90 test bank for management accounting 6th

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90 Test Bank for Management Accounting 6th

Organizations that do not make or sell tangible goods are called service organizations

The CMA program focuses on management accounting and its role in

Internal accounting reports must follow generally accepted accounting

principles and account for assets at historical cost

Multiple Choice Questions-Page 1

concentrate(s on areas that deviate from the plan and ignore(s areas that are presumed to be running smoothly

1 A sell tangible goods.

2 B are not wholesalers.

3 C are considered manufacturers.

4 D must be profit-seeking.

is a formal mechanism for gathering, organizing, and

communicating information about an organization's activities

4 D None of the above

is the accumulation and classification of data

An accounting system should provide accurate, timely budgets and

performance reports in a form useful to

2 B Output is usually difficult to define.

3 C Major inputs and outputs cannot be stored.

4 D All of the above are characteristics.

means reporting and interpreting information that helps managers

to focus on operating problems, imperfections, inefficiencies, and

opportunities

1 A Scorekeeping

2 B Attention directing

3 C Problem-solving

4 D None of the above

The codes of conduct for integrity include all of the following EXCEPT

1 A avoiding actual or apparent conflicts of interest.

2 B refusing to advise or assist with the commission of fraud.

3 C recognizing and communicating professional limitations.

4 D communicating information subjectively.

Answering the following questions: When is dinner? Who is cooking it? is an example of

4 D Revenue Canada regulations.

The primary consideration in choosing among accounting systems and methods is

3 C major inputs and outputs can be stored.

4 D plant and equipment costs are high in proportion to labour costs.

Launching a new product line is an example of

1 A decision making.

2 B planning.

3 C controlling.

4 D organization.

57 Free Test Bank for Management Accounting 6th

Canadian Edition by Horngren Multiple Choice

1 A computer-integrated manufacturing.

2 B just-in-time.

3 C better late than never.

4 D added value tax.

Actual results are compared to budgeted amounts in a

1 A performance report.

2 B financial statement.

3 C production report.

4 D flexible report.

Product life cycles

1 A are the same for all products.

2 B must be considered to effectively plan for production.

3 C are computerized bicycles.

4 D have nothing to do with product profitability.

According to the Financial Executives Institute, one function of controllership

is

1 A investments.

2 B short-term financing.

3 C provision of capital.

4 D reporting and interpreting.

The product development stage in a product's life cycle corresponds to

1 A no sales.

2 B sales growth.

3 C stable sales level.

4 D low and decreasing sales.

Authority exerted downward over subordinates is referred to as

3 C stable sales level.

4 D low and decreasing sales.

The various stages through which a product passes are called the

1 A product life cycle.

2 B production plan.

3 C market analysis.

4 D product initiative.

The Society of Management Accountants has adopted a set of standards of professional ethics which includes codes of conduct regarding all of the following EXCEPT

1 A is similar to staff authority.

2 B is indirectly related to the basic activities of an organization.

3 C is exerted upwardly from subordinates.

4 D includes the authority to command action.

Which of the following statements about management accounting is FALSE?

1 A It is concerned with how measurements and reports will influence managers' daily behaviour.

2 B It is less sharply defined than financial accounting.

3 C Its primary users are organizational managers at various levels.

4 D It is constrained by generally accepted accounting principles.

A synonym for deviation is

3 C stable sales level.

4 D low and decreasing sales.

A significant unfavourable variance

1 A should be ignored because of materiality.

2 B could not result from careless budgeting.

3 C is the result of proper planning.

4 D should be analyzed, and measures should be taken to correct the situation.

Management accountants are similar to CAs and CGAs in that they

1 A give opinions on financial statements.

2 B are licensed by the Canadian Institute of public accountancy.

3 C adhere to codes of conduct.

4 D are independent of the company they work for.

Systems that use CAD and CAM together with robots and computer-controlled machines are called

1 A JIT.

2 B CMA.

3 C CIM.

4 D none of the above.

Systems that use computer-aided design and computer-aided manufacturing, together with robots and computer-controlled machines are called

1 A Shift from a manufacturing-based to a service-based economy.

2 B Increased global competition.

3 C Advances in technology.

4 D All of the above are factors.

is the designation that provides the greatest orientation toward management accounting

1 A CIA

3 C CEO

4 D CGA

An example of a line department at a jewelry manufacturer is the

1 A Canadian Institute of Chartered Accountants.

2 B Certified General Accountants of Canada.

3 C Government Accounting Institute.

4 D Society of Management Accountants of Canada.

Which of the following statements about ethical dilemmas faced by

management accountants is FALSE? Ethical dilemmas

1 A are clear-cut.

2 B involve conflict between two or more ethical standard.

3 C require individual integrity and judgment.

4 D require the application of ethical standards.

Below is a statement from the Code of Professional Ethics for the Society of Management Accountants "Maintain at all times independence of thought and action." It is an example of

1 A competence.

3 C stable sales level.

4 D low sales to no sales.

is mainly concerned with the company's financial matters

Management by exception means management concentrates on

1 A significant activities proceeding as planned.

2 B significant deviations from expected results.

3 C insignificant activities proceeding as planned.

4 D insignificant deviations from expected results.

Free Text Questions

Deviations from plans.

Describe the major users of accounting information.

Answer Given

In general, users of accounting information fall into three categories: (1 Internal managers who use the information for short-term planning and controlling routine operations (2 Internal managers who use the information for making nonroutine decisions and formulating overall policies and long-range plans (3 External parties, such as investors and government authorities, who use the information for making decisions about the company.

The largest Canadian professional organization of accountants whose major interest is management accounting.

Answer Given

Society of Management Accountants

Contrast the functions of controllers and treasurers.

Answer Given

The treasurer is concerned mainly with the company's financial matters such as

investor relations, provision of capital, short-term financing, credits and collections, and banking The controller is concerned with operating matters such as reporting and interpreting, evaluating and consulting, tax administration, government reporting, and protection of assets.

Concentrating on areas that deserve attention and ignoring areas that are presumed to be running smoothly.

Discuss the role that management accountants play in the company's chain functions.

value-Answer Given

Management accountants play a key role in planning and control Throughout the company's value chain, management accountants gather and report cost and revenue information for decision makers.

Weighing known costs against probable benefits, the primary consideration in choosing among accounting systems and methods.

of the profession Management accountants have an obligation to the organizations they serve, their profession, the public, and themselves to maintain the highest

standards of ethical conduct.

Identify current trends in management accounting.

Answer Given

Many factors have caused changes in accounting systems in recent years Most significant are globalization, technology, and a shift from a manufacturing-based to a service-based economy Without continuous adaptation and improvement, accounting systems would be obsolete.

Explain the role of budgets and performance reports in planning and control.

Answer Given

Budgets and performance reports are essential tools for planning and control Budgets result from the planning process Managers use them to translate the organization's goals into action A performance report compares actual results to the budget

Managers use these reports to monitor, evaluate, and reward performance and, thus, exercise control.

A philosophy to eliminate waste, by reducing the time products spend in the production process and eliminating the time that products spend on activities that do not add value.

Answer Given

Just-in-time philosophy

Broad concepts or guidelines and detailed practices, including all

conventions, rules, and procedures that together make up accepted

accounting practice at a given time.

Answer Given

Generally accepted accounting principles

The person from whom the controller derives authority to set accounting procedures.

Answer Given

The company president

Authority to advise but not to command It may be exerted downward, laterally, or upward.

Answer Given

Staff authority