TITLE: EMILLYCHARLOTTE 2024/2025 ACADEMIC PERIOD
OWNER: EMILLYCHARLOTTE
COPYRIGHT STATEMENT: ©2024 EMILLYCHARLOTTE. ALL RIGHTS RESERVED
FIRST PUBLISHED: SEPTEMBER 2024
ACCT 241 ASU TEST 1 STUDY GUIDE
WITH COMPLETE SOLUTIONS
Management conducts various analysis comparing budget to actual - ✔️✔️Correct-
Controlling
Management uses information on product costs to determine sales prices - ✔️✔️Correct-
Directing
Management decides to increase sales growth by 10% next year - ✔️✔️Correct-Planning
To lower product costs, management moves production to Mexico - ✔️✔️Correct-
Controlling
Directing
Management reviews hourly reports to determine the level of staffing needed to service
customers - ✔️✔️Correct-Directing
Main characteristic of data is that it must be reliable and objective - ✔️✔️Correct-
Financial
Reports are prepared as needed - ✔️✔️Correct-Managerial
Not governed by legal requirements - ✔️✔️Correct-Managerial
Primary users are external (i.e., creditors, investors) - ✔️✔️Correct-Financial
Focused on the future - ✔️✔️Correct-Managerial
1/20
,TITLE: EMILLYCHARLOTTE 2024/2025 ACADEMIC PERIOD
OWNER: EMILLYCHARLOTTE
COPYRIGHT STATEMENT: ©2024 EMILLYCHARLOTTE. ALL RIGHTS RESERVED
FIRST PUBLISHED: SEPTEMBER 2024
Reporting is based mainly on the company as a whole - ✔️✔️Correct-Financial
Reports are usually prepared quarterly and annually - ✔️✔️Correct-Financial
Information is verified by external auditors - ✔️✔️Correct-Financial
Focused on the past - ✔️✔️Correct-Financial
Main characteristic of data is that is must be relevant - ✔️✔️Correct-Managerial
Reports tend to be prepared for the parts of the organization rather than the whole
organization - ✔️✔️Correct-Managerial
Primary users are internal (i.e., company managers) - ✔️✔️Correct-Managerial
Governed by Generally Accepted Accounting Principles (GAAP) or International
Financial Reporting Standards (IFRS) - ✔️✔️Correct-Financial
Raising capital and investing funds are the direct responsibilities of the... - ✔️✔️Correct-
treasurer
Financial accounting, managerial accounting, and tax reporting are the direct
responsibilities of the... - ✔️✔️Correct-controller
The internal audit function reports to the CFO or the ________ and the
______________. - ✔️✔️Correct-CEO
Audit Committee
The CEO is hired by the... - ✔️✔️Correct-Board of Directors
The company's operations are the direct responsibility of the... - ✔️✔️Correct-COO
2/20
, TITLE: EMILLYCHARLOTTE 2024/2025 ACADEMIC PERIOD
OWNER: EMILLYCHARLOTTE
COPYRIGHT STATEMENT: ©2024 EMILLYCHARLOTTE. ALL RIGHTS RESERVED
FIRST PUBLISHED: SEPTEMBER 2024
Management accountants often work with... - ✔️✔️Correct-cross-functional teams
The ______ and the _____ report to the CEO. - ✔️✔️Correct-CFO
COO
A subcommittee of the board of directors is called the.... - ✔️✔️Correct-Audit Committee
Providing earnings information to your brother before it is publicly announced violated
the ______ standard. - ✔️✔️Correct-Confidentiality
Stealing from your employer is a violation of the _________ standard. - ✔️✔️Correct-
Integrity
Skipping continuing education sessions could violate the requirement to maintain
professional... - ✔️✔️Correct-Competence
Since your company paid for you to attend the conference, skipping the sessions also
violates the _______ standard. - ✔️✔️Correct-Integrity
Failing to read the specifications of the software package before purchasing it violates
the _______ standard. - ✔️✔️Correct-Competence
Failing to provide job description information to management because you fear it may
be used to cut a position in your department violates the _______ standard. -
✔️✔️Correct-Credibility
System that integrates all the company's data across all systems, central data
warehouse, can be expensive and time consuming but provide benefits of being quicker
3/20
OWNER: EMILLYCHARLOTTE
COPYRIGHT STATEMENT: ©2024 EMILLYCHARLOTTE. ALL RIGHTS RESERVED
FIRST PUBLISHED: SEPTEMBER 2024
ACCT 241 ASU TEST 1 STUDY GUIDE
WITH COMPLETE SOLUTIONS
Management conducts various analysis comparing budget to actual - ✔️✔️Correct-
Controlling
Management uses information on product costs to determine sales prices - ✔️✔️Correct-
Directing
Management decides to increase sales growth by 10% next year - ✔️✔️Correct-Planning
To lower product costs, management moves production to Mexico - ✔️✔️Correct-
Controlling
Directing
Management reviews hourly reports to determine the level of staffing needed to service
customers - ✔️✔️Correct-Directing
Main characteristic of data is that it must be reliable and objective - ✔️✔️Correct-
Financial
Reports are prepared as needed - ✔️✔️Correct-Managerial
Not governed by legal requirements - ✔️✔️Correct-Managerial
Primary users are external (i.e., creditors, investors) - ✔️✔️Correct-Financial
Focused on the future - ✔️✔️Correct-Managerial
1/20
,TITLE: EMILLYCHARLOTTE 2024/2025 ACADEMIC PERIOD
OWNER: EMILLYCHARLOTTE
COPYRIGHT STATEMENT: ©2024 EMILLYCHARLOTTE. ALL RIGHTS RESERVED
FIRST PUBLISHED: SEPTEMBER 2024
Reporting is based mainly on the company as a whole - ✔️✔️Correct-Financial
Reports are usually prepared quarterly and annually - ✔️✔️Correct-Financial
Information is verified by external auditors - ✔️✔️Correct-Financial
Focused on the past - ✔️✔️Correct-Financial
Main characteristic of data is that is must be relevant - ✔️✔️Correct-Managerial
Reports tend to be prepared for the parts of the organization rather than the whole
organization - ✔️✔️Correct-Managerial
Primary users are internal (i.e., company managers) - ✔️✔️Correct-Managerial
Governed by Generally Accepted Accounting Principles (GAAP) or International
Financial Reporting Standards (IFRS) - ✔️✔️Correct-Financial
Raising capital and investing funds are the direct responsibilities of the... - ✔️✔️Correct-
treasurer
Financial accounting, managerial accounting, and tax reporting are the direct
responsibilities of the... - ✔️✔️Correct-controller
The internal audit function reports to the CFO or the ________ and the
______________. - ✔️✔️Correct-CEO
Audit Committee
The CEO is hired by the... - ✔️✔️Correct-Board of Directors
The company's operations are the direct responsibility of the... - ✔️✔️Correct-COO
2/20
, TITLE: EMILLYCHARLOTTE 2024/2025 ACADEMIC PERIOD
OWNER: EMILLYCHARLOTTE
COPYRIGHT STATEMENT: ©2024 EMILLYCHARLOTTE. ALL RIGHTS RESERVED
FIRST PUBLISHED: SEPTEMBER 2024
Management accountants often work with... - ✔️✔️Correct-cross-functional teams
The ______ and the _____ report to the CEO. - ✔️✔️Correct-CFO
COO
A subcommittee of the board of directors is called the.... - ✔️✔️Correct-Audit Committee
Providing earnings information to your brother before it is publicly announced violated
the ______ standard. - ✔️✔️Correct-Confidentiality
Stealing from your employer is a violation of the _________ standard. - ✔️✔️Correct-
Integrity
Skipping continuing education sessions could violate the requirement to maintain
professional... - ✔️✔️Correct-Competence
Since your company paid for you to attend the conference, skipping the sessions also
violates the _______ standard. - ✔️✔️Correct-Integrity
Failing to read the specifications of the software package before purchasing it violates
the _______ standard. - ✔️✔️Correct-Competence
Failing to provide job description information to management because you fear it may
be used to cut a position in your department violates the _______ standard. -
✔️✔️Correct-Credibility
System that integrates all the company's data across all systems, central data
warehouse, can be expensive and time consuming but provide benefits of being quicker
3/20
