21 which of the following is the primary objective of managerial accounting a provid 4306518

21 which of the following is the primary objective of managerial accounting a provid 4306518

21) Which of the following is the primary objective of managerial accounting?

A) providing information that managers need to make operational decisions

B) providing historical data to investors and creditors

C) providing summarized results of operations

D) providing information to comply with laws and regulations of government bodies

22) Which of the following is the primary focus of financial accounting?

A) providing information that managers need to make operational decisions

B) providing summarized information on operational results to investors and creditors

C) providing budgets for future periods

D) providing highly detailed information on product lines, regions, and divisions

23) ________ is a philosophy of continuous improvement of products and processes.

A) Just-in-time (JIT) management

B) Enterprise resource planning (ERP)

C) Supply chain management (SCM)

D) Total quality management (TQM)

24) Which of the following describes a system in which suppliers deliver materials at the time they are needed and finished units are completed when customer orders need to be filled?

A) Supply chain management (SCM)

B) Just-in-time (JIT) management

C) Enterprise resource planning (ERP)

D) Total quality management (TQM)

25) What is total quality management (TQM)?

A) a philosophy of supplying customers with superior products and services

B) an exchange of information with suppliers and customers to create efficient and effective processes

C) a software system that integrates a company's functions, departments and data into a single system

D) a system which speeds the transformation of raw materials into finished products

26) An enterprise resource planning system (ERP) ________.

A) is a cost management system in which a company produces products just in time to satisfy needs

B) requires the implementation of total quality management

C) integrates all worldwide functions, departments and data of a company into a single system

D) cannot be implemented in service companies

27) Which of the following correctly describes just-in-time (JIT) inventory management?

A) It is a production approach that maintains surplus goods at each stage of manufacture.

B) It is an inventory purchase approach that seeks purchase discounts on buying large quantities.

C) It is a cost management approach that focuses on maintaining lean inventory levels.

D) It is an inventory approach which stockpiles raw materials to protect against supply interruptions.

28) Which of the following is true of just-in-time (JIT) inventory management?

A) It results in more storage and insurance cost.

B) It is a system in which the company produces product only after receiving an order.

C) It promotes surplus inventory to prevent production shut-down in case of supply interruptions.

D) It requires a surplus inventory of finished goods to ensure timely, or just-in-time, delivery to customers.

29) Which of the following is a philosophy designed to integrate all organizational areas in order to provide customers with superior products and services, while meeting organizational goals throughout the value chain?

A) Supply chain management (SCM)

B) Just-in-time (JIT) management

C) Enterprise resource planning (ERP)

D) Total quality management (TQM)

30) The whole sequence of activities that add value to a company's products and services is called ________.

A) the value chain

B) the planning process

C) TQM production chain

D) enterprise resource planning

31) Which of the following is one of the key standards of ethical practice published by the Institute of Management Accountants (IMA)?

A) objectivity

B) environmental sensitivity

C) technicality

D) confidentiality

32) Seria Inc. has received a bulk order from an overseas client. As a result, the reported earnings of this year is expected to be significantly higher than the estimates of financial analysts. Joshua, an accountant at Seria, tells this to one of his friends. Which of the IMA standards has Joshua violated?

A) objectivity

B) competence

C) confidentiality

D) technicality

33) You did not understand what the term accrual meant and failed to accrue the interest due at the end of the year on the company's bonds. Which of the IMA standards appears to have been violated here?

A) integrity

B) confidentiality

C) competence

D) objectivity

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