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110 Test Bank for Managerial Accounting 2nd Edition

by Braun

Multiple Choice Questions

Which of the following types of information are used in managerial accounting?

1. A Financial information

2. B Nonfinancial information

3. C Forecasts of future earnings

4. D All of the above

Which of following is TRUE?

1. A Management accounting focuses on historical transactions

2. B Financial accounting uses the cash basis for recording transactions

3. C Financial accounting focuses on future data

4. D Management accounting focuses on relevant data

Which of the following groups are most likely to use a company’s budget information?

1. A Managers

3. C Creditors

4. D Suppliers

Which of the following statements is FALSE?

1. A Financial accounting provides sufficient information for managers to effectively plan and control operations

2. B Financial accounting reports help creditors make decisions

3. C Financial accounting helps investors make decisions

4. D Financial accounting provides external reports

Who typically provides oversight for large corporations?

1. A Stockholders

3. C The Board of Directors

4. D The company president

Which of the following is TRUE?

1. A Managerial accounting reports are audited by CPAs

2. B Managerial accounting reports provide detailed internal information

3. C Managerial accounting reports aid potential investors

4. D Managerial accounting reports must follow GAAP

A CFO would have all of the following responsibilities EXCEPT:

1. A preparing all corporate tax returns

2. B managing corporate financing

3. C providing reports to creditors as required

4. D investing in new equipment

Comparing actual results to budgets is an example of the

management function of:

1. A controlling

2. B decision-making

3. C directing

4. D planning

Information for internal parties about past performance is

provided by:

1. A budget reports

2. B financial accounting reports

3. C managerial accounting reports

4. D planning reports

Overseeing the day-to-day operations of a company is an

example of the management function of:

1. A controlling

2. B decision-making

3. C directing

4. D planning

Which of the following statements is TRUE about managerial

accounting information?

1. A It is prepared annually and quarterly

2. B It is audited by CPAs

3. C It emphasizes relevance

4. D It must be prepared in conformity with generally accepted accounting principles (GAAP)

Owners of a company are its:

1. A creditors

2. B customers

4. D shareholders

Which of the following management responsibilities is being

fulfilled when management decides to move production to another country to lower costs?

1. A Directing

2. B Planning

3. C Decision-making

4. D All of the above

Which of the following certifications is issued by the IMA?

2. B CMA

Which statement is TRUE?

1. A Management uses reports created for internal parties

2. B Management uses financial information to plan internal operations

3. C Management uses financial information to analyze costs

4. D All of the above are true

Management accounting focuses on:

1. A external reporting

2. B internal reporting

3. C tax preparation

4. D auditing

The person MOST likely to use ONLY financial accounting

information would be the:

1. A bank loan officer

2. B plant manager

3. C vice president of plant operations

4. D product manager

Using product cost information to determine sales prices is an example of:

1. A controlling, planning, and decision-making

2. B directing, controlling, and planning

3. C directing, planning, and decision-making

4. D controlling, directing, and planning

Which of the following is NOT one of the primary responsibilities

of management?

1. A Controlling

2. B Decision-making

3. C Adhering to GAAP

4. D Directing

Which of the following persons or groups would be LEAST likely

to receive detailed managerial accounting reports?

1. A Plant managers

2. B Current shareholders

3. C Sales territory managers

Which one of the following manager responsibilities encompasses the other three?

1. A Decision-making

3. C Planning

4. D Controlling

Information for external parties about past performance is

provided by:

1. A budget reports

2. B financial accounting reports

3. C managerial accounting reports

4. D planning reports

The vice-president of operations directly reports to which

person(s)?

2. B The COO

4. D The Board of Directors

Which of the following types of accounting is designed to meet the needs of decision-makers inside a company?

1. A Audit accounting

2. B Financial accounting

3. C Managerial accounting

4. D Tax accounting

Decision makers inside a company are its:

1. A creditors

2. B customers

3. C managers

4. D shareholders

Evaluating results against the plan is an example of the

management function of:

1. A controlling

2. B decision-making.

3. C directing

4. D planning

Which of the following reports must be audited by an outside agency?

1. A Annual financial statements

2. B Monthly financial statements

3. C Annual financial budgets

4. D All of the above

Preparing budgets is an example of the management function of:

1. A controlling

2. B decision-making

3. C directing

4. D planning

The primary goal of managerial accounting is to provide

information to:

1. A shareholders

2. B creditors

3. C internal decision-makers

4. D both shareholders and creditors

Which of the following management responsibilities are being fulfilled when management uses feedback to take corrective action on the budgets?

1. A Directing and planning

2. B Planning and decision-making

3. C Controlling and decision-making

4. D Planning and controlling

Which of the following groups are external users of financial

information?

1. A Customers of the company

2. B Vendors of the company

3. C Potential investors of the company

4. D All of the above

The primary goal of financial accounting is to provide information for:

1. A potential investors

2. B creditors

3. C governmental regulators

4. D all of the above.

Which of the following are the internal decision-makers of a

company?

1. A Vendors

3. C Managers

4. D Shareholders

Planning involves which of the following activities?

1. A Setting goals and objectives for the company

2. B Overseeing the company’s day-to-day operations

3. C Evaluating the results of operations

4. D None of the above

When management compares the budget to actual results, which

of the following is being fulfilled?

1. A Directing

2. B Controlling

3. C Decision-making

4. D Planning

Reviewing hourly sales reports to determine the level of staffing needed to service customers fulfills which of management’s four primary responsibilities?

1. A Directing, planning, and decision-making

2. B Directing, controlling, and planning

3. C Controlling, planning, and decision-making

4. D Analyzing, directing, and planning

Who typically manages the daily operations of a company?

1. A Stockholders

2. B The controller

3. C The company’s board of directors

4. D The CEO

Budgets are the way that managers can express their:

1. A plans

2. B decision-making

3. C control

4. D hiring practices

110 Free Test Bank for Managerial Accounting 2nd Edition by Braun Multiple Choice Questions-Page 2

The person or position who is directly responsible for the

company’s operations, such as research and development,

production and distribution is the:

3. C COO

4. D Treasurer

Which of the following is NOT one of the IMA’s overarching ethical principles?

1. A Honesty

2. B Fairness

3. C Creativity

4. D Responsibility

You “pad” your expenses on a company sponsored conference You are in violation of what ethical standard?

2. B Confidentiality

3. C Credibility

4. D Integrity

Which would be a subgroup of the Board of Directors?

1. A Audit committee

2. B Financial committee

3. C Managerial committee

4. D Stockholders’ committee

Performing duties in accordance with relevant laws, regulations, and technical standards make up which IMA professional ethics standard?

1. A Competence

2. B Confidentiality

3. C Credibility

4. D Integrity

An example of the IMA’s competence standard is to:

1. A abstain from engaging in or supporting any activity that might discredit the profession

2. B communicate information fairly and objectively

3. C keep information confidential, except when disclosure is legally required

4. D provide decision support that is accurate, clear, concise and timely

What has been the determining factor in the way that we now view managerial accountants?

1. A Stricter audit standards

2. B Stricter GAAP standards

3. C Technology

4. D None of the above

An example of the IMA’s credibility standard is to:

1. A abstain from engaging in or supporting any activity that might discredit the profession

2. B communicate information fairly and objectively

3. C keep information confidential except when disclosure is legally required

4. D provide decision support that is accurate, clear, concise and timely

The standards of the IMA Statement of Ethical Professional

Practice include which of the following?

1. A Integrity

2. B Honesty

3. C Fairness

4. D Objectivity

Who requires companies listed on the New York Stock Exchange

to have an internal audit function?

1. A The Board of Directors

2. B The NYSE

3. C The internal revenue service (IRS)

4. D The stockholders

The IMA issues what certification?

1. A CMA

Preparing financial statements in accordance with GAAP is an example of:

1. A competence

2. B integrity

3. C objectivity

4. D credibility

Which person is hired directly by the board of directors to run the company?

1. A The Treasurer

2. B The CEO

You tell your sister that the company you work for is going to report higher than expected earnings What ethical standard is being violated?

2. B Confidentiality

3. C Credibility

4. D Integrity

A company’s Board of Directors meets:

1. A annually

2. B monthly

3. C periodically, as needs dictate

4. D quarterly

To resolve ethical dilemmas, the IMA suggests that management accountants should FIRST:

1. A follow their company’s established policies for Reporting unethical behavior

2. B discuss the unethical situation with their immediate supervisor

3. C consult an attorney

4. D call the IMA “Ethics Hotline”

What is the name of the professional association for managerial accountants?

1. A Association of Management Accountants

2. B Institute of Management Accountants

3. C Institute of Professional Accountants

4. D Professional Accountants Association

Which of the following skills are required of managerial

accountants?

1. A The ability to work on a team

2. B Analytical skills

3. C Oral and written communication skills

4. D All of the above

The person or position who is directly responsible for all financial concerns is the:

2. B CFO

4. D Treasurer.

An example of the IMA’s integrity standard is to:

1. A abstain from engaging in or supporting any activity that might discredit the profession

2. B communicate information fairly and objectively

3. C keep information confidential except when disclosure is legally required

4. D provide decision support that is accurate, clear, concise and timely

Managerial accountants may be responsible for:

1. A analyzing data

2. B communicating results

3. C providing decision support

4. D all of the above

Which of the following is NOT one of the IMA’s credibility

standards?

1. A To communicate information fairly and objectively

2. B To disclose all relevant information

3. C To disclose deficiencies in internal control

4. D All of the above are part of IMA’s credibility standard

You do not understand how “accrual accounting” works You have failed which ethical standard?

1. A Competence

2. B Confidentiality

3. C Credibility

4. D Integrity

An example of the IMA’s confidentiality standard is to:

1. A abstain from engaging in or supporting any activity that might discredit the profession

2. B communicate information fairly and objectively

3. C keep information confidential except when disclosure is legally required

4. D provide decision support that is accurate, clear, concise and timely

The standards in the IMA Statement of Ethical Professional

Practice include:

1. A Competence, Confidentiality, Integrity, and Objectivity

2. B Competence, Confidence, Integrity, and Credibility

3. C Competence, Objectivity, Credibility, and Honesty

4. D Competence, Confidentiality, Integrity, and Credibility

The overarching principles in the IMA Statement of Ethical

Professional Practice include all of the following EXCEPT:

1. A fairness.

2. B integrity

3. C objectivity

4. D responsibility

Communicating information fairly and objectively represents what ethical standard?

2. B Confidentiality

3. C Credibility

4. D Integrity

Which person or group is NOT an employee of a corporation?

2. B A member of the audit committee

3. C The Treasurer

4. D The VP of manufacturing

You take printer paper home from work for personal use You have violated which ethical standard?

2. B Confidentiality

3. C Credibility

4. D Integrity

The COO is responsible for managing which of the following

aspect(s) of the company?

1. A Internal controls

2. B The annual audit

3. C Financial, managerial, and tax accounting

4. D Research and development, production, and distribution

Which of the following report to the audit committee of the Board

of Directors?

1. A The treasurer and controller

2. B The CFO and internal audit department

3. C The internal audit department and the independent CPA firm

4. D The CFO and the independent CPA firm

A company ships out pre-ordered merchandise the last week of December, instead of in mid-January as originally scheduled, to ensure a profit for the year This action could be seen as a

violation of what ethical standard?

2. B Confidentiality

3. C Integrity

4. D All of the above

Who is primarily responsible for raising capital and investing

funds?

4. D The Treasurer

Managerial accountants often work on teams called:

1. A audit teams

2. B cross-functional teams

3. C multi-functional teams

4. D workgroups

Managerial accountants perform which of the following tasks?

1. A Ensure financial records are correct

2. B Help design information systems

3. C Provide decision support

4. D All of the above

110 Free Test Bank for Managerial Accounting 2nd Edition by Braun Multiple Choice Questions-Page 3

What is the purpose of supply chain management?

1. A To improve the quality of products

2. B To reduce costs

3. C To speed delivery of goods and services

4. D All of the above

XBRL is essentially a:

1. A new set of accounting standards

2. B new set of auditing standards

3. C a tagging system which allows computer programs to extract information from financial reports

4. D new set of ethical standards

All publicly traded companies will be required to use XBRL by the year:

2. B 2011