Question 1

​Which of the following is the most significant benefit of having a corporate sustainability report (CSR)  assured by an independent third party?

Accepted Answer

A)   ​The assurance will enable management to address all stakeholder concerns with equal priority.
B)   ​The assurance will enable the organization to eliminate all the risks it may face.
C)   ​The assurance will enable people to trust the CSR's content for external stakeholders more easily.
D)   ​The assurance will provide exemption to an organization from filing annual reports.E) B) and D)
F) None of the above

Question 2

​_________ can be defined as the difference between the inherent risk and the residual risk produced by the particular risk response.

Accepted Answer

Risk respo...

Question 3

​Which of the following is true of an exchange loss?

Accepted Answer

A)   ​It is a loss on the exchange of one currency for another due to depreciation of the home currency.
B)   ​It is a loss on the exchange of one currency for another due to depreciation of the foreign currency.
C)   ​An exchange loss occurs when the currency of the home country strengthens relative to the foreign country's currency.
D)   ​An exchange loss is not a practical scenario.E) B) and C)
F) A) and C) A

Question 4

Prevention costs are incurred to determine whether products and services are conforming to their requirements.​

Accepted Answer

A) True 
 B)False

Question 5

​Which of the following steps within the enterprise risk management (ERM)  process should occur immediately after the risk assessment?

Accepted Answer

A)   ​Risk Appetite Determination
B)   ​Risk Monitoring
C)   ​Risk Response
D)   ​Risk IdentificationE) A) and D)
F) B) and C)

Question 6

Which of the following is true of the features and characteristics value-stream costing approach?

Accepted Answer

A)   This costing approach offers both simplicity and accuracy and, thus, may be well suited for multiple-product value streams.
B)   ​This costing approach recognizes that some product components take more effort (time)  to make than others and thus cost more.
C)   This costing approach uses a single rate to assign conversion costs and approximates a comprehensive ABC system based in duration drivers.
D)   This costing approach is used interchangeably with the duration-based value-stream costing approach.E) A) and B)
F) A) and C)

Question 7

​Which of the following is true of an exchange gain?

Accepted Answer

A)   ​An exchange gain is a gain on the exchange of one currency for another due to appreciation of the home currency.
B)   ​An exchange gain is a gain on the exchange of one currency for another due to appreciation of the foreign currency.
C)   ​An exchange gain results from the simultaneous currency appreciation of two countries engaging in trade activities.
D)   ​An exchange gain results from the simultaneous currency depreciation of two trading countries engaging in trade activities.E) None of the above
F) B) and C)

Question 8

_________ are incurred to prevent poor quality in the products or services being produced.​

Accepted Answer

The answer of _________ are incurred to prevent poor quality...

Question 9

​An inherent risk is the risk that remains after any risk management action has been taken.

Accepted Answer

A) True 
 B)False

Question 10

terms listed below.
-?Costs incurred when products and services fail to conform to requirements or satisfy customer needs after being delivered to customers

Accepted Answer

A)  ?Risk response net benefit
B)  ?Sustainability assurance
C)  ?Internal failure costs
D)  ?Duration-based costing
E)  ?Transaction riskF) ?FraudG) All of the above
H) B) and E)

Question 11

Which of the following is true of the duration-based value-stream costing approach?

Accepted Answer

A)   ​It offers both simplicity and accuracy and, thus, may be well suited for multiple-product value streams.
B)   ​This approach recognizes that some product components take more effort (time)  to make than others and thus cost more.
C)   ​In duration-based costing, an adjustment is made to the average product cost that reflects the differences in product features and characteristics.
D)   ​Duration-based costing and features and characteristics costing are used interchangeably.E) A) and B)
F) A) and C)

Question 12

​_____ immediately follows performance measurement within the business sustainability cycle.

Accepted Answer

A)   ​Sustainability reporting
B)   ​Sustainability assurance
C)   ​Stakeholder engagement
D)   ​Risk managementE) A) and B)
F) B) and D)

Question 13

​Multinational companies with subsidiaries in both high- and low-tax countries may use transfer pricing to:

Accepted Answer

A)   ​shift costs to high-tax countries and to shift revenues to low-tax countries.
B)   shift revenues to high-tax countries and to shift costs to low-tax countries.
C)   shift costs and revenues to high-tax countries.
D)   shift costs and revenues to low-tax countries.E) A) and D)
F) B) and D)

Question 14

terms listed below.
-?Costs incurred when products and services do not conform to specifications and this nonconformance is detected before the bad products or services are shipped or delivered to outside parties

Accepted Answer

A)  ?Risk response net benefit
B)  ?Sustainability assurance
C)  ?Internal failure costs
D)  ?Duration-based costing
E)  ?Transaction riskF) ?FraudG) D) and E)
H) C) and F)

Question 15

​The U.S.government has set up _________, which are areas near a customs port of entry that are physically on U.S.soil but are considered to be outside U.S.commerce.

Accepted Answer

foreign tr...

Question 16

​Which of the following is true of greenwashing?

Accepted Answer

A)   ​Greenwashing occurs when an organization follows reporting standards and combines its annual report with its sustainability report to form one combined report for all stakeholders, including investors.
B)   ​It is a situation in which stakeholders believe that an organization's corporate sustainability report contains environmental information that is materially biased in favor of the reporting organization.
C)   ​Greenwashing always results in positive organizational benefits over the long run.
D)   ​It can be avoided by not following optional reporting rules.E) All of the above
F) B) and C)

Question 17

Learner Corp.had total sales of $20,000,000 for the fiscal year ending on December 31, 20X1.  
Learner's costs of quality are as follows:
 
 Calculate Learner' s appraisal cost for the year.

Accepted Answer

A)    $965,000
B)    $510,000
C)    $265,000
D)    $710,000E) A) and D)
F) C) and D) C

Question 18

​Which of the following is a prevention cost?

Accepted Answer

A)   ​Inspection of materials
B)   ​Field testing
C)   ​Product acceptance
D)   Marketing researchE) None of the above
F) A) and B)

Question 19

​Which of the following statements is true of the risk appetite determination step within the enterprise risk management (ERM)  process of an organization?

Accepted Answer

A)   ​Determining an organization's risk appetite involves identifying the top risks and assessing risks at the inherent level.
B)   ​Determining an organization's risk appetite involves determining the organization's desired overall level of risk taking.
C)   ​Determining an organization's risk appetite is the final step in the iterative enterprise risk management process.
D)   ​Determining an organization's risk appetite requires input from a cross-functional team to capture all the threats-or risks-to the organization.E) None of the above
F) B) and D)

Question 20

​Control costs can be subdivided into prevention and:

Accepted Answer

A)   ​appraisal costs.
B)   ​sunk costs.
C)   ​opportunity costs.
D)   ​failure costs.E) B) and D)
F) B) and C) A

Exam 13: Emerging Topics in Managerial Accounting: Sustainability, Quality Cost, Lean Accounting, International Issues, Enterprise Risk Management, the Managerial Accountant in Forensicfraud Accounting

​Which of the following is the most significant benefit of having a corporate sustainability report (CSR) assured by an independent third party?

Correct AnswerverifiedShow Answer

​_________ can be defined as the difference between the inherent risk and the residual risk produced by the particular risk response.

Correct AnswerverifiedRisk respo...View AnswerShow Answer

​Which of the following is true of an exchange loss?

Correct AnswerverifiedA

Prevention costs are incurred to determine whether products and services are conforming to their requirements.​

Correct AnswerverifiedShow Answer

​Which of the following steps within the enterprise risk management (ERM) process should occur immediately after the risk assessment?

Correct AnswerverifiedShow Answer

Which of the following is true of the features and characteristics value-stream costing approach?

Correct AnswerverifiedShow Answer

​Which of the following is true of an exchange gain?

Correct AnswerverifiedShow Answer

_________ are incurred to prevent poor quality in the products or services being produced.​

Correct AnswerverifiedShow Answer

​An inherent risk is the risk that remains after any risk management action has been taken.

Correct AnswerverifiedShow Answer

terms listed below. -?Costs incurred when products and services fail to conform to requirements or satisfy customer needs after being delivered to customers

Correct AnswerverifiedShow Answer

Which of the following is true of the duration-based value-stream costing approach?

Correct AnswerverifiedShow Answer

​_____ immediately follows performance measurement within the business sustainability cycle.

Correct AnswerverifiedShow Answer

​Multinational companies with subsidiaries in both high- and low-tax countries may use transfer pricing to:

Correct AnswerverifiedShow Answer

terms listed below. -?Costs incurred when products and services do not conform to specifications and this nonconformance is detected before the bad products or services are shipped or delivered to outside parties

Correct AnswerverifiedShow Answer

​The U.S.government has set up _________, which are areas near a customs port of entry that are physically on U.S.soil but are considered to be outside U.S.commerce.

Correct Answerverifiedforeign tr...View AnswerShow Answer

​Which of the following is true of greenwashing?

Correct AnswerverifiedShow Answer

Learner Corp.had total sales of $20,000,000 for the fiscal year ending on December 31, 20X1. Learner's costs of quality are as follows: Calculate Learner' s appraisal cost for the year.

Correct AnswerverifiedC

​Which of the following is a prevention cost?

Correct AnswerverifiedShow Answer

​Which of the following statements is true of the risk appetite determination step within the enterprise risk management (ERM) process of an organization?

Correct AnswerverifiedShow Answer

​Control costs can be subdivided into prevention and:

Correct AnswerverifiedA

Which of the following is the most significant benefit of having a corporate sustainability report (CSR) assured by an independent third party?

Correct Answer
verified

_________ can be defined as the difference between the inherent risk and the residual risk produced by the particular risk response.

Correct Answer
verified
Risk respo...
View Answer

Which of the following is true of an exchange loss?

Correct Answer
verified
A

Prevention costs are incurred to determine whether products and services are conforming to their requirements.

Correct Answer
verified

Which of the following steps within the enterprise risk management (ERM) process should occur immediately after the risk assessment?

Correct Answer
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Correct Answer
verified

Which of the following is true of an exchange gain?

Correct Answer
verified

_________ are incurred to prevent poor quality in the products or services being produced.

Correct Answer
verified

An inherent risk is the risk that remains after any risk management action has been taken.

Correct Answer
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Correct Answer
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Correct Answer
verified

_____ immediately follows performance measurement within the business sustainability cycle.

Correct Answer
verified

Multinational companies with subsidiaries in both high- and low-tax countries may use transfer pricing to:

Correct Answer
verified

Correct Answer
verified

The U.S.government has set up _________, which are areas near a customs port of entry that are physically on U.S.soil but are considered to be outside U.S.commerce.

Correct Answer
verified
foreign tr...
View Answer

Which of the following is true of greenwashing?

Correct Answer
verified

Correct Answer
verified
C

Which of the following is a prevention cost?

Correct Answer
verified

Which of the following statements is true of the risk appetite determination step within the enterprise risk management (ERM) process of an organization?

Correct Answer
verified

Control costs can be subdivided into prevention and:

Correct Answer
verified
A