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Exam 1: Managerial Accounting, the Business Organization

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Question 1

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________ is the field that produces information for managers within an organization.

A) Financial accounting
B) Management accounting
C) Financial auditing
D) External auditing

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Question 2

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Which statement is FALSE concerning Enterprise Resource Planning (ERP) systems?

A) Well known ERP system providers are SAP,Microsoft Dynamics and JD Edwards.
B) Accountants are involved with ERP systems.
C) ERP systems only support a few functional areas of a company.
D) ERP systems are having a major effect on accounting systems.

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Question 3

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Research and development is the function of a value chain that involves ________.

Which of the following is NOT a new direction in business process management?

Marjorie is a cost accountant in a large publicly held company.She believes other employees in her company are engaged in unethical behavior.She has evidence from the accounting records that suggests senior executives in the international division are offering bribes to foreign officials in exchange for sales contracts.Marjorie just purchased a new home and has four children.She is a widow and she really needs her job.She does not want to "make waves" and lose her job.She is the only woman working in the corporate office.Following the IMA guidelines,what course of action should she take?

In English-speaking countries outside the United States,management accountants are called chartered accountants.

Which of the following products have a product life cycle of a few months?

Paul Satorius is the controller at ANEW Corporation.The company is not publicly traded.ANEW Corporation just received a patent on a new product that is supposed to revolutionize the music industry.As the moment,however,ANEW Corporation is experiencing financial difficulties and is on the verge of defaulting on a note held by the bank. At the end of the most recent fiscal year,the company's president instructed Paul to ignore recording some invoices.Paul objected because the invoices represented true liabilities at fiscal year end.However,the president insisted that the invoices should be recorded next year so that current liabilities reported on the balance sheet at the end of the current year are lower.The bank is closely following the amount of current liabilities reported by ANEW Corporation as an indicator of solvency.What should Paul do? Follow the guidelines offered by the IMA.

Distribution is the function of the value chain that involves ________.

A manager using information to decide whether to add or drop a product is an example of problem solving.

Generally Accepted Accounting Principles are most closely connected to ________.

Problem solving information would NOT be used in this situation.

What are four situations that create pressures for unethical behavior as summarized in Financial Executive?

Companies that have a fully installed computer-integrated manufacturing system are usually labor intensive.

Which is NOT a service organization?

A telephone hotline is established for customers to call with questions about a new electronic device.This is an example of the ________ function in the ________.

Variances are deviations from planned results.

You are a management accountant in a large company.You have observed unethical behavior by your immediate supervisor.In accordance with the guidelines offered by the IMA,which of the following courses of action should NOT be taken?

This is a statement from the IMA's Statement of Ethical Professional Practice: "Each member has a responsibility to communicate information fairly and objectively." This is an example of the ________ standard.

Behavioral considerations are of primary importance in financial accounting.