129 test bank for managerial accounting 4th edition by braun

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129 Test Bank for Managerial Accounting 4th Edition by Braun

Multiple Choice Questions

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 the sales staff, and compared the sales results to the actual budget thatthe managerial accountant developed in 2012 Which of the

following management accounting responsibilities is the

management accountant using in this example?

Which of the following are the internal decision makers of a

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?

1 A) Adjusting

2 B) Controlling

3 C) Planning

4 D) Directing

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

4 D) both shareholders and creditors.

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

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 reviews product sales reports to set goals and objectives and then evaluates the results of sales operations

against the plan and performance results, which of management's three primary responsibilities is fulfilled?

1 A) Controlling and planning

2 B) Directing and planning

3 C) Directing, controlling, and planning

4 D) Analyzing, directing, and planning

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

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.Budgets are a way for managers to communicate their

4 D) International Financial Reporting Standards (IFRS)

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

Which of the following statements is true about managerial

accounting?

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.

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

of which of the following management functions?

4 D) all of the above.

gathers, summarizes, and reports on the financial impact

of changes to business operations

4 D) Sales territory managers

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

Preparing budgets is an example of which of the following

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.

Using product cost information to determine sales prices is an example of

1 A) directing.

2 B) directing and controlling.

3 C) controlling, directing, and planning.

4 D) controlling and planning.

Which of the following is being fulfilled when management

compares the budget to actual results?

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).

Comparing actual results to budgets is an example of which of the following management functions?

1 A) Controlling

2 B) Adjusting

3 C) Directing

4 D) Planning

129 Free Test Bank for Managerial Accounting 4th

Edition by Braun Multiple Choice Questions - Page 2

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.

The individuals at Page Manufacturing perform the following duties: Employee C Roles and Responsibilities Employee D Roles and Responsibilities; Manages organization on a daily basis

Responsible for the operations at the company Hires other

executives to run the organization Identify Employee C and

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

Which of the following roles in an organization is responsible for theoversight of the vice president of operations?

2 B) The COO

3 C) The CFO

4 D) The CEO

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

Which of the following roles require publicly-traded companies to have an internal audit function?

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

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

of the following groups?

1 A) Suppliers

2 B) Creditors

3 C) Customers

4 D) Managers

The person who is directly responsible for the company's

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

to purchase new equipment to maintain the operations at the

organization 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?

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

1 A) A member of the audit committee

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

To resolve ethical dilemmas, the IMA suggests that management accountants should first

1 A) consult an attorney.

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.

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

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 IMA issues which of the following certifications?

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

The standards in the IMA Statement of Ethical Professional Practiceincludes

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.

An external party receives information about past performance from

1 A) planning reports.

2 B) budget reports.

3 C) financial statements.

4 D) internal managerial accounting reports.

A company's audit committee meets

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

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 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

According to the textbook, a managerial accountant often works on

What position is typically responsible for general financial

accounting, managerial accounting, and tax reporting?

4 D) managerial accounting reports.

are a company's decision makers

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Not disclosing sensitive information is an example of which ethical standard?

1 A) Credibility

2 B) Integrity

3 C) Competence

4 D) Confidentiality

Performing duties in accordance with relevant laws, regulations, and technical standards comprise the IMA professional ethics

Which type of system integrates ALL of the company's

departments, worldwide functions, and data?

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 an example of the IMA's integrity

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 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

Preparing financial statements in accordance with GAAP is an

1 A) Provide decision support information and recommendations 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.

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

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.

Which ethical standard is demonstrated when you attend a class to maintain your professional knowledge?

A wave of accounting scandals around the turn of the 21st century prompted which of the following?

2 B) Allowing faster response to changes

3 C) Eliminating separate software systems across the company

4 D) Lower initial cost than traditional systems

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

Refusing gifts or favors that could be perceived to influence your actions is an example of which ethical standard?

encounter in the workplace The principles and standards ensure 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

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.

pre-1 A) Confidentiality

2 B) Integrity

3 C) Competence

4 D) All of the above

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

According to the Sarbanes-Oxley Act, who is responsible for

establishing and maintaining internal controls over financial

reporting?

1 A) The CEO and CFO

2 B) The internal auditors

3 C) The external auditors

4 D) The SEC

Communicating information fairly and objectively is an example of which 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.

In recent years, there has been an increasing awareness and

growing interest in and social responsibility by both

consumers and corporations

1 A) the bottom line.

2 B) total quality management.

3 C) sustainability.

4 D) just-in-time.

Which of the following is an example of the IMA's credibility

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.

Which of the following certifications is issued by the IMA?

1 A) CISA

2 B) CFP

3 C) CMA

4 D) CPA

129 Free Test Bank for Managerial Accounting 4th

Edition by Braun Multiple Choice Questions - Page 4

XBRL stands for

1 A) Extensive Business Registering Location.

2 B) Extractable Business Reporting Location.

3 C) Extensible Business Reporting Language.

4 D) Existing Business Responsibility Language.

Companies may adopt which of the following in an attempt to

increase their competitive edge?

1 A) TQM

2 B) Green initiatives

3 C) Lean thinking

4 D) All of the above

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

1 A) Steadily rising prices

2 B) Rapidly declining prices

3 C) Constant prices

4 D) None of the above

A requirement of SOX is that publicly traded companies must have which of the following assessed annually?

1 A) Financial reporting system

2 B) Internal control system

3 C) Internal control system and financial reporting system

4 D) There is no annual assessment required under SOX.

In what year will XBRL be required for all publicly traded

companies?

1 A) 2017

2 B) 2015