ACC 241 Exam Questions and
Answers (Graded A+)
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 - ANSWER - c
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 - ANSWER - c
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). - ANSWER - c
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 - ANSWER - c
, 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 - ANSWER - b
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". - ANSWER - a
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 - ANSWER - c
Managerial accounting is needed by which type of company?A.Manufacturers
B.Retailers
C.Service
D.All of the above - ANSWER - d
When determiningthe cost of a manufactured product, a salesperson's salary would
be classified as:
A.a direct cost.
B.an indirect cost.
Answers (Graded A+)
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 - ANSWER - c
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 - ANSWER - c
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). - ANSWER - c
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 - ANSWER - c
, 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 - ANSWER - b
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". - ANSWER - a
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 - ANSWER - c
Managerial accounting is needed by which type of company?A.Manufacturers
B.Retailers
C.Service
D.All of the above - ANSWER - d
When determiningthe cost of a manufactured product, a salesperson's salary would
be classified as:
A.a direct cost.
B.an indirect cost.
