ACC 241 – Uses of
Accounting Info II –
Chapter 1 2026 | Study
Guide, Practice Questions,
Answers, Rationales &
Exam Review | Complete
Ethics Study Guide
Updated 2026 Questions and Answers
100% Verified Exam Prep and Comprehensive
Rationales
Included
,True or False? True
Managers' three primary responsibilities are planning,
directing, and controlling.
True or False? False
Management accounting is geared toward external Management accounting is geared toward helping internal managers run efficiently
stakeholders, such as investors and creditors. and effectively.
True or False? True
Management accountants often work in cross-functional
teams throughout the organization.
True or False? True
The internal audit function reports to the audit committee of
the board of directors.
True or False? True
Management accountants are now more often looked
upon as internal business advisors rather than “bean
counters” recording historical transactions.
True or False? False
Management accountants should be technically proficient, Management accountants must be able to effectively communicate with people
but they don’t need strong oral and written communication throughout the organization, and as a result, they must have strong oral and written
skills. communication skills.
True or False? True
Management accountants should be proficient in Excel.
True or False? False
The AICPA (American Institute of Certified Public The IMA (Institute of Management Accountants) issues the CMA certification.
Accountants) issues the CMA (Certified Management
Accountant) certification.
Planning, Decision Making, Directing, or Controlling? Decision Making
Identifying alternative courses of action and choosing
among them.
Planning, Decision Making, Directing, or Controlling? Directing
Running the company on a day-to-day basis.
Planning, Decision Making, Directing, or Controlling? Controlling
Determining whether the company's units are operating
according to plan.
Planning, Decision Making, Directing, or Controlling? Planning
Setting goals and objectives for the company and
determining strategies to achieve them.
, Managerial or Financial accounting? Financial
Describes historical transactions with external parties.
Managerial or Financial accounting? Managerial
Is not required by an authoritative body such as the SEC.
Managerial or Financial accounting? Managerial
Reports on the company's subunits, such as products,
geographical areas, and departments.
Managerial or Financial accounting? Financial
Is intended to be used by creditors and investors.
Managerial or Financial accounting? Financial
Is formatted in accordance with GAAP.
Match each statement to the standard of ethical Confidentiality
professional practice being fulfilled (Competence,
Confidentiality, Integrity, or Credibility).
Do not disclose company information unless authorized to
do so.
Match each statement to the standard of ethical Competence
professional practice being fulfilled (Competence,
Confidentiality, Integrity, or Credibility).
Continue to develop skills and knowledge.
Match each statement to the standard of ethical Credibility
professional practice being fulfilled (Competence,
Confidentiality, Integrity, or Credibility).
Don't bias the information and reports presented to
management.
Match each statement to the standard of ethical Competence
professional practice being fulfilled (Competence,
Confidentiality, Integrity, or Credibility).
If you do not have the skills to complete a task correctly, do
not pretend you do.
Accounting Info II –
Chapter 1 2026 | Study
Guide, Practice Questions,
Answers, Rationales &
Exam Review | Complete
Ethics Study Guide
Updated 2026 Questions and Answers
100% Verified Exam Prep and Comprehensive
Rationales
Included
,True or False? True
Managers' three primary responsibilities are planning,
directing, and controlling.
True or False? False
Management accounting is geared toward external Management accounting is geared toward helping internal managers run efficiently
stakeholders, such as investors and creditors. and effectively.
True or False? True
Management accountants often work in cross-functional
teams throughout the organization.
True or False? True
The internal audit function reports to the audit committee of
the board of directors.
True or False? True
Management accountants are now more often looked
upon as internal business advisors rather than “bean
counters” recording historical transactions.
True or False? False
Management accountants should be technically proficient, Management accountants must be able to effectively communicate with people
but they don’t need strong oral and written communication throughout the organization, and as a result, they must have strong oral and written
skills. communication skills.
True or False? True
Management accountants should be proficient in Excel.
True or False? False
The AICPA (American Institute of Certified Public The IMA (Institute of Management Accountants) issues the CMA certification.
Accountants) issues the CMA (Certified Management
Accountant) certification.
Planning, Decision Making, Directing, or Controlling? Decision Making
Identifying alternative courses of action and choosing
among them.
Planning, Decision Making, Directing, or Controlling? Directing
Running the company on a day-to-day basis.
Planning, Decision Making, Directing, or Controlling? Controlling
Determining whether the company's units are operating
according to plan.
Planning, Decision Making, Directing, or Controlling? Planning
Setting goals and objectives for the company and
determining strategies to achieve them.
, Managerial or Financial accounting? Financial
Describes historical transactions with external parties.
Managerial or Financial accounting? Managerial
Is not required by an authoritative body such as the SEC.
Managerial or Financial accounting? Managerial
Reports on the company's subunits, such as products,
geographical areas, and departments.
Managerial or Financial accounting? Financial
Is intended to be used by creditors and investors.
Managerial or Financial accounting? Financial
Is formatted in accordance with GAAP.
Match each statement to the standard of ethical Confidentiality
professional practice being fulfilled (Competence,
Confidentiality, Integrity, or Credibility).
Do not disclose company information unless authorized to
do so.
Match each statement to the standard of ethical Competence
professional practice being fulfilled (Competence,
Confidentiality, Integrity, or Credibility).
Continue to develop skills and knowledge.
Match each statement to the standard of ethical Credibility
professional practice being fulfilled (Competence,
Confidentiality, Integrity, or Credibility).
Don't bias the information and reports presented to
management.
Match each statement to the standard of ethical Competence
professional practice being fulfilled (Competence,
Confidentiality, Integrity, or Credibility).
If you do not have the skills to complete a task correctly, do
not pretend you do.
