ACC 241 Exam 1 ASU Dallmus
Question and answers rated A+
2025/2026
The four primary responsibilities of a manager - correct answer ✔Planning
Directing
Controlling
Decision Making
planning - correct answer ✔setting goals and objectives for the company and determining how to
achieve them
Directing - correct answer ✔overseeing the companies day to day operations
Controlling - correct answer ✔evaluating results of the business operation against the plan and making
adjustments to keep company pressing towards goal
management accounting - correct answer ✔specializes in the study of how managers use accounting
and/or financial information in current or future business decisions. Management accountants use both
qualitative and quantitative information in their work. Unlike other accountants, they primarily report to
the internal management of a company, rather than to an external body like shareholders or tax
collection agencies.
financial accounting - correct answer ✔produces annual and quarterly consolidated financial
statements that will be used by investors and creditors to make investment and lending decisions. Must
follow GAAP (Generally Accepted Accounting Principles)
Skills of management accountants - correct answer ✔in order to become a certified management
accountant, one must pass a series of tests sponsored by the Institute of Management Accountants.
, These tests examine one's knowledge in four subjects: business analysis, management accounting and
reporting, strategic management, and business applications.
IMA (Institute of Management Accountants - correct answer ✔A forum for research, practice
development, education, knowledge sharing, and the advocacy of the highest ethical and best business
practices in management accounting and finance.
Ethical decision-making framework - correct answer ✔IMA's Statement of Ethical Professional Practice:
Maintain professional competence, preserve confidentiality of info they handle, uphold integrity &
perform duties with integrity.
Purpose and major provisions of the Sarbanes-Oxley - correct answer ✔Restore trust in publicly traded
corporations, their management, their financial statements, & their auditors.
Service Companies - correct answer ✔sell intangible things (medicare, coaching) generally don't have
inventory
Merchandising Companies - correct answer ✔Like Walmart resell tangible products. Have inventory
and incur inventory related costs (ads, travel)
Manufacturing companies - correct answer ✔use labor, plant, and equipment to convert raw materials
into a product. Like car companies. Have Raw materials inventory, work in process inventory, & finished
goods inventory.
Value-chain - correct answer ✔Linked set of all value-creating processes or activities that convert basic
input materials into products or services for the final consumer.
Cost Objects - correct answer ✔Anything for which cost data is desired by a manager, e.g., products,
product lines, customers, jobs, and organizational sub-units such as departments or divisions of a
company.
Question and answers rated A+
2025/2026
The four primary responsibilities of a manager - correct answer ✔Planning
Directing
Controlling
Decision Making
planning - correct answer ✔setting goals and objectives for the company and determining how to
achieve them
Directing - correct answer ✔overseeing the companies day to day operations
Controlling - correct answer ✔evaluating results of the business operation against the plan and making
adjustments to keep company pressing towards goal
management accounting - correct answer ✔specializes in the study of how managers use accounting
and/or financial information in current or future business decisions. Management accountants use both
qualitative and quantitative information in their work. Unlike other accountants, they primarily report to
the internal management of a company, rather than to an external body like shareholders or tax
collection agencies.
financial accounting - correct answer ✔produces annual and quarterly consolidated financial
statements that will be used by investors and creditors to make investment and lending decisions. Must
follow GAAP (Generally Accepted Accounting Principles)
Skills of management accountants - correct answer ✔in order to become a certified management
accountant, one must pass a series of tests sponsored by the Institute of Management Accountants.
, These tests examine one's knowledge in four subjects: business analysis, management accounting and
reporting, strategic management, and business applications.
IMA (Institute of Management Accountants - correct answer ✔A forum for research, practice
development, education, knowledge sharing, and the advocacy of the highest ethical and best business
practices in management accounting and finance.
Ethical decision-making framework - correct answer ✔IMA's Statement of Ethical Professional Practice:
Maintain professional competence, preserve confidentiality of info they handle, uphold integrity &
perform duties with integrity.
Purpose and major provisions of the Sarbanes-Oxley - correct answer ✔Restore trust in publicly traded
corporations, their management, their financial statements, & their auditors.
Service Companies - correct answer ✔sell intangible things (medicare, coaching) generally don't have
inventory
Merchandising Companies - correct answer ✔Like Walmart resell tangible products. Have inventory
and incur inventory related costs (ads, travel)
Manufacturing companies - correct answer ✔use labor, plant, and equipment to convert raw materials
into a product. Like car companies. Have Raw materials inventory, work in process inventory, & finished
goods inventory.
Value-chain - correct answer ✔Linked set of all value-creating processes or activities that convert basic
input materials into products or services for the final consumer.
Cost Objects - correct answer ✔Anything for which cost data is desired by a manager, e.g., products,
product lines, customers, jobs, and organizational sub-units such as departments or divisions of a
company.
