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112 Test Bank for Managerial Accounting 2nd

Canadian Edition by Braun Multiple Choice Questions - Page 1

Which of the following groups are most likely to use a company's budget information?

4 D) The company president

Which of the following is TRUE?

1 A) Managerial accounting reports are audited by professional accountants.

2 B) Managerial accounting reports provide detailed internal information.

3 C) Managerial accounting reports aid potential investors.

4 D) Managerial accounting reports must follow GAAP.

Who is primarily responsible for raising capital and investing funds?

ensure a profit for the year This action could be seen as a violation

of what ethical standard?

4 D) call the Society of Management Accountants "Ethics Hotline."

Who typically manages the daily operations of a company?

4 D) both shareholders and creditors.

The person MOST likely to use ONLY financial accounting

information would be the

1 A) bank loan officer.

1 A) Competence

2 B) Confidentiality

3 C) Credibility

4 D) Integrity

Which of the following statements is FALSE?

1 A) Financial accounting provides sufficient information for managers to

effectively plan and control operations.

2 B) Financial accounting reports help creditors make decisions.

3 C) Financial accounting helps investors make decisions.

4 D) Financial accounting provides external reports.

Managerial accountants often work on teams called

1 A) audit teams.

2 B) cross-functional teams.

3 C) multi-functional teams.

4 D) work groups.

Which of the following reports must be audited by an outside agency?

1 A) Annual financial statements

2 B) Monthly financial statements

3 C) Annual financial budgets

4 D) Budgets

The COO is responsible for managing which of the following aspect(s) of the company?

1 A) Internal controls

2 B) The annual audit

3 C) Financial, managerial, and tax accounting

4 D) Research and development, production, and distribution

The vice-president of operations directly reports to which

person(s)?

1 A) The CFO

2 B) The COO

3 C) The CEO

4 D) The Board of Directors

The person or position who is directly responsible for all financial concerns is the

1 A) CEO.

2 B) CFO.

3 C) COO.

Which of following is TRUE?

1 A) Management accounting focuses on historical transactions.

2 B) Financial accounting uses the cash basis for recording transactions.

3 C) Financial accounting focuses on future data.

4 D) Management accounting focuses on relevant data.

What has been the determining factor in the way that we now view managerial accountants?

1 A) Stricter audit standards

2 B) Stricter GAAP standards

1 A) The treasurer and controller

2 B) The CFO and internal audit department

3 C) The internal audit department and the independent CPA firm

4 D) The CFO and the independent CPA firm

Which of the following types of accounting is designed to meet the needs of decision-makers inside a company?

2 B) financial accounting reports.

3 C) managerial accounting reports.

4 D) planning reports.

112 Free Test Bank for Managerial Accounting 2nd

Canadian Edition by Braun Multiple Choice Questions - Page 2

Which of the following is one of the four cost categories typically found on a cost of quality report?

1 A) Development costs

2 B) Inventory failure costs

3 C) Marketing costs

4 D) Prevention costs

The philosophy and a business strategy of manufacturing without waste is referred to as

3 C) internal failure cost.

4 D) external failure cost.

If a company were to increase its appraisal costs by inspecting more units as the units are completed, the company's external failure costs

1 A) would usually increase.

2 B) would usually decrease.

3 C) would usually remain the same.

4 D) could not be predicted.

The production system designed to eliminate waste is called a(n)

1 A) traditional system.

2 B) lean production system.

3 C) activity-based system.

4 D) full costing system.

The philosophy that centers on production as needed is known as

1 A) Net cost of scrap

2 B) Customer returns of defective products

3 C) Training for quality control employees

4 D) Patent cost for a new product

What is the abbreviation of the name given to software systems thatcan integrate all departments?

1 A) TQM

3 C) Total Integrated Software

4 D) JIT

Refusing gifts or favors that would influence actions is an example

of which ethical standard?

1 A) Competence

1 A) Net cost of scrap

2 B) Customer returns of defective products

3 C) Technical support provided to suppliers

4 D) Supplies used in the quality inspection program

The cost of maintaining testing equipment would be classified as a(n)

1 A) prevention cost.

2 B) appraisal cost.

3 C) internal failure cost.

4 D) external failure cost.

The philosophy of providing superior goods and services is

1 A) 5 years

2 B) 10 years

1 A) Association of Management Accountants

2 B) Society of Management Accountants

3 C) Society of Professional Accountants

4 D) Professional Accountants Association

Which of the following pertains to a lean production system?

1 A) It will have like machines grouped together.

2 B) It will produce goods in smaller batches than a traditional production system.

3 C) It will require higher inventory levels than a traditional production system.

4 D) It will require longer set-up times than a traditional system.

The cost of downtime caused by quality problems with the raw materials would be classified as a(n)

1 A) prevention cost.

2 B) appraisal cost.

3 C) internal failure cost.

4 D) external failure cost.

Not disclosing confidential information is an example of which ethical standard?

1 A) certification that a company complies with international quality standards.

2 B) software system which integrates all departments.

3 C) system where production occurs only when needed.

4 D) effective exchange of information between vendors and customers.

E-commerce refers to the

1 A) conduct of business on the internet.

2 B) exchange of information with customers and suppliers.

3 C) production of superior goods and services.

4 D) quick delivery of goods and services.

Which reflects a philosophy of providing customers with superior products and services?

1 A) ERP

2 B) XBRL

4 D) IFRS

The cost of fixing defective units found during the quality

inspections would be classified as a(n)

1 A) prevention cost.

2 B) appraisal cost.

3 C) internal failure cost.

4 D) external failure cost.

Which term listed below describes a system where companies purchase raw materials when needed in production and complete finished goods when needed by customers?

1 A) Internal failure costs

2 B) Backflush costing

3 C) Just-in-time

4 D) External failure costs

Which of the following cost items should be classified as a

prevention cost on a cost of quality report?

1 A) Warranty expenses on defective products

2 B) Technical support provided to employees

3 C) Supervision of quality inspections

4 D) Net cost of spoiled units

If a company were to increase its appraisal costs by inspecting more units as the units are completed, the company's internal failure costs

1 A) would usually increase.

2 B) would usually decrease.

3 C) would usually remain the same.

4 D) could not be predicted.

Failure to mitigate conflicts of interest would violate the ethical conduct standard of

1 A) competency.

2 B) confidentiality.

3 C) credibility.

4 D) independence.

IFRS stands for

1 A) International and Foreign Reporting Systems.

2 B) International Financial Reporting Standards.

3 C) Important Foreign Registering Systems.

4 D) International and Foreign Registering Standards.

SOX requires that the company's financial statements be certified

Attending class to maintain professional knowledge is an example

of which ethical standard?

Companies that wish to demonstrate their commitment to

international quality standards may become certified by what

organization?

1 A) SEC

2 B) IFRS

3 C) IMA

Exchanging information to reduce costs, speed delivery, and

improve quality is best described as

2 B) External failure costs

3 C) Internal failure costs

4 D) Prevention costs

Which of the following is TRUE about a lean production system?

1 A) Customer orders drive the production process.

2 B) Inventory levels are maintained at high levels.

3 C) Raw materials are purchased in large quantities.

4 D) Finished goods are produced ahead of customers' orders to protect against running out of finished goods inventory.

The cost of supplier evaluation from a supplier would be classified

4 D) external failure cost.

XBRL stands for

1 A) eXtensible Business Reporting Language.

2 B) eXisting Business Responsibility Language.

3 C) eXtensive Business Registering Location.

4 D) eXtractable Business Reporting Location.

An accountant who does not understand how "accrual accounting" works has failed which standard?

2 B) external failure costs.

3 C) internal failure costs.

4 D) JIT production.

XBRL is essentially a

1 A) new set of accounting standards.

2 B) new set of auditing standards.

3 C) a tagging system which allows computer programs to extract information from financial reports.

4 D) new set of ethical standards.

112 Free Test Bank for Managerial Accounting 2nd Canadian Edition by Braun Multiple Choice Questions - Page 3

The costs incurred when poor quality goods or services are

detected and corrected before delivery to customers are called

1 A) appraisal costs.

2 B) external failure costs.

3 C) internal failure costs.

4 D) prevention costs.

Which of the following management responsibilities are being

fulfilled when management uses feedback to take corrective action

on the budgets?

1 A) Directing and planning

2 B) Planning and decision-making

3 C) Controlling and decision-making

4 D) Planning and controlling

What costs are incurred to avoid poor quality goods or services in the first place?

1 A) Appraisal costs

2 B) External costs

3 C) Internal failure costs

4 D) Prevention costs

Production loss caused by downtime is an example of what type of cost?

1 A) External failure cost

2 B) Internal failure cost

Which term below best describes the quality cost category for

"preventive maintenance on machinery"?

1 A) Prevention costs

2 B) Appraisal costs

3 C) Internal failure costs

4 D) External failure costs

Planning involves which of the following activities?

1 A) Setting goals and objectives for the company

2 B) Overseeing the company's day-to-day operations

3 C) Evaluating the results of operations

4 D) Getting feedback on results

Which of the following terms best describes costs incurred to detectpoor quality goods or services?

Using hourly sales reports to determine the level of staffing needed

to service customers fulfills which of management's four primary responsibilities?

1 A) Directing, planning, and decision-making

2 B) Directing, controlling, and planning

3 C) Controlling, planning, and decision-making

4 D) Analyzing, directing, and planning

Which term below best describes the quality cost category for "lost profits from lost sales"?

1 A) Prevention costs

2 B) Appraisal costs

3 C) Internal failure costs

4 D) External failure costs

Which term listed below describes costs incurred when the

company detects poor quality goods or services before delivery to the customer?

1 A) Internal failure costs

2 B) Value added activity

3 C) Lean production

4 D) External failure costs

The cost of evaluating potential raw material suppliers is an

Preparing budgets is an example of the management function of

1 A) external failure cost.

2 B) internal failure cost.

3 C) internal failure cost.

4 D) external failure cost.

Evaluating results against the plan is an example of the

management function of

1 A) controlling.

1 A) controlling, planning, and decision-making.

2 B) directing, controlling, and planning.

3 C) directing, planning, and decision-making.

4 D) controlling, directing, and planning.

Which term below best describes the quality cost category for "cost

of testing food processors before sale"?

1 A) Prevention costs

2 B) Appraisal costs

3 C) Internal failure costs

4 D) External failure costs

The cost of product liability claims is an example of a(n)

1 A) appraisal cost.

2 B) external failure cost.

3 C) internal failure cost.

4 D) Controlling

Overseeing the day-to-day operations of a company is an example

of the management function of

4 D) external failure costs.

Which term below best describes the quality cost category for "cost

of warranty repairs on food processors"?

1 A) Prevention costs

2 B) Appraisal costs

3 C) Internal failure costs

4 D) External failure costs

Which term listed below describes costs incurred when the

company fails to detect poor quality goods or services?

1 A) Internal failure costs

2 B) Value-added activity

3 C) Just-in-time production

4 D) External failure costs

Which term below best describes the quality cost category for "cost

to re-inspect reworked food processors"?

1 A) Prevention costs

2 B) Appraisal costs

3 C) Internal failure costs

4 D) External failure costs

The cost of training production personnel on their job tasks is an example of a(n)

1 A) internal failure cost.

2 B) external failure cost.

3 C) internal failure cost.

4 D) external failure cost.