ACG 3401 - Ch. 2 Smartbook Exam
UPDATED QUESTIONS AND CORRECT
ANSWERS
Accountants have four roles with respect to technology: users, managers, [blank], and evaluators. -
CORRECT ANSWER designers
True or false: Rapid changes in the global marketplace that affect the accounting profession have
resulted in a focus on accountings' stewardship and reporting functions. - CORRECT ANSWER
False
Reason:
The changes primarily affect the business management support role.
True or false: Although rapid changes in technology increase the amount of information available, the
information must support the information requirements of the business decision makers to be fully
effective. - CORRECT ANSWER True
Which of the following is a stewardship and reporting role for the accounting/finance function? -
CORRECT ANSWER Regulatory compliance
The accounting/finance operations role includes financial close - completing period-end [blank]. -
CORRECT ANSWER accounts
Which of the following is NOT a role of accountants with respect to technology? - CORRECT
ANSWER programmers
Performance [blank] is an accounting function in the Business Management Support role. -
CORRECT ANSWER management or measurement
Which of the following is a business management support of the accounting/finance function? -
CORRECT ANSWER Performance measurement, reporting and analysis
,The roles of the accounting/finance function include stewardship and reporting, accounting operation,
and [blank] management support. - CORRECT ANSWER business
Technology does not necessarily result in better decisions, because the information produced may not
support the information requirements of the business's [blank] makers. - CORRECT ANSWER
decision
The Institute of Management Accounting Competency Framework defines how many areas of skills
that accounting professionals need to remain relevant in a digital age? - CORRECT ANSWER
6
Which of the following is included in Accountants' Stewardship and Reporting role? - CORRECT
ANSWER Statutory Reporting
Investor Relations
True or false: Raising capital is an activity in the Accounting/Finance Operations role of accountants.
- CORRECT ANSWER False
Reason:
It is a function in the Stewardship and Reporting role not the Accounting/Finance operations role.
Match the IMA Management Accounting Competency Framework skill area with a matching skill.
Instructions
Strategic management <---
Reporting and control <---
Technology and analytics <---
Leadership <---
, Professional ethics and values <--- - CORRECT ANSWER ---> Guide decision making
---> Report organizational performance
---> Analyze data to enhance organizational success
---> Facilitate collaboration
---> Demonstrate commitment to legal compliance
Performance ____________ is an accounting function in the Business Management Support role. -
CORRECT ANSWER management
The CGMA Competency Framework describes four broad sets of skills anchored by a commitment to
[blank], integrity, and professionalism. - CORRECT ANSWER ethics
Match activities to the role of the accounting/finance function in business.
Instructions
Stewardship and Reporting <---
Accounting operations <---
Management support <--- - CORRECT ANSWER ---> Tax returns
---> Financial close - completing period-end activities
---> Performance measurement and analysis
Which of the following is not one of the sets of skills in the CGMA Competency Framework? -
CORRECT ANSWER Reporting and control
UPDATED QUESTIONS AND CORRECT
ANSWERS
Accountants have four roles with respect to technology: users, managers, [blank], and evaluators. -
CORRECT ANSWER designers
True or false: Rapid changes in the global marketplace that affect the accounting profession have
resulted in a focus on accountings' stewardship and reporting functions. - CORRECT ANSWER
False
Reason:
The changes primarily affect the business management support role.
True or false: Although rapid changes in technology increase the amount of information available, the
information must support the information requirements of the business decision makers to be fully
effective. - CORRECT ANSWER True
Which of the following is a stewardship and reporting role for the accounting/finance function? -
CORRECT ANSWER Regulatory compliance
The accounting/finance operations role includes financial close - completing period-end [blank]. -
CORRECT ANSWER accounts
Which of the following is NOT a role of accountants with respect to technology? - CORRECT
ANSWER programmers
Performance [blank] is an accounting function in the Business Management Support role. -
CORRECT ANSWER management or measurement
Which of the following is a business management support of the accounting/finance function? -
CORRECT ANSWER Performance measurement, reporting and analysis
,The roles of the accounting/finance function include stewardship and reporting, accounting operation,
and [blank] management support. - CORRECT ANSWER business
Technology does not necessarily result in better decisions, because the information produced may not
support the information requirements of the business's [blank] makers. - CORRECT ANSWER
decision
The Institute of Management Accounting Competency Framework defines how many areas of skills
that accounting professionals need to remain relevant in a digital age? - CORRECT ANSWER
6
Which of the following is included in Accountants' Stewardship and Reporting role? - CORRECT
ANSWER Statutory Reporting
Investor Relations
True or false: Raising capital is an activity in the Accounting/Finance Operations role of accountants.
- CORRECT ANSWER False
Reason:
It is a function in the Stewardship and Reporting role not the Accounting/Finance operations role.
Match the IMA Management Accounting Competency Framework skill area with a matching skill.
Instructions
Strategic management <---
Reporting and control <---
Technology and analytics <---
Leadership <---
, Professional ethics and values <--- - CORRECT ANSWER ---> Guide decision making
---> Report organizational performance
---> Analyze data to enhance organizational success
---> Facilitate collaboration
---> Demonstrate commitment to legal compliance
Performance ____________ is an accounting function in the Business Management Support role. -
CORRECT ANSWER management
The CGMA Competency Framework describes four broad sets of skills anchored by a commitment to
[blank], integrity, and professionalism. - CORRECT ANSWER ethics
Match activities to the role of the accounting/finance function in business.
Instructions
Stewardship and Reporting <---
Accounting operations <---
Management support <--- - CORRECT ANSWER ---> Tax returns
---> Financial close - completing period-end activities
---> Performance measurement and analysis
Which of the following is not one of the sets of skills in the CGMA Competency Framework? -
CORRECT ANSWER Reporting and control
