22 Free Test Bank for Managerial Accounting 9th Canadian Edition by Garrison

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Which of the following is NOTone of the five steps in the lean thinking model discussed in the text?

•  A. Continuously pursue perfection in the business process.
•  B. Identify value in specific products/services.
•  C.Implement an enterprise system.
•  D.Create a pull system that responds to customer orders.

Which of the following positions does the controller occupy in an organization?

•  A. A line position.
•  B. A staff position.
•  C.Neither a line nor a staff position, since the accounting department must be independent.
•  D.Both a line and a staff position.

What would be an example of a performance report?

•  A. An income statement reporting actual results for the past month.
•  B. An income statement showing the amounts budgeted for the past month.
•  C.A balance sheet showing the actual financial position at the end of the past month.
•  D.A production report showing budgeted and actual production for the past month.

For internal uses, managers are more concerned with receiving information that achieves which of the following standards?

•  A. Completely objective and verifiable.
•  B. Completely accurate and precise.
•  C.Relevant, flexible, and timely.
•  D.Relevant, completely accurate, and precise.

Which of the following is the stakeholder group whose interests are to be directly and formally protected by effective corporate governance?

•  A. Customers
•  B. Creditors
•  C.Shareholders
•  D.Suppliers

Which of the following facets of the lean thinking model is often called just-in-time production?

•  A. Identify value in specific products/services
•  B. Identify the business process that delivers value
•  C.Create a pull system that responds to customer orders
•  D.Organize work arrangements around the flow of the business process

Upon which of the following does managerial accounting place considerable weight?

•  A. Generally accepted accounting principles.
•  B. The financial history of the entity.
•  C.Ensuring that all transactions are properly recorded.
•  D.Detailed segment reports about departments, products, and customers.

A business plan is usually formalized by means of which of the following management activities?

•  A. Strategic planning
•  B. Directing
•  C.Motivating
•  D.Controlling

All three major professional accounting groups in Canada require their members to undertake professional development and/or continuing education. This practice is intended to directly satisfy which of these rules of ethical conduct?

•  A. Integrity.
•  B. Objectivity.
•  C.Competence.
•  D.Confidentiality.

Which of the following best describes the function of managerial accounting within an organization?

•  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.

One consequence of a change from a push to a properly implemented pull production system can be which of the following?

•  A. an increase in work in process inventories.
•  B. an extremely difficult cultural change due to enforced idleness when demand falls below production capacity.
•  C.an increased mismatch between what is produced and what is demanded by customers.
•  D.an increase in raw materials inventories.

Which of the following groups should be the focal point of a company's strategy?

•  A. Employees
•  B. Board of directors
•  C.Shareholders
•  D.Target customers

Which one of the following is NOT a characteristic of a pull production system?

•  A. Inventories are reduced to a minimum by purchasing raw materials and producing units only as needed to meet consumer demand.
•  B. 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.Products are completed just in time to be shipped to customers.
•  D.Manufactured parts are completed just in time to be assembled into products.

Day-to-day decision making is most common to which of the following activities managers are expected to carry on in organizations?

•  A. Strategy formulation.
•  B. Directing and motivating.
•  C.Planning.
•  D.Controlling.

Which of the following is NOT one of the five steps in the framework used to guide Six Sigma improvement efforts?

•  A. Analyze.
•  B. Control.
•  C.Digitize.
•  D.Measure.

Budgeting is part of which of the following activities managers perform in organizations?

•  A. Controlling.
•  B. Directing.
•  C.Planning.
•  D.Motivating.