Question 1

Explain the term professional competence.

Accepted Answer

The answer of Explain the term professional competence....

Question 2

Select the appropriate definition for each of the items listed below.
-Positions that have direct responsibility for the basic objectives of an organization

Accepted Answer

Line positions are directly responsible for the basic objectives of an organization, while staff positions are supportive roles.

Answer: M and N 
 The Controller and Treasurer are both positions that have direct responsibility for financial management within an organization.

Answer: C 
 Planning involves setting objectives and determining the resources needed to achieve those objectives.

Answer: D 
 Controlling involves monitoring progress towards objectives and making adjustments as needed.

Answer: E 
 Decision making involves choosing among different options and taking action based on those choices.

Answer: F 
 The value chain refers to the sequence of activities that add value to a product or service.

Answer: J 
 Total quality management is a management approach that focuses on continuous improvement and involves all employees in the organization.

Answer: K 
 Lean accounting is an approach to accounting that is aligned with lean manufacturing principles, emphasizing the elimination of waste and the creation of value.

Answer: O
 Ethical behaviour refers to actions that are consistent with moral principles and values.

Question 3

Explain the term professional behaviour.

Accepted Answer

The answer of Explain the term professional behaviour....

Question 4

Select the appropriate definition for each of the items listed below.
-The set of activities required to design, develop, produce, market, and deliver products and services to customers

Accepted Answer

The definition given corresponds to the concept of the value chain, which refers to the sequence of activities necessary to design, produce, market, deliver and support a product or service.

Answer: J
 The definition given corresponds to the philosophy of total quality management, which is a management approach that seeks to optimize quality and customer satisfaction by involving all employees and functions in continuous improvement efforts.

Answer: M
 The term "Controller" refers to the financial executive who is responsible for the accounting, financial reporting, and budgeting functions of an organization.

Answer: N
 The term "Treasurer" refers to the financial executive who is responsible for managing the organization's cash, investments, and other financial assets.

Answer: O
 The term "Ethical behavior" refers to behavior that is in accordance with accepted moral principles and values that guide the decision-making and conduct of individuals and organizations. However, this is not an accurate definition of the set of activities required to design, develop, produce, market, and deliver products and services to customers.

Question 5

Select the appropriate definition for each of the items listed below.
-A management activity that involves the detailed formulation of action to achieve a particular end

Accepted Answer

Planning is the management activity that involves the detailed formulation of actions to achieve a particular end.

Question 6

Explain the term objectivity.

Accepted Answer

The answer of Explain the term objectivity....

Question 7

Select the appropriate definition for each of the items listed below.
-A type of accounting that is primarily concerned with producing information for external users

Accepted Answer

Financial accounting is primarily concerned with producing information for external users, such as investors, creditors, and regulatory agencies.

Question 8

Select the appropriate definition for each of the items listed below.
-Searching for ways to increase the overall efficiency and productivity of activities by reducing waste, increasing quality, and reducing costs

Accepted Answer

Continuous improvement involves searching for ways to increase efficiency and productivity by reducing waste, increasing quality, and reducing costs.

Answer: J 
 Total quality management also involves improving efficiency and productivity by reducing waste, increasing quality, and reducing costs.

Answer: K 
 Lean accounting is a way to improve efficiency and productivity by reducing waste and streamlining accounting processes.

Answer: B 
 Managerial accounting involves analyzing and improving business processes to increase efficiency, productivity, and profitability.

Answer: F 
 The value chain is the process of creating value for the customer by combining and improving business processes.

Answer: M 
 A controller is responsible for managing and improving the accounting and financial processes of an organization.

Answer: N 
 A treasurer is responsible for managing and improving the financial resources and cash flow of an organization.

Answer: O 
 Ethical behavior involves following moral principles and values in decision making and actions.

The remaining options (A, C, D, E, H, I, and L) do not relate to the given definition.

Question 9

Select the appropriate definition for each of the items listed below.
-Organizing costs according to the value chain and collecting both financial and nonfinancial information

Accepted Answer

Lean accounting is a system that focuses on organizing costs according to the value chain and collecting both financial and nonfinancial information.

Question 10

According to the Rules of Professional conduct of CPA Ontario, what are the five fundamental principles of ethics?

Accepted Answer

The answer of According to the Rules of Professional conduct...

Question 11

Which of the following currently exists as a professional accounting body in Canada?

Accepted Answer

CPA Canada (Chartered Professional Accountants of Canada) currently exists as a professional accounting body in Canada. The other options (CA Canada, CGA Canada, CMA Canada) were previously separate accounting bodies that have now merged into CPA Canada.

Question 12

Select the appropriate definition for each of the items listed below.
-A management philosophy in which manufacturers strive to create an environment that will enable workers to manufacture perfect (zero-defect) products

Accepted Answer

Total quality management is a management philosophy that focuses on continuous improvement and zero-defect products.

Answer: G
 Continuous improvement is a management philosophy that focuses on constantly improving processes and products.

Answer: I
 Time is a measurement of the duration of an action or event.

Answer: M
 A controller is a managerial position responsible for financial reporting and accounting.

Answer: N
 A treasurer is a managerial position responsible for managing an organization's cash and financial investments.

Answer: O
 Ethical behavior refers to actions that are morally and socially responsible.

Note: None of the other choices accurately describe the item listed.

Question 13

Virtually all managerial accounting practices were developed to assist managers with which of the following?

Accepted Answer

The answer of Virtually all managerial accounting practices were developed...

Question 14

Which statement best describes the controller of an organization?

Accepted Answer

The controller of an organization is responsible for managing financial matters and providing input to management regarding financial decisions. They can have significant input into policies and decisions related to finance and accounting.

Question 15

Which of the following involves choosing actions that are right, proper, and just?

Accepted Answer

Ethical behaviour involves choosing actions that are right, proper, and just. Balanced costing and activity-based costing are techniques used in cost accounting. Cross-functional perspective involves collaboration among different departments or functions within an organization.

Question 16

Select the appropriate definition for each of the items listed below.
-The process of choosing among competing alternatives

Accepted Answer

Decision making involves the process of choosing between different alternatives.

Answer: C
 Planning involves the process of developing a strategy or course of action for achieving specific goals.

Answer: D
 Controlling involves monitoring performance against goals and taking corrective action when necessary.

Answer: I
 Time is a measure of the duration of events or how long it takes to complete a task.

Answer: J
 Total quality management is a management approach that focuses on continuous improvement of products or services to meet or exceed customer expectations.

Answer: K
 Lean accounting is an approach to accounting that eliminates waste and focuses on improving efficiency and value.

Answer: M
 The controller is a senior financial officer responsible for managing accounting functions and financial controls.

Answer: N
 The treasurer is a senior financial officer responsible for managing a company's cash and financial investments.

Answer: O
 Ethical behavior involves following moral principles and professional standards when making decisions and conducting business.

Note: The following terms were not matched with definitions in the list: Financial accounting, Managerial accounting, Value chain, Continuous improvement, Line positions, Staff positions.

Question 17

According to the Rules of Professional Conduct of CPA Ontario, what are the fundamental principles of ethics?

Accepted Answer

The fundamental principles of ethics according to CPA Ontario include professional behaviour, integrity and due care, professional competence, confidentiality, and objectivity.

Question 18

Select the appropriate definition for each of the items listed below.
-The provision of accounting information for a company's internal users

Accepted Answer

Managerial accounting refers to the provision of accounting information for a company's internal users such as managers and executives to assist with decision making, planning, and controlling the company's operations.

Answer: E 
 Decision making refers to the process of choosing between alternatives based on relevant information and analysis. Managerial accounting provides information that helps managers make more informed decisions.

Answer: M 
 The controller is a senior accountant responsible for the preparation of financial statements and the implementation of accounting policies and procedures. They may also oversee the work of other accountants and financial analysts.

Answer: N 
 The treasurer is responsible for managing a company's financial assets, such as cash, investments, and debt. They may also be involved in financial planning and risk management.

Answer: O 
 Ethical behavior refers to acting in a morally responsible and accountable way. It is an important aspect of business conduct and is relevant to all areas of accounting and finance.

Question 19

Select the appropriate definition for each of the items listed below.
-A crucial element in all phases of the value chain

Accepted Answer

Time is a crucial element in all phases of the value chain as it affects the efficiency and effectiveness of operations, impacting the overall value delivered to customers.

Question 20

Select the appropriate definition for each of the items listed below.
-The managerial activity of monitoring a plan's implementation and taking corrective action as needed

Accepted Answer

Controlling refers to monitoring the implementation of a plan and taking corrective action as needed to ensure that the plan is executed as intended.

Answer: G
 Continuous improvement is a process of continually evaluating and improving all aspects of the business, including processes, products, and services, to achieve greater efficiency, effectiveness, and customer satisfaction.

Answer: M
 A controller is a senior accounting professional who is responsible for managing the accounting and finance departments, financial reporting, and other financial functions of an organization.

Answer: N
 A treasurer is a senior finance professional who is responsible for managing an organization's financial assets, including cash, investments, and other financial instruments.

Answer: O
 Ethical behaviour refers to actions and conduct that are consistent with ethical principles and values, such as honesty, fairness, respect, and responsibility.

Quiz 1: Introduction to Managerial Accounting

Explain the term professional competence.

Select the appropriate definition for each of the items listed below. -Positions that have direct responsibility for the basic objectives of an organization

Explain the term professional behaviour.

Select the appropriate definition for each of the items listed below. -The set of activities required to design, develop, produce, market, and deliver products and services to customers

Select the appropriate definition for each of the items listed below. -A management activity that involves the detailed formulation of action to achieve a particular end

Explain the term objectivity.

Select the appropriate definition for each of the items listed below. -A type of accounting that is primarily concerned with producing information for external users

Select the appropriate definition for each of the items listed below. -Searching for ways to increase the overall efficiency and productivity of activities by reducing waste, increasing quality, and reducing costs

Select the appropriate definition for each of the items listed below. -Organizing costs according to the value chain and collecting both financial and nonfinancial information

According to the Rules of Professional conduct of CPA Ontario, what are the five fundamental principles of ethics?

Which of the following currently exists as a professional accounting body in Canada?

Select the appropriate definition for each of the items listed below. -A management philosophy in which manufacturers strive to create an environment that will enable workers to manufacture perfect (zero-defect) products

Virtually all managerial accounting practices were developed to assist managers with which of the following?

Which statement best describes the controller of an organization?

Which of the following involves choosing actions that are right, proper, and just?

Select the appropriate definition for each of the items listed below. -The process of choosing among competing alternatives

According to the Rules of Professional Conduct of CPA Ontario, what are the fundamental principles of ethics?

Select the appropriate definition for each of the items listed below. -The provision of accounting information for a company's internal users

Select the appropriate definition for each of the items listed below. -A crucial element in all phases of the value chain

Select the appropriate definition for each of the items listed below. -The managerial activity of monitoring a plan's implementation and taking corrective action as needed