ACC 222 STUDY GUIDE
The area of accounting that is concerned with providing information for external users is
referred to as - Answer -Financial Accounting
The Sarbanes-Oxley Act created the - Answer -Public Company Accounting Oversight
Board
Ethics are especially important in accounting because - Answer -Independent
accountants represent the public interest
The primary objective of managerial accounting is - Answer -to provide management
with information useful for planning and control of operations.
The standards of ethical conduct for managerial accountants include - Answer -
competence, confidentiality, integrity, and credibility.
Which of the following statements is true? - Answer -Financial accounting is less
flexible than managerial accounting.
Which of the following is a characteristic of managerial accounting? - Answer -It is often
future-oriented.
Which of the following statements is true regarding ethics in decision-making? - Answer
-Decision-making can have an ethical as well as an economic impact.
Developing a company strategy for responding to anticipated new markets is an
example of - Answer -planning.
Which of the following would not be an example of a value-added activity? - Answer -
storage of finished products
Which of the following is not a common form of certification for managerial accountants?
- Answer -Certificate in External Auditing (CEA)
The process of choosing among competing alternatives is called - Answer -decision
making.
The objective of profit maximization - Answer -should be achieved through legal and
ethical means.
Total quality management emphasizes - Answer -all of these are correct.
(Zero defects, continuous improvement, elimination of waste).
The area of accounting that is concerned with providing information for external users is
referred to as - Answer -Financial Accounting
The Sarbanes-Oxley Act created the - Answer -Public Company Accounting Oversight
Board
Ethics are especially important in accounting because - Answer -Independent
accountants represent the public interest
The primary objective of managerial accounting is - Answer -to provide management
with information useful for planning and control of operations.
The standards of ethical conduct for managerial accountants include - Answer -
competence, confidentiality, integrity, and credibility.
Which of the following statements is true? - Answer -Financial accounting is less
flexible than managerial accounting.
Which of the following is a characteristic of managerial accounting? - Answer -It is often
future-oriented.
Which of the following statements is true regarding ethics in decision-making? - Answer
-Decision-making can have an ethical as well as an economic impact.
Developing a company strategy for responding to anticipated new markets is an
example of - Answer -planning.
Which of the following would not be an example of a value-added activity? - Answer -
storage of finished products
Which of the following is not a common form of certification for managerial accountants?
- Answer -Certificate in External Auditing (CEA)
The process of choosing among competing alternatives is called - Answer -decision
making.
The objective of profit maximization - Answer -should be achieved through legal and
ethical means.
Total quality management emphasizes - Answer -all of these are correct.
(Zero defects, continuous improvement, elimination of waste).
