Study Guide Exam 1 Solution questions with answers 2022

Which of the following are a manager’s three primary responsibilities? A. Planning, directing, controlling B. Budgeting, planning, controlling C. Budgeting, directing, lean thinking D. Budgeting, planning, directing 2. Which of the following is integrated throughout a manager’s primary responsibilities? A. Lean thinking B. Quality management C. Decision making D. Budgeting 3. Which of the following is FALSE about managerial accounting versus financial accounting? A. Managerial reports are prepared annually, whereas financial reports are prepared when required. B. Managerial accounting is primarily utilized by internal users, whereas financial accounting is primarily utilized by external users. C. The primary information characteristic for managerial accounting is relevance, whereas the primary information characteristics for financial accounting are reliability and objectivity. D. No authoritative body requires managerial accounting reports, whereas the SEC requires financial accounting reports for publicly traded companies. 4. Which of the following statements is TRUE? A. Managers are concerned with the external use of accounting information. B. Managerial accounting information relies heavily on its reliability and objectivity. C. The format of managerial accounting reports is determined by GAAP. D. Managerial accounting information must be relevant. 5. Which of the following statements is TRUE? A. The CEO is elected by the managers. B. The CFO is responsible for the company’s operations. C. The board of directors is elected by the stockholders. D. The internal audit department reports solely to the CFO. 6. The individual responsible for managing all of the financial aspects of the organization is the: A. COO. B. CFO. C. CEO. D. CPA. 7. Which of the following skills are required of management accountants? A. Knowledge of both financial and managerial accounting B. Knowledge of how a business functions C. Oral and written communication skills D. All of the above 8. All of the following are ethical principles identified in the IMA’s Statement of Ethical Professional Practice EXCEPT: A. honesty. B. teamwork. C. objectivity. D. responsibility. 9. Which of the following is used in decision making to weigh the expected costs of taking a specific action against the expected benefits of the action? A. Cross-functional costing B. Enterprise resource planning C. Extensible business reporting language (XBRL) D. Cost-benefit analysis. 10. Which of the following is NOT one of the three factors influencing a company’s triple bottom line? A. People B. Development C. Planet D. Profit