Question 1

Three of the major certifications available to management accountants are Certificates in Management Accounting, Public Accounting, and Internal Auditing.

Accepted Answer

A) True 
 B)False

Question 2

Total quality management emphasizes

Accepted Answer

A)  zero defects. 
B)  continual improvement. 
C)  elimination of waste. 
D)  all of these. 
A)  zero defects. 
B)  continual improvement. 
C)  elimination of waste. 
D)  all of these.

Question 3

Changes in the way business is conducted worldwide have broadened the focus of cost management accounting systems.

Accepted Answer

A) True 
 B)False

Question 4

The information system is primarily concerned with producing outputs for internal users using inputs and processes needed to satisfy management objectives.

Accepted Answer

The answer of The information system is primarily concerned with...

Question 5

Which of the following are results of Lean Manufacturing?

Accepted Answer

A)  elimination of waste 
B)  decreased lead time 
C)  costs decrease 
D)  all of the above 
A)  elimination of waste 
B)  decreased lead time 
C)  costs decrease 
D)  all of the above

Question 6

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 7

The formulation of a program for the accomplishment of a specific purpose is referred to as

Accepted Answer

A)  controlling. 
B)  motivating. 
C)  organizing. 
D)  planning. 
A)  controlling. 
B)  motivating. 
C)  organizing. 
D)  planning.

Question 8

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 9

Preparing reports for division managers is an activity associated with the cost management information system.

Accepted Answer

A) True 
 B)False

Question 10

Which of the following activities is NOT associated with new product development?

Accepted Answer

A)  life-cycle costing 
B)  target costing 
C)  activity-based management 
D)  performance reports 
A)  life-cycle costing 
B)  target costing 
C)  activity-based management 
D)  performance reports

Question 11

Which of the following statements is TRUE?

Accepted Answer

A)  The service sector comprises approximately three quarters 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 three quarters 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 12

In a performance report, the

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 13

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 14

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 15

The is a method used to continuously improve manufacturing and nonmanufacturing activities.

Accepted Answer

theory of

Question 16

The Standards of Ethical Professional Practice of the Institute of Management Accountants addresses all of the following EXCEPT

Accepted Answer

A)  competence 
B)  confidentiality 
C)  strategic cost management 
D)  integrity 
A)  competence 
B)  confidentiality 
C)  strategic cost management 
D)  integrity

Question 17

The setting of objectives and the identification of methods to achieve those objectives is called

Accepted Answer

A)  planning. 
B)  controlling. 
C)  performance evaluation. 
D)  decision making. 
A)  planning. 
B)  controlling. 
C)  performance evaluation. 
D)  decision making.

Question 18

You are a management accountant for the Eastern Division of Strong Enterprises. Your longtime friend, Alana Rodriguez, is the Eastern Division manager. Alana was instrumental in helping you obtain your current position. Because the manager's annual bonus is based on the amount of profit the Eastern Division reports for the year, Alana has asked you to "massage the numbers" to make the Eastern Division appear more profitable.
Considering the Standards of Ethical Conduct for Management Accountants, how would you respond to Alana Rodriguez' request?

Accepted Answer

According to the Standards of Ethical Co

Question 19

An accountant certified to possess the minimal professional qualifications for an external auditor is a

Accepted Answer

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

Question 20

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

Three of the major certifications available to management accountants are Certificates in Management Accounting, Public Accounting, and Internal Auditing.

Total quality management emphasizes

Changes in the way business is conducted worldwide have broadened the focus of cost management accounting systems.

The information system is primarily concerned with producing outputs for internal users using inputs and processes needed to satisfy management objectives.

Which of the following are results of Lean Manufacturing?

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

The formulation of a program for the accomplishment of a specific purpose is referred to as

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

Preparing reports for division managers is an activity associated with the cost management information system.

Which of the following activities is NOT associated with new product development?

Which of the following statements is TRUE?

In a performance report, the

In JIT manufacturing, each operation produces

The monitoring of a plan's implementation is called

The is a method used to continuously improve manufacturing and nonmanufacturing activities.

The Standards of Ethical Professional Practice of the Institute of Management Accountants addresses all of the following EXCEPT

The setting of objectives and the identification of methods to achieve those objectives is called

An accountant certified to possess the minimal professional qualifications for an external auditor is a

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?

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

Three of the major certifications available to management accountants are Certificates in Management Accounting, Public Accounting, and Internal Auditing.

Total quality management emphasizes

Changes in the way business is conducted worldwide have broadened the focus of cost management accounting systems.

The information system is primarily concerned with producing outputs for internal users using inputs and processes needed to satisfy management objectives.

Which of the following are results of Lean Manufacturing?

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

The formulation of a program for the accomplishment of a specific purpose is referred to as

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

Preparing reports for division managers is an activity associated with the cost management information system.

Which of the following activities is NOT associated with new product development?

Which of the following statements is TRUE?

In a performance report, the

In JIT manufacturing, each operation produces

The monitoring of a plan's implementation is called

The is a method used to continuously improve manufacturing and nonmanufacturing activities.

The Standards of Ethical Professional Practice of the Institute of Management Accountants addresses all of the following EXCEPT

The setting of objectives and the identification of methods to achieve those objectives is called

An accountant certified to possess the minimal professional qualifications for an external auditor is a

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?

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