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- 1. Multiple Choice
Management accounting focuses primarily on providing data for:
A. internal uses by managers,
B. external uses by stockholders and creditors.
C. external uses by the Internal Revenue Service.
D. external uses by the Securities and Exchange Commission
- 2. Multiple Choice
Managerial accounting:
A. is more future oriented than financial accounting.
B. tends to summarize information more than financial accounting
C. is primarily concerned with providing information to external users.
D. is more concerned with precision than timeliness.
- 3. Multiple Choice
Compared to financial accounting, managerial accounting places more emphasis on:
A. the flexibility of information.
B. the precision of information.
C. the timeliness of information.
D. both A and C above.
- 4. Multiple Choice
The function of management that compares planned results to actual results is known
as:
A. planning.
B. directing and motivating.
C. controlling.
D. decision making.
- 5. Multiple Choice
Which of the functions of management involves overseeing day-to-day activities?
A. Planning
B. Directing and motivating
C. Controlling
D. Decision making
- 6. Multiple Choice
A detailed financial plan for the future is known as a:
A. budget.
B. performance chart.
C.organization chart.
D. segment.
- 7. Multiple Choice
Which of the following is not one of the three basic activities of a manager?
A. Planning
B. Controlling
C. Directing and motivating
D. Compiling management accounting reports
- 8. Multiple Choice
A performance report is:
A. a detailed report comparing budgeted data to actual data for specific time period.
B. a formal statement of plans for the upcoming period.
C. required to be filed monthly by the Securities and Exchange Commission.
D. not used in decentralized organizations.
- 9. Multiple Choice
The Standards of Ethical Conduct for Management Accountants developed by the Institute of Management Accountants contain a policy regarding confidentiality that
requires management accountants to refrain from is closing confidential information acquired in the course of their work:
A. except when authorized by management.
B. in all situations.
C. except when authorized by management, unless legally obligated to do so.
D. in all cases not prohibited by law.
- 10. Multiple Choice
Wide-spread adherence to ethical standards in an advanced market economy tends to result in all of the following except:
A. higher prices.
B. higher quality goods and services.
C. greater variety of goods and services available for sale.
D. safer products.
- 11. Multiple Choice
The Institute of Management Accountants (IMA) has developed ethical standards for management accountants. What four categories has the IMA classified these standards into?
A. Reliability, Objectivity, Commitment, and Competence
B. Objectivity, Integrity, Commitment, and Confidentiality
C. Observation, Integrity, Closure, and Competence
D. Competence, Objectivity, Integrity, and Confidentiality
E. Reliability, Understandability, Flexibility, and Integrity
- 12. Multiple Choice
Samantha Galloway is a managerial accountant in the accounting department of Mustang Industries, Inc. Samantha has just discovered evidence that some of the
corporation's marketing managers have been wrongfully inflating their expense reports in order to obtain higher reimbursements from the firm. According to the Institute of
Management Accountants' Standards of Ethical Conduct, what should Samantha do upon discovering this evidence?
A. notify the controller.
B. notify the marketing managers involved.
C. notify the president of the corporation.
D. ignore the evidence because she is not part of the Marketing Department.
- 13. Multiple Choice
Although financial and managerial accounting differ in many ways, they are similar in that both rely on the same underlying financial data.
True
False
- 14. Multiple Choice
Managerial accounting is a branch of financial accounting and serves essentially the same purposes as financial accounting.
True
False
- 15. Multiple Choice
Managerial accounting places greater emphasis on the future than financial
accounting, which is primarily concerned with the past.
True
False
- 16. Multiple Choice
Managerial accounting is not needed in a non-profit or governmental organization.
True
False
- 17. Multiple Choice
When carrying out their planning activities, managers select a course of action and specify how the action will be implemented.
True
False
- 18. Multiple Choice
When carrying out their planning activities, managers obtain feedback to ensure that the plan is actually carried out and is appropriately modified as circumstances change.
True
False
- 19. Multiple Choice
If ethical standards were not generally followed, one of the results would probably be fewer goods and services available in the marketplace.
True
False
- 20. Multiple Choice
The Standards of Ethical Conduct for Management Accountants promulgated by the Institute of Management Accountants specifically state that management accountants' sole ethical responsibility is to not break any laws.
True
False
- 21. Multiple Choice
MAIS can be used effectively even without the employees’ training.
True
False
- 22. Multiple Choice
There is no need to upgrade the Management Accounting Information System.
True
False
- 23. Multiple Choice
Management Accounting Information System has its advantages and
disadvantages.
True
False
- 24. Multiple Choice
Job workers can be more effective because of the ManagementAccounting
Information System.
True
False
- 25. Multiple Choice
MAIS helps the managers make decisions based on the information and
analysis that it provides.
True
False
- 26. Multiple Choice
Transactions can be done with ease and confidence due to the utilization of
Management Accounting Information System.
True
False
- 27. Multiple Choice
Managers make wise decision for the welfare of the company due to the
utilization of the ManagementAccounting Information System.
True
False
- 28. Multiple Choice
They will use the financial statement for monitoring, directing, controlling,
planning, and for their daily decision-making activities.
True
False
- 29. Multiple Choice
Management Accounting Information System is very important for a business organization’s success.
True
False
- 30. Multiple Choice
Accountants, managers, creditors, stockholders and auditors are internal users of accounting information.
True
False
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