ACCT 241 ASU TEST 1 questions with
verified answers
Management conducts various analysis comparing budget to actual - correct answer ✔✔
Controlling
Management uses information on product costs to determine sales prices - correct answer ✔✔
Directing
Management decides to increase sales growth by 10% next year - correct answer ✔✔ Planning
To lower product costs, management moves production to Mexico - correct answer ✔✔
Controlling
Directing
Management reviews hourly reports to determine the level of staffing needed to service
customers - correct answer ✔✔ Directing
Main characteristic of data is that it must be reliable and objective - correct answer ✔✔
Financial
Reports are prepared as needed - correct answer ✔✔ Managerial
Not governed by legal requirements - correct answer ✔✔ Managerial
Primary users are external (i.e., creditors, investors) - correct answer ✔✔ Financial
,Focused on the future - correct answer ✔✔ Managerial
Reporting is based mainly on the company as a whole - correct answer ✔✔ Financial
Reports are usually prepared quarterly and annually - correct answer ✔✔ Financial
Information is verified by external auditors - correct answer ✔✔ Financial
Focused on the past - correct answer ✔✔ Financial
Main characteristic of data is that is must be relevant - correct answer ✔✔ Managerial
Reports tend to be prepared for the parts of the organization rather than the whole
organization - correct answer ✔✔ Managerial
Primary users are internal (i.e., company managers) - correct answer ✔✔ Managerial
Governed by Generally Accepted Accounting Principles (GAAP) or International Financial
Reporting Standards (IFRS) - correct answer ✔✔ Financial
Raising capital and investing funds are the direct responsibilities of the... - correct answer ✔✔
treasurer
Financial accounting, managerial accounting, and tax reporting are the direct responsibilities of
the... - correct answer ✔✔ controller
, The internal audit function reports to the CFO or the ________ and the ______________. -
correct answer ✔✔ CEO
Audit Committee
The CEO is hired by the... - correct answer ✔✔ Board of Directors
The company's operations are the direct responsibility of the... - correct answer ✔✔ COO
Management accountants often work with... - correct answer ✔✔ cross-functional teams
The ______ and the _____ report to the CEO. - correct answer ✔✔ CFO
COO
A subcommittee of the board of directors is called the.... - correct answer ✔✔ Audit Committee
Providing earnings information to your brother before it is publicly announced violated the
______ standard. - correct answer ✔✔ Confidentiality
Stealing from your employer is a violation of the _________ standard. - correct answer ✔✔
Integrity
Skipping continuing education sessions could violate the requirement to maintain professional...
- correct answer ✔✔ Competence
Since your company paid for you to attend the conference, skipping the sessions also violates
the _______ standard. - correct answer ✔✔ Integrity
verified answers
Management conducts various analysis comparing budget to actual - correct answer ✔✔
Controlling
Management uses information on product costs to determine sales prices - correct answer ✔✔
Directing
Management decides to increase sales growth by 10% next year - correct answer ✔✔ Planning
To lower product costs, management moves production to Mexico - correct answer ✔✔
Controlling
Directing
Management reviews hourly reports to determine the level of staffing needed to service
customers - correct answer ✔✔ Directing
Main characteristic of data is that it must be reliable and objective - correct answer ✔✔
Financial
Reports are prepared as needed - correct answer ✔✔ Managerial
Not governed by legal requirements - correct answer ✔✔ Managerial
Primary users are external (i.e., creditors, investors) - correct answer ✔✔ Financial
,Focused on the future - correct answer ✔✔ Managerial
Reporting is based mainly on the company as a whole - correct answer ✔✔ Financial
Reports are usually prepared quarterly and annually - correct answer ✔✔ Financial
Information is verified by external auditors - correct answer ✔✔ Financial
Focused on the past - correct answer ✔✔ Financial
Main characteristic of data is that is must be relevant - correct answer ✔✔ Managerial
Reports tend to be prepared for the parts of the organization rather than the whole
organization - correct answer ✔✔ Managerial
Primary users are internal (i.e., company managers) - correct answer ✔✔ Managerial
Governed by Generally Accepted Accounting Principles (GAAP) or International Financial
Reporting Standards (IFRS) - correct answer ✔✔ Financial
Raising capital and investing funds are the direct responsibilities of the... - correct answer ✔✔
treasurer
Financial accounting, managerial accounting, and tax reporting are the direct responsibilities of
the... - correct answer ✔✔ controller
, The internal audit function reports to the CFO or the ________ and the ______________. -
correct answer ✔✔ CEO
Audit Committee
The CEO is hired by the... - correct answer ✔✔ Board of Directors
The company's operations are the direct responsibility of the... - correct answer ✔✔ COO
Management accountants often work with... - correct answer ✔✔ cross-functional teams
The ______ and the _____ report to the CEO. - correct answer ✔✔ CFO
COO
A subcommittee of the board of directors is called the.... - correct answer ✔✔ Audit Committee
Providing earnings information to your brother before it is publicly announced violated the
______ standard. - correct answer ✔✔ Confidentiality
Stealing from your employer is a violation of the _________ standard. - correct answer ✔✔
Integrity
Skipping continuing education sessions could violate the requirement to maintain professional...
- correct answer ✔✔ Competence
Since your company paid for you to attend the conference, skipping the sessions also violates
the _______ standard. - correct answer ✔✔ Integrity
