs?

What recent management innovation views a business as a linked sequence of processes that transforms inputs into saleable outputs and is used to improve operations?

Identify the key financial players in the organization.

Benezra Enterprises,Inc. Benezra Enterprises,Inc.has a plant capacity that can produce 4,000 units annually.Its predicted operations for the year are: Refer to the information for Benezra Enterprises.What is the current operating profit?

Discuss the three principal uses of managerial accounting information and how they would be used in a manufacturing organization to enhance managerial decision making.

Any item for which the manager wishes to measure cost is called a(n)

Income forgone from not using an asset in its best economic alternative is an example of which of the following type of cost?

Measuring Product Costs

Activity-Based Management

Strategic Management of Costs,quality,and Time

Cost Drivers and Cost Behavior

Financial Modeling for Short-Term Decision Making

Differential Cost Analysis for Operating Decisions

Capital Expenditure Decisions

Profit Planning and Budgeting

Profit and Cost Center Performance Evaluation

Investment Center Performance Evaluation

Incentive Issues

Allocating Costs to Responsibility Centers

Filters