CMA Test 5

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Question 1 of 10

1. Question

Joint costs are:

Costs incurred after the split-off point.
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Costs incurred to produce two or more products from a single input.
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Costs shared between two different companies in a merger.
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Always allocated based on the weight of the products.
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Question 2 of 10

2. Question

The ‘Step-down’ method of allocating service department costs:

Allocates costs only from service departments to production departments.
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Allocates costs in both directions between all departments.
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Allocates costs from some service departments to other service departments in a one-way sequence.
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Is the simplest and most accurate method of allocation
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Question 3 of 10

3. Question

Total Quality Management (TQM) is best described as:

A technique for inspecting products at the end of the line.
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A philosophy of continuous improvement involving every employee in the organization.
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A system for reducing inventory levels to zero.
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A method for calculating the cost of scrap.
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Question 4 of 10

4. Question

Just-in-Time (JIT) manufacturing systems aim to:

Increase safety stock to prevent stockouts.
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Minimize inventory levels and reduce waste.
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Produce as much as possible to achieve economies of scale.
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Maximize the number of suppliers used.
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Question 5 of 10

5. Question

Which of the following is considered an ‘Internal Failure Cost’ in a quality cost report?

Product testing and inspection.
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Rework of defective units before they are shipped.
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Warranty repairs.
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Quality training for employees.
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Question 6 of 10

6. Question

The Theory of Constraints (TOC) focuses on:

Maximizing the efficiency of every department.
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Managing and improving the bottleneck in a process.
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Reducing direct labor costs through automation.
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Expanding the product line to increase revenue.
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Question 7 of 10

7. Question

The COSO Internal Control Integrated Framework identifies five components of internal control. Which component is considered the ‘foundation’ for all other components?

Risk Assessment.
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Information and Communication.
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Control Environment.
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Monitoring Activities.
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Question 8 of 10

8. Question

Under the COSO framework, the ‘Monitoring’ component involves:

Establishing a code of conduct.
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Assessing the quality of internal control performance over time.
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Identifying external threats like new competitors.
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Recording journal entries.
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Question 9 of 10

9. Question

Which of the following parties is ultimately responsible for the internal control system within a corporation?

The Internal Audit department.
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The External Auditor.
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The Board of Directors and Senior Management.
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The IT Security Officer.
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Question 10 of 10

10. Question

Section 404 of the Sarbanes-Oxley Act (SOX) requires:

The external auditor to prepare the company's financial statements.
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Management to issue a report on the effectiveness of internal control over financial reporting.
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All employees to be certified in internal auditing.
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The company to eliminate all risks.
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Quiz Summary

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1. Question

Joint costs are:

2. Question

The ‘Step-down’ method of allocating service department costs:

3. Question

Total Quality Management (TQM) is best described as:

4. Question

Just-in-Time (JIT) manufacturing systems aim to:

5. Question

Which of the following is considered an ‘Internal Failure Cost’ in a quality cost report?

6. Question

The Theory of Constraints (TOC) focuses on:

7. Question

The COSO Internal Control Integrated Framework identifies five components of internal control. Which component is considered the ‘foundation’ for all other components?

8. Question

Under the COSO framework, the ‘Monitoring’ component involves:

9. Question

Which of the following parties is ultimately responsible for the internal control system within a corporation?

10. Question

Section 404 of the Sarbanes-Oxley Act (SOX) requires: