Chapter One

corporate social responsibility

A company's attempts to utilize sustainable business practices with regard to its employees, the environment, and society are known as ________.

Kaizen

A process that is often linked to Six Sigma and is designed toward continuous improvement by eliminating waste is ________.

Lean Six Sigma

A quality control program that depends on multiple team members for removing waste and diminishing defects within products is ________.

Just-in-time manufacturing

An inventory system that organizations use to increase efficiency and decrease waste is ________.

deviations and variances

During the control function, the measurements taken of the performance must be accurate enough to see ________.

investors

External users of accounting information would include ________.

creditors

Internal users of accounting information would not include ________.

strategic planning

Management accountants help the management of an organization in their planning function through ________.

emphasizes special-purpose information

Management accounting:

that is often focused on the future

Managerial accounting produces information:

The owner

The stockholders of a company are:

consists of three separate exams that must be taken in succession

The Certified Financial Analyst (CFA) certification:

includes a two-part exam, education requirements, and a work experience requirement

The Certified Management Accountant (CMA) certification:

reports to the CFO and is in charge of the accounting side of the business

The controller of a corporation:

FCPA

The law that specifically prohibits payments to foreign officials in order to attain business is known as ________.

planning, controlling, and evaluating

The managers of an organization are responsible for performing several broad functions. They are ________.

SOX

What is the law that protects investors from fraudulent financial accounting activity?

2002

What year was the Sarbanes-Oxley Act enacted?

bribery

When a representative of an organization gives money to another business official in order to gain favor and/or manipulate a business decision, this is known as ________.

comparing actual results against expected results for products, departments, divisions, or the company as a whole

Which of the following is a primary aspect of the evaluating function within an organization?

It is the sole responsibility of supervisors.

Which of the following is false regarding strategic planning?

Confirm decision with FASB.

Which of the following is not a step in the outline for examining ethical issues?

Vendor

Which of the following is not an objective used in the balanced scorecard approach?

It can be applied only to improve processes and products but not services and practices.

Which of the following is not true regarding continuous improvement?

Reports produced using management accounting must follow GAAP.

Which of the following statements is incorrect?

commercial awareness

Which of the following terms means knowing how a business is run and how it is influenced by external forces, and knowing and understanding the overall industry?

collaboration

Which of the following terms means the ability to work in cross-functional teams in order to complete a task?