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Unformatted text preview: ACC302 Practice Test Chapters 1, 2, 13 and 17 Choose the best answer. 1. Management accounting has a dual focus in that it assists managers a. in making decisions in both the internal and external environments. b. in determining how resources should be allocated and where they are from. c. by determining the profitability and cost of competitors' products and services. d. in forecasting costs and setting budgets. 2. Which of the following is NOT a major feature of just-in-time production system? a. Emphasis is placed on increasing setup time and manufacturing cycle time. b. Production is organized in manufacturing cells. c. Workers are trained to be multi-skilled. d. Total quality management is aggressively pursued. 3. Management accounting may be deemed most successful if it a. helps creditors evaluate the company's performance. b. helps managers improve their decisions. c. is accurate. d. is easily understood by the user. 4. What is the professional designation for management accountants? a. certified public accountant b. certified management accountant c. certified internal auditor d. certified financial executive 5. The Statement of Ethical Professional Practice for management accountants includes standards of a. competence, performance, integrity, and reporting. b. competence, confidentiality, integrity, and credibility. c. integrity, experience, reporting, and objectivity. d. confidentiality, reporting, competence, and objectivity. Use the information below to answer questions 6-7. Nikita TV's currently sells small televisions for $180. It has costs of $140. A competitor is bringing a new small television to market that will sell for $150. Management believes it must lower the price to $150 to compete in the market for small televisions. Marketing believes that the new price will cause sales to increase by 10 percent, even with a new competitor in the market. Nikita's sales are currently 100,000 televisions per year....
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- Spring '08