Question

1. Cognitive biases related to human behaviour with respect to effective managers can be easily eliminated in the workplace. True or False

2. Corporate social responsibility (CSR)is limited to legal compliance with laws and regulations. True or False

3. Internal financial reports can provide important feedback to managers. True or False

4. An approach to improvement that involves completely redesigning business processes in order to eliminate any unnecessary steps is referred to as benchmarking. True or False

5. An organization prepares a code of ethics to meet its strategic goals. True or False

6. A manager who refuses to disclose confidential company data to friends demonstrates a high degree of confidentiality. True or False

7. If a management accountant is asked to engage in misleading accounting practices, and no resolution of the ethical dilemma seems possible, he/she should resign. True or False

8. Financial accounting requires greater precision than managerial accounting. True or False

9. An approach to improvement that involves completely redesigning business processes in order to eliminate any unnecessary steps is referred to as process reengineering. True or False

10. An accountant may produce both managerial and financial accounting reports. True or False

11. A chief financial officer's main function is to ensure that his/her company has sufficient operating capital.True or False

12. Budgeting is a planning function. True or False

13. Data that is objective and verifiable is said to be reliable. True or False

14. The process of selecting a course of action and specifying how the action will be implemented is referred to as

a) motivating

b) directing

c) planning

d) controlling

15.

Which one of the following is NOT an example of corporate social responsibility provided to customers?

a) Opportunities for training, promotion and personal development.

b) Safe, high- quality products that are fairly priced.

c) Easy to use information systems for shopping and tracking orders.

d) Full disclosure of product related risks.

16.

________ refers to human behaviour encouragement that comes from within us.

a) Cognitive biases

b) Intrinsic motivation

c) Benchmarking

d) Extrinsic motivation

17.

Both financial and managerial accounting rely on the same underlying financial data but there are major differences. Managerial Accounting:

A) must follow GAAP.

B) emphasizes relevance.

C) emphasizes financial consequences of past activities.

d) emphasizes precision.

18.

Managerial accounting focuses primarily on which of the following?

A) External financial reporting

B) Auditing the accounting data

C) Tax requirements

D) Internal decision making

19.

The process of mobilizing people to carry out plans and run routine operations is known as

A)planning

B) directing

C) directing and motivating

D) motivating

20.

After careful planning, Jammu Manufacturing Corporation has decided to switch to a just-in-time inventory system as a component of the lean thinking model. At the beginning of this switch, Jammu has 30 units of product in inventory. Jammu has 2,000 labour hours available in the first month of this switch. These hours could produce 500 units of product. Customer demand for this first month is 400 units. If just-in-time principles are correctly followed, how many units should Jammu plan to produce in the first month of the switch?

A) 370

B) 470

C) 400

D) 430

Answer 1

1) False they cannot be easily eliminated at the workplace since they are caused by emotions, individual motivation , social pressures which may also be outside the organisation.

2) False it is not merely related to compliance of laws and regulations . It is concerned with eradicating hunger, improving access to education,promoting gender equality etc.

3) true . Internal financial reports can provide important feedback to managers.

4) False that process is referred to as standardisation .

5) True, since making code of ethics help in achieving the goals by organisation.

6) true A manager who refuses to disclose confidential company data to friends demonstrates a high degree of confidentiality.

7) True If a management accountant is asked to engage in misleading accounting practices, and no resolution of the ethical dilemma seems possible, he/she should resign, it would be the best option to disassociate with company

8) True  Financial accounting requires greater precision than managerial accounting as it has external users also and is legally required

9) True  An approach to improvement that involves completely redesigning business processes in order to eliminate any unnecessary steps is referred to as process reengineering

10) True An accountant may produce both managerial and financial accounting reports. but generally there are different accountants which are expert in managerial accounting like cost acccountants.

11) False in a way he is reponsible for financial planning and addressing issues around capital structure

12) False , it is a controlling function

13)  True Data that is objective and verifiable is said to be reliable

14) c) Planning

15) a) Opportunities for training, promotion and personal development.

16) b) Intrinsic motivation

17) B) emphasizes relevance.

18) D) Internal decision making

19) C) directing and motivating

20) A) 370 as under JIT INVENTORY system the production is done accordin to demand . since 30 units are there in the begginning only 370 more are required to fulfill demand for 400 units