ACC AIAF114 FINAL EXAM QUESTIONS
WITH COMPLETE SOLUTIONS
Whom do the stockholders of Caesars Palace® elect to oversee the corporation?
A.
Chief executive officer (CEO)
B.
Board of directors
C.
Treasurer
D.
Chief financial officer (CFO) - ANSWER-Board of directors
True or False: The internal audit function reports to the audit committee of the board of
directors. - ANSWER-True
True or False: The AICPA (American Institute of Certified Public Accountants) issues
the CMA (Certified False Management Accountant) certification. - ANSWER-False
Which kind of Accounting is not required by any authoritative body, such as the SEC? -
ANSWER-Managerial
Which kind of Accounting is formatted in accordance with GAAP? - ANSWER-Financial
If you do not have the skills to complete a task correctly, do not pretend you do. -
ANSWER-Competence
Which of the following organizations is the professional association specifically for
management accountants? A.
AICPA
B.
FASB
C.
IMA
D.
IFRS - ANSWER-IMA
True or False:
Computer systems that integrate all of a company's worldwide functions into one
database are
known as Integrated Worldwide Systems (IWSs). - ANSWER-False
Which of the following requires the company's CEO and CFO to assume responsibility
for the company's financial statements and disclosures?
, A.
Sarbanes-Oxley Act of 2002 (SOX)
B.
Institute of Management Accountants (IMA)
C.
Enterprise Resource Planning (ERP)
D.
Lean Operations - ANSWER-Sarbanes-Oxley Act of 2002 (SOX)
Which of the following is not an activity in the value chain?
A.
Marketing
B.
Administration
C.
Customer Service
D.
Design - ANSWER-Administration
Which of the following is a calculated amount, rather than a general ledger account?
A.
Finished goods inventory
B.
Cost of goods sold
C.
Cost of goods manufactured
D.
Sales revenue - ANSWER-Cost of goods manufactured
Which type of analysis compares the data of the current year to the data of the previous
year in both
percentage and dollar amount of increase or decrease?
a. Vertical analysis
b. Trend analysis
c. Horizontal analysis
d. Benchmarking - ANSWER-Horizontal analysis
In vertical analysis, the base used for comparison on the balance sheet is
A.
total liabilities.
B.
total stockholders' equity.
C.
total assets.
D.
none of the above - ANSWER-total assets
WITH COMPLETE SOLUTIONS
Whom do the stockholders of Caesars Palace® elect to oversee the corporation?
A.
Chief executive officer (CEO)
B.
Board of directors
C.
Treasurer
D.
Chief financial officer (CFO) - ANSWER-Board of directors
True or False: The internal audit function reports to the audit committee of the board of
directors. - ANSWER-True
True or False: The AICPA (American Institute of Certified Public Accountants) issues
the CMA (Certified False Management Accountant) certification. - ANSWER-False
Which kind of Accounting is not required by any authoritative body, such as the SEC? -
ANSWER-Managerial
Which kind of Accounting is formatted in accordance with GAAP? - ANSWER-Financial
If you do not have the skills to complete a task correctly, do not pretend you do. -
ANSWER-Competence
Which of the following organizations is the professional association specifically for
management accountants? A.
AICPA
B.
FASB
C.
IMA
D.
IFRS - ANSWER-IMA
True or False:
Computer systems that integrate all of a company's worldwide functions into one
database are
known as Integrated Worldwide Systems (IWSs). - ANSWER-False
Which of the following requires the company's CEO and CFO to assume responsibility
for the company's financial statements and disclosures?
, A.
Sarbanes-Oxley Act of 2002 (SOX)
B.
Institute of Management Accountants (IMA)
C.
Enterprise Resource Planning (ERP)
D.
Lean Operations - ANSWER-Sarbanes-Oxley Act of 2002 (SOX)
Which of the following is not an activity in the value chain?
A.
Marketing
B.
Administration
C.
Customer Service
D.
Design - ANSWER-Administration
Which of the following is a calculated amount, rather than a general ledger account?
A.
Finished goods inventory
B.
Cost of goods sold
C.
Cost of goods manufactured
D.
Sales revenue - ANSWER-Cost of goods manufactured
Which type of analysis compares the data of the current year to the data of the previous
year in both
percentage and dollar amount of increase or decrease?
a. Vertical analysis
b. Trend analysis
c. Horizontal analysis
d. Benchmarking - ANSWER-Horizontal analysis
In vertical analysis, the base used for comparison on the balance sheet is
A.
total liabilities.
B.
total stockholders' equity.
C.
total assets.
D.
none of the above - ANSWER-total assets
