ACC 241 Exam 1 questions with
verified answers passed
Primary responsibilities of a manager - correct answer ✔✔ Planning - setting goals for company
and determining how to achieve them
Directing - overseeing companies day to day operation
Controlling - evaluating results of the business operation against the plan and making
adjustments to keep company pressing towards goal
Evaluating
management accounting - correct answer ✔✔ specializes 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.
financial accounting - correct answer ✔✔ produces annual and quarterly consolidated financial
statements that will be used by investors and creditors to make investment and lending
decisions. Must follow GAAP (Generally Accepted Accounting Principles)
Skills of management accountants - correct answer ✔✔ in order to become a certified
management accountant, one must pass a series of tests sponsored by the Institute of
Management Accountants. These tests examine one's knowledge in four subjects: business
analysis, management accounting and reporting, strategic management, and business
applications.
IMA (Institute of Management Accountants - correct answer ✔✔ A forum for research, practice
development, education, knowledge sharing, and the advocacy of the highest ethical and best
business practices in management accounting and finance.
, Ethical decision-making framework - correct answer ✔✔ IMA'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 - correct answer ✔✔ Restore trust in
publicly traded corporations, their management, their financial statements, & their auditors.
Service, merchandising and manufacturing companies & their inventories - correct answer ✔✔
S - sell intangible things (medicare, coaching) generally don't have inventory
Me - Like Walmart resell tangible products. Have inventory and incur inventory related costs
(ads, travel)
Ma - use 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 - correct answer ✔✔ Linked set of all value-creating processes or activities that
convert basic input materials into products or services for the final consumer.
Cost Objects - correct answer ✔✔ Anything for which cost data is desired by a manager, e.g.,
products, product lines, customers, jobs, and organizational sub-units such as departments or
divisions of a company.
Direct Costs - correct answer ✔✔ A cost that can be directly related to producing specific goods
or performing a specific
service.
Indirect Costs - correct answer ✔✔ Manufacturing cost that cannot be easily seen in the
product. Electricity, hazard insurance on the factory building, and real estate taxes are examples
of indirect costs.
verified answers passed
Primary responsibilities of a manager - correct answer ✔✔ Planning - setting goals for company
and determining how to achieve them
Directing - overseeing companies day to day operation
Controlling - evaluating results of the business operation against the plan and making
adjustments to keep company pressing towards goal
Evaluating
management accounting - correct answer ✔✔ specializes 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.
financial accounting - correct answer ✔✔ produces annual and quarterly consolidated financial
statements that will be used by investors and creditors to make investment and lending
decisions. Must follow GAAP (Generally Accepted Accounting Principles)
Skills of management accountants - correct answer ✔✔ in order to become a certified
management accountant, one must pass a series of tests sponsored by the Institute of
Management Accountants. These tests examine one's knowledge in four subjects: business
analysis, management accounting and reporting, strategic management, and business
applications.
IMA (Institute of Management Accountants - correct answer ✔✔ A forum for research, practice
development, education, knowledge sharing, and the advocacy of the highest ethical and best
business practices in management accounting and finance.
, Ethical decision-making framework - correct answer ✔✔ IMA'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 - correct answer ✔✔ Restore trust in
publicly traded corporations, their management, their financial statements, & their auditors.
Service, merchandising and manufacturing companies & their inventories - correct answer ✔✔
S - sell intangible things (medicare, coaching) generally don't have inventory
Me - Like Walmart resell tangible products. Have inventory and incur inventory related costs
(ads, travel)
Ma - use 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 - correct answer ✔✔ Linked set of all value-creating processes or activities that
convert basic input materials into products or services for the final consumer.
Cost Objects - correct answer ✔✔ Anything for which cost data is desired by a manager, e.g.,
products, product lines, customers, jobs, and organizational sub-units such as departments or
divisions of a company.
Direct Costs - correct answer ✔✔ A cost that can be directly related to producing specific goods
or performing a specific
service.
Indirect Costs - correct answer ✔✔ Manufacturing cost that cannot be easily seen in the
product. Electricity, hazard insurance on the factory building, and real estate taxes are examples
of indirect costs.
