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| 1 | |
Which of the following is NOT a reason for cost management information to be provided? |
| | A) | Preparation of financial statements. |
| | B) | Strategic management. |
| | C) | Management and operational control. |
| | D) | CMA. |
| | E) | Planning and decision making. |
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| 2 | |
Strategic management can be defined as the development of a sustainable: |
| | A) | chain of command. |
| | B) | competitive position. |
| | C) | cash flow. |
| | D) | business entity. |
| | E) | company image. |
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| 3 | |
Cost management information: |
| | A) | is the information the manager needs to effectively manage the firm or not-for-profit organization. |
| | B) | includes only financial information. |
| | C) | is not needed for strategic management. |
| | D) | is used only for management and operational control. |
| | E) | is not needed to provide accurate accounting for inventory. |
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| 4 | |
Which of the following isn't one of the issues facing the contemporary business world? |
| | A) | The increase in global business environment. |
| | B) | The decrease in the privatization of firms. |
| | C) | The effects of the information technology and e-commerce. |
| | D) | A renewed focus on the customer. |
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| 5 | |
The process for creating competitive advantage in which a firm reorganizes its operating and management functions, often with the results that jobs are modified, combined, or eliminated, is known as what? |
| | A) | Total quality management. |
| | B) | Activity-based costing |
| | C) | Theory of constraints. |
| | D) | Reengineering. |
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| 6 | |
A process by which a firm identifies its critical success factors, studies the best practices of other firms for achieving these critical success factors, and then implements improvements in the firm's processes to match or beat the performance of these competitors is termed: |
| | A) | continuous improvement. |
| | B) | reengineering. |
| | C) | strategic management. |
| | D) | benchmarking. |
| | E) | total quality management. |
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| 7 | |
Which of the following determines the desired cost for a product on the basis of a given competitive price so that the product will earn a desired profit? |
| | A) | Benchmarking |
| | B) | Target costing |
| | C) | Reengineering |
| | D) | Life-cycle costing |
| | E) | Activity-based costing |
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| 8 | |
__________ uses activity analysis and activity-based costing to help managers improve the value of products and services, and to increase the organization's competitiveness. |
| | A) | TQM |
| | B) | Differentiation |
| | C) | Critical success factors |
| | D) | ABM |
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| 9 | |
Which contemporary management practices involves using a variety of financial and non-financial performance measures to assess the overall performance of the firm? |
| | A) | The balanced scorecard. |
| | B) | Mass customization. |
| | C) | Continuous improvement. |
| | D) | Life-cycle costing. |
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| 10 | |
__________ is a set of policies, procedures, and approaches to business that produces long-term success. |
| | A) | Theory of constraints |
| | B) | Total quality management |
| | C) | Strategy |
| | D) | IMA |
| | E) | Critical success factors |
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| 11 | |
__________ is a competitive strategy in which a firm succeeds in producing products or services at the lowest cost in the industry. |
| | A) | TQM |
| | B) | Cost leadership |
| | C) | Differentiation |
| | D) | Critical success factors |
| | E) | CMA |
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| 12 | |
All of the following are private sector professional accounting organizations, except the: |
| | A) | Financial Accounting Standards Board (FASB). |
| | B) | Securities and Exchange Commission (SEC). |
| | C) | American Institute of Certified Public Accountants (AICPA). |
| | D) | Institute of Management Accountants (IMA). |
| | E) | Financial Executive Institute (FEI). |
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| 13 | |
Which professional accounting certification is considered to be the most relevant when regarding issues discussed in this class? |
| | A) | The Certified Management Accountant. |
| | B) | The Certified Financial Manager. |
| | C) | The Certified Public Accountant. |
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| 14 | |
The following statement would be under which main section of the IMA Code of Ethics?
| Perform professional duties in accordance with relevant laws, regulations, and technical standards. |
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| | A) | Competence |
| | B) | Confidentiality |
| | C) | Integrity |
| | D) | Credibility |
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| 15 | |
The following statement would be under which main section of the IMA Code of Ethics?
| Communicate information fairly and objectively. |
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| | A) | Competence |
| | B) | Confidentiality |
| | C) | Integrity |
| | D) | Credibility |
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