95 Free Test Bank for Cornerstones of Cost Management 2nd Edition by Hansen

To evaluate and analyze cost effectively, learners need to initially focus on the foundations of accounting in cost management. Therefore, free test bank for Cornerstones Of Cost Management 2nd Edition by Hansen will provide a sample of free questions with full answers specialized in professional accountingwhich help students be able to reach higher level of accounting. With 95 mutiple choice questions below that you can improve your knowledge about cost accounting. Don’t wait anything, Let’s start to practice with online quick free questons in test bank right now!

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All of the following would be considered staff functions EXCEPT the

•  vice president of finance.
•  vice president of corporate planning.
•  vice president of marketing.
•  vice president of research and development.

Extending the close of the fiscal year beyond December 31 so that some sales of next year are included in the current year would be a violation of which standard of ethical conduct for management accountants?

•  competence
•  confidentiality
•  conformance
•  all of these

A person in a staff position

•  is directly involved in production.
•  provides support for the line function.
•  is not actually an employee of the company.
•  all of these.

Inspecting units produced to determine if they meet specifications is an example of

•  planning.
•  control.
•  decision making.
•  both a and c.

Cost accounting

•  is concerned with assigning costs to various cost objects.
•  attempts to satisfy the costing objectives of both financial accounting and management accounting.
•  provides cost information that supports planning, controlling, and decision making.
•  all of these.

An accountant certified to possess the minimal professional qualifications for an external auditor is a

•  CPA
•  CMA
•  CIA
•  all of these.

A computerized information system that strives to input data once and make it available to people across the company for different purposes is called a(n):

•  cost management information system
•  enterprise resource planning system
•  internal accounting system
•  financial accounting system

Continuous improvement is

•  critical in a dynamic environment.
•  important to finding and maintaining a competitive advantage.
•  an effort to find ways to increase overall efficiency, improve quality, and reduce costs.
•  all of these.

Accounting activities within an organization are usually under the overall supervision of the

•  Certified Public Accountant.
•  controller.
•  Chartered Accountant.
•  treasurer.

Multiple Choice: In resolving an ethical conflict, whi... Question In resolving an ethical conflict, which of the following would NEVER be appropriate?

•  discussing the matter with the chief executive officer
•  discussing the matter with an external member of the board of directors
•  taking the matter to the press where there is no legal requirement
•  resigning from the position because of a conflict

Performance reports are accounting reports that compare

•  planned data with actual data.
•  audited data with actual data.
•  managers' bonuses with performance ratings by supervisors.
•  planned data with industry standards.

Currently, the activity found LEAST often within the controller's department is

•  updating the general ledger.
•  budget preparation.
•  maintaining accounts receivable records.
•  establishing and maintaining a market for the organization's debt and equity securities.

Evaluating the performance of a segment of the company is an example of

•  planning.
•  control.
•  internal auditing.
•  both a and c.

Any form of commerce that is executed using information and communications technology is called:

•  ERP
•  OLAP
•  electronic commerce
•  DSS

Factors that have led to a global market for manufacturing and service firms are

•  improved transportation and communications systems.
•  improved telemarketing and communications.
•  improved telemarketing and transportation systems.
•  None of these factors have contributed.

Principles of personal ethical behavior include

•  integrity.
•  respect for others.
•  fairness.
•  all of these.

Manufacturing environment automation is associated with increases in

•  inventory.
•  productive capacity.
•  processing time.
•  none of these.

A critical measure of efficiency is

•  the cost of activity.
•  a T-test.
•  customer satisfaction.
•  employee job satisfaction.

Competitive advantage is established by providing

•  more customer products than competitors.
•  better quality than competitors.
•  greater customer value for less cost than competitors.
•  greater efficiencies than competitors.

JIT is a critical part of a more comprehensive approach referred to as:

•  supply chain management
•  lean manufacturing
•  just-in-time manufacturing
•  computer-integrated manufacturing

Persons in the United States who provide external auditing services are designated as

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

Disclosing all information, unfavorable as well as favorable, that could influence an intended user’s understanding of reports, would relate to what section of the IMA Code of Conduct?

•  competence
•  independence
•  integrity
•  credibility

Altering dates of shipping documents of next January's sales to record them as sales in the current year would be a violation of which standard of ethical conduct for management accountants?

•  competence
•  integrity
•  credibility
•  all of these

In JIT manufacturing, each operation produces

•  only what is necessary for the succeeding operations.
•  all that it can to offset fixed costs.
•  a fixed percentage in excess of orders to ensure adequate quality stock.
•  all that it can in order to build inventories.

Financial accounting information is used for

•  investment decisions.
•  regulatory measures.
•  stewardship evaluation.
•  all of the above.

Cost management reports are prepared

•  to meet the needs of decision makers within the firm.
•  whenever stockholders request them.
•  according to guidelines prepared by the Securities and Exchange Commission.
•  according to financial accounting standards.