Acc 241 Exam #1 questions well
answered
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 independent CPA firm
D. The CFO and the independent CPA firm - correct answer ✔✔ The internal audit department
and the independent CPA firm
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 - correct answer ✔✔ Controlling and decision-making
Which of the following statements is TRUE about 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). -
correct answer ✔✔ It emphasizes relevance.
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 - correct answer ✔✔ current shareholders
To resolve ethical dilemmas, the IMA suggests that management accountants should FIRST:
A. follow their company's established policies for Reporting unethical behavior.
B. discuss the unethical situation with their immediate supervisor.
C. consult an attorney.
D. call the IMA "Ethics Hotline" . - correct answer ✔✔ follow their company's established
procedures for reporting unethical behavior
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 - correct answer ✔✔ their internal control system and financial reporting
system
Managerial accounting is needed by which type of company?
A. Manufacturers
B. Retailers
C. Service
D. All of the above - correct answer ✔✔ Manufacturers, Retailers, Service (all of the above)
Which of the following items would NOT be found in raw materials inventory for a furniture
answered
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 independent CPA firm
D. The CFO and the independent CPA firm - correct answer ✔✔ The internal audit department
and the independent CPA firm
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 - correct answer ✔✔ Controlling and decision-making
Which of the following statements is TRUE about 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). -
correct answer ✔✔ It emphasizes relevance.
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 - correct answer ✔✔ current shareholders
To resolve ethical dilemmas, the IMA suggests that management accountants should FIRST:
A. follow their company's established policies for Reporting unethical behavior.
B. discuss the unethical situation with their immediate supervisor.
C. consult an attorney.
D. call the IMA "Ethics Hotline" . - correct answer ✔✔ follow their company's established
procedures for reporting unethical behavior
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 - correct answer ✔✔ their internal control system and financial reporting
system
Managerial accounting is needed by which type of company?
A. Manufacturers
B. Retailers
C. Service
D. All of the above - correct answer ✔✔ Manufacturers, Retailers, Service (all of the above)
Which of the following items would NOT be found in raw materials inventory for a furniture
