39 Free Test Bank for Cost Accounting Foundations and Evolutions 8th Edition by Kinney

Due to currently quite high tuition of accounting courses, you’d better decide on where to learn and how quality is. It can be said that online practice is a good choice to be able to update your accounting knowledge in modern integration period. With coverage of the whole material in the textbook, we hope 39 free test bank for Cost Accounting Foundations and Evolutions 8th Edition by Kinney Multiple Choice Questions to help you have a great start in your accountancy career at present and in future . Here are 39 quick-response multiple choice questions specialized in accounting and relevant tests to help you confidently conquer cost accounting.

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Which ethical standard is violated when an accountant uses information from a financial statement he is preparing to advise a relative of a stock purchase?

•  Competence
•  Confidentiality
•  Integrity
•  Credibility

The Institute of Management Accountants issues

•  Statements on Accounting Research for Managers.
•  Statements on Management Accounting.
•  Statements on Managerial and Cost Accounting.
•  Cost Accounting Standards.

In comparing financial and management accounting, which of the following more accurately describes management accounting information?

•  historical, precise, useful
•  required, estimated, internal
•  budgeted, informative, adaptable
•  comparable, verifiable, monetary

Cost accounting standards

•  are legal standards set by the Institute of Management Accountants for use in all manufacturing and professional businesses.
•  are set by the Cost Accounting Standards Board and are legally binding on all manufacturers, but not service organizations.
•  do not exist except for those legal pronouncements for companies bidding or pricing cost-related contracts with the government.
•  are developed by the Cost Accounting Standards Board, issued by the Institute of Management Accountants, and are legally binding on CMAs.

The organization whose primary function is to provide a means to share information among cost and management accountants in the United States is the

•  Internal Revenue Service.
•  American Institute of CPAs.
•  Institute of Management Accountants.
•  Institute of Certified Management Accountants.

The set of processes that convert inputs into services and products that consumers use is called

•  a core competency.
•  an operational plan.
•  the value chain.
•  the product life cycle.

The ethical standards established for management accountants are in the areas of

•  competence, licensing, reporting, and education.
•  budgeting, cost allocation, product costing, and insider trading.
•  competence, confidentiality, integrity, and credibility.
•  disclosure, communication, decision making, and planning.

A managerial accountant who communicates information objectively is exercising which of the following standards?

•  objectivity
•  integrity
•  competence
•  confidentiality

Which ethical standard is violated by an accountant who accepts a gift from a client

•  Credibility
•  Confidentiality
•  Competence
•  Integrity

The world has essentially become smaller because of

•  improved technology.
•  trade agreements.
•  better communications systems.
•  all of the above.

Which of the following statements is false?

•  A primary purpose of cost accounting is to determine valuations needed for external financial statements.
•  A primary purpose of management accounting is to provide information to managers for use in planning, controlling, and decision making.
•  The act of converting production inputs into finished products or services necessitates cost accounting.
•  Two primary hallmarks of cost and management accounting are standardization of procedures and use of generally accepted accounting principles.

Cost accounting is directed toward the needs of

•  regulatory agencies.
•  external users.
•  internal users.
•  stockholders.

Core competencies are not

•  internal functions crucial to the success and survival of a company.
•  attributes that keep a firm from competing.
•  different for every organization.
•  considered influences on corporate strategies.

A managerial accountant who prepares clear reports and recommendations after analyzing relevant facts is exercising which of the following standards?

•  objectivity
•  integrity
•  competence
•  confidentiality

Which of the following U.S. legislation relates to bribes being offered to foreign officials?

•  Racketeer Influenced and Corrupt Organizations Act
•  Foreign Illegal Activities Act
•  Foreign Corrupt Practices Act
•  Federal Bribery and Corrupt Practices Act

Which of the following statements is true?

•  Management accounting is a subset of cost accounting.
•  Cost accounting is a subset of both management and financial accounting.
•  Management accounting is a subset of both cost and financial accounting.
•  Financial accounting is a subset of cost accounting.

Which of the following is not a valid method for determining product cost?

•  arbitrary assignment
•  direct measurement
•  systematic allocation
•  cost-benefit measurement

Which ethical standard has been violated if an accountant fails to prepare financial statements according to industry standards?

•  Competence
•  Confidentiality
•  Integrity
•  Credibility

The balanced scorecard perspective that addresses how well the organization is meeting specific customer-based criteria is the:

•  learning and growth perspective
•  internal business perspective
•  customer value perspective
•  financial perspective

Broadly speaking, cost accounting can be defined as a(n)

•  external reporting system that is based on activity-based costs.
•  system used for providing the government and creditors with information about a company's internal operations.
•  internal reporting system that provides product costing and other information used by managers in performing their functions.
•  internal reporting system needed by manufacturers to be in compliance with Cost Accounting Standards Board pronouncements.

Which of the following statements about management or financial accounting is false?

•  Financial accounting must follow GAAP.
•  Management accounting is not subject to regulatory reporting standards.
•  Both management and financial accounting are subject to mandatory recordkeeping requirements.
•  Management accounting should be flexible.

The Institute of Management Accountants' Code of Ethics

•  is a legally enforceable contract with all management accountants.
•  should be viewed as a goal for professional behavior.
•  is a legally enforceable contract with all CPAs.
•  provides ways to measure departures from ethical behavior.

Cost and management accounting

•  require an entirely separate group of accounts than financial accounting uses.
•  focus solely on determining how much it costs to manufacture a product or provide a service.
•  provide product/service cost information as well as information for internal decision making.
•  are required for business recordkeeping as are financial and tax accounting.

The balanced scorecard perspective that focuses on using a firm’s intellectual capital to adapt to customer needs through product or service innovations is the:

•  learning and growth perspective
•  internal business perspective
•  customer value perspective
•  financial perspective

Management accounting

•  is more concerned with the future than is financial accounting.
•  is less concerned with segments of a company than is financial accounting.
•  is more constrained by rules and regulations than is financial accounting.
•  all of the above are true.

One major difference between financial and management accounting is that

•  financial accounting reports are prepared primarily for users external to the company.
•  management accounting is not under the jurisdiction of the Securities and Exchange Commission.
•  government regulations do not apply to management accounting.
•  all of the above are true.

The balanced scorecard perspective that addresses concerns about organizational growth is the:

•  learning and growth perspective
•  internal business perspective
•  customer value perspective
•  financial perspective

Which of the following areas is not addressed by an organization’s mission statement?

•  the purpose for which the organization exists
•  what the organization wants to accomplish
•  the organization’s strategic plan for fulfilling its mission
•  how its products can uniquely meet the needs of its customers.

Which ethical standard has been violated if an accountant fails to disclose relevant information pertaining to a financial statement?

•  Competence
•  Confidentiality
•  Integrity
•  Credibility

Which of the following topics is of more concern to management accounting than to cost accounting?

•  generally accepted accounting principles
•  inventory valuation
•  cost of goods sold valuation
•  impact of economic conditions on company operations