Multiple Choice Answers

Management accounting information can be used for all of the following except:
calculate the cost of a product or service.
evaluate the performance of a company.
project materials needs.
evaluate the market price of the stock.

Management accounting:
focuses on estimating future revenues, costs, and other measures to forecast activities and their results.
provides information about the company as a whole.
reports information that has occurred in the past that is verifiable and reliable.
provides information that is generally available only on a quarterly or annual basis.

Management accounting reports might include information about:
customer complaints.
net income for the year on budgeted income statement.
total assets on budgeted balance sheet.
All of the above are correct.

Historically, management accounting innovations have been developed by:
the International Accounting Standards Board.
the Cost Accounting Standards Board.
Academic accountants.
Managers.

What an organization tries to deliver to customers is called its value proposition, which includes the elements of:
price and quality.
price, quality, and functionality and features.
price, quality, functionality and features, and service.
price, quality, functionality and features, service, and industry standards.

Management accounting can play a critical role in the service industry because of all the following reasons EXCEPT:
firms must be especially sensitive to the timeliness and quality of customer service
many employees have very little contact with customers
customers immediately notice defects and a delay in service
dissatisfied customers may never return

The Institute of Management Accountants (IMA):
is a professional organization of management accountants
is a professional organization of financial accountants
issues standards for management accounting
Both a and c are correct.