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