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Exam 1: Introduction to Managerial Accounting

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Question 1

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Managerial accountants may be responsible for

A) providing decision support.
B) communicating results.
C) analyzing data.
D) all of the above.

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Question 2

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Which of the following statements is false?

A) Financial accounting helps investors make decisions.
B) Financial accounting provides sufficient information for managers to effectively plan and control operations.
C) Financial accounting reports help creditors make decisions.
D) Financial accounting provides external reports.

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Question 3

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The American Institute of Certified Public Accountants was the first professional membership organization in the United States to earn the ISO 9001 certification.

Budgets are a way for managers to communicate their

Torque Engine Company is considering opening a plant in China. It will cost $3,500,000 to set up the plant and $750,000 to train employees. An additional $100,000 will be spent to build relationships with the local suppliers. The company anticipates gross profit of $4,400,000 from this new plant. Do the benefits outweigh the costs or do the costs outweigh the benefits, and by how much?

What are the three primary responsibilities of managers as described in the chapter? Give an example of each type of responsibility.

The IMA suggests that members discuss ethical dilemmas with the company's board of directors.

Management accountants spend more time planning, analyzing and interpreting accounting data and less time recording routine accounting transactions than they have in the past.

Which of the following statements about XBRL is false?

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

What factor has changed the way that we now view managerial accountants?

Pete's Cola Company is investigating the possibility of adopting a lean thinking philosophy throughout their organization. Estimated costs to set up the computer system are $1,650,000; training employees in lean operations is estimated to cost $175,000; and the general expenses of establishing the program are estimated at $315,000. The estimated value of the potential savings is $1,975,000. Do the benefits outweigh the costs or do the costs outweigh the benefits, and by how much?

The ________ is a subgroup of the Board of Directors.

Which of the following was not a result of the Sarbanes-Oxley Act?

Directing means setting goals and objectives for the company and determining how to achieve them.

A company's budget information is most likely to be used by which of the following groups?

The IMA issues which of the following certifications?

Budgets are the quantitative expression of management's plans.

Which of the following is a software system that integrates all of a company's departments?

The Sarbanes-Oxley Act requires companies to have their internal audit procedures assessed at least