ACG 2071 Exam Questions with Correct Answers
Question 1:
Managerial Accounting
Answer:
is the process of identifying, measuring, analyzing, interpreting and communicating information
in pursuit of an organizations goals
Question 2:
1. Providing
information for decision making and planning
Assisting managers in directing and controlling operational activities Motivating managers and
other employees toward the organization's goals
Measuring the performance of activities, subunits, managers, and other employees within the
organization
Assessing the organization's competitive position, and working with other managers to ensure
the organization's long-run competitiveness in its industry
Answer:
List and describe five objectives of managerial accounting activity.
Question 3:
Line and staff positions
Answer:
this includes managerial accountants, financial accountants, and/or tax accountants.
Question 4:
Controller
Answer:
is responsible for managing the accounting staff that provides managerial accounting
information used for internal decision-making, financial accounting information for external
reporting purposes, and tax accounting information to meet tax filing requirements.
Question 5:
Chief Financial Executive or Chief Financial Officer:
Answer:
is in charge of all the organization's finance and accounting functions and typically reports to
the chief executive officer
, Question 6:
Treasurer:
Answer:
is primarily responsible for obtaining sources of financing for the organization, projecting cash
flow needs,
Question 7:
Internal Auditor:
Answer:
is responsible for confirming that the company has controls that ensure accurate financial data.
The internal auditor verifies the financial information provided by the managerial, financial and
tax accountants.
Describe the ethical responsibilities and ethical standards that apply to managerial accounting.
competence, confidentiality, integrity, and credibility
- IMA made
Question 8:
Financial vs. Managerial Accounting
Answer:
Financial: external users of financial statements; follow GAAP Managerial: internal users; no
GAAP
Question 9:
Manufacturing
Answer:
The process of making a raw material into a finished product; especially in large quantities.
- direct labor, plant equitment, overhead, raw materials
Question 10:
Merchandising
Answer:
lease on rental space, inventory, retail sales, staff
Question 11:
Manufacturing Overhead
Answer:
includes all manufacturing costs except direct materials and direct labor
Question 1:
Managerial Accounting
Answer:
is the process of identifying, measuring, analyzing, interpreting and communicating information
in pursuit of an organizations goals
Question 2:
1. Providing
information for decision making and planning
Assisting managers in directing and controlling operational activities Motivating managers and
other employees toward the organization's goals
Measuring the performance of activities, subunits, managers, and other employees within the
organization
Assessing the organization's competitive position, and working with other managers to ensure
the organization's long-run competitiveness in its industry
Answer:
List and describe five objectives of managerial accounting activity.
Question 3:
Line and staff positions
Answer:
this includes managerial accountants, financial accountants, and/or tax accountants.
Question 4:
Controller
Answer:
is responsible for managing the accounting staff that provides managerial accounting
information used for internal decision-making, financial accounting information for external
reporting purposes, and tax accounting information to meet tax filing requirements.
Question 5:
Chief Financial Executive or Chief Financial Officer:
Answer:
is in charge of all the organization's finance and accounting functions and typically reports to
the chief executive officer
, Question 6:
Treasurer:
Answer:
is primarily responsible for obtaining sources of financing for the organization, projecting cash
flow needs,
Question 7:
Internal Auditor:
Answer:
is responsible for confirming that the company has controls that ensure accurate financial data.
The internal auditor verifies the financial information provided by the managerial, financial and
tax accountants.
Describe the ethical responsibilities and ethical standards that apply to managerial accounting.
competence, confidentiality, integrity, and credibility
- IMA made
Question 8:
Financial vs. Managerial Accounting
Answer:
Financial: external users of financial statements; follow GAAP Managerial: internal users; no
GAAP
Question 9:
Manufacturing
Answer:
The process of making a raw material into a finished product; especially in large quantities.
- direct labor, plant equitment, overhead, raw materials
Question 10:
Merchandising
Answer:
lease on rental space, inventory, retail sales, staff
Question 11:
Manufacturing Overhead
Answer:
includes all manufacturing costs except direct materials and direct labor
