ACC 561 FINAL EXAM 2
1) According to Financial Executives Institute, one function of controllership is _____.
A
short term financing
.
B
reporting and interpreting financial information
.
C
investments
.
D
provision of capital
.
2) Performance reports _____.
A provide feedback by comparing results with plans and by highlighting
. deviations from plans
B
ignore areas that are presumed to be running smoothly
.
C
are quantitative expressions of action plans
.
D
are deviations from a plan
.
3) Budgets _____.
A provide feedback by comparing results with plans and by highlighting
. deviations from plans
B
ignore areas that are presumed to be running smoothly
.
C
are quantitative expressions of action plans
.
D
are deviations from a plan
.
4) Ethical accountants are important to society because _____.
A
the information produced is reliable
.
B
none of these answers is correct
.
C
they pay their taxes
.
D
they will not go to prison and waste taxpayers’ money
.
,5) According to Institute of Management Accountants’ Statement of Ethical
Professional Practice, standard of competence includes:
A
avoiding actual or apparent conflicts of interest
.
B
All of these answers are correct
.
C
the ongoing development of accountant’s knowledge and skills
.
D
disclosing all relevant information
.
6) According to Institute of Management Accountants’ Statement of Ethical
Professional Practice, standard of objectivity includes _____.
A
all of these answers are correct
.
B
disclosing all relevant information
.
C
avoiding actual or apparent conflicts of interest
.
D
the ongoing development of accountant’s knowledge and skills
.
7) Which scorecard function is associated with making non-routine decisions?
A
None of these answers is correct
.
B
Problem solving is associated with making non-routine decisions.
.
C
Attention directing is associated with making non-routine decisions.
.
D
Scorekeeping is associated with making non-routine decisions.
.
8) _____ is field of accounting that develops information for external decision makers such as
stockholders, suppliers, banks, and government regulatory agencies.
A
Financial accounting
.
B
Management accounting
.
C Tax accounting
, .
D
Auditing
.
9) Launching a new product line is an example of _____.
A
organization
.
B
controlling
.
C
planning
.
D
decision making
.
10) _____ is also called statement of financial position.
A
statement of cash flows
.
B
statement of retained earnings
.
C
balance sheet
.
D
income statement
.
11) accrual basis of accounting recognizes impact of transactions on financial
statements in period when _____.
A
the accounting equation is decreased
.
B
the transaction occurs
.
C
cash is received or disbursed
.
D
revenues are earned and expenses are incurred
.
12) _____ is not one of three major financial statements.
A statement of equity position
1) According to Financial Executives Institute, one function of controllership is _____.
A
short term financing
.
B
reporting and interpreting financial information
.
C
investments
.
D
provision of capital
.
2) Performance reports _____.
A provide feedback by comparing results with plans and by highlighting
. deviations from plans
B
ignore areas that are presumed to be running smoothly
.
C
are quantitative expressions of action plans
.
D
are deviations from a plan
.
3) Budgets _____.
A provide feedback by comparing results with plans and by highlighting
. deviations from plans
B
ignore areas that are presumed to be running smoothly
.
C
are quantitative expressions of action plans
.
D
are deviations from a plan
.
4) Ethical accountants are important to society because _____.
A
the information produced is reliable
.
B
none of these answers is correct
.
C
they pay their taxes
.
D
they will not go to prison and waste taxpayers’ money
.
,5) According to Institute of Management Accountants’ Statement of Ethical
Professional Practice, standard of competence includes:
A
avoiding actual or apparent conflicts of interest
.
B
All of these answers are correct
.
C
the ongoing development of accountant’s knowledge and skills
.
D
disclosing all relevant information
.
6) According to Institute of Management Accountants’ Statement of Ethical
Professional Practice, standard of objectivity includes _____.
A
all of these answers are correct
.
B
disclosing all relevant information
.
C
avoiding actual or apparent conflicts of interest
.
D
the ongoing development of accountant’s knowledge and skills
.
7) Which scorecard function is associated with making non-routine decisions?
A
None of these answers is correct
.
B
Problem solving is associated with making non-routine decisions.
.
C
Attention directing is associated with making non-routine decisions.
.
D
Scorekeeping is associated with making non-routine decisions.
.
8) _____ is field of accounting that develops information for external decision makers such as
stockholders, suppliers, banks, and government regulatory agencies.
A
Financial accounting
.
B
Management accounting
.
C Tax accounting
, .
D
Auditing
.
9) Launching a new product line is an example of _____.
A
organization
.
B
controlling
.
C
planning
.
D
decision making
.
10) _____ is also called statement of financial position.
A
statement of cash flows
.
B
statement of retained earnings
.
C
balance sheet
.
D
income statement
.
11) accrual basis of accounting recognizes impact of transactions on financial
statements in period when _____.
A
the accounting equation is decreased
.
B
the transaction occurs
.
C
cash is received or disbursed
.
D
revenues are earned and expenses are incurred
.
12) _____ is not one of three major financial statements.
A statement of equity position
