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Cost Accounting 101 Practice Test: The Accountant's Role
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Accountants review and analyze financial records for individuals and companies, keeping track of income, expenditures, and tax liabilities.  Accountants may also be involved in: Project planning, Cost analysis, Auditing, Financial decision-making, Tax preparation, Financial reporting, and Financial control.  Here are some of the main roles or functions of accounting: Account receivable: Processing incoming payments Account payable: Making payments and keeping bills paid Payroll: Ensuring employees receive their salary on time  Accountants may work in a large company's accounting... Show more
Cost Accounting 101 Practice Test: The Accountant's Role
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25 Questions

1. Which item is an indication of credibility under the Standards of Ethical Conduct?
2. Which of the following statements concerning an organization's strategy is NOT true?
3. The scenario that resources should be spent if the expected benefits to the company exceed the expected costs describes:
4. The process of preparing a budget forces coordination and communication throughout the company.
5. Which of the following groups would be LEAST likely to receive detailed management accounting reports?
6. The key to a company's success is always to be the low cost producer in a particular industry.
7. Financial accounting provides the primary source of information for:
8. Production"
9. Management accounting information includes:
10. Which of the following people is LEAST likely to use management accounting information?
11. Which of the following statements about the cost-benefit approach is true?
12. Treasury includes banking and short- and long-term financing, investments, and cash management.
13. Financial accounting provides a historical perspective, whereas management accounting emphasizes:
14. The supply chain refers to the sequence of business functions in which customer usefulness is added to products or services.
15. Management accounting includes all of the following EXCEPT
16. Cost management involves long-term and short-term decisions that attempt to increase value for customers and lower costs of products or services.
17. Key success factors are geared to improving customer satisfaction.
18. The Standards of Ethical Conduct for management accountants include concepts related to:
19. Long term financing is an integral part of the ________ function in an organization.
20. Line management includes:
21. Linking rewards to performance:
22. Whose perceptions of the company's products or services are the most important to the manager?
23. Which of the following issues is NOT addressed by the Sarbanes-Oxley legislation?
24. The best-designed strategies are valuable whether or not they are effectively implemented.
25. A budget can serve as: