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Unit 1 Post Quiz

The document summarizes a 10 question post-quiz for a management accounting unit: - The quiz questions cover topics like the role of management accountants, uses of budgeting, differences between financial and management accounting, and factors influencing environmental management systems. - For each question, the user is prompted to select the correct answer and is given feedback on whether their answer was right or wrong, with the correct answer provided. - The quiz aims to test the user's understanding of key concepts and standards relating to management accounting.

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84 views10 pages

Unit 1 Post Quiz

The document summarizes a 10 question post-quiz for a management accounting unit: - The quiz questions cover topics like the role of management accountants, uses of budgeting, differences between financial and management accounting, and factors influencing environmental management systems. - For each question, the user is prompted to select the correct answer and is given feedback on whether their answer was right or wrong, with the correct answer provided. - The quiz aims to test the user's understanding of key concepts and standards relating to management accounting.

Uploaded by

s11186706
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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UNIT 1 POST QUIZ

Both financial and management accounting:

Select one:

a.

draw on data from the organisation's basic information system.

b.

must comply with Australian accounting standards.

c.

provide information for external users.

d.

rely exclusively on historical data.

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Your answer is incorrect.

The correct answer is: draw on data from the organisation's basic information system.

Question 2

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Which of the following changes in the business environment have led to the emergence of virtual
organisations?

Select one:

a.

Increases in outsourcing and reliance on various forms of business networks

b.

Increased global mobility in labour

c.

Rapid advances in technology

d.

Reliance on creating mutually strategic business alliances

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The correct answer is: Increases in outsourcing and reliance on various forms of business networks

Question 3

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Question text

Which of the following are ethical standards for management accountants?


i. Competence
ii. Objectivity
iii. Confidentiality
iv. Integrity

Select one:

a.

i, ii, iii and iv

b.

i, iii and iv

c.

ii, iii and iv

d.

i, ii and iv

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The correct answer is: i, ii, iii and iv

Question 4

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The costs of providing information to management should be less than the benefits. Which of the
following are costs of management accounting information?
i. Salary cost of management accounting personnel
ii. Computer operating costs
iii. Managers' time in reading and acting on the information

Select one:

a.

i, ii and iii

b.

i and iii only

c.

None of the given answers

d.

ii and iii only

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The correct answer is: i, ii and iii

Question 5

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Which of the following statements is correct?

Select one:
a.

The primary objective of a firm's management is to increase the firm's value

b.

The management accounting system needs to accumulate information from both internal and external
sources.

c.

Managers may be faced with a conflict between increasing customer value and increasing shareholder
value.

d.

All the given statements are correct.

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The correct answer is: All the given statements are correct.

Question 6

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Which of the following would not be likely as a consistent focus for a firm following a product
differentiation strategy?

Select one:
a.

Delivery

b.

Quality

c.

Cost reduction

d.

Product innovation

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The correct answer is: Cost reduction

Question 7

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A management accountant should be concerned with:

Select one:

a.

developing and implementing information systems.


b.

assisting in interdepartmental communications.

c.

providing daily information on physical measures of operational performance.

d.

All of the given answers

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The correct answer is: All of the given answers

Question 8

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Question text

Budgeting can be used in an organisation to:

Select one:

a.

provide managers with information for making decisions and planning.

b.

control operations.
c.

motivate managers to achieve organisational goals.

d.

All of the given answers

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The correct answer is: All of the given answers

Question 9

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Question text

Which of the following statements is correct?

Select one:

a.

In some organisations, management accountants are located in factories.

b.

Management accountants are responsible for external reporting as well as providing information to
internal managers.

c.

A financial controller is only responsible for financial accounting.


d.

The primary role of the finance function of an organisation is to liaise with banks and financial intuitions
to obtain finance to fund operations.

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The correct answer is: In some organisations, management accountants are located in factories.

Question 10

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Question text

Animus Ltd is a mining company operating in Australia. The company has recently developed a new
environmental management accounting system. According to institutional theory:

Select one:

a.

the new system is likely to be the result of the Australian culture of being environmentally conscious
and the fact that negative environmental impacts can result in significant fines to the company.

b.

the new system is likely to be the result of stringent government regulations.

c.

the new system is likely to be the result of gaining legitimacy and to imitate other mining companies
who are 'doing the right thing'.
d.

the new system is likely to be the result of careful, rational, cost-benefit analysis.

Feedback

Your answer is incorrect.

The correct answer is: the new system is likely to be the result of gaining legitimacy and to imitate other
mining companies who are 'doing the right thing'.

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