Which of the following is not one of the IMA's credibility standards?

To disclose deficiencies in internal control

To disclose all relevant information

To communicate information fairly and objectively

All of the above are part of IMA's credibility standard.

Which of the following items could be found in work in process inventory at a candy bar

Candy bars made but not coated in chocolate

Cocoa products to make candy bars

Sugar products to make candy bars

Candy bars completed but not yet sold

Prime costs consist of

direct materials and direct labor.

direct labor and manufacturing overhead.

direct materials and manufacturing overhead.

direct materials, direct labor and manufacturing overhead.

The unit contribution margin is computed by

subtracting the sales price per unit from the variable cost per unit.

subtracting the variable cost per unit from the sales price per unit.

dividing the sales revenue by variable cost per unit.

dividing the variable cost psubtracting the sales price per unit from the variable cost per unit.er unit by the sales revenue.

A CFO would have all of the following responsibilities except

investing in new production equipment.

manage the preparation of all corporate tax returns.

providing reports to creditors as required.

CVP analysis assumes all of the following except

inventory levels will increase.

the mix of products will not change.

revenues are linear through the relevant range.

a change in volume is the only factor that affects

Which of following statements is true?

Management accounting focuses on relevant data.

Managerial accounting focuses on historical transactions.

Financial accounting focuses on future data.

Managerial accounting uses the cash basis for recording transactions.

Which of the following items could be an example of a cost object?

All of the above are examples of potentoal cost ofjects

Conversion costs consist of

direct labor and manufacturing overhead.

an indirdirect materials and direct labor.ect cost

direct materials and manufacturing overhead.

direct materials, direct labor and manufacturing overhead.

Managers can quickly forecast the total contribution margin by multiplying the

projected sales units by the contribution margin ratio.

projected sales units by the variable cost ratio.

projected sales revenue by the unit contribution margin.

projected sales revenue by the contribution margin ratio.

a prototype of a new product is an example of a:

Organization-sustaining activity

Managerial Accounting

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Financial Education

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

________ gathers, summarizes, and reports on the financial impact of changes to business

Managerial accounting

Planning

Directing

Controlling

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Planning involves which of the following activities?

Evaluating the results of operations

Overseeing the company's day-to-day operations

Setting goals and objectives for the company

None of the above

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Budgets are a way for managers to communicate their

control.

decision-making

hiring practices

plans

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following statements is true regarding managerial accounting information?

Managerial accounting information is audited by CPAs.

Managerial accounting information emphasizes relevance.

Managerial accounting information is prepared annually and quarterly.

Managerial accounting information must be prepared in conformity with Generally Accepted

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The primary goal of managerial accounting is to provide information to

internal decision-makers.

shareholders.

creditors.

both shareholders and creditors.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Managerial accountants may be responsible for

providing decision support.

communicating results.

analyzing data.

All of the above.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The standards of the IMA Statement of Ethical Professional Practice include which of the following?

Objectivity

Fairness

Honesty

Integrity

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Managerial Accounting

________ gathers, summarizes, and reports on the financial impact of changes to business

Planning involves which of the following activities?

Budgets are a way for managers to communicate their

Which of the following statements is true regarding managerial accounting information?

The primary goal of managerial accounting is to provide information to

Managerial accountants may be responsible for

The standards of the IMA Statement of Ethical Professional Practice include which of the following?

What ethical standard is being violated when you tell a friend that the company you going to report lower than expected earnings next week? going to report lower than expected earnings next week? work for is

Which of the following is not one of the IMA's credibility standards?

Accepting a job that you know can be better performed by someone else with the required skills

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