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2242 midterm exam may 28 75 minutes 930 am

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Question #1 - These are multiple choice and true or false - highlight your answer clearly. - 14 points #1 The four primary responsibilities of managers are planning, directing, controlling, and decision making. TRUE or FALSE #2 The primary purpose of managerial accounting information is to help external users make investing and lending decisions. TRUE or FALSE #3 Just because a behaviour is legal does not always make it ethical. TRUE or FALSE #4 Lean production is both a philosophy and a business strategy of manufacturing without waste. TRUE or FALSE #5 Internal failure costs occur when the company detects and corrects poor-quality goods or services after delivery to customers. TRUE or FALSE #6 The cost of training employees would be classified as an external failure cost. TRUE or FALSE #7 Management accounting focuses on: a. External reporting b. Internal reporting c. Tax preparation d. Auditing #8 You take printer paper home from work for personal use. You have violated which ethical standard? a. Competence b. Confidentiality c. Credibility d. Integrity #9 IFRS stands for: a. International and Foreign Reporting Systems b. International Financial Reporting Standards c. Important Foreign Registering Systems d. International and Foreign Registering Standards #10 Which of the following describes a system in which suppliers deliver materials at the time they are needed? a. ERP b. JIT c. TQM d. ISO #11 Which of the following cost items should be classified ...
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Awesome! Perfect study aid.