ACC 241 Exam 1 ASU Dallmus(100%
Correct)
The four primary responsibilities of a manager - ANSWERSPlanning
Directing
Controlling
Decision Making
planning - ANSWERSsetting goals and objectives for the company and determining
how to achieve them
Directing - ANSWERSoverseeing the companies day to day operations
Controlling - ANSWERSevaluating results of the business operation against the plan
and making adjustments to keep company pressing towards goal
management accounting - ANSWERSspecializes in the study of how managers use
accounting and/or financial information in current or future business decisions.
Management accountants use both qualitative and quantitative information in their work.
Unlike other accountants, they primarily report to the internal management of a
company, rather than to an external body like shareholders or tax collection agencies.
Ethical decision-making framework - ANSWERSIMA's Statement of Ethical Professional
Practice: Maintain professional competence, preserve confidentiality of info they handle,
uphold integrity & perform duties with integrity.
Purpose and major provisions of the Sarbanes-Oxley - ANSWERSRestore trust in
publicly traded corporations, their management, their financial statements, & their
auditors.
Service Companies - ANSWERSsell intangible things (medicare, coaching) generally
don't have inventory
Merchandising Companies - ANSWERSLike Walmart resell tangible products. Have
inventory and incur inventory related costs (ads, travel)
Manufacturing companies - ANSWERSuse labor, plant, and equipment to convert raw
materials into a product. Like car companies. Have Raw materials inventory, work in
process inventory, & finished goods inventory.
Value-chain - ANSWERSLinked set of all value-creating processes or activities that
convert basic input materials into products or services for the final consumer.
Correct)
The four primary responsibilities of a manager - ANSWERSPlanning
Directing
Controlling
Decision Making
planning - ANSWERSsetting goals and objectives for the company and determining
how to achieve them
Directing - ANSWERSoverseeing the companies day to day operations
Controlling - ANSWERSevaluating results of the business operation against the plan
and making adjustments to keep company pressing towards goal
management accounting - ANSWERSspecializes in the study of how managers use
accounting and/or financial information in current or future business decisions.
Management accountants use both qualitative and quantitative information in their work.
Unlike other accountants, they primarily report to the internal management of a
company, rather than to an external body like shareholders or tax collection agencies.
Ethical decision-making framework - ANSWERSIMA's Statement of Ethical Professional
Practice: Maintain professional competence, preserve confidentiality of info they handle,
uphold integrity & perform duties with integrity.
Purpose and major provisions of the Sarbanes-Oxley - ANSWERSRestore trust in
publicly traded corporations, their management, their financial statements, & their
auditors.
Service Companies - ANSWERSsell intangible things (medicare, coaching) generally
don't have inventory
Merchandising Companies - ANSWERSLike Walmart resell tangible products. Have
inventory and incur inventory related costs (ads, travel)
Manufacturing companies - ANSWERSuse labor, plant, and equipment to convert raw
materials into a product. Like car companies. Have Raw materials inventory, work in
process inventory, & finished goods inventory.
Value-chain - ANSWERSLinked set of all value-creating processes or activities that
convert basic input materials into products or services for the final consumer.
