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test bank questions Mangerial accounting
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A. Planning. B. Directing and motivating. C. Controlling. D. Decision making.
It receives assistance from other parts of organization It relates directly to achieve the basic objectives of organization embedded in them and it is superior in authority to a line position.
A. Customer intimacy B. Discount pricing C. Operational excellence D. Product leadership
Raw materials are released to production far in advance of being needed to ensure no interruptions in work flows due to shortages of raw materials. C. Formulating long and short-term plans. D. Measuring performance.
Required:
a. Describe the lean thinking model and how it differs from traditional manufacturing methods b. List some of the benefits of the lean thinking model.
Required:
Comment on the usefulness of a unit product cost information in the preparation of a set of financial statements?
Accessibility: Keyboard Navigation Blooms: Understand CPA Competency: 3.1.1 Evaluates management information requirements. Difficulty: Medium Garrison - Chapter 01 # Learning Objective: 01-01 Describe the functions performed by managers. Topic: 01-02 Identify the major differences and similarities between financial and managerial accounting.
Accessibility: Keyboard Navigation Blooms: Understand CPA Competency: 3.1.1 Evaluates management information requirements. Difficulty: Medium Garrison - Chapter 01 # Learning Objective: 01-01 Describe the functions performed by managers. Topic: 01-01 Planning.
Accessibility: Keyboard Navigation Blooms: Understand CPA Competency: 3.1.1 Evaluates management information requirements. Difficulty: Easy Garrison - Chapter 01 # Learning Objective: 01-01 Describe the functions performed by managers. Topic: 01-01 Planning.
Accessibility: Keyboard Navigation Blooms: Understand CPA Competency: 3.1.1 Evaluates management information requirements. Difficulty: Easy Garrison - Chapter 01 # Learning Objective: 01-01 Describe the functions performed by managers. Topic: 01-03 Controlling.
It receives assistance from other parts of organization It relates directly to achieve the basic objectives of organization embedded in them and it is superior in authority to a line position.
Accessibility: Keyboard Navigation Blooms: Remember CPA Competency: 3.1.2 Evaluates the types of information systems used and the role they play in an organization. Difficulty: Easy Garrison - Chapter 01 # Learning Objective: 01-03 Describe the role of management accountants in an organization. Topic: 01-14 Line and Staff Relationships.
Accessibility: Keyboard Navigation Blooms: Remember CPA Competency: 3.1.2 Evaluates the types of information systems used and the role they play in an organization. Difficulty: Easy Garrison - Chapter 01 # Learning Objective: 01-03 Describe the role of management accountants in an organization. Topic: 01-14 Line and Staff Relationships. Topic: 01-15 The Controller.
A. It has its primary emphasis on the future. B. It is required by regulatory bodies such as the Ontario Securities Commission. C. It focuses on the organization as a whole, rather than on the organization's segments. D. It places more emphasis on precision of data than financial accounting does.
Accessibility: Keyboard Navigation Blooms: Remember CPA Competency: 3.1.1 Evaluates management information requirements. Difficulty: Easy Garrison - Chapter 01 # Learning Objective: 01-02 Identify the major differences and similarities between financial and managerial accounting. Topic: 01-07 Emphasis on the Future.
Accessibility: Keyboard Navigation Blooms: Understand CPA Competency: 3.1.1 Evaluates management information requirements. Difficulty: Easy Garrison - Chapter 01 # Learning Objective: 01-02 Identify the major differences and similarities between financial and managerial accounting. Topic: 01-10 Segments of an Organization.
Accessibility: Keyboard Navigation Blooms: Understand CPA Competency: 3.1.1 Evaluates management information requirements. Difficulty: Easy Garrison - Chapter 01 # Learning Objective: 01-02 Identify the major differences and similarities between financial and managerial accounting. Topic: 01-08 Relevance of Data.
Accessibility: Keyboard Navigation Blooms: Understand CPA Competency: 3.1.2 Evaluates the types of information systems used and the role they play in an organization. Difficulty: Medium Garrison - Chapter 01 # Learning Objective: 01-04 Explain the basic concepts of lean production; enterprise systems; and risk management. Topic: 01-19 Identifying and Controlling Business Risks.
Accessibility: Keyboard Navigation Blooms: Understand CPA Competency: 3.1.2 Evaluates the types of information systems used and the role they play in an organization. Difficulty: Medium Garrison - Chapter 01 # Learning Objective: 01-05 Explain the nature and importance of ethics for accountants; the role of corporate governance; and corporate social responsibility. Topic: 01-20 Corporate Governance. Topic: 01-21 Corporate Social Responsibility.
Accessibility: Keyboard Navigation Blooms: Apply CPA Competency: 3.1.2 Evaluates the types of information systems used and the role they play in an organization. Difficulty: Hard Garrison - Chapter 01 # Learning Objective: 01-05 Explain the nature and importance of ethics for accountants; the role of corporate governance; and corporate social responsibility. Topic: 01-20 Corporate Governance. Topic: 01-21 Corporate Social Responsibility.
Accessibility: Keyboard Navigation Blooms: Understand CPA Competency: 3.1.1 Evaluates management information requirements. Difficulty: Medium Garrison - Chapter 01 # Learning Objective: 01-02 Identify the major differences and similarities between financial and managerial accounting. Topic: 01-07 Emphasis on the Future. Topic: 01-08 Relevance of Data. Topic: 01-09 Less Emphasis on Precision.
Accessibility: Keyboard Navigation Blooms: Analyze CPA Competency: 3.1.2 Evaluates the types of information systems used and the role they play in an organization. Difficulty: Hard Garrison - Chapter 01 # Learning Objective: 01-04 Explain the basic concepts of lean production; enterprise systems; and risk management. Topic: 01-16 Lean Production.
Accessibility: Keyboard Navigation Blooms: Understand CPA Competency: 3.1.2 Evaluates the types of information systems used and the role they play in an organization. Difficulty: Medium Garrison - Chapter 01 # Learning Objective: 01-04 Explain the basic concepts of lean production; enterprise systems; and risk management. Topic: 01-16 Lean Production.
Accessibility: Keyboard Navigation Blooms: Understand CPA Competency: 3.1.1 Evaluates management information requirements. Difficulty: Hard Garrison - Chapter 01 # Learning Objective: 01-01 Describe the functions performed by managers. Topic: 01-06 Strategy.
Accessibility: Keyboard Navigation Blooms: Remember CPA Competency: 3.1.2 Evaluates the types of information systems used and the role they play in an organization. Difficulty: Medium Garrison - Chapter 01 # Learning Objective: 01-02 Identify the major differences and similarities between financial and managerial accounting. Topic: 01-11 Generally Accepted Accounting Principles.
Accessibility: Keyboard Navigation Blooms: Understand CPA Competency: 3.1.2 Evaluates the types of information systems used and the role they play in an organization. Difficulty: Medium Garrison - Chapter 01 # Learning Objective: 01-03 Describe the role of management accountants in an organization. Topic: 01-15 The Controller.
Accessibility: Keyboard Navigation Blooms: Remember CPA Competency: 3.1.2 Evaluates the types of information systems used and the role they play in an organization. Difficulty: Easy Garrison - Chapter 01 # Learning Objective: 01-02 Identify the major differences and similarities between financial and managerial accounting. Topic: 01-11 Generally Accepted Accounting Principles. Topic: 01-12 Managerial Accounting—Not Mandatory.
Accessibility: Keyboard Navigation Blooms: Understand CPA Competency: 3.1.1 Evaluates management information requirements. Difficulty: Easy Garrison - Chapter 01 # Learning Objective: 01-02 Identify the major differences and similarities between financial and managerial accounting. Topic: 01-07 Emphasis on the Future. Topic: 01-08 Relevance of Data. Topic: 01-09 Less Emphasis on Precision.
Accessibility: Keyboard Navigation Blooms: Remember CPA Competency: 3.1.2 Evaluates the types of information systems used and the role they play in an organization. Difficulty: Easy Garrison - Chapter 01 # Learning Objective: 01-03 Describe the role of management accountants in an organization. Topic: 01-13 Decentralization.
Accessibility: Keyboard Navigation Blooms: Remember CPA Competency: 3.1.1 Evaluates management information requirements. Difficulty: Easy Garrison - Chapter 01 # Learning Objective: 01-01 Describe the functions performed by managers. Topic: 01-06 Strategy.
Accessibility: Keyboard Navigation Blooms: Understand CPA Competency: 3.1.2 Evaluates the types of information systems used and the role they play in an organization. Difficulty: Medium Garrison - Chapter 01 # Learning Objective: 01-05 Explain the nature and importance of ethics for accountants; the role of corporate governance; and corporate social responsibility. Topic: 01-20 Corporate Governance.
Accessibility: Keyboard Navigation Blooms: Remember CPA Competency: 3.1.1 Evaluates management information requirements. Difficulty: Easy Garrison - Chapter 01 # Learning Objective: 01-02 Identify the major differences and similarities between financial and managerial accounting. Topic: 01-07 Emphasis on the Future.
Accessibility: Keyboard Navigation Blooms: Remember CPA Competency: 3.1.1 Evaluates management information requirements. Difficulty: Easy Garrison - Chapter 01 # Learning Objective: 01-01 Describe the functions performed by managers. Topic: 01-06 Strategy.
Accessibility: Keyboard Navigation Blooms: Understand CPA Competency: 3.1.2 Evaluates the types of information systems used and the role they play in an organization. Difficulty: Medium Garrison - Chapter 01 # Learning Objective: 01-03 Describe the role of management accountants in an organization. Topic: 01-15 The Controller.
Accessibility: Keyboard Navigation Blooms: Understand CPA Competency: 3.1.1 Evaluates management information requirements. Difficulty: Medium Garrison - Chapter 01 # Learning Objective: 01-01 Describe the functions performed by managers. Topic: 01-06 Strategy.
Accessibility: Keyboard Navigation Blooms: Remember CPA Competency: 3.1.1 Evaluates management information requirements. Difficulty: Easy Garrison - Chapter 01 # Learning Objective: 01-01 Describe the functions performed by managers. Topic: 01-06 Strategy.
Accessibility: Keyboard Navigation Blooms: Remember CPA Competency: 3.1.1 Evaluates management information requirements. Difficulty: Easy Garrison - Chapter 01 # Learning Objective: 01-01 Describe the functions performed by managers. Topic: 01-06 Strategy.
Accessibility: Keyboard Navigation Blooms: Remember CPA Competency: 3.1.1 Evaluates management information requirements. Difficulty: Medium Garrison - Chapter 01 # Learning Objective: 01-01 Describe the functions performed by managers. Topic: 01-06 Strategy.
Accessibility: Keyboard Navigation Blooms: Understand CPA Competency: 3.1.2 Evaluates the types of information systems used and the role they play in an organization. Difficulty: Medium Garrison - Chapter 01 # Learning Objective: 01-05 Explain the nature and importance of ethics for accountants; the role of corporate governance; and corporate social responsibility. Topic: 01-20 Corporate Governance.
Required:
a. Describe the lean thinking model and how it differs from traditional manufacturing methods b. List some of the benefits of the lean thinking model.
a. The lean thinking model is a management approach that organizes resources around the flow of business processes and pulls units through in response to customer orders. The model includes the popular just-in-time production. Lean thinking differs from traditional manufacturing methods, which organize work departmentally and encourage those departments to maximize output even if it exceeds customer demand. Scheduling production in response to customer orders results in minimal inventory. b. Some of the benefits that accrue from adoption of the lean thinking model are as follows:
Blooms: Apply CPA Competency: 3.1.2 Evaluates the types of information systems used and the role they play in an organization. Difficulty: Medium Garrison - Chapter 01 # Learning Objective: 01-04 Explain the basic concepts of lean production; enterprise systems; and risk management. Topic: 01-16 Lean Production.
Required:
Comment on the usefulness of a unit product cost information in the preparation of a set of financial statements?
Unlike a merchandising company, a manufacturing company must calculate the average unit cost of each product it manufactures. As it will be demonstrated in subsequent chapters of the book, this number is essentially the sum of the cost of all the factors of production incurred (that is, raw materials, labour, and capital) divided by the total output. The resulting unit product cost information is not only useful but essential in calculating the cost of units of the product sold required for preparing an income statement and the cost of units of the product not sold (to be reported among the assets on the balance sheet as ending inventory).
Blooms: Analyze CPA Competency: 3.1.2 Evaluates the types of information systems used and the role they play in an organization. Difficulty: Hard Garrison - Chapter 01 # Learning Objective: 01-01 Describe the functions performed by managers. Topic: 01-05 The Planning and Control Cycle. Topic: 01-07 Emphasis on the Future. Topic: 01-08 Relevance of Data.
Some examples of common business risks include: (1) losing market share to competitors; (2) Web site malfunctioning; (3) employees stealing assets or accessing unauthorized information; and (4) inaccurate budget estimates causing operational problems such as excessive inventory levels or inventory shortages.
Blooms: Apply CPA Competency: 3.1.2 Evaluates the types of information systems used and the role they play in an organization. Difficulty: Medium Garrison - Chapter 01 # Learning Objective: 01-04 Explain the basic concepts of lean production; enterprise systems; and risk management. Topic: 01-19 Identifying and Controlling Business Risks.