MANAGERIAL ACCOUNTING PRACTICE TEST
2026 QUESTIONS WITH ANSWERS GRADED
A+
◉ critical thinking. Answer: improves the quality of thought by
skillfully analyzing, assessing, and reconstructing initial thoughts
◉ six sigma. Answer: the goal of producing near perfection with less
than 3.4 defects per one million opportunities is called
◉ treasurer. Answer: person responsible for raising the firm's
capital and investing its funds
◉ 3 pillars of sustainability:. Answer: environmental, economic,
social
◉ controller. Answer: the person responsible for general financial
accounting, managerial accounting, and tax reporting
◉ internal audit function. Answer: has the role of ensuring that the
company's internal controls and risk management policies are
functioning properly
, ◉ Sarbanes-Oxley act of 2002. Answer: congressional act enacted to
restore trust in publicly traded corporations, their management,
their financial statements, and their auditors. Enforces internal
controls and suggests that CEO and CFO assume responsibility
◉ integrated report. Answer: broad holistic report that describes all
material elements of value creation, not just the financial elements
◉ controlling. Answer: management process of evaluating the
results/performance of business operations against the plan and
making adjustments to keep the company pressing toward its goals
◉ directing. Answer: the management process of overseeing the
company's day-to-day operations.
◉ ERP (entrepreneurial resource planning). Answer: serves the
information needs of people in accounting as well as people in
marketing and in the warehouse
-software that integrates all companies functions and data into one
system
◉ sustainability. Answer: is the ability to meet the needs of the
present without compromising the ability of future generations to
meet their own needs
2026 QUESTIONS WITH ANSWERS GRADED
A+
◉ critical thinking. Answer: improves the quality of thought by
skillfully analyzing, assessing, and reconstructing initial thoughts
◉ six sigma. Answer: the goal of producing near perfection with less
than 3.4 defects per one million opportunities is called
◉ treasurer. Answer: person responsible for raising the firm's
capital and investing its funds
◉ 3 pillars of sustainability:. Answer: environmental, economic,
social
◉ controller. Answer: the person responsible for general financial
accounting, managerial accounting, and tax reporting
◉ internal audit function. Answer: has the role of ensuring that the
company's internal controls and risk management policies are
functioning properly
, ◉ Sarbanes-Oxley act of 2002. Answer: congressional act enacted to
restore trust in publicly traded corporations, their management,
their financial statements, and their auditors. Enforces internal
controls and suggests that CEO and CFO assume responsibility
◉ integrated report. Answer: broad holistic report that describes all
material elements of value creation, not just the financial elements
◉ controlling. Answer: management process of evaluating the
results/performance of business operations against the plan and
making adjustments to keep the company pressing toward its goals
◉ directing. Answer: the management process of overseeing the
company's day-to-day operations.
◉ ERP (entrepreneurial resource planning). Answer: serves the
information needs of people in accounting as well as people in
marketing and in the warehouse
-software that integrates all companies functions and data into one
system
◉ sustainability. Answer: is the ability to meet the needs of the
present without compromising the ability of future generations to
meet their own needs
