Question 1

Select the appropriate definition for each of the items listed below.
-The process of choosing among competing alternatives
A)Financial accounting
B)Managerial accounting
C)Planning
D)Controlling
E)Decision making
F)Value chain
G)Continuous improvement
H)Line positions
I)Time
J)Total quality management
K)Lean accounting
L)Staff positions
M)Controller
N)Treasurer
O)Chartered Accountant (CA)
P)Ethical behaviour
Q)Certified General Accountant (CGA)
R)Certified Management Accountant (CMA)
S)Certified Professional Accountant (CPA)
T)CICA

Accepted Answer

Decision making involves the process of choosing among competing alternatives.

Question 2

The belief that each member of a group bears some responsibility for the well-being of other members is a common principle underlying all ethical systems.

Accepted Answer

This principle is often referred to as solidarity and is a foundational principle in many ethical systems, such as utilitarianism, deontology, and virtue ethics. It emphasizes the interconnectedness and interdependence of individuals within a group or society and the need for individuals to consider the impact of their actions on others.

Question 3

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
A)Financial accounting
B)Managerial accounting
C)Planning
D)Controlling
E)Decision making
F)Value chain
G)Continuous improvement
H)Line positions
I)Time
J)Total quality management
K)Lean accounting
L)Staff positions
M)Controller
N)Treasurer
O)Chartered Accountant (CA)
P)Ethical behaviour
Q)Certified General Accountant (CGA)
R)Certified Management Accountant (CMA)
S)Certified Professional Accountant (CPA)
T)CICA

Accepted Answer

Financial accounting is focused on creating financial statements and reports for external users such as investors, creditors, and regulatory agencies.

Question 4

A cost accountant would normally occupy a staff position within an organization.

Accepted Answer

A cost accountant is a specialized staff member within an organization who is responsible for analyzing and controlling costs. They typically work closely with management to help improve financial decisions and achieve profitability goals.

Question 5

The primary reason for amalgamating the three accounting bodies is to ensure that Canadian accountants have a strong voice with the Canadian government.

Accepted Answer

The primary reason for amalgamating the three accounting bodies in Canada was to unify the accounting profession, enhance the quality of services, and increase global recognition and influence, not solely to have a strong voice with the government.

Question 6

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
A)Financial accounting
B)Managerial accounting
C)Planning
D)Controlling
E)Decision making
F)Value chain
G)Continuous improvement
H)Line positions
I)Time
J)Total quality management
K)Lean accounting
L)Staff positions
M)Controller
N)Treasurer
O)Chartered Accountant (CA)
P)Ethical behaviour
Q)Certified General Accountant (CGA)
R)Certified Management Accountant (CMA)
S)Certified Professional Accountant (CPA)
T)CICA

Accepted Answer

Total Quality Management (TQM) is the management philosophy that emphasizes creating an environment for workers to manufacture products with zero defects, focusing on quality improvement continuously.

Question 7

CMA,CGA and CA organizations have recently have been brought together under a new professional body called CPA Canada.

Accepted Answer

CPA Canada is the new professional body for Chartered Professional Accountants, which includes members of the former organizations CMA, CGA, and CA.

Question 8

Select the appropriate definition for each of the items listed below.
-The provision of accounting information for a company's internal users
A)Financial accounting
B)Managerial accounting
C)Planning
D)Controlling
E)Decision making
F)Value chain
G)Continuous improvement
H)Line positions
I)Time
J)Total quality management
K)Lean accounting
L)Staff positions
M)Controller
N)Treasurer
O)Chartered Accountant (CA)
P)Ethical behaviour
Q)Certified General Accountant (CGA)
R)Certified Management Accountant (CMA)
S)Certified Professional Accountant (CPA)
T)CICA

Accepted Answer

Managerial accounting is the provision of accounting information for a company's internal users, which helps them in decision making, planning, controlling, and continuous improvement. This information is not made available to external users like stakeholders, investors, or government agencies.

Question 9

Virtually all management accounting practices were developed to assist managers in maximizing profits.

Accepted Answer

The primary goal of management accounting is to aid managers in making informed decisions that increase profitability by providing them with relevant financial information.

Question 10

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
A)Financial accounting
B)Managerial accounting
C)Planning
D)Controlling
E)Decision making
F)Value chain
G)Continuous improvement
H)Line positions
I)Time
J)Total quality management
K)Lean accounting
L)Staff positions
M)Controller
N)Treasurer
O)Chartered Accountant (CA)
P)Ethical behaviour
Q)Certified General Accountant (CGA)
R)Certified Management Accountant (CMA)
S)Certified Professional Accountant (CPA)
T)CICA

Accepted Answer

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

Question 11

Select the appropriate definition for each of the items listed below.
-A crucial element in all phases of the value chain
A)Financial accounting
B)Managerial accounting
C)Planning
D)Controlling
E)Decision making
F)Value chain
G)Continuous improvement
H)Line positions
I)Time
J)Total quality management
K)Lean accounting
L)Staff positions
M)Controller
N)Treasurer
O)Chartered Accountant (CA)
P)Ethical behaviour
Q)Certified General Accountant (CGA)
R)Certified Management Accountant (CMA)
S)Certified Professional Accountant (CPA)
T)CICA

Accepted Answer

The answer of Select the appropriate definition for each of...

Question 12

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
A)Financial accounting
B)Managerial accounting
C)Planning
D)Controlling
E)Decision making
F)Value chain
G)Continuous improvement
H)Line positions
I)Time
J)Total quality management
K)Lean accounting
L)Staff positions
M)Controller
N)Treasurer
O)Chartered Accountant (CA)
P)Ethical behaviour
Q)Certified General Accountant (CGA)
R)Certified Management Accountant (CMA)
S)Certified Professional Accountant (CPA)
T)CICA

Accepted Answer

Controlling is the managerial activity of monitoring a plan's implementation and taking corrective action as needed.

Question 13

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
A)Financial accounting
B)Managerial accounting
C)Planning
D)Controlling
E)Decision making
F)Value chain
G)Continuous improvement
H)Line positions
I)Time
J)Total quality management
K)Lean accounting
L)Staff positions
M)Controller
N)Treasurer
O)Chartered Accountant (CA)
P)Ethical behaviour
Q)Certified General Accountant (CGA)
R)Certified Management Accountant (CMA)
S)Certified Professional Accountant (CPA)
T)CICA

Accepted Answer

The answer of Select the appropriate definition for each of...

Question 14

The controller is the Chief Executive Officer of a company.

Accepted Answer

The controller is typically responsible for overseeing financial reporting and accounting functions, whereas the Chief Executive Officer (CEO) is responsible for overall management and leading the company's strategic direction. While the controller may report to the CEO, they are distinct roles with different responsibilities.

Question 15

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
A)Financial accounting
B)Managerial accounting
C)Planning
D)Controlling
E)Decision making
F)Value chain
G)Continuous improvement
H)Line positions
I)Time
J)Total quality management
K)Lean accounting
L)Staff positions
M)Controller
N)Treasurer
O)Chartered Accountant (CA)
P)Ethical behaviour
Q)Certified General Accountant (CGA)
R)Certified Management Accountant (CMA)
S)Certified Professional Accountant (CPA)
T)CICA

Accepted Answer

The set of activities required to design, develop, produce, market, and deliver products and services to customers is commonly referred to as the value chain.

Note: The other options in the list are related to accounting and management practices, and are not directly applicable to the definition given.

Question 16

Select the appropriate definition for each of the items listed below.
-The individual responsible for the finance function; raises capital and manages cash and investments
A)Financial accounting
B)Managerial accounting
C)Planning
D)Controlling
E)Decision making
F)Value chain
G)Continuous improvement
H)Line positions
I)Time
J)Total quality management
K)Lean accounting
L)Staff positions
M)Controller
N)Treasurer
O)Chartered Accountant (CA)
P)Ethical behaviour
Q)Certified General Accountant (CGA)
R)Certified Management Accountant (CMA)
S)Certified Professional Accountant (CPA)
T)CICA

Accepted Answer

The treasurer is responsible for the finance function, which includes raising capital and managing cash and investments.

Question 17

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
A)Financial accounting
B)Managerial accounting
C)Planning
D)Controlling
E)Decision making
F)Value chain
G)Continuous improvement
H)Line positions
I)Time
J)Total quality management
K)Lean accounting
L)Staff positions
M)Controller
N)Treasurer
O)Chartered Accountant (CA)
P)Ethical behaviour
Q)Certified General Accountant (CGA)
R)Certified Management Accountant (CMA)
S)Certified Professional Accountant (CPA)
T)CICA

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 18

Select the appropriate definition for each of the items listed below.
-Positions that have direct responsibility for the basic objectives of an organization
A)Financial accounting
B)Managerial accounting
C)Planning
D)Controlling
E)Decision making
F)Value chain
G)Continuous improvement
H)Line positions
I)Time
J)Total quality management
K)Lean accounting
L)Staff positions
M)Controller
N)Treasurer
O)Chartered Accountant (CA)
P)Ethical behaviour
Q)Certified General Accountant (CGA)
R)Certified Management Accountant (CMA)
S)Certified Professional Accountant (CPA)
T)CICA

Accepted Answer

Line positions have direct responsibility for the basic objectives of an organization and are often involved in the day-to-day operations of the business.

Other options:
- Financial accounting: The branch of accounting that focuses on recording and reporting financial transactions.
- Managerial accounting: The branch of accounting that focuses on providing information to internal decision-makers.
- Planning: The process of setting objectives and determining the actions needed to achieve them.
- Controlling: The process of monitoring performance and taking corrective action to ensure that objectives are achieved.
- Decision making: The process of choosing between alternative courses of action.
- Value chain: The sequence of activities that add value to a product or service.
- Continuous improvement: The ongoing effort to improve products, services, and processes.
- Time: The period during which something exists or occurs.
- Total quality management: The management approach that strives to achieve customer satisfaction by continuously improving all organizational processes.
- Lean accounting: The accounting approach that focuses on eliminating waste and improving the flow of information.
- Staff positions: Positions that provide support and expertise to line positions, but do not have direct responsibility for the basic objectives of the organization.
- Controller: The person responsible for overseeing the accounting function within an organization.
- Treasurer: The person responsible for managing an organization's finances and investments.
- Chartered Accountant (CA): A professional accountant who has met certain educational and experience requirements.
- Ethical behaviour: Behaviour that conforms to accepted standards of right and wrong.
- Certified General Accountant (CGA): A professional accountant who has obtained the CGA designation.
- Certified Management Accountant (CMA): A professional accountant who has obtained the CMA designation.
- Certified Professional Accountant (CPA): A professional accountant who has obtained the CPA designation.
- CICA: The Canadian Institute of Chartered Accountants.

Question 19

Select the appropriate definition for each of the items listed below.
-Positions that are supportive in nature and have only indirect responsibility for an organization's basic objectives
A)Financial accounting
B)Managerial accounting
C)Planning
D)Controlling
E)Decision making
F)Value chain
G)Continuous improvement
H)Line positions
I)Time
J)Total quality management
K)Lean accounting
L)Staff positions
M)Controller
N)Treasurer
O)Chartered Accountant (CA)
P)Ethical behaviour
Q)Certified General Accountant (CGA)
R)Certified Management Accountant (CMA)
S)Certified Professional Accountant (CPA)
T)CICA

Accepted Answer

Staff positions are supportive in nature and have indirect responsibility for an organization's objectives.

Question 20

Select the appropriate definition for each of the items listed below.
-The chief accounting officer in an organization
A)Financial accounting
B)Managerial accounting
C)Planning
D)Controlling
E)Decision making
F)Value chain
G)Continuous improvement
H)Line positions
I)Time
J)Total quality management
K)Lean accounting
L)Staff positions
M)Controller
N)Treasurer
O)Chartered Accountant (CA)
P)Ethical behaviour
Q)Certified General Accountant (CGA)
R)Certified Management Accountant (CMA)
S)Certified Professional Accountant (CPA)
T)CICA

Accepted Answer

The chief accounting officer in an organization is called a Controller. Option M is the only choice that fits the description.

Quiz 1: Introduction to Managerial Accounting

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

The belief that each member of a group bears some responsibility for the well-being of other members is a common principle underlying all ethical systems.

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

A cost accountant would normally occupy a staff position within an organization.

The primary reason for amalgamating the three accounting bodies is to ensure that Canadian accountants have a strong voice with the Canadian government.

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

CMA,CGA and CA organizations have recently have been brought together under a new professional body called CPA Canada.

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

Virtually all management accounting practices were developed to assist managers in maximizing profits.

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

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

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

The controller is the Chief Executive Officer of a company.

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. -The individual responsible for the finance function; raises capital and manages cash and investments

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. -Positions that have direct responsibility for the basic objectives of an organization

Select the appropriate definition for each of the items listed below. -Positions that are supportive in nature and have only indirect responsibility for an organization's basic objectives

Select the appropriate definition for each of the items listed below. -The chief accounting officer in an organization