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Exam 1: Management Accounting and Corporate Governance

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Question 61

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As a Certified Management Accountant,Grace is bound by the standards of ethical conduct issued by the Institute of Management Accountants.If she accepts an expensive gift from a vendor trying to win a contract with her firm,which of the following standards will she violate?

A) Integrity
B) Confidentiality
C) Competence
D) Objectivity

E) All of the above
F) A) and C)

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Question 62

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Cash paid to production workers should be recorded as Wages Expense in the income statement for the period incurred.

A) True
B) False

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Question 63

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For what activities do an organization's managers need accounting information?

Transportation costs incurred to transfer products to customers are downstream costs.

Just-in-time systems can be used by both manufacturing and merchandising companies.

How does the level of aggregation differ between financial accounting information and managerial accounting information?

During its first year of operations,Silverman Company paid $14,000 for direct materials and $19,000 for production workers' wages.Lease payments and utilities on the production facilities amounted to $17,000 while general,selling,and administrative expenses totaled $8,000.The company produced 5,000 units and sold 3,000 units at a price of $15.00 a unit. What is the amount of gross margin for the first year?

Select the incorrect statement regarding the relationship between type of user and type of information.

What are upstream costs? What upstream costs would be incurred by a company that produces and sells computer software programs?

Randall Company manufactures chocolate bars.The following were among Randall's manufacturing costs during the current year: $\begin{array}{lrr}\text { Wages }\\ \text { Machine operators } &\$300,000\\ \text { Selline and administrative personnel } &\$75,000\\\text { Materials used }\\ \text { Lubricant for oiling machinery } &\$25,000\\ \text { Cocoa, sugar, and other raw materials } &\$225,000\\ \text {Packaging materials } &\$190,000\\\end{array}$ Randall's direct materials amounted to:

As a Certified Management Accountant,Steven is bound by the Institute of Management Accountant's Standards of Ethical Conduct.Describe the actions Steven should take when faced with an ethical dilemma at work.

As a Certified Management Accountant,Suzanne is bound by the standards of ethical conduct issued by the Institute of Management Accountants.During the course of business,Suzanne learned that her company has decided to discontinue a major product line.If she mentions this fact to her brother,who is a stockbroker,Suzanne could be in violation of the:

Management accountants have a responsibility to demonstrate integrity.What does this ethical standard require of management accountants?

The objective of a just-in-time inventory system is to totally eliminate all inventories.

Management accountants have a responsibility to be objective.What does this ethical standard require of management accountants?

Product costs include materials,labor,and selling and administrative costs.

Discuss three practical implications of misclassifying product and/or period costs.

Which of the following statements concerning manufacturing costs is incorrect?

Senior executives focus on financial data when comparing the performance of their companies to that of competitors.

All of the following are features of managerial accounting except: