20 Free Test Bank for Cornerstones of Managerial Accounting 1st Canadian Edition by Mowen

Provide accurate financial information required by managers is made day-to-day. Therefore, the accountants need to understand clearly about the process of preparing management reports. 20 free test bank for Cornerstones of Managerial Accounting First Canadian Edition by Mowen multiple choice questions offer full response questions so that learners find out the difference between managerial and financial accounting and support for their working. Besides, we also introduce worth-answering free test bank for managerial accounting for your reference.

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Which of the following is an example of the management activity referred to as planning?

•  developing a strategy to dispose of hazardous waste
•  deciding to upgrade outdated equipment
•  deciding to eliminate an unprofitable segment of an organization
•  deciding to outsource an organization’s payroll processing

Which of the following employees would normally occupy a line position in a hospital?

•  a hospital administrator
•  the chief of surgery
•  the manager of the cafeteria
•  a staff nurse

Which of the following is an objective of management accounting?

•  to provide information for the costing of services, products, and other objects of interest to management
•  to provide tax information for planning, controlling, evaluating, and continuous improvement
•  to prepare external reports for investors, creditors, government agencies, and other outside users
•  to provide information for investment decision making

Which of the following activities does the controller of an organization participate in?

•  planning, controlling, and decision making
•  controlling, planning, and assessing
•  planning, assessing, and decision making
•  decision making and assessing

Which of the following employees would normally occupy a staff position?

•  the cost accounting manager
•  the CEO
•  the factory manager
•  an assembly worker

Which of the following is a characteristic of financial accounting?

•  It has an emphasis on the future.
•  It is concerned with the information about the firm as a whole.
•  It is internally focused.
•  It has no mandatory rules.

Which accountants focus on external reports and auditing in Canada?

•  Certified Public Accountants
•  Certified Management Accountants
•  Certified Financial Accountants
•  Chartered Accountants

Which of the following is a characteristic of management accounting? Page 1 of6

•  It provides objective financial information.
•  It has no mandatory rules.
•  Its main users are outside of the organization.
•  It must adhere to mandatory rules.

Which of the following are included in the standards of ethical conduct for management accountants?

•  integrity, respect for others, performance, and confidence
•  confidence, confidentiality, objectivity, and observance
•  competence, confidentiality, integrity, and objectivity
•  competence, performance, respect for others, and observance

Which of the following is an objective of profit maximization?

•  It is an objective of financial accounting but not of management accounting.
•  It should be achieved through legal and ethical means.
•  It should be the only goal of an organization.
•  It should outweigh the goal of product quality.

What does total quality management emphasize?

•  a lack of improvement
•  the status quo
•  the elimination of waste
•  1% defects

Which of the following is a characteristic of activity-based costing?

•  It assigns shared costs to jobs.
•  It is a traditional costing method.
•  It always results in a lower cost assigned to goods or services.
•  It encourages process-value analysis.

What is the primary objective of management accounting?

•  to provide stockholders and potential investors with useful information for decision making
•  to provide management with information useful for planning and control of operations
•  to provide the Canada Revenue Agency with information about taxable income
•  to provide banks and other creditors with information useful in making credit decisions

Which of the following areas is NOT emphasized in the CMA examination?

•  economics, finance, and management
•  external auditing and business law
•  financial accounting and reporting
•  decision analysis and information systems

Developing a company strategy for responding to anticipated new markets is an example of which of the following?

•  decision making
•  delegating
•  planning
•  controlling

Investigating production variances and adjusting the production process is an example of which of the following?

•  decision making
•  controlling
•  planning
•  delegating

Which statement about management accounting reports is correct?

•  The reports are prepared whenever stockholders request them.
•  The reports are prepared according to guidelines prepared by the Ontario Securities Commission (OSC).
•  The reports are prepared to meet the needs of decision makers within the firm.
•  The reports are prepared according to GAAP and IFRS.

Which of the following is an example of a value-added activity?

•  delivering products at the seller’s convenience
•  providing excellent customer service
•  storing finished products
•  offering the customer a limited variety of products

What is a requirement for accountants who have a CA, CMA, or CGA designation?

•  They can only work at public accounting firms.
•  They must pass a national examination and be licensed by the province or territory in which they practice.
•  They are not the only people permitted to serve as external auditors.
•  They are not held responsible to provide assurance concerning the reliability of a firm's financial statements.