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Test Bank For Introduction to Managerial Accounting Canadian 5th Edition By Brewer - Test Bank
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Exam Name___________________________________ MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. Reference: 03-08 The Bus Company uses a job-order costing system. The following information was recorded for September: Job Number 1 2 3 4 Sep...

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  • September 26, 2023
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  • test bank for introduction to managerial accountig

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,Exam

Name___________________________________


MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.

1) The implementation phase includes all of these activities EXCEPT: 1)
A) solve on-the-spot problems
B) assign tasks to employees
C) making Short-term and Long-term decisions.
D) selecting a course of action.
Answer: D
Explanation: A)
B)
C)
D)

2) Which of the following statements is not true? 2)
A) Financial accounting presents a historical perspective of business activities.
B) Financial accounting and managerial accounting are independent of each other.
C) Managerial accounting has a strong orientation towards the future.
D) Financial accounting, due to the requirements of regulation, is mandatory for
businesses.
Answer: B
Explanation: A)
B)
C)
D)

3) Companies using the just-in-time (JIT) approach hope to achieve: 3)
A) reduction of costs associated with setup by producing in large batches.
B) reduced defect rates, resulting in less waste and greater customer satisfaction.
C) gains in production flexibility.
D) the hiring of specialized workers to increase production.
Answer: B
Explanation: A)
B)
C)
D)




1

,4) In order to eliminate waste, companies must adopt and implement one or more 4)
management practices that focus on different aspects of the lean business model such as:
A) maintaining inventories large enough to shield against all unanticipated disruptions.
B) Just-in-Time.
C) Activity-Based Costing.
D) multi-dimensional performance measurement systems.
Answer: B
Explanation: A)
B)
C)
D)

5) Managerial accounting is regulated by: 5)
A) IFRS. B) ASPE.
C) GAAP. D) no prescribed standards are followed.
Answer: D
Explanation: A)
B)
C)
D)

6) Corporate governance: 6)
A) if effective, should enhance stakeholders' confidence that the organization is being
managed in their best interests.
B) ensures the personal interests of top management are fully achieved.
C) is only important to non-publicly traded companies.
D) is a department within Canada Revenue with a mandate to ensure all corporations
file annual tax returns.
Answer: A
Explanation: A)
B)
C)
D)

7) Which of the following is NOT included in Codes of Ethics for professional 7)
accountants?
A) Professional competence B) Compensation
C) Objectivity D) Confidentiality
Answer: B
Explanation: A)
B)
C)
D)




2

, 8) Activities that do not add value to a product or service that customers are willing to pay 8)
for are considered to be:
A) normal business activities.
B) a constraint.
C) part of the overhead costs of a business.
D) non-value-added activities.
Answer: D
Explanation: A)
B)
C)
D)

9) Benchmarking begins with: 9)
A) studying organizations that are the best at a particular task.
B) completely redesigning a business process to improve it.
C) a determination to only build products to meet specific customer orders.
D) determining the constraints within a given manufacturing process.
Answer: A
Explanation: A)
B)
C)
D)

10) What is the professional designation for the majority of professional accountants in 10)
Canada?
A) Chartered Management Accountants B) Certified Public Accountants
C) Chartered Professional Accountants D) Chartered Certified Accountants
Answer: C
Explanation: A)
B)
C)
D)

11) Which of the following is NOT a benefit of a just-in-time (JIT) system? 11)
A) The time required to fill an order is reduced, resulting in quicker response to
customers and consequentially greater potential sales.
B) Funds that have been tied up in inventories can be used elsewhere.
C) Production workers are always busy.
D) Areas previously used to store inventories are made available for other more
productive uses.
Answer: C
Explanation: A)
B)
C)
D)




3

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