Chapter 1

Which of the following is false regarding strategic planning? A. It is the sole responsibility of the supervisor B. Strategin objectives will be diverse and vary from company to company C. It should include both short term and long term goals D. It will span many years

A

Internal users of accounting information would not include A. managers B. employees C. Creditors D. officers

C

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

Collaboration

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

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

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

Corporate and social responsibility

Which of the following is not true regarding continuous improvement A. It applies to both service and manufacturing companies B. it is used to reduce performance costs C. It rejects the idea of "good enough" D. It can be applied only to improve the processes and products but not to services and practices

D

Which of the following statements is incorrect? A. The practice of management accounting is fairly flexible B. Management accounting focuses mainly on the internal user C. The information gathered from management accounting is not required by law D. Reports produced using management accounting must follow GAAP

D

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

Just-in-time manufacturing

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

Kaizen

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

Lean six sigma

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

SOX 2002

The stockholders of a company are

The owners

The CFA certification

consists of 3 separate exams that must be taken in succession

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

deviations and variances

Management accounting

emphasizes special-purpose information

The CMA certification

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

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

planning, controlling, and evaluating

The controller of a corporation

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

Management accountants help the management of an organization in their planing function through

strategin planning

Managerial accounting produces information

that is often focused on the future

External users of accounting information would include A. managers B. supervisors C. employees D. investors

Investors

Which of the following is not a step in the outline for examining ethical issues A. Evaluate each course of action B. Confirm decision with FASB C. Establish the facts of the situation D. Make a decision

B

Which of the following is not an objective used in the balanced scorecard approach? A. customer B. learning and growth C. vendor D. Financial

C - vendor

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

Commercial awareness

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

FCPA