Question 1

__________________________ organizes costs according to the value chain and collects both financial and nonfinancial information.

Accepted Answer

The answer of __________________________ organizes costs according to the value...

Question 2

Which of the following would not be an example of a value-added activity?

Accepted Answer

A)   timely delivery of products
B)   offering the customer a variety of products
C)   storage of finished products
D)   excellent customer service

Question 3

Activity-based costing

Accepted Answer

A)   strives to create an environment that will enable workers to manufacture zero-defect products.
B)   is the process of choosing among competing alternatives.
C)   was established in response to financial scandals.
D)   encourages process-value analysis.

Question 4

Describe the major differences between managerial accounting and financial accounting.

Accepted Answer

Managerial accounting:
Internally focuse...

Question 5

The belief that each member of a group bears no responsibility for the well-being of other members is a common principle underlying all ethical systems.

Accepted Answer

A) True 
 B)False

Question 6

Virtually all managerial accounting practices were developed to assist managers in maximizing profits.

Accepted Answer

A) True 
 B)False

Question 7

The ____________________ is responsible for the finance function.

Accepted Answer

The answer of The ____________________ is responsible for the finance...

Question 8

The standards of ethical conduct for managerial 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.

Question 9

The Institute of Management Accountants (IMA) established ethical standards for accountants known as the Statement of Ethical Professional Practice. Briefly describe the four standards.

Accepted Answer

1.) Competence- maintain an appropriate ...

Question 10

The process of choosing among competing alternatives is decision making.

Accepted Answer

A) True 
 B)False

Question 11

The four emphasized areas of the CMA examination reflect the needs of managerial accounting and highlights that managerial accounting has more of an interdisciplinary flavor than other areas of accounting.

Accepted Answer

A) True 
 B)False

Question 12

Which of the following is an example of the management activity referred to as planning?

Accepted Answer

A)   Developing a strategy for disposing of hazardous waste.
B)   The decision to eliminate an unprofitable segment of an organization.
C)   The decision to outsource an organization's payroll processing.
D)   All of these are correct

Question 13

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

Accepted Answer

A)   planning.
B)   controlling.
C)   decision making.
D)   all of these are correct.

Question 14

The objective of profit maximization

Accepted Answer

A)   should be the only goal of an organization.
B)   is an objective of financial accounting but not managerial accounting.
C)   should be achieved through legal and ethical means.
D)   should outweigh the goal of product quality.

Question 15

__________________________________________ is a management philosophy in which manufacturers strive to create an environment that will enable workers to manufacture perfect (zero-defect) products.

Accepted Answer

Total qual...

Question 16

Briefly describe activity-based costing (ABC), value chain, lean accounting and enterprise risk management (ERM).

Accepted Answer

ABC-is a more detailed approach, than tr...

Question 17

Only a _________________________ is permitted to serve as an external auditor.

Accepted Answer

Certified ...

Question 18

Which of the following is not an objective of managerial accounting?

Accepted Answer

A)   To prepare external reports for investors, creditors, government agencies, and other outside users.
B)   To provide information for costing of services, products, and other objects of interest to management.
C)   To provide information for planning, controlling, evaluating and continuous improvement.
D)   To provide information for decision making.

Question 19

Positions that have direct responsibility for the basic objectives of an organization are referred to as line positions.

Accepted Answer

A) True 
 B)False

Question 20

Activity-based costing is a less detailed approach to determining the cost of goods and services than traditional cost accounting.

Accepted Answer

A) True 
 B)False

Exam 1: Introduction to Managerial Accounting

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

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Positions that have direct responsibility for the basic objectives of an organization are referred to as line positions.

Correct AnswerverifiedShow Answer

Only a _________________________ is permitted to serve as an external auditor.

Correct AnswerverifiedCertified ...View AnswerShow Answer

Which of the following would not be an example of a value-added activity?

Correct AnswerverifiedShow Answer

The objective of profit maximization

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__________________________ organizes costs according to the value chain and collects both financial and nonfinancial information.

Correct AnswerverifiedShow Answer

The standards of ethical conduct for managerial accountants include

Correct AnswerverifiedShow Answer

Virtually all managerial accounting practices were developed to assist managers in maximizing profits.

Correct AnswerverifiedShow Answer

The process of choosing among competing alternatives is decision making.

Correct AnswerverifiedShow Answer

Briefly describe activity-based costing (ABC), value chain, lean accounting and enterprise risk management (ERM).

Correct AnswerverifiedABC-is a more detailed approach, than tr...View AnswerShow Answer

Activity-based costing

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The Institute of Management Accountants (IMA) established ethical standards for accountants known as the Statement of Ethical Professional Practice. Briefly describe the four standards.

Correct Answerverified1.) Competence- maintain an appropriate ...View AnswerShow Answer

Describe the major differences between managerial accounting and financial accounting.

Correct AnswerverifiedManagerial accounting:Internally focuse...View AnswerShow Answer

The ____________________ is responsible for the finance function.

Correct AnswerverifiedShow Answer

Which of the following is an example of the management activity referred to as planning?

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Which of the following is not an objective of managerial accounting?

Correct AnswerverifiedShow Answer

Activity-based costing is a less detailed approach to determining the cost of goods and services than traditional cost accounting.

Correct AnswerverifiedShow Answer

__________________________________________ is a management philosophy in which manufacturers strive to create an environment that will enable workers to manufacture perfect (zero-defect) products.

Correct AnswerverifiedTotal qual...View AnswerShow Answer

The four emphasized areas of the CMA examination reflect the needs of managerial accounting and highlights that managerial accounting has more of an interdisciplinary flavor than other areas of accounting.

Correct AnswerverifiedShow Answer

The belief that each member of a group bears no responsibility for the well-being of other members is a common principle underlying all ethical systems.

Correct AnswerverifiedShow Answer

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Certified ...
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ABC-is a more detailed approach, than tr...
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Correct Answer
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1.) Competence- maintain an appropriate ...
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Managerial accounting:
Internally focuse...
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Total qual...
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Correct Answer
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Correct Answer
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