MANAGEMENT AND COST ACCOUNTING CERTIFICATION EVALUATION EXAMS SET FULL QUESTIONS AND COMPLETE SOLUTION

MANAGEMENT AND COST ACCOUNTING
CERTIFICATION EVALUATION EXAMS SET
FULL QUESTIONS AND COMPLETE
SOLUTION

●● CFO / Controller
Answer: The chief managerial and financial accountant responsible for
supervising accounting personnel, preparing financial reports, analyzing
accounting data, and assisting in planning and decision-making.


●● Treasurer
Answer: The corporate officer responsible for raising capital,
safeguarding the organization's assets, managing investments, and
establishing credit policies.


●● Internal Auditor
Answer: The person responsible for reviewing accounting procedures,
records, and reports to express an opinion on the effectiveness of the
organization's accounting system and internal controls.


●● Theoretical Capacity
Answer: The absolute upper limit on the amount of goods or services an
organization can produce if everything works perfectly with no
interruptions.

, ●● Practical Capacity
Answer: The level of capacity that allows for normal, expected
occurrences such as equipment downtime, maintenance, and worker
fatigue or illness.


●● IMA Core Ethical Standards
Answer: The four primary standards of ethical professional practice
developed by the Institute of Management Accountants: Competence,
Confidentiality, Integrity, and Credibility.


●● Cost
Answer: The measure of resources given up or sacrificed to achieve a
particular purpose.


●● Product Costs
Answer: Costs assigned to inventory, including goods purchased or
manufactured for resale; also referred to as inventoriable costs.


●● Period Costs
Answer: Costs that are treated as expenses and cleared during the
specific time period in which they are incurred rather than being
assigned to inventory.