sample_midterm1_winter2007

sample_midterm1_winter2007 - Question 1 (25 marks:...

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Question 1 (25 marks: questions with an “*” are worth 2 marks, all others, 1 mark) ANSWER THESE QUESTIONS ON THE SCANTRON CARD 1. Which of the following managerial activities involves the coordination of daily activities within an organization? a. Planning b. Directing and motivating c. Controlling d. None of the above 2. Which of the following involves the study of organizations that are among the best in the world at performing a particular task? a. Benchmarking. b. The Kaizen approach to management. c. The Sigma Six approach to production. d. The Plan-do-check-act (PDCA) cycle. 3. Which of the following is not considered a standard of ethical conduct for management accountants? a. Confidentiality. b. Integrity. c. Transparency. d. Competence. 4. Which of the following statements pertaining to Managerial Accounting is false? a. Managerial Accounting deals only with financial data for decision-making purposes. b. Managerial Accounting deals with both objective and subjective data for decision- making purposes. c. Managerial Accounting is not subject to generally accepted accounting principles. d. The practice of Managerial Accounting is not mandatory. 5. Which of the following statements reflects a key concept of a JIT production system? a. Inventories of raw materials, work-in-process, and finished goods inventories of manufacturing companies are maintained so that operations can proceed smoothly, even if suppliers are late with deliveries. b. The use of many suppliers ensures rapid delivery of materials for production. c. The maintenance of a stock of raw materials allows defective materials to be replaced quickly so as to maintain a high rate of productivity. d. Inventories are costly to carry and can be kept to minimum levels or eliminated completely with careful planning.
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6. Which of the following managerial activities involves the comparison of budgeted to actual results? a. Planning b. Directing and motivating c. Controlling d. None of the above 7. Which of the following statements about line and staff positions in organizations is false? a. Individuals in line positions are directly involved in achieving the basic objectives of the organization. b. Individuals in staff positions primarily provide support to other individuals in the organization. c. Individuals in staff positions usually have direct authority over individuals in line positions. d. Both line and staff managers have authority over the employees in their own departments. 8. Which of the following statements about process re-engineering is true? a. It is only used by manufacturing companies. b. It does not usually involve the use of outside consultants. c. It focuses on eliminating wasted effort. d.
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This note was uploaded on 07/12/2010 for the course AFM 101 taught by Professor Kennedy during the Spring '08 term at Waterloo.

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sample_midterm1_winter2007 - Question 1 (25 marks:...

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