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Cost Accounting 101 Practice Test: The Accountant's Role
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Avg score: 59% Most missed: “Which of the following statements about customer value is NOT true?”
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. The approaches and activities of managers in short-run and long-run planning and control decisions that increase value for customers and lower costs of products and services are known as:
2. Feedback and learning helps in the future decision-making process.
3. The process of preparing a budget:
4. The best-designed strategies and the best-developed capabilities are useless unless they are effectively executed.
5. and services that exceed customer expectations."
6. Linking rewards to performance:
7. When faced with a potential ethical conflict, the managerial accountant should first consult any internal procedures of that organization.
8. If there is an ethical conflict concerning your direct supervisor, you may contact all of the following groups EXCEPT:
9. Which of the following statements about customer value is NOT true?
10. The most important planning tool is a ________.
11. Production"
12. Management accounting:
13. Key success factors are geared to improving customer satisfaction.
14. Financial accounting provides a historical perspective, whereas management accounting emphasizes:
15. Line management is directly responsible for attaining the goals of the organization.
16. Which item is NOT an indication of confidentiality under the Standards of Ethical Conduct?
17. R&D, production, and customer service are business functions that are all included as part of:
18. The Institute of Management Accountants provides a hotline to discuss ethical issues.
19. When a particular aspect of employee performance is measured, employees pay more attention to it.
20. ________ is the generation of, and experimentation with, ideas related to new products, services, or processes.
21. Planning includes all of the following EXCEPT
22. The key to a company's success is creating value for customers while differentiating itself from its competitors.
23. Cost accounting provides all of the following EXCEPT:
24. Cost accounting measures and reports short-term, long-term, financial, and non financial information.
25. In designing strategy, a company must match the opportunities and threats in the marketplace with: