174 test bank for managerial accounting 1st

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174 Test Bank for Managerial Accounting 1st

True False Questions Free Text Questions

-Multiple Choice Questions-Page 1

The primary goal of financial accounting is to provide

information for:

1 A potential investors.

2 B creditors.

3 C governmental regulators.

4 D all of the above.

Which of the following management responsibilities is being

fulfilled when management decides to move production to another country to lower costs?

1 A Directing

2 B Planning

3 C Decision-making

4 D All of the above

Which of the following groups are most likely to use a

company's budget information?

1 A Managers

2 B Customers

3 C Creditors

4 D Suppliers.

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 None of the above.

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 All of the above

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

example of the management function of:

The person MOST likely to use ONLY financial accounting

information would be the:

1 A bank loan officer.

Using product cost information to determine sales prices is an

example of:

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 of the following persons or groups would be LEAST

likely to receive detailed managerial accounting reports?

1 A Plant managers

2 B Current shareholders

3 C Sales territory managers

4 D CEO

Reviewing 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.

Decision makers inside a company are its:

4 D It must be prepared in conformity with generally accepted accounting principles (GAAP)

Which of the following types of information are used in

managerial accounting?

1 A Financial information

2 B Nonfinancial information

3 C Forecasts of future earnings

4 D All of the above.

A CFO would have all of the following responsibilities EXCEPT:

1 A preparing all corporate tax returns.

2 B managing corporate financing.

3 C providing reports to creditors as required.

4 D investing in new equipment.

Management accounting focuses on:

4 D both shareholders and creditors.

Which one of the following manager responsibilities

encompasses the other three?

1 A Decision-making

2 B Feedback

3 C Planning

Which of the following is TRUE?

1 A Managerial accounting reports are audited by CPAs.

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.

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.

Information for external parties about past performance is

provided by:

1 A budget reports.

2 B financial accounting reports.

3 C managerial accounting reports.

4 D planning reports.

Which of the following groups are external users of financial

information?

1 A Customers of the company

2 B Vendors of the company

3 C Potential investors of the company

4 D All of the above.

Budgets are the way that managers can express their:

1 A plans.

2 B decision-making.

3 C control.

4 D hiring practices.

Which statement is TRUE?

1 A Management uses reports created for internal parties.

2 B Management uses financial information to plan internal operations.

3 C Management uses financial information to analyze costs.

4 D All of the above are true.

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.

Which of the following certifications is issued by the Society of

Comparing actual results to budgets is an example of the

management function of:

1 A controlling.

2 B decision-making.

3 C directing.

When management compares the budget to actual results,

which of the following is being fulfilled?

2 B financial accounting reports.

3 C managerial accounting reports.

4 D planning reports.

Evaluating results against the plan is an example of the

management function of:

1 A controlling.

2 B decision-making.

3 C directing.

4 D planning.

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.

Which of the following types of accounting is designed to meet

the needs of decision-makers inside a company?

1 A Audit accounting

2 B Financial accounting

3 C Managerial accounting

4 D Tax accounting

115 Free Test Bank for Managerial Accounting 1st

Canadian Edition by Braun Multiple Choice

Questions-Page 2

Communicating information fairly and objectively represents

what ethical standard?

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.

Who requires companies listed on the New York Stock

Exchange to have an internal audit function?

1 A The Board of Directors

2 B The NYSE

3 C The internal revenue service (IRS.

4 D The stockholders

Managerial accountants often work on teams called:

1 A audit teams.

2 B cross-functional teams.

3 C multi-functional teams.

4 D workgroups.

You take printer paper home from work for personal use You

have violated which ethical standard?

3 C The Board of Directors

4 D The company president

The person or position who is directly responsible for all

financial concerns is the:

1 A CEO.

2 B CFO.

3 C COO.

4 D Treasurer.

The overarching principles in the Society of Management

Accountants Code of Professional Ethics include all of the following EXCEPT:

1 A fairness.

2 B integrity.

3 C loyalty.

4 D responsibility.

Which of the following skills are required of managerial

accountants?

1 A The ability to work on a team

2 B Analytical skills

3 C Oral and written communication skills

4 D All of the above

Which person is hired directly by the board of directors to run

The standards of the Society of Management Accountants Code

of Professional Ethics include which of the following?

1 A Integrity

2 B Honesty

3 C Fairness

4 D Objectivity

Which of the following is NOT included in the list of necessary

skills for management accountants?

1 A Solid knowledge of financial accounting

2 B Problem solving and analytical skills

3 C Knowledge of how a business runs

4 D Ability to work independently

Managerial accountants perform which of the following tasks?

1 A Ensure financial records are correct

2 B Help design information systems

3 C Provide decision support

4 D All of the above

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

A company ships out pre-ordered merchandise the last week of

December, instead of in mid- January as originally

scheduled, to ensure a profit for the year This action could be seen as a violation of what ethical standard?

1 A Competence

2 B Confidentiality

3 C Integrity

4 D All of the above

Which person or group is NOT an employee of a corporation?

1 A The CFO

2 B A member of the audit committee

3 C The Treasurer

4 D The VP of manufacturing

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.

Which of the following is NOT included in the list of necessary

skills for management accountants?

1 A Designation as a qualified managerial accountant

2 B Analytical skills

3 C Adherence to professional and ethical standards

4 D Knowledge of how a business runs

You "pad" your expenses on a company sponsored conference

You are in violation of what ethical standard?

1 A Competence

2 B Confidentiality

3 C Credibility

4 D Integrity

You tell your sister that the company you work for is going to

report higher than expected earnings What ethical

standard is being violated?

1 A Competence

2 B Confidentiality

3 C Credibility

4 D Integrity

You do not understand how "accrual accounting" works You

have failed which ethical standard?

1 A Adherence to professional and ethical standards

2 B Problem solving and analytical skills

3 C Written and verbal communication skills

4 D All of the above

To resolve ethical dilemmas management accountants should

FIRST:

1 A follow their company's established policies for Reporting unethical behavior.

2 B discuss the unethical situation with their immediate supervisor.

3 C consult an attorney.

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

Which of the following is NOT one of the Society of

Management Accountants overarching ethical principles?

Performing duties in accordance with relevant laws,

regulations, and technical standards make up which SMA professional ethics standard?

1 A Solid knowledge of financial accounting

2 B Problem solving and analytical skills

3 C Knowledge of how a business runs

4 D All of the above

Managerial accountants may be responsible for:

1 A analyzing data.

2 B communicating results.

3 C providing decision support.

4 D all of the above.

Which of the following is NOT included in the list of necessary

skills for management accountants?

1 A Solid knowledge of financial accounting

2 B Analytical skills

3 C Designation as a qualified managerial accountant.

4 D Knowledge of how a business runs

The person or position who is directly responsible for the

company's operations, such as research and

development, production and distribution is the:

1 A CEO.

2 B CFO.

3 C COO.

4 D Treasurer.

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

3 C Technology

4 D None of the above.

115 Free Test Bank for Managerial Accounting 1st

Canadian Edition by Braun Multiple Choice

Which is NOT a result of Sarbanes-Oxley?

1 A Audit committees must be independent.

2 B The COO assumes financial statement responsibility.

3 C There are new requirements for CPA firms.

4 D There are stiffer consequences for white-collar crimes.

The philosophy and a business strategy of manufacturing

without waste is referred to as:

1 A lean production.

2 B thin manufacturing.

3 C TQM.

4 D ISO 900

What is the purpose of supply chain management?

1 A To improve the quality of products

2 B To reduce costs

3 C To speed delivery of goods and services

4 D All of the above

The Society of Management Accountants issues what

SOX requires that the company's financial statements be

certified by the company's:

1 A CFO.

2 B CEO.

3 C CFO and CEO.

4 D Controller.

Under Sarbanes-Oxley, companies must have their internal

audit procedures assessed:

Refusing gifts or favors that would influence actions is an

example of which ethical standard?

1 A eXtensible Business Reporting Language.

2 B eXisting Business Responsibility Language.

3 C eXtensive Business Registering Location.

4 D eXtractable Business Reporting Location.

Gilmore Corporation is investigating the possibility of adopting

a lean production philosophy in its manufacturing

facilities The plant manager has done a cost-benefit

analysis and has found that the costs of the lean

production program exceed the benefits by $115,000 You analyze the situation and make some adjustments to the cost estimates After doing your analysis, you find that costs still outweigh benefits by less than 5% Which might

be a sound course of action?

1 A Consider dropping the plan.

2 B Look for ways to lessen costs.

3 C Re-evaluate the value of benefits.

4 D All of the above should be considered.

The SEC has moved to adopt IFRS for which types of

companies?

1 A All U.S companies

2 B Only foreign companies operating in the U.S.

3 C All U.S publicly traded companies

4 D All U.S private companies

Which of the following describes a system in which suppliers

deliver materials at the time they are needed?

4 D TQM.

Electric Engines Company is considering opening a plant in

Brazil It will cost $4,000,000 to set up the plant and

$750,000 to train employees An additional $80,000 will be spent to build relationships with the local suppliers The company anticipates gross profit of $4,800,000 from this new plant Do the benefits outweigh the costs or do the costs outweigh the benefits, and by how much?

1 A Costs outweigh benefits by $30,000.

2 B Benefits outweigh costs by $30,000.

3 C Costs outweigh benefits by $50,000.

4 D Benefits outweigh costs by $50,000.

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.

Exchanging information to reduce costs, speed delivery, and

improve quality is the definition of:

1 A their internal control system

2 B their financial Reporting procedures

3 C their internal control system and financial Reporting system

4 D none of the above

New England Furniture Crafters is considering investing in an

ERP program It will have $910,000 in software costs and

$280,000 in employee training costs Computer hardware also needs up be upgraded for the ERP program; the hardware upgrades are expected to be $125,000 The expected benefits from the ERP should be $1,367,000 Do the benefits outweigh the costs or do the costs outweigh the benefits, and by how much?

1 A Costs outweigh benefits by $52,000.

2 B Benefits outweigh costs by $52,000.

3 C Costs outweigh benefits by $177,000

4 D Benefits outweigh costs by $177,000.

Edwards Restaurant Supplies is investigating the possibility of

adopting a lean production philosophy throughout their organization Estimated costs to set up the computer system are $650,000; training employees in lean

production is estimated to cost $175,000; and the general expenses of establishing the program are estimated at

$35,000 The estimated value of the potential savings is

$975,000 Do the benefits outweigh the costs or do the costs outweigh the benefits, and by how much?

1 A Costs outweigh benefits by $150,000.

2 B Benefits outweigh costs by $150,000.

3 C Costs outweigh benefits by $115,000

4 D Benefits outweigh costs by $115,000.

Which of the following is NOT used in a cost-benefit analysis?

1 A Future benefits to be received from project

2 B Amounts for future costs of project

3 C Book value of past investment in equipment

4 D Amount needed to invest in project initially

The philosophy of providing superior goods and services is:

1 A ERP.