ACTY 2110 - EXAM I PREP QUESTIONS WITH
VERIFIED ACCURATE ANSWERS
What is the primary goal of accounting?
A) To set long-term goals and objectives
B) To arrange for the necessary resources to achieve a plan
C) To provide information for decision-making
D) To motivate others to work towards a plan's success - Answers -C) To provide
information for decision-making
Which of the following types of reports is more characteristic of managerial accounting
than financial accounting?
A) An internal report used by management
B) An external report used by investors
C) A report prepared according to GAAP
D) A report prepared periodically (monthly, quarterly, annually) - Answers -A) An
internal report used by management
The controlling function is:
A) comparing actual with budgeted results and taking corrective action when needed.
B) arranging of the necessary resources to carry out the plan.
C) directing, leading, and motivating those necessary to carry out the plan.
D) drafting the goals and strategies to achieve long-term results. - Answers -A)
comparing actual with budgeted results and taking corrective action when needed.
Which of the following types of organizations purchases raw materials from suppliers
and uses them to create a finished product?
A) Manufacturing firms
B) Merchandising companies
C) Service companies
D) Retailers - Answers -A) Manufacturing firms
Hair salons and law firms are examples of which of the following types of organizations?
A) Retailers
B) Service companies
C) Manufacturing firms
D) Merchandising companies - Answers -B) Service companies
Which of the following types of organizations sell goods to the general public?
, A) Service companies
B) Manufacturing firms
C) Wholesalers
D) Retailers - Answers -D) Retailers
Which of the following functions of management involves setting goals or objectives and
establishing the tactics to achieve them?
A) Planning
B) Implementing
C) Reviewing
D) Controlling - Answers -A) Planning
Which of the following functions of management involves arranging for the necessary
resources to carry out the plan?
A) Planning
B) Implementing
C) Reviewing
D) Controlling - Answers -B) Implementing
Which of the following is the future-oriented part of the management cycle?
A) Planning
B) Implementing
C) Reviewing
D) Controlling - Answers -A) Planning
Which of the following statements is correct about the triple bottom line?
A) The triple bottom line measures a company's social impact, without regard for profit.
B) The triple bottom line captures three factors: People, Profit, and Planet.
C) The triple bottom line has replaced net income as the most crucial measure of a
company's success.
D) The triple bottom line reports profit at the expense of social factors. - Answers -B)
The triple bottom line captures three factors: People, Profit, and Planet.
The term "big data" refers to the:
A) accuracy, completeness, timeliness, and source of the data.
B) accuracy, volume, variety, and source of the data.
C) variety, volume, velocity, and veracity of the data.
VERIFIED ACCURATE ANSWERS
What is the primary goal of accounting?
A) To set long-term goals and objectives
B) To arrange for the necessary resources to achieve a plan
C) To provide information for decision-making
D) To motivate others to work towards a plan's success - Answers -C) To provide
information for decision-making
Which of the following types of reports is more characteristic of managerial accounting
than financial accounting?
A) An internal report used by management
B) An external report used by investors
C) A report prepared according to GAAP
D) A report prepared periodically (monthly, quarterly, annually) - Answers -A) An
internal report used by management
The controlling function is:
A) comparing actual with budgeted results and taking corrective action when needed.
B) arranging of the necessary resources to carry out the plan.
C) directing, leading, and motivating those necessary to carry out the plan.
D) drafting the goals and strategies to achieve long-term results. - Answers -A)
comparing actual with budgeted results and taking corrective action when needed.
Which of the following types of organizations purchases raw materials from suppliers
and uses them to create a finished product?
A) Manufacturing firms
B) Merchandising companies
C) Service companies
D) Retailers - Answers -A) Manufacturing firms
Hair salons and law firms are examples of which of the following types of organizations?
A) Retailers
B) Service companies
C) Manufacturing firms
D) Merchandising companies - Answers -B) Service companies
Which of the following types of organizations sell goods to the general public?
, A) Service companies
B) Manufacturing firms
C) Wholesalers
D) Retailers - Answers -D) Retailers
Which of the following functions of management involves setting goals or objectives and
establishing the tactics to achieve them?
A) Planning
B) Implementing
C) Reviewing
D) Controlling - Answers -A) Planning
Which of the following functions of management involves arranging for the necessary
resources to carry out the plan?
A) Planning
B) Implementing
C) Reviewing
D) Controlling - Answers -B) Implementing
Which of the following is the future-oriented part of the management cycle?
A) Planning
B) Implementing
C) Reviewing
D) Controlling - Answers -A) Planning
Which of the following statements is correct about the triple bottom line?
A) The triple bottom line measures a company's social impact, without regard for profit.
B) The triple bottom line captures three factors: People, Profit, and Planet.
C) The triple bottom line has replaced net income as the most crucial measure of a
company's success.
D) The triple bottom line reports profit at the expense of social factors. - Answers -B)
The triple bottom line captures three factors: People, Profit, and Planet.
The term "big data" refers to the:
A) accuracy, completeness, timeliness, and source of the data.
B) accuracy, volume, variety, and source of the data.
C) variety, volume, velocity, and veracity of the data.
