Question 1

For each certification, all an applicant has to do is meet specific educational and experience requirements.

Accepted Answer

Some certifications require passing an exam in addition to meeting educational and experience requirements.

Question 2

Employee and customer loyalty are NOT a result of strong codes of ethics.

Accepted Answer

Strong codes of ethics can lead to a culture of trust and respect, which in turn can contribute to employee and customer loyalty.

Question 3

The _________ information system is primarily concerned with producing outputs for internal users using inputs and processes needed to satisfy management objectives.

Accepted Answer

The answer of The _________ information system is primarily concerned...

Question 4

The Certified Internal Auditor must pass a comprehensive examination designed to ensure technical competence and have two years' work experience.

Accepted Answer

This is stated in the requirements to become a Certified Internal Auditor (CIA) by the Institute of Internal Auditors (IIA). The examination and work experience requirements are two of the key components to obtaining the CIA certification.

Question 5

The Institute of Management accountants has established ethical standards for management accountants.

Accepted Answer

The Institute of Management accountants has established ethical standards for management accountants, including the Statement of Ethical Professional Practice.

Question 6

Companies with a strong _________ can benefit from strong customer and employee loyalty.

Accepted Answer

The answer of Companies with a strong _________ can benefit...

Question 7

The role of _________ accountants is to assist and support those responsible for carrying out an organization's basic objectives.

Accepted Answer

The answer of The role of _________ accountants is to...

Question 8

The _________ is a method used to continuously improve manufacturing and nonmanufacturing activities.

Accepted Answer

The answer of The _________ is a method used to...

Question 9

Three of the major certifications available to management accountants are Certificates in Management Accounting, Public Accounting, and Internal Auditing.

Accepted Answer

The statement is true. Certificates in Management Accounting (CMA), Public Accounting (CPA), and Internal Auditing (CIA) are three common certifications available to management accountants.

Question 10

The examination for obtaining the Certificate in Management Accounting consists of two parts: (1) Financial Planning, Performance and Control, and (2) Financial Decision Making.

Accepted Answer

The examination for obtaining the Certificate in Management Accounting consists of two parts, which are Financial Planning, Performance and Control, and Financial Decision Making.

Question 11

_________ is the persistent pursuit and elimination of waste which results in the decrease of lead time.

Accepted Answer

The answer of _________ is the persistent pursuit and elimination...

Question 12

Firms subject to the Sarbanes-Oxley Act of 2002 do not have to disclose whether they have a code of ethics for senior financial officers, nor why.

Accepted Answer

Firms subject to the Sarbanes-Oxley Act of 2002 are required to disclose whether they have a code of ethics for senior financial officers, and if they do not, they must explain why not.

Question 13

Divulging company information when not legally obligated to do so violates the confidentiality part of the IMA Code of Conduct.

Accepted Answer

Divulging company information without legal obligation violates the confidentiality part of the IMA Code of Conduct.

Question 14

Positions in a company that have direct responsibility for its basic objectives are called _________ positions, and the positions indirectly responsible for the company's objectives are called _________ positions.

Accepted Answer

The answer of Positions in a company that have direct...

Question 15

The standards of ethical conduct for management accountants include competence, confidentiality, integrity, resolution of ethical conflict, and _________.

Accepted Answer

The answer of The standards of ethical conduct for management...

Question 16

Only Certified Public Accountants are permitted by law to serve as _________.

Accepted Answer

The answer of Only Certified Public Accountants are permitted by...

Question 17

The IMA's program to recognize professional competence in the field of management accounting yields a designation as a _________ Accountant.

Accepted Answer

The answer of The IMA's program to recognize professional competence...

Question 18

The cost management subsystem designed to assign costs to individual products and services is called the _________ information system.

Accepted Answer

The answer of The cost management subsystem designed to assign...

Question 19

In resolving an ethical conflict, it would be appropriate to take the matter to the press where there's no legal requirement.

Accepted Answer

Taking an ethical conflict to the press can potentially harm the reputation of individuals or organizations involved and can be considered unethical. It is better to try to resolve the conflict through internal channels or seek guidance from a professional ethics organization.

Question 20

The Certificate of Public Accounting does not include the right to serve as external auditors.

Accepted Answer

The Certificate of Public Accounting (CPA) does indeed include the right to serve as external auditors. CPAs are qualified to audit financial statements of corporations and other entities.

Quiz 1: Introduction to Cost Management