1) Costing of products and services is an objective of a company's a. Cost management system b. EDI system c. Financial accounting system d. all of the above 2) The cost accounting system is designed to: a. provide information for external users b. provide accurate and timely feedback c. assign costs to individual products and services d. all of the above 3) An example of a managerial decision that would require cost information is: a. make a component internally or buy it from a supplier b. accept a special order for a product c. discontinuation of a product line d. all of the above 4) Which of the following is NOT provided by cost accountants? a. cost information in accordance with GAAP. b. cost information about processes and activities. c. financial information for external users. d. cost information about products, customers, and services. 5) Factors that have led to a global market for manufacturing and service firms are 13) The statement of cash flows is: a. Another name for the statement of financial position. b. A financial statement that presents information about changes in equity during a period c. A financial statement that reports the cash inflows and cash outflows for an accounting period, and that classifies those cash flows as operating activities, investing activities, or financing activities. and equity of a business on a specific date. 14) A cash equivalent is an investment that: d. A financial statement that lists the types and amounts of assets, liabilities, a. Is readily convertible to a known amount of cash. b. Is sufficiently close to its maturity date so its market value is unaffected by interest rate changes. c. Generally is within 3 months of its maturity date. d. All of these. 15) The appropriate section in the statement of cash flows for reporting the purchase of equipment for cash is: a. Operating activities. b. Financing activities. c. Investing activities. d. Schedule of noncash investing or financing activity 16) Which of the following items is reported on the statement of cash flows under financing activities? a. Declaration of a cash dividend. b. Payment of a cash dividend c. Declaration of a stock dividend. d. Payment of a stock dividend. 17) The statement of cash flows helps analysts evaluate the: a. Source of cash for debt repayments. b. Source of cash for plant expansion. c. Differences between net income and net operating cash flow. d. All of these. 18) The ability to meet short-term obligations and to efficiently generate revenues is called? a. Liquidity and efficiency b. Solvency c. Profitability d. Market prospects a. improved transportation and communications systems. b. improved telemarketing and communications. c. improved distribution and transportation systems d. None of these factors have contributed. 6) In resolving an ethical conflict, which of the following would NEVER be appropriate? a. discussing the matter with the chief executive officer b. discussing the matter with an external member of the board of directors c. taking the matter to the press where there is no legal requirement d. resigning from the position because of a conflict 7) The IMA has a program to recognize professional competence and educational attainment in the field of management accounting. The program leads to designation as a a. Certified Management Accountant. b. controller. c. Chartered Accountant. d. treasurer 8) Which of the following is an example of a possible cost object? a. a product b. a customer c. a department d. All of these could be possible cost objects 9) Factors that cause changes in resource usage, activity usage, costs and revenues are called a. indirect costs. b. drivers. c. assignments. d. cost objects. 10) Which of the following costs incurred by a chair manufacturer would be traced othe product cost through direct tracing