Question 1

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 2

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 3

is devoted to providing information for external users.

Accepted Answer

A)  Management accounting 
B)  Financial accounting 
C)  Internal accounting 
D)  Cost accounting 
A)  Management accounting 
B)  Financial accounting 
C)  Internal accounting 
D)  Cost accounting

Question 4

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

Accepted Answer

A line position has direct responsibilit

Question 5

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

Accepted Answer

Worldwide competitive pressures, deregul

Question 6

Discuss the three forms of accounting certification. Which form of certification do you believe is best for management accountants? Why?

Accepted Answer

The three forms of certification are the

Question 7

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 8

The three broad objectives of financial accounting information systems are to provide information for costing out services and products, planning and control, and decision making.

Accepted Answer

A) True 
 B)False

Question 9

The standards of ethical conduct for management accountants include competence, confidentiality, integrity, resolution of ethical conflict, and .

Accepted Answer

The answer of The standards of ethical conduct for management...

Question 10

What can a company do to increase the likelihood of its employees being ethical in all their undertakings?

Accepted Answer

Companies can establish a culture and at

Question 11

Briefly discuss the relationship between cost accounting, management accounting, and cost management.

Accepted Answer

Management accounting is concerned with

Question 12

The service sector of the U.S. economy has decreased in importance as traditional industries have declined in importance.

Accepted Answer

A) True 
 B)False

Question 13

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 14

Describe the connection between planning, controlling, and feedback.

Accepted Answer

Planning establishes performan

Question 15

Which of the following is NOT a process associated with an accounting information system?

Accepted Answer

A)  auditing existing data 
B)  collecting and recording data 
C)  providing information to users 
D)  analyzing and managing data 
A)  auditing existing data 
B)  collecting and recording data 
C)  providing information to users 
D)  analyzing and managing data

Question 16

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 17

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 18

Business ethics is learning what is right or wrong in the work environment and choosing what is right.

Accepted Answer

A) True 
 B)False

Question 19

Developing a company strategy for responding to anticipated new markets is an example of

Accepted Answer

A)  planning. 
B)  control. 
C)  performance evaluation. 
D)  all of these. 
A)  planning. 
B)  control. 
C)  performance evaluation. 
D)  all of these.

Question 20

In resolving an ethical conflict, it is inappropriate to discuss the problem with the immediate supervisor because of a violation of which standard of ethical conduct for management accountants?

Accepted Answer

A)  competence 
B)  confidentiality 
C)  credibility 
D)  This action is not in violation of the code of conduct. 
A)  competence 
B)  confidentiality 
C)  credibility 
D)  This action is not in violation of the code of conduct.

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

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

is devoted to providing information for external users.

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

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

Discuss the three forms of accounting certification. Which form of certification do you believe is best for management accountants? Why?

Cost management reports are prepared

The three broad objectives of financial accounting information systems are to provide information for costing out services and products, planning and control, and decision making.

The standards of ethical conduct for management accountants include competence, confidentiality, integrity, resolution of ethical conflict, and .

What can a company do to increase the likelihood of its employees being ethical in all their undertakings?

Briefly discuss the relationship between cost accounting, management accounting, and cost management.

The service sector of the U.S. economy has decreased in importance as traditional industries have declined in importance.

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

Describe the connection between planning, controlling, and feedback.

Which of the following is NOT a process associated with an accounting information system?

A person in a staff position

Which of the following job positions is a line function?

Business ethics is learning what is right or wrong in the work environment and choosing what is right.

Developing a company strategy for responding to anticipated new markets is an example of

In resolving an ethical conflict, it is inappropriate to discuss the problem with the immediate supervisor because of a violation of which standard of ethical conduct for management accountants?

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 statements is NOT true about world-class firms?

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

is devoted to providing information for external users.

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

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

Discuss the three forms of accounting certification. Which form of certification do you believe is best for management accountants? Why?

Cost management reports are prepared

The three broad objectives of financial accounting information systems are to provide information for costing out services and products, planning and control, and decision making.

The standards of ethical conduct for management accountants include competence, confidentiality, integrity, resolution of ethical conflict, and .

What can a company do to increase the likelihood of its employees being ethical in all their undertakings?

Briefly discuss the relationship between cost accounting, management accounting, and cost management.

The service sector of the U.S. economy has decreased in importance as traditional industries have declined in importance.

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

Describe the connection between planning, controlling, and feedback.

Which of the following is NOT a process associated with an accounting information system?

A person in a staff position

Which of the following job positions is a line function?

Business ethics is learning what is right or wrong in the work environment and choosing what is right.

Developing a company strategy for responding to anticipated new markets is an example of

In resolving an ethical conflict, it is inappropriate to discuss the problem with the immediate supervisor because of a violation of which standard of ethical conduct for management accountants?

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