ACC 241 Exam #1 Study Guide
Question and answers verified to pass
2025/2026
Four primary responsibilities of a manager - correct answer ✔-planning
-directing
-controlling
-decision making
Financial Accounting - correct answer ✔-external users
-aids in making credit/ investment decisions
-general purpose financial statements -compliance with GAAP
Managerial Accounting - correct answer ✔-internal users
-planning, directing, controlling
-internal reports are desired
-not bound by authoritative rules
How management accountants fit into an organization's structure - correct answer ✔- They go beyond
working in the controllers office
- They work in marketing
- They work in manufacturing
- They work in finance
Skills required of management accountants - correct answer ✔- Teamwork
- Analytical
, - Communication
- Business Knowledge
- Accounting Knowledge
The role of the IMA (Institute Management of Accountants) - correct answer ✔- Develops and
advances the careers of management accountants through: Certification, practice and development,
networking, advocacy of ethical nd professional conduct
- Educates the public about the role of management accountants
- Publishes a monthly professional journal
- Issues the certificate of Management Accountant (CMA)
Ethical decision-making framework - correct answer ✔- Maintain professional competence by
continually developing their knowledge and skills
- Preserve confidentiality of information
- Uphold their integrity
- Perform duties with credibility by communicating fairly and objectively, nd disclosing all information
that is relevant to decision makers
The purpose and major provisions of the Sarbanes-Oxley Act - correct answer ✔- Purpose was to
enhance internal control, financial reporting, audit practices and oversight of the accounting profession.
- Provisions: CEO and CFO assume responsibility
- Audit committee must be independent
- New requirements for CPA firms
- Stiffer Punishments
Service Companies - correct answer ✔- Sell intangible services
- Make up largest part of economy
Question and answers verified to pass
2025/2026
Four primary responsibilities of a manager - correct answer ✔-planning
-directing
-controlling
-decision making
Financial Accounting - correct answer ✔-external users
-aids in making credit/ investment decisions
-general purpose financial statements -compliance with GAAP
Managerial Accounting - correct answer ✔-internal users
-planning, directing, controlling
-internal reports are desired
-not bound by authoritative rules
How management accountants fit into an organization's structure - correct answer ✔- They go beyond
working in the controllers office
- They work in marketing
- They work in manufacturing
- They work in finance
Skills required of management accountants - correct answer ✔- Teamwork
- Analytical
, - Communication
- Business Knowledge
- Accounting Knowledge
The role of the IMA (Institute Management of Accountants) - correct answer ✔- Develops and
advances the careers of management accountants through: Certification, practice and development,
networking, advocacy of ethical nd professional conduct
- Educates the public about the role of management accountants
- Publishes a monthly professional journal
- Issues the certificate of Management Accountant (CMA)
Ethical decision-making framework - correct answer ✔- Maintain professional competence by
continually developing their knowledge and skills
- Preserve confidentiality of information
- Uphold their integrity
- Perform duties with credibility by communicating fairly and objectively, nd disclosing all information
that is relevant to decision makers
The purpose and major provisions of the Sarbanes-Oxley Act - correct answer ✔- Purpose was to
enhance internal control, financial reporting, audit practices and oversight of the accounting profession.
- Provisions: CEO and CFO assume responsibility
- Audit committee must be independent
- New requirements for CPA firms
- Stiffer Punishments
Service Companies - correct answer ✔- Sell intangible services
- Make up largest part of economy
