Management and Accounting Quiz
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Questions and Answers

What is the primary function of managers in an organization?

  • Setting prices for products
  • Making decisions (correct)
  • Managing employee performance
  • Organizing resources

    • Which of the following is NOT a decision-making example mentioned for managers?

  • Staffing choices
  • Location of new restaurants
  • Meeting customer service standards (correct)
  • Pricing of meals

    • Which function of management involves setting goals and determining strategies?

  • Controlling
  • Directing
  • Planning (correct)
  • Evaluating

    • What distinguishes managerial accounting from financial accounting?

    <p>It provides future-oriented information</p> Signup and view all the answers

    Which of the following is true about financial accounting?

    <p>It follows GAAP and IFRS regulations</p> Signup and view all the answers

    What is the key focus of managerial accounting?

    <p>Relevance and timeliness</p> Signup and view all the answers

    Which statement best describes financial accounting?

    <p>Describes historical transactions with external parties</p> Signup and view all the answers

    What is a mandatory requirement for financial accounting that is not applicable to managerial accounting?

    <p>Mandatory audits</p> Signup and view all the answers

    What is one example of adhering to professional conduct?

    <p>No ownership interest in an audit client</p> Signup and view all the answers

    Which step is NOT recommended when resolving ethical dilemmas?

    <p>Ignore the issue until it resolves itself</p> Signup and view all the answers

    What does enabling competencies refer to?

    <p>Recognizing ethical issues in work</p> Signup and view all the answers

    What is a critical part of the integrative analysis step?

    <p>Scrutinizing ethical constraints</p> Signup and view all the answers

    What is true about unethical and illegal behavior?

    <p>Unethical behavior can be legal.</p> Signup and view all the answers

    Which guideline pertains to assessing the situation?

    <p>Planning and identifying conflicts of interest</p> Signup and view all the answers

    Which action aligns with the guideline of concluding and advising?

    <p>Communicating based on ethical analysis</p> Signup and view all the answers

    Which of the following is an example of monitoring subordinates’ activities?

    <p>Checking compliance with established guidelines</p> Signup and view all the answers

    Who is responsible for performing cash counts at branch offices?

    <p>Controller</p> Signup and view all the answers

    Which role is tasked with ensuring that the company’s internal controls function properly?

    <p>Internal Auditor</p> Signup and view all the answers

    What is the ethical guideline that emphasizes fidelity to ethical standards and regulations?

    <p>Integrity and Due Care</p> Signup and view all the answers

    Which action would be considered an example of unethical behavior in accounting?

    <p>Allowing reimbursement of false expense reports</p> Signup and view all the answers

    Which designation represents the merger of the three legacy designations in Canada?

    <p>Chartered Public Accountant (CPA)</p> Signup and view all the answers

    Who prepares journal entries for month-end closing?

    <p>Controller</p> Signup and view all the answers

    What should accountants prioritize to support economic stability?

    <p>Following ethical rules and regulations</p> Signup and view all the answers

    Which of the following actions is NOT typically a responsibility of the treasurer?

    <p>Calculating the cost of a product</p> Signup and view all the answers

    Which characteristic is NOT a feature of a lean production system?

    <p>Large batches produced just-in-time</p> Signup and view all the answers

    What is the primary goal of Total Quality Management (TQM)?

    <p>Provide customers with superior products and services</p> Signup and view all the answers

    What type of quality cost is associated with inspecting components during production?

    <p>Appraisal cost</p> Signup and view all the answers

    What type of cost is incurred when a company reworks defective components?

    <p>Internal failure cost</p> Signup and view all the answers

    Which of the following would be classified as a prevention cost?

    <p>Salaries of engineers designing components for durability</p> Signup and view all the answers

    Which statement correctly defines external failure costs?

    <p>Costs of repairing defective products at customer sites</p> Signup and view all the answers

    What is an objective of using the costs of quality framework?

    <p>To control and categorize quality-related expenses</p> Signup and view all the answers

    What distinguishes a just-in-time (JIT) system from traditional systems?

    <p>It focuses on producing goods based on demand</p> Signup and view all the answers

    Which component of the cost of quality is attributed to reworking defective components discovered by company inspectors?

    <p>Internal Failure</p> Signup and view all the answers

    What is the first step in the data analytics process?

    <p>Identify the issue</p> Signup and view all the answers

    Which of the following benefits is associated with excellent data analytics?

    <p>Enhanced adaptation to rapid change</p> Signup and view all the answers

    The costs of inspecting components in production processes falls under which category?

    <p>Appraisal</p> Signup and view all the answers

    What key factor defines the new landscape of data analytics?

    <p>Volume, speed, accessibility, and variety of data</p> Signup and view all the answers

    What is the final step in the data analytics process?

    <p>Act; choose and implement the plan</p> Signup and view all the answers

    Which aspect is focused on utilizing science to support decisions in data analytics?

    <p>Efficiency with gathering and utilizing information</p> Signup and view all the answers

    Which of the following is not a primary responsibility of management?

    <p>Costing</p> Signup and view all the answers

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