Question 1

Employee empowerment involves encouraging and authorizing workers to take initiatives to:

Accepted Answer

A)  improve operations.
B)  reduce costs.
C)  improve product quality.
D)  improve customer service.
E)  All of thesE.F) A) and D)
G) All of the above

Question 2

Which of the following involves the coordination of daily business functions within an organization?

Accepted Answer

A)  Decision making.
B)  Planning.
C)  Directing operational activities.
D)  Controlling.
E)  Motivating.F) B) and E)
G) A) and C)

Question 3

A controller is normally involved with preparing financial statements.

Accepted Answer

A) True 
 B)False

Question 4

In order for a company to achieve a sustainable competitive advantage,it must perform value chain activities:

Accepted Answer

A)  at the same quality level as competitors,at the same cost.
B)  at the same quality level as competitors,but at a lower cost.
C)  at a higher quality level than competitors,at a higher cost.
D)  at a higher quality level than competitors,but at no greater cost.
E)  Either choice "B" or "D" abovE.F) B) and D)
G) All of the above

Question 5

Which of the following employees at Starbucks would likely be considered as holding a staff position?

Accepted Answer

A)  The company's chief operating officer (COO) .
B)  The manager of a store located in Kansas City,Missouri.
C)  The company's lead,in-house attorney.
D)  The company's chief financial officer (CFO) .
E)  Choices "C" and "D" abovE.F) C) and E)
G) A) and E)

Question 6

Idaho Corporation recently implemented a just-in-time (JIT) production system along with a series of continuous improvement programs.If the firm is now considering adopting a total quality management (TQM) program,it would likely find that TQM:

Accepted Answer

A)  is consistent with both JIT and continuous improvement.
B)  is consistent with JIT but inconsistent with continuous improvement.
C)  is consistent with continuous improvement but inconsistent with JIT.
D)  is inconsistent with both JIT and continuous improvement.
E)  is an antiquated management techniquE.F) C) and E)
G) C) and D)

Question 7

Which of the following statements represents a similarity between financial and managerial accounting?

Accepted Answer

A)  Both are useful in providing information for external users.
B)  Both are governed by GAAP.
C)  Both draw upon data from an organization's accounting system.
D)  Both rely heavily on published financial statements.
E)  Both are solely concerned with historical transactions.F) A) and D)
G) B) and C)

Question 8

Which of the following typically does not relate to the role of a controller?

Accepted Answer

A)  A controller supervises the accounting department.
B)  A controller safeguards an organization's assets.
C)  A controller oversees the preparation of reports required by governmental authorities.
D)  A controller normally assumes a narrow role within the organization,often preventing the individual's rise to top management ranks.
E)  Choices "B" and "D" abovE.F) B) and D)
G) D) and E)

Question 9

The cost of resources supplied but unused is known as:

Accepted Answer

A)  practical capacity costs.
B)  the cost of theoretical capacity.
C)  the cost of unused capacity.
D)  the cost of resources supplieD.
E)  capacity cost.F) B) and E)
G) A) and D)

Question 10

Which of the following statements about managerial accountants is false?

Accepted Answer

A)  Managerial accountants more and more are considered "business partners."
B)  Managerial accountants often are part of cross-functional teams.
C)  An increasing number of organizations are segregating managerial accountants in separate managerial-accounting departments.
D)  In a number of companies,managerial accountants make significant business decisions and resolve operating problems.
E)  The role of managerial accountants has changed considerably over the past decadE.F) D) and E)
G) B) and C)

Question 11

Which of the following can be linked to a wave of corporate scandals that took place not too long ago?

Accepted Answer

A)  Greedy corporate executives.
B)  Managers who made over-reaching business deals.
C)  Lack of oversight by companies' audit boards and boards of directors.
D)  Shoddy work by external auditors.
E)  All of thesE.F) None of the above
G) A) and B)

Question 12

Assume that a managerial accountant regularly communicates with business associates to avoid conflicts of interest and advises relevant parties of potential conflicts.In so doing,the accountant will have applied the ethical standard of:

Accepted Answer

A)  objectivity.
B)  confidentiality.
C)  integrity.
D)  credibility.
E)  unified behavior.F) C) and E)
G) C) and D)

Question 13

Middle-level managers would likely be considered internal users of accounting information rather than external users.

Accepted Answer

A) True 
 B)False

Question 14

The chief managerial and financial accountant of an organization is the:

Accepted Answer

A)  chief executive officer (CEO) .
B)  treasurer.
C)  vice-president of accounting.
D)  internal auditor.
E)  chief financial officer (CFO) .F) C) and D)
G) B) and E)

Question 15

Which of the following characteristic(s) relate(s) more to managerial accounting than to financial accounting?

Accepted Answer

A)  A focus on reporting to personnel within an organization.
B)  A focus on reporting to external parties.
C)  An area of accounting that is heavily regulated.
D)  A focus on providing information that is relevant for planning,decision making,directing,and control.
E)  Choices "A" and "D" abovE.F) B) and E)
G) D) and E)

Question 16

A controller is normally involved with:

Accepted Answer

A)  preparing financial statements.
B)  managing investments.
C)  raising capital.
D)  safeguarding assets.
E)  managing the firm's credit policy.F) C) and D)
G) A) and B)

Question 17

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

Accepted Answer

A)  Providing information for decision making and planning.
B)  Assisting in directing and controlling operations.
C)  Maximizing profits and minimizing costs.
D)  Measuring the performance of managers and subunits.
E)  Motivating managers toward the organization's goals.F) B) and D)
G) All of the above

Question 18

Borders Overnight operates an overnight package delivery service that competes with Federal Express and United Parcel Service (UPS).Top management is considering the use of a balanced scorecard to evaluate operations.
A.The balanced scorecard is a business model that helps to assess a firm's competitive position and ensures that the firm is progressing toward long-term survival.Balanced scorecards differ from organization to organization;however,in addition to customer-satisfaction measures,most have a combination of financial measures,internal operating measures,and measures of innovation/growth and learning.
A.What is a balanced scorecard and other than customer-satisfaction measures,what are its typical key components?
B.Customer-satisfaction measures could include number of packages delivered,market share,number of packages lost or damaged,number of customer complaints,average wait time when calling and scheduling a package pickup,and response time to customer problems.
B.List four customer-satisfaction measures that Borders might use to evaluate performance.

Accepted Answer

A.The balanced scorecard is a business m...

Question 19

Which of the following choices correctly depicts whether McDonald's,the University of Wisconsin,and Apple Inc.would have a need for managerial accounting?

Accepted Answer

A)  Choice A
B)  Choice B
C)  Choice C
D)  Choice D
E)  Choice EF) A) and D)
G) A) and C)

Question 20

All of the following entities would have a need for managerial accounting information except:

Accepted Answer

A)  the state of Michigan.
B)  Google.
C)  Abercrombie & Fitch.
D)  H&R Block.
E)  None of these responses is correct,as all of these entities would use managerial accounting information.F) None of the above
G) All of the above

Exam 1: The Changing Role of Managerial Accounting in a Dynamic Business Environment

All of the following entities would have a need for managerial accounting information except:

Correct Answer
verified

Which of the following involves the coordination of daily business functions within an organization?

Correct Answer
verified

Which of the following statements about managerial accountants is false?

Correct Answer
verified

The chief managerial and financial accountant of an organization is the:

Correct Answer
verified

Which of the following typically does not relate to the role of a controller?

Correct Answer
verified

Which of the following statements represents a similarity between financial and managerial accounting?

Correct Answer
verified

A controller is normally involved with:

Correct Answer
verified

The cost of resources supplied but unused is known as:

Correct Answer
verified

In order for a company to achieve a sustainable competitive advantage,it must perform value chain activities:

Correct Answer
verified

A controller is normally involved with preparing financial statements.

Correct Answer
verified

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

Correct Answer
verified

Idaho Corporation recently implemented a just-in-time (JIT) production system along with a series of continuous improvement programs.If the firm is now considering adopting a total quality management (TQM) program,it would likely find that TQM:

Correct Answer
verified

Which of the following characteristic(s) relate(s) more to managerial accounting than to financial accounting?

Correct Answer
verified

Which of the following can be linked to a wave of corporate scandals that took place not too long ago?

Correct Answer
verified

Which of the following choices correctly depicts whether McDonald's,the University of Wisconsin,and Apple Inc.would have a need for managerial accounting?

Correct Answer
verified

Assume that a managerial accountant regularly communicates with business associates to avoid conflicts of interest and advises relevant parties of potential conflicts.In so doing,the accountant will have applied the ethical standard of:

Correct Answer
verified

Which of the following employees at Starbucks would likely be considered as holding a staff position?

Correct Answer
verified

Employee empowerment involves encouraging and authorizing workers to take initiatives to:

Correct Answer
verified

Middle-level managers would likely be considered internal users of accounting information rather than external users.

Correct Answer
verified

Correct Answer
verified
A.The balanced scorecard is a business m...
View Answer

Exam 1: The Changing Role of Managerial Accounting in a Dynamic Business Environment

All of the following entities would have a need for managerial accounting information except:

Correct AnswerverifiedShow Answer

Which of the following involves the coordination of daily business functions within an organization?

Correct AnswerverifiedShow Answer

Which of the following statements about managerial accountants is false?

Correct AnswerverifiedShow Answer

The chief managerial and financial accountant of an organization is the:

Correct AnswerverifiedShow Answer

Which of the following typically does not relate to the role of a controller?

Correct AnswerverifiedShow Answer

Which of the following statements represents a similarity between financial and managerial accounting?

Correct AnswerverifiedShow Answer

A controller is normally involved with:

Correct AnswerverifiedShow Answer

The cost of resources supplied but unused is known as:

Correct AnswerverifiedShow Answer

In order for a company to achieve a sustainable competitive advantage,it must perform value chain activities:

Correct AnswerverifiedShow Answer

A controller is normally involved with preparing financial statements.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Idaho Corporation recently implemented a just-in-time (JIT) production system along with a series of continuous improvement programs.If the firm is now considering adopting a total quality management (TQM) program,it would likely find that TQM:

Correct AnswerverifiedShow Answer

Which of the following characteristic(s) relate(s) more to managerial accounting than to financial accounting?

Correct AnswerverifiedShow Answer

Which of the following can be linked to a wave of corporate scandals that took place not too long ago?

Correct AnswerverifiedShow Answer

Which of the following choices correctly depicts whether McDonald's,the University of Wisconsin,and Apple Inc.would have a need for managerial accounting?

Correct AnswerverifiedShow Answer

Assume that a managerial accountant regularly communicates with business associates to avoid conflicts of interest and advises relevant parties of potential conflicts.In so doing,the accountant will have applied the ethical standard of:

Correct AnswerverifiedShow Answer

Which of the following employees at Starbucks would likely be considered as holding a staff position?

Correct AnswerverifiedShow Answer

Employee empowerment involves encouraging and authorizing workers to take initiatives to:

Correct AnswerverifiedShow Answer

Middle-level managers would likely be considered internal users of accounting information rather than external users.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedA.The balanced scorecard is a business m...View AnswerShow Answer

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
verified
A.The balanced scorecard is a business m...
View Answer