40 Free Test Bank for Cost Accounting Foundations and Evolutions 9th Edition by Kinney

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The world has essentially become smaller because of

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

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.

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 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 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.

Cost accounting is necessitated by

•  the high degree of conversion found in certain businesses.
•  external reporting requirements for manufacturing companies.
•  management's need to be aware of all production activities.
•  management's need for information to be used for planning and controlling activities.

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

A long-term plan that fulfills the goals and objectives of an organization is known as a(n)

•  management style.
•  strategy.
•  mission statement.
•  operational mission.

The balanced scorecard perspective that addresses things that an organization needs to do well to meet customer needs and expectations:

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

Financial accounting and cost accounting are both highly concerned with

•  preparing budgets.
•  determining product cost.
•  providing managers with information necessary for control purposes.
•  determining performance standards.

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.

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

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.

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.

Management and financial accounting are used for which of the following purposes?

•  internal (Management accounting); external (Financial accounting)
•  external (Management accounting); internal (Financial accounting)
•  internal (Management accounting); internal (Financial accounting)
•  external (Management accounting); external (Financial accounting)

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.

Financial accounting

•  is primarily concerned with internal reporting.
•  is more concerned with verifiable, historical information than is cost accounting.
•  focuses on the parts of the organization rather than the whole.
•  is specifically directed at management decision-making needs.

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

•  objectivity
•  integrity
•  competence
•  confidentiality

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

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.

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

•  Credibility
•  Confidentiality
•  Competence
•  Integrity

The Foreign Corrupt Practices Act is directed at

•  U.S. corporations operating overseas.
•  foreign businesses operating in the U.S.
•  all businesses dealing with U.S. consumers.
•  all U. S. businesses with operations in foreign countries.

Cost accounting is directed toward the needs of

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

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

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

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

The value chain

•  reflects the production of goods within an organizational context.
•  is concerned with upstream suppliers, but not downstream customers.
•  results when all non-value-added activities are eliminated from a production process.
•  is the foundation of strategic resource management.

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.

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

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.

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.

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.

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

•  Competence
•  Confidentiality
•  Integrity
•  Credibility