Acc 241 Exam Questions & Answers
100% Correct!!
Which of the following report to the audit committee of the Board of Directors?
A.The treasurer and controller
B.The CFO and internal audit department
C.The internal audit department and the independentCPA firm
D.The CFO and the independent CPA firm - ANSWERSc
Which of the following management responsibilities are being fulfilled when
management uses feedback to take corrective action on the budgets?
A.Directing and planning
B.Planning and decision-making
C.Controlling and decision-making
D.Planning and controlling - ANSWERSc
Which of the following statements is TRUEabout managerial accounting information?
A.It is prepared annually and quarterly.
B.It is audited by CPAs.
C.It emphasizes relevance.
D.It must be prepared in conformity with generally accepted accounting principles
(GAAP). - ANSWERSc
Which of the following persons or groups would be LEAST likely to receive detailed
managerial accounting reports?
A.Plant managers
B.Current shareholders
C.Sales territory managers
D.CEO - ANSWERSb
To resolve ethical dilemmas, the IMA suggeststhat management accountants should
FIRST:
A.follow their company's established policies for Reportingunethical behavior.
B.discuss the unethical situation with their immediate supervisor.
C.consult an attorney.
D.call the IMA "Ethics Hotline". - ANSWERSa
SOX requires publicly traded companies to have ___________ assessed annually.
A.their internal control system
B.their financial Reporting procedures
C.their internal control system and financial Reporting system
D.none of the above - ANSWERSc
, Managerial accounting is needed by which type of company?A.Manufacturers
B.Retailers
C.Service
D.All of the above - ANSWERSd
Which of the following items would NOT be found in raw materials inventory for a
furniture manufacturer?
A.Wood
B.Fabric
C.Assembly worker wages
D.Steel framing - ANSWERSc
When determiningthe cost of a manufactured product, a salesperson's salary would be
classified as:
A.a direct cost.
B.an indirect cost.
C.a period cost.
D.none of the above. - ANSWERSc
When do inventoriable costs become expenses?
A.When direct materials are purchased
B.When the manufacturing process begins
C.When the manufacturing process is completed
D.None of the above - ANSWERSd
When manufacturing products, which of the following is an example of an inventoriable
cost?
A.Depreciation on office equipment
B.Depreciation on store building
C.Depreciation on factory equipment
D.Sales salaries expenses - ANSWERSc
____________ information is that which differs between alternatives and can affect the
future
.A.Historical
B.Irrelevant
C.Predictable
D.Relevant – ANSWERSd
All of the following would be considered a direct material for a mattress EXCEPT:
A.fabric.
B.glue.
C.lumber.
D.steel. - ANSWERSb
100% Correct!!
Which of the following report to the audit committee of the Board of Directors?
A.The treasurer and controller
B.The CFO and internal audit department
C.The internal audit department and the independentCPA firm
D.The CFO and the independent CPA firm - ANSWERSc
Which of the following management responsibilities are being fulfilled when
management uses feedback to take corrective action on the budgets?
A.Directing and planning
B.Planning and decision-making
C.Controlling and decision-making
D.Planning and controlling - ANSWERSc
Which of the following statements is TRUEabout managerial accounting information?
A.It is prepared annually and quarterly.
B.It is audited by CPAs.
C.It emphasizes relevance.
D.It must be prepared in conformity with generally accepted accounting principles
(GAAP). - ANSWERSc
Which of the following persons or groups would be LEAST likely to receive detailed
managerial accounting reports?
A.Plant managers
B.Current shareholders
C.Sales territory managers
D.CEO - ANSWERSb
To resolve ethical dilemmas, the IMA suggeststhat management accountants should
FIRST:
A.follow their company's established policies for Reportingunethical behavior.
B.discuss the unethical situation with their immediate supervisor.
C.consult an attorney.
D.call the IMA "Ethics Hotline". - ANSWERSa
SOX requires publicly traded companies to have ___________ assessed annually.
A.their internal control system
B.their financial Reporting procedures
C.their internal control system and financial Reporting system
D.none of the above - ANSWERSc
, Managerial accounting is needed by which type of company?A.Manufacturers
B.Retailers
C.Service
D.All of the above - ANSWERSd
Which of the following items would NOT be found in raw materials inventory for a
furniture manufacturer?
A.Wood
B.Fabric
C.Assembly worker wages
D.Steel framing - ANSWERSc
When determiningthe cost of a manufactured product, a salesperson's salary would be
classified as:
A.a direct cost.
B.an indirect cost.
C.a period cost.
D.none of the above. - ANSWERSc
When do inventoriable costs become expenses?
A.When direct materials are purchased
B.When the manufacturing process begins
C.When the manufacturing process is completed
D.None of the above - ANSWERSd
When manufacturing products, which of the following is an example of an inventoriable
cost?
A.Depreciation on office equipment
B.Depreciation on store building
C.Depreciation on factory equipment
D.Sales salaries expenses - ANSWERSc
____________ information is that which differs between alternatives and can affect the
future
.A.Historical
B.Irrelevant
C.Predictable
D.Relevant – ANSWERSd
All of the following would be considered a direct material for a mattress EXCEPT:
A.fabric.
B.glue.
C.lumber.
D.steel. - ANSWERSb
