ACG 3401 - CH. 2 SMARTBOOK | 165
QUESTIONS AND ANSWERS | 2026
UPDATE | WITH COMPLETE SOLUTION
The roles of the accounting/finance function include stewardship and
reporting, accounting operation, and [blank] management support. -
ANSWERS-business
Technology does not necessarily result in better decisions, because
the information produced may not support the information
requirements of the business's [blank] makers. - ANSWERS-decision
The Institute of Management Accounting Competency Framework
defines how many areas of skills that accounting professionals need
to remain relevant in a digital age? - ANSWERS-6
Which of the following is included in Accountants' Stewardship and
Reporting role? - ANSWERS-Statutory Reporting
Investor Relations
True or false: Raising capital is an activity in the Accounting/Finance
Operations role of accountants. - ANSWERS-False
,Reason:
It is a function in the Stewardship and Reporting role not the
Accounting/Finance operations role.
Match the IMA Management Accounting Competency Framework skill
area with a matching skill.
Instructions
Strategic management <---
Reporting and control <---
Technology and analytics <---
Leadership <---
Professional ethics and values <--- - ANSWERS----> Guide decision
making
---> Report organizational performance
---> Analyze data to enhance organizational success
---> Facilitate collaboration
,---> Demonstrate commitment to legal complianceAccountants have
four roles with respect to technology: users, managers, [blank], and
evaluators. - ANSWERS-designers
True or false: Rapid changes in the global marketplace that affect the
accounting profession have resulted in a focus on accountings'
stewardship and reporting functions. - ANSWERS-False
Reason:
The changes primarily affect the business management support role.
True or false: Although rapid changes in technology increase the
amount of information available, the information must support the
information requirements of the business decision makers to be fully
effective. - ANSWERS-True
Which of the following is a stewardship and reporting role for the
accounting/finance function? - ANSWERS-Regulatory compliance
The accounting/finance operations role includes financial close -
completing period-end [blank]. - ANSWERS-accounts
Which of the following is NOT a role of accountants with respect to
technology? - ANSWERS-programmers
, Performance [blank] is an accounting function in the Business
Management Support role. - ANSWERS-management or measurement
Which of the following is a business management support of the
accounting/finance function? - ANSWERS-Performance measurement,
reporting and analysis
Performance ____________ is an accounting function in the Business
Management Support role. - ANSWERS-management
The CGMA Competency Framework describes four broad sets of skills
anchored by a commitment to [blank], integrity, and professionalism. -
ANSWERS-ethics
Match activities to the role of the accounting/finance function in
business.
Instructions
Stewardship and Reporting <---
Accounting operations <---
Management support <--- - ANSWERS----> Tax returns
QUESTIONS AND ANSWERS | 2026
UPDATE | WITH COMPLETE SOLUTION
The roles of the accounting/finance function include stewardship and
reporting, accounting operation, and [blank] management support. -
ANSWERS-business
Technology does not necessarily result in better decisions, because
the information produced may not support the information
requirements of the business's [blank] makers. - ANSWERS-decision
The Institute of Management Accounting Competency Framework
defines how many areas of skills that accounting professionals need
to remain relevant in a digital age? - ANSWERS-6
Which of the following is included in Accountants' Stewardship and
Reporting role? - ANSWERS-Statutory Reporting
Investor Relations
True or false: Raising capital is an activity in the Accounting/Finance
Operations role of accountants. - ANSWERS-False
,Reason:
It is a function in the Stewardship and Reporting role not the
Accounting/Finance operations role.
Match the IMA Management Accounting Competency Framework skill
area with a matching skill.
Instructions
Strategic management <---
Reporting and control <---
Technology and analytics <---
Leadership <---
Professional ethics and values <--- - ANSWERS----> Guide decision
making
---> Report organizational performance
---> Analyze data to enhance organizational success
---> Facilitate collaboration
,---> Demonstrate commitment to legal complianceAccountants have
four roles with respect to technology: users, managers, [blank], and
evaluators. - ANSWERS-designers
True or false: Rapid changes in the global marketplace that affect the
accounting profession have resulted in a focus on accountings'
stewardship and reporting functions. - ANSWERS-False
Reason:
The changes primarily affect the business management support role.
True or false: Although rapid changes in technology increase the
amount of information available, the information must support the
information requirements of the business decision makers to be fully
effective. - ANSWERS-True
Which of the following is a stewardship and reporting role for the
accounting/finance function? - ANSWERS-Regulatory compliance
The accounting/finance operations role includes financial close -
completing period-end [blank]. - ANSWERS-accounts
Which of the following is NOT a role of accountants with respect to
technology? - ANSWERS-programmers
, Performance [blank] is an accounting function in the Business
Management Support role. - ANSWERS-management or measurement
Which of the following is a business management support of the
accounting/finance function? - ANSWERS-Performance measurement,
reporting and analysis
Performance ____________ is an accounting function in the Business
Management Support role. - ANSWERS-management
The CGMA Competency Framework describes four broad sets of skills
anchored by a commitment to [blank], integrity, and professionalism. -
ANSWERS-ethics
Match activities to the role of the accounting/finance function in
business.
Instructions
Stewardship and Reporting <---
Accounting operations <---
Management support <--- - ANSWERS----> Tax returns
