115 test bank for cornerstones of cost accounting 1st edition by hansen

Free Test Bank with Answers for Accounting Information Systems 1st Free Test Bank with Answers for Accounting Information Systems 1st Free Test Bank with Answers for Accounting Information Systems 1st Test Bank with Answers for Intermediate Accounting Principles and Analysis 2nd Test Bank with Answers for Intermediate Accounting Principles and Analysis 2nd Test Bank with Answers for Financial Accounting An Introduction. Free Test Bank with Answers for Auditing and Assurance Services Understandin Test Bank with Answers for Financial Accounting An Introduction to Concepts Methods and Uses Test Bank with Answers for Financial Accounting An Introduction to Concepts Methods and Uses Test Bank with Answers for Advanced Accounting 12th Edition Test Bank with Answers for Auditing A Business Risk Approach 8th Edition Free Test Bank for Management Accounting with Answers Ngân hàng câu hỏi trắc nghiệm Hệ thống thông tin kế toán, Ngân hàng câu hỏi kèm đáp án đề trắc nghiệm Tài chính kế toán, đề trắc nghiệm Quản trị kế toán, kế toán nâng cao, Đề trắc nghiệm có đáp án Tài chính kế toán, Kế toán kiểm toán, kế toán quản trji Test Bank for Managerial Accounting with Answers Đề trắc nghiệm kế toán, trắc nghiệm tài chính, Test bank for Accounting, Test bank with Answer, Test Bank Financial Accounting

115 Test Bank for Cornerstones of Cost Accounting 1st Edition by Hansen

Multiple Choice Questions-Page 1

In an accounting information system, the inputs are usually

1 financial statements.

2 analyzing data.

3 performance reports.

4 economic events.

Which of the following is NOT provided by cost accountants?

1 cost information in accordance with GAAP

2 cost information about processes and activities

3 financial information for external users

4 cost information about products, customers, and services

Which of the following activities is NOT associated with the financial

accounting information system?

1 reporting on the cost of quality

2 reporting to the SEC

3 preparing reports for the IRS

4 preparing a statement of cash flows

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

information system?

1 auditing existing data

2 collecting and recording data

3 providing information to users

4 analyzing and managing data

is any form of commerce that is executed using

information and communications technology

1 preparing a cost of quality report

2 preparing a performance report that compares actual costs to budgeted costs

3 determining the cost of a customer

4 using future expected earnings to estimate the price of a share of common stock

Which of the following is NOT part of the financial accounting information system?

1 filing reports with the SEC

2 reporting a large contingent liability to current and potential shareholders

3 determining the future cashflows of a proposed flexible manufacturing system

4 preparing GAAP financial statements

Which of the following cost management tools supports the firm's

concentration on the delivery of value to the customer?

1 service industry growth

Which of the following costing activities is associated with the financial accounting system?

1 determining the cost of a department

2 determining the cost of goods sold for financial statements

3 preparing budgets

4 determining the cost of a customer

Which of the following is a cost management subsystem designed to assign costs to individual products and services and other objects, as specified by management

1 financial accounting information system

2 operational control system

3 cost accounting information system

4 all of the above

The cost management information system is concerned with

1 reporting financial information according to GAAP.

2 providing cost information that is used in planning, control, and decision-making.

3 reporting to external users.

4 providing financial information to investors.

Which of the following does NOT describe cost management system?

1 evaluation of segments or products within the firm

2 emphasis on the future

3 externally focused

4 focus on effective use of resources

The increased importance of costing our activities in the value chain and determining the cost of different suppliers and customers has led to the emergence of

1 improved transportation and communications systems.

2 improved telemarketing and communications.

3 improved distribution and transportation systems.

4 None of these factors have contributed.

_ broadens the focus of accounting because it is concerned with factors that drive costs, such as cycle time and process productivity

1 Cost accounting

2 Cost management

3 Financial management

4 Financial accounting

Cost management reports are prepared

1 to meet the needs of decision makers within the firm.

2 whenever stockholders request them.

3 according to guidelines prepared by the Securities and Exchange Commission.

4 according to financial accounting standards.

Financial accounting information is used for

1 is concerned with assigning costs to various cost objects.

2 attempts to satisfy the costing objectives of both financial accounting and management accounting.

3 provides cost information that supports planning, controlling, and decision making.

4 all of these.

Which of the following activities is NOT significant to the advancement of information technology?

1 enterprise resource planning software

2 emergence of electronic commerce

3 theory of constraints

4 decision support systems

A(n) is a computerized information system that strives to input data once and make it available to people across the company for different purposes

1 cost management information system

2 enterprise resource planning system

3 internal accounting system

4 financial accounting system

_ is devoted to providing information for external users

3 emergence of electronic commerce

4 availability of tools such as OLAP and DSS

Which of the following activities is associated with the cost management information system?

1 preparing reports for division managers

2 preparing reports for the IRS

3 preparing reports for the SEC

4 preparing financial statements that conform to GAAP

Which of the following statements is TRUE?

1 The service sector comprises approximately 75 percent of the United States' economy and employment.

2 The service sector comprises approximately 20 percent of the United States' economy and employment.

3 Traditional smokestack industries have increased in importance in recent years.

4 The service sector has decreased in importance in recent years.

Cost management is the branch of accounting concerned with reporting to

2 banks and other creditors with information useful in making credit decisions.

3 management with information useful for planning and control of operations.

4 the Internal Revenue Service with information about taxable income.

The operational control system is concerned with

1 investment decisions.

2 what activities should be performed and assessing how well they are performed.

3 consumption of productive resources by individual products.

4 none of these.

Software that has integrated system capability using real time data is

1 enterprise resource planning software.

2 on-line analytic programs.

3 computer-assisted engineering software.

4 none of these.

95 Free Test Bank for Cornerstones of Cost Accounting 1st Edition by Hansen Multiple Choice Questions-Page 2

A person in a staff position

1 is directly involved in production.

2 provides support for the line function.

3 is not actually an employee of the company.

4 all of these.

Accounting activities within an organization are usually under the overall supervision of the

1 Certified Public Accountant.

2 controller.

3 Chartered Accountant.

4 treasurer.

Performance reports are accounting reports that compare

1 planned data with actual data.

2 audited data with actual data.

3 managers' bonuses with performance ratings by supervisors.

4 actual data with industry standards.

Competitive advantage is established by providing

1 more customer products than competitors.

2 better quality than competitors.

3 greater customer value for less cost than competitors.

4 greater efficiencies than competitors.

The _ is the officer responsible for money management and serves chiefly as the custodian of the organization's funds

1 Certified Public Accountant

2 controller

3 Chartered Accountant

4 treasurer

A critical measure of efficiency is

1 the cost of activity.

2 a T-test.

3 customer satisfaction.

4 employee job satisfaction.

In JIT manufacturing, each operation produces

1 only what is necessary for the succeeding operations.

2 all that it can to offset fixed costs.

3 a fixed percentage in excess of orders to ensure adequate quality stock.

4 all that it can in order to build inventories.

Currently, the activity found LEAST often within the controller's department is

1 updating the general ledger.

2 budget preparation.

3 maintaining accounts receivable records.

4 establishing and maintaining a market for the organization's debt and equity securities.

The chief accounting officer of an organization is the

1 vice president of finance.

Which of the following positions would most likely be a staff manager?

1 manager of a Sears store

2 president

3 manager of a clothing division

4 controller

Which of the following positions would most likely be a line manager?

1 personnel department manager

2 president

3 treasurer

4 purchasing department manager

Analyzing cost overruns to determine their cause is an example of

1 planning.

2 control.

3 decision making.

4 both a and c.

Which of the following is a staff position?

1 vice president of production

2 vice president of finance

3 vice president of marketing

All of the following would be considered staff functions EXCEPT the

1 vice president of finance.

2 vice president of corporate planning.

3 vice president of marketing.

4 vice president of research and development.

The internal auditor performs a

4 eliminating non-value-added activities.

Total quality management emphasizes

1 improved time-based performance

2 improved quality of products and services

3 maximizing shareholder value

4 improved efficiency

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

1 foreign currency translation

2 costing and quality analysis

3 differentiating between value-added and non-value-added activities

4 measuring productivity

Which of the following job positions is a line function?

1 financial vice president

2 controller

Which of the following duties is usually assigned to the controller?

1 receiving, maintaining custody of, and disbursing monies and securities

2 directing the granting of credit to clients

3 investing the organization's funds

4 tax planning

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?

1 advances in information technology

2 time as a competitive element

3 global competition

4 total quality management

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

1 World-class firms are firms that are poor in customer support.

2 World-class firms know their market and their products.

3 World-class firms strive continually to improve product design, manufacture, and delivery.

4 World-class firms can compete with the best of the best in a global environment.

95 Free Test Bank for Cornerstones of Cost Accounting 1st Edition by Hansen Multiple Choice Questions-Page 3

Extending the close of the fiscal year beyond December 31 so that some sales

of next year are included in the current year would be a violation of which standard of ethical conduct for management accountants?

The Standards of Ethical professional Practice of the Institute of management Accountants addresses all of the following EXCEPT

In resolving an ethical conflict, which of the following would NEVER be

appropriate?

1 discussing the matter with the chief executive officer

2 discussing the matter with an external member of the board of directors

3 taking the matter to the press where there is no legal requirement

4 resigning from the position because of a conflict

The certification sponsored by the Institute of Management Accountants that emphasizes economics, finance, management, financial accounting and reporting, management reporting, and decision analysis is the

1 CPA.

2 CMA.

3 CIA.

4 all of these.

The IMA has a program to recognize professional competence and

educational attainment in the field of management accounting The program leads to designation as a

1 Certified Management Accountant.

2 controller.

3 Chartered Accountant.

4 treasurer.

Evaluating the performance of a segment of the company is an example of

1 critical in a dynamic environment.

2 important to finding and maintaining a competitive advantage.

3 an effort to find ways to increase overall efficiency, improve quality, and reduce costs.

4 all of these.

Persons in the United States who provide assurance services are designated

as

1 Certified Public Accountants.

2 Certified Financial Accountants.

3 Chartered Accountants.

4 Certified Management Accountants.

The monitoring of a plan's implementation is called

1 planning.

2 controlling.

3 decision making.

4 budgeting.

The standards of ethical conduct for management accountants include

1 competence and performance.

2 integrity and respect for others.

3 confidentiality, confidence, integrity, and observance.

4 competence, confidentiality, integrity, and credibility.

Altering dates of shipping documents of next January's sales to record them

as sales in the current year would be a violation of which standard of ethical conduct for management accountants?

1 competence

2 integrity

3 credibility

4 all of these

Divulging company information (when not legally obligated to do so) would be

a violation of which part of the IMA Code of Conduct?

1 competence

2 confidentiality

3 independence

4 credibility

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

1 Prepare clear and complete reports.

2 Communicate professional limitations.

3 Avoid actual or apparent conflicts of interest.

4 Communicate information fairly and objectively.

The acceptance of a savings bond from a supplier would be a violation of which standard of ethical conduct for management accountants?

2 confidentiality

3 integrity

4 credibility

When a management accountant ignores data in favor of unsupported

opinion, this action would speak most directly to which part of the IMA Code

In a performance report,

1 differences between actual costs and allowed costs are always undesirable.

2 expenditures of less than allowed amounts are undesirable.

3 expenditures of more than allowed amounts are not permitted to occur.

4 expenditures of less than allowed amounts are desirable.

Inspecting units produced to determine if they meet specifications is an example of

Disclosing all information, unfavorable as well as favorable, that could

influence an intended user’s understanding of reports, would relate to what section of the IMA Code of Conduct?

1 competence

In a company, engineers have redesigned production process lowering

production costs, shorting production cycle time, reducing waste and

improving quality Which type of managerial activity applies to this situation?

1 controlling

2 continuous improvement

3 planning

4 decision making

Which of the following have been found to be TRUE?

1 Firms that emphasize ethics outperform firms that don't emphasize ethics.

2 Those corporations that mention ethics in their management reports have lower than average performance.

3 Companies with a strong code of ethics and sense of integrity and honor will have trouble competing over the long run.

is applicable in this situation?

1 control

2 continuous improvement

3 planning

Free Text Questions

You are a management accountant for Burn's Corporation Ruth Hamilton, the sales representative for one of Burn's suppliers, invited you to attend a

professional sporting event Because you are an avid sports fan, you

accepted Ruth's invitation At the sporting event, Ruth begins talking about Burn's upcoming contract renewals with suppliers Because there is intense competition and because it is the first bid she will submit to Burn's

Corporation, she asks you to review her bid to make sure "it is good en

Answer Given

According to the Standards of Ethical Conduct for Management Accountants,

management accountants have a responsibility to "refrain from using or appearing to