Sophia Unit 1 1.1 - Financial Accounting &
Managerial Accounting Exam Q&A
Which of the following is an example of a line position that would use managerial
information about the production process related to providing goods and services? -
Answer-Chief operating officer
Managers are responsible for efficiency, which is defined as __________. - Answer-
using the least amount of resources to complete the work
Effectiveness - Answer-The ability to produce a desired result.
Organizational Chart - Answer-A chart that shows the relationship between
departments and divisions, and the managers that are responsible for each section.
Board of Directors - Answer-Individuals who are elected by the stockholders of a
company for the purpose of developing strategic goals.
Chief Executive Officer (CEO) - Answer-The company president who is responsible
for implementing the company's short-term and long-term plans.
Line Position - Answer-A job that is directly involved in providing goods or services to
customers.
Staff Position - Answer-A job that provides support to the line positions.
Strategic Planning - Answer-Developing long-term strategies for a company to
achieve their goals.
Operational Planning - Answer-Short-term actions that focus on the company's daily
operations.
Directing - Answer-Running the day-to-day operations of a business.
Controlling - Answer-Monitoring operations and keeping the company on track.
Which certification includes passing a Strategic Case Study Exam in addition to
meeting experiential and educational requirements? - Answer-Chartered Global
Management Accountant (CGMA)
Which of the following accounting services uses accountants, who were not involved
in the creation of the financial statements, to provide an independent opinion on
financial statements? - Answer-Auditing
International Professional Practices Framework (IPPF) - Answer-Provides standards
for internal auditors
Managerial Accounting Exam Q&A
Which of the following is an example of a line position that would use managerial
information about the production process related to providing goods and services? -
Answer-Chief operating officer
Managers are responsible for efficiency, which is defined as __________. - Answer-
using the least amount of resources to complete the work
Effectiveness - Answer-The ability to produce a desired result.
Organizational Chart - Answer-A chart that shows the relationship between
departments and divisions, and the managers that are responsible for each section.
Board of Directors - Answer-Individuals who are elected by the stockholders of a
company for the purpose of developing strategic goals.
Chief Executive Officer (CEO) - Answer-The company president who is responsible
for implementing the company's short-term and long-term plans.
Line Position - Answer-A job that is directly involved in providing goods or services to
customers.
Staff Position - Answer-A job that provides support to the line positions.
Strategic Planning - Answer-Developing long-term strategies for a company to
achieve their goals.
Operational Planning - Answer-Short-term actions that focus on the company's daily
operations.
Directing - Answer-Running the day-to-day operations of a business.
Controlling - Answer-Monitoring operations and keeping the company on track.
Which certification includes passing a Strategic Case Study Exam in addition to
meeting experiential and educational requirements? - Answer-Chartered Global
Management Accountant (CGMA)
Which of the following accounting services uses accountants, who were not involved
in the creation of the financial statements, to provide an independent opinion on
financial statements? - Answer-Auditing
International Professional Practices Framework (IPPF) - Answer-Provides standards
for internal auditors
