Managerial Acct 1

Created by abbeysmith101 

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The controller occupies a staff position in an organization

true

A strategy is a game plan that enables a company to attract customers by mimicking what successful competitors do

false

Customer value propositions tend to fall into three broad categories- theory of constraints, six sigma, and enterprise risk anagement

false (customer intimacy, operational excelence, product leadership)

Companies that choose an operational excellence strategy are in essence saying to their customers, "Choose us bc we can deliver products and services faster, more conveniently, and at a lower price than our competitors"

true

A value chain consists of major subassemblies that add value to a product

false

Efforts designed to increase the rate of output should generally be applied to non constraint work stations

false

The lean thinking model focuses on reducing defects to as close to zero as possible

false

Six Sigma is a process improvement method that targets a system's constraint for process improvement.

false

The Sarbanes-Oxley Act of 2002 was intended to protect the interests of those who invest in publicly traded companies by ensuring that their original investments could be recovered in case of fraud.

false

Enterprise risk management involves replacing risky investments with investments in low-risk government securities.

false

Corporate social responsibility refers to the moral obligation of all corporations to make substantial monetary contributions to charitable causes.

false

The Statement of Ethical Professional Practice promulgated by the Institute of Management Accountants specifically states, among other things, that management accountants have a responsibility to inform responsible journalists of any wrongdoing they uncover in the organization.

false

The Institute of Management Accountants' Statement of Ethical Professional Practice specifically states, among other things, that management accountants have a responsibility to keep information confidential except when disclosure is authorized or legally required.

true

Which of the following persons would occupy a line position in a department store?

B. Only I and II

I. Sales manager
II. Manager, furniture department

The controller occupies:

B. a staff position.

Decentralization refers to:

C. the delegation of decision-making authority throughout an organization.

_________________ is an example of a staff position.

D. Human resource manager for a community college

Which of the following is NOT one of the three major customer value propositions discussed in the text?

C. zero defects

Which of the following is NOT one of the five steps in the lean thinking model discussed in the text?

B. Automate the business process.

Which of the following statements is TRUE concerning the CMA?

A. To earn the CMA, an examination must be passed.

Dorra Corporation manufactures lawnmowers in five work stations. Dorra's weekly demand is 5,000 mowers but Dorra can only produce 4,200. According to the theory of constraints, to increase production output Dorra would benefit the most by concentrating improvement efforts on the:

E. slowest work station.

Inventories consisting of units of product that are only partially complete are called _______________.

C. work in process

One of the steps in the lean thinking model is to organize work arrangements around the flow of the business process. This is often accomplished by:

D. creating a manufacturing cell.

The Sarbanes-Oxley Act of 2002 contains all of the following provisions EXCEPT:

A. A CFO must be a CPA or CMA.

The Institute of Management Accountants' Statement of Ethical Professional Practice states that when faced with significant ethical issues, management accountants should first:

C. follow the established policies of the organization bearing on the resolution of such conflict.

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