129 test bank for managerial accounting 4th edition

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129 Test Bank for Managerial Accounting 4th Edition

by Braun

Multiple Choice Questions

The primary goal of financial accounting is to provide information

to

1 A) government regulators.

2 B) creditors.

3 C) potential investors.

4 D) all of the above.

Overseeing the day-to-day operations of a company is an

example of which of the following management functions?

4 D) Sales territory managers

gathers, summarizes, and reports on the financial impact of changes to business operations

1 A) Managerial accounting

2 B) Planning

3 C) Directing

4 D) Controlling

Which of the following groups are external users of financial information?

1 A) Customers of the company

2 B) Potential investors of the company

3 C) Vendors of the company

4 D) All of the above

The primary goal of managerial accounting is to provide

information to

1 A) internal decision-makers.

2 B) shareholders.

3 C) creditors.

4 D) both shareholders and creditors.

Which one of the following financial reports is required to be audited by an outside entity?

1 A) Monthly financial statements

2 B) Annual financial budgets

3 C) Annual financial statements

4 D) All of the above

How often should managerial accounting reports be prepared?

1 A) Financial accounting helps investors make decisions.

2 B) Financial accounting provides sufficient information for managers to effectively plan and control operations.

3 C) Financial accounting reports help creditors make decisions.

4 D) Financial accounting provides external reports.

When management analyzes whether to move production to another country or to keep the production located where it

currently is, which of the following management responsibilities is being performed?

4 D) All of the above

Budgets are a way for managers to communicate their

1 A) Managerial accounting information is audited by CPAs.

2 B) Managerial accounting information emphasizes relevance.

3 C) Managerial accounting information is prepared annually and quarterly.

4 D) Managerial accounting information must be prepared in conformity with Generally Accepted Accounting Principles (GAAP).

The management accountant at Woodhaven Cycle Shoppe

developed a budget to establish the sales goals at the store in

2012 In 2013, the management accountant evaluated the

performance in the organization, reviewed the performance of thesales staff, and compared the sales results to the actual budget that the managerial accountant developed in 2012 Which of the following management accounting responsibilities is the

management accountant using in this example?

Which of following statements is true?

1 A) Managerial accounting focuses on historical transactions.

2 B) Financial accounting focuses on future data.

3 C) Management accounting focuses on relevant data.

4 D) Managerial accounting uses the cash basis for recording transactions.Creating budgets are part of which primary management

1 A) Controlling and planning

2 B) Directing and planning

3 C) Directing, controlling, and planning

4 D) Analyzing, directing, and planning

Which of the following is being fulfilled when management

compares the budget to actual results?

1 A) Controlling

2 B) Adjusting

3 C) Directing

4 D) Planning

Which of the following is not one of the primary responsibilities of management?

2 B) directing and controlling.

3 C) controlling, directing, and planning.

4 D) controlling and planning.

Planning involves which of the following activities?

1 A) Evaluating the results of operations

2 B) Overseeing the company's day-to-day operations

3 C) Setting goals and objectives for the company

4 D) None of the above

What do managers weigh to develop and run their accounting systems?

1 A) Generally Accepted Accounting Principles (GAAP)

2 B) SEC Regulations

3 C) Cost-Benefit

4 D) International Financial Reporting Standards (IFRS)

Evaluating results against the plan is an example of which of the following management functions?

1 A) Planning

2 B) Controlling

3 C) Analyzing

4 D) Directing

is designed to meet the needs of internal decision makers

1 A) Managerial accounting reports aid potential investors.

2 B) Managerial accounting reports must follow GAAP.

3 C) Managerial accounting reports are audited by CPAs.

4 D) Managerial accounting reports provide detailed internal information.

Which of the following individual is the only individual to use financial accounting information?

1 A) Vice president of plant operations

2 B) Product manager

3 C) Plant manager

4 D) Bank credit officer

Which statement is true?

1 A) Management uses financial information to analyze costs.

2 B) Management uses financial information to plan internal operations.

3 C) Management uses reports created for internal parties.

4 D) All of the above are true.

Which one of the following items is not one of the three primary manager responsibilities?

1 A) Controlling

2 B) Planning

3 C) Directing

4 D) Adjusting

The focus of management accounting is on

The person who is directly responsible for the company's

operations, such as research and development (R&D), productionand distribution is the

1 A) The CFO and Internal Audit Department

2 B) The Internal Audit Department and the independent CPAs

3 C) The CFO and the independent CPAs

4 D) The treasurer and controller

Which of the following tasks do management accountants

perform?

1 A) Help design information systems

2 B) Provide decision support

3 C) Ensure financial records are correct

4 D) All of the above

The COO is responsible for managing which of the following aspect(s) of the company?

1 A) The annual audit

2 B) Internal controls

3 C) Research and development (R&D), production, and distribution

4 D) Financial accounting, managerial accounting, and tax accounting

Which of the following positions is primarily responsible for raisingcapital and investing funds?

1 A) The treasurer

2 B) The COO

3 C) The CFO

4 D) The CEO

A company's budget information is most likely to be used by

which of the following groups?

Employee D

1 A) CEO: COO

2 B) Treasurer; Controller

3 C) Internal Audit Function; Audit Committee

4 D) Cross-Functional Team; Treasurer

5 E) Audit Committee; CEO

The standards in the IMA Statement of Ethical Professional

Practice includes

1 A) Competence, Confidentiality, Integrity, and Credibility.

2 B) Competence, Objectivity, Credibility, and Honesty.

3 C) Competence, Confidence, Integrity, and Credibility.

4 D) Competence, Confidentiality, Integrity, and Objectivity.

A CFO would have all of the following responsibilities except

1 A) investing in new production equipment.

2 B) managing corporate financing.

3 C) preparing all corporate tax returns.

4 D) providing reports to creditors as required.

Which person or group is not an employee of the corporation?

1 A) A member of the audit committee

1 A) The New York Stock Exchange (NYSE)

2 B) The Internal Revenue Service (IRS)

3 C) The stockholders

4 D) The Board of Directors

Which of the following role is directly responsible for all financial functions in an organization?

1 A) Treasurer

2 B) CEO

3 C) CFO

4 D) COO

In 2013, the employee at Lighthouse Services prepared an

annual report for the bank that revealed total revenue in 2012 was

$6,000,000 The manager needs the information to apply for a

loan to purchase new equipment to maintain the operations at theorganization The report was prepared in accordance with GAAP and the report contained information about the 2012 financial performance at the company Which of the following describes the role of the employee at Lighthouse Services?

4 D) internal managerial accounting reports.

Which of the following positions is responsible for the oversight, strategy formulation, and guidance at a large corporation?

1 A) CEO

2 B) Company president

3 C) Stockholders

4 D) Board of Directors

Managerial accountants may be responsible for

1 A) providing decision support.

2 B) communicating results.

3 C) analyzing data.

4 D) All of the above.

Which person is hired directly by the board of directors to managethe daily operations of the company?

1 A) The CFO

2 B) The Treasurer

3 C) The COO

4 D) The CEO

What position is typically responsible for general financial

accounting, managerial accounting, and tax reporting?

1 A) Controller

2 B) Treasurer

3 C) CFO

4 D) Audit committee

What factor has changed the roles of managerial accountants?

1 A) Stricter GAAP standards

2 B) Technology

3 C) Stricter audit standards

4 D) None of the above

Despite the proliferation of technology, managerial accountants are still needed to provide professional judgment in which of the following areas?

1 A) Recording non-routine transactions

2 B) Adjusting the financial records

3 C) Designing information systems

4 D) All of the about activities require professional judgment

Managerial accountants are required to possess which of the following skills?

1 A) Analytical skills

2 B) Oral and written communication skills

3 C) The ability to work on a team

4 D) All of the above

A company's audit committee meets

2 B) call the IMA "Ethics Hotline."

3 C) follow their company's established policies for reporting unethical

behavior.

4 D) discuss the unethical situation with their immediate supervisor.

129 Free Test Bank for Managerial Accounting 4th Edition by Braun Multiple Choice Questions - Page 3

Communicating information fairly and objectively is an example ofwhich ethical standard?

1 A) Provide decision support that is accurate, clear, concise and timely.

2 B) Keep information confidential, except when disclosure is legally required.

3 C) Communicate information fairly and objectively.

4 D) Abstain from engaging in or supporting any activity that might discredit the profession.

The standards of the IMA Statement of Ethical Professional

Practice include which of the following?

1 A) Objectivity

2 B) Fairness

3 C) Honesty

4 D) Integrity

Which type of system integrates ALL of the company's

departments, worldwide functions, and data?

1 A) TQM System

2 B) ERP System

3 C) ISO System

4 D) QuickBooks

Which of the following is an example of the IMA's confidentiality standard?

1 A) Provide decision support that is accurate, clear, concise and timely.

2 B) Keep information confidential, except when disclosure is legally required.

3 C) Communicate information fairly and objectively.

4 D) Abstain from engaging in or supporting any activity that might discredit the profession.

A wave of accounting scandals around the turn of the 21st

century prompted which of the following?

1 A) the bottom line.

2 B) total quality management.

3 C) sustainability.

4 D) just-in-time.

The "triple bottom line" focuses on what three factors that

influence a firm's ability to survive and thrive in the long run?

1 A) People, places, things

2 B) Profit, people, planet

3 C) Profit, people, place

4 D) Planet, profit, place

Which ethical standard is demonstrated when you attend a class

to maintain your professional knowledge?

2 B) Keep information confidential, except when disclosure is legally required.

3 C) Communicate information fairly and objectively.

4 D) Abstain from engaging in or supporting any activity that might discredit the profession.

To ensure a profit in the current year, the manager ships out ordered merchandise the last week of December, instead of in mid-January as the customer instructed This early shipment could be a violation of which ethical standard?

pre-1 A) Confidentiality

2 B) Integrity

3 C) Competence

4 D) All of the above

Which of the following is not one of the IMA's credibility

standards?

1 A) To disclose all relevant information

2 B) To disclose deficiencies in internal control

3 C) To communicate information fairly and objectively

4 D) All of the above are part of IMA's credibility standard.

Accepting a job that you know can be better performed by

someone else with the required skills would violate the ethical conduct standard of

1 A) Institute of Professional Accountants

2 B) Professional Accountants Association

3 C) Association of Management Accountants

4 D) Institute of Management Accountants

Which of the following is not an advantage of an ERP system?

1 A) Streamlining operations

2 B) Allowing faster response to changes

3 C) Eliminating separate software systems across the company

4 D) Lower initial cost than traditional systems

An accountant who does not understand "accrual accounting" fails which ethical standard?

Under SOX, a CPA firm is permitted to perform which of the

following services for an audit client with pre-approval from the client's audit committee?

1 A) Tax

2 B) Financial information design

3 C) Bookkeeping

4 D) Consulting

Karlene is the new managerial accountant at the Bay Beach

House Restaurant Karlene complies with principles and

standards that help accountants deal with ethical challenges that she can encounter in the workplace The principles and standardsensure that management accountants exhibit the highest level of ethical behavior The four ethical standards include competence, confidentiality, integrity, and credibility Which of the following requires management accountants comply with the four ethical standards?

1 A) IMA's Statement on Ethical Professional Practice

2 B) Certified Management Accountant (CMA)

3 C) Sarbanes-Oxley Act of 2002

4 D) Certified Public Accountant (CPA)

5 E) The Federal Reserve Board

What ethical standard would you violate if you take pens home from work for personal use?

1 A) Provide decision support that is accurate, clear, concise and timely.

2 B) Keep information confidential, except when disclosure is legally required.

3 C) Communicate information fairly and objectively.

4 D) Abstain from engaging in or supporting any activity that might discredit the profession.

The Sarbanes-Oxley Act requires the CPA firm to rotate the audit partner off of the audit engagement every year(s)

1 A) The CEO and CFO

2 B) The internal auditors

3 C) The external auditors

All of the following are overarching principles in the IMA

Statement of Ethical Professional Practice except

1 A) responsibility.

2 B) objectivity.

3 C) integrity.

4 D) fairness.

Which of the following is responsible for the ability of foreign

companies to compete with domestic companies in the global marketplace?

1 A) Globalization

2 B) The Sarbanes-Oxley Act of 2002

3 C) Decreased barriers to international trade

4 D) International financial reporting standards

Failure to mitigate an actual conflict of interest would violate which ethical standard of conduct?

What is a business philosophy that focuses on providing

customers with superior products and services?

1 A) Extensive Business Registering Location.

2 B) Extractable Business Reporting Location.

3 C) Extensible Business Reporting Language.

4 D) Existing Business Responsibility Language.

Which of the following would have the least effect on a benefit analysis?

cost-1 A) Steadily rising prices

2 B) Rapidly declining prices

3 C) Constant prices

4 D) None of the above

Which of the following statements about XBRL is false?