162 test bank for managerial accounting 2nd edition by braun

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162 Test Bank for Managerial Accounting 2nd Edition by Braun

Multiple Choice Questions-Page 1

A CFO would have all of the following responsibilities EXCEPT:

1 A preparing all corporate tax returns.

2 B managing corporate financing.

3 C providing reports to creditors as required.

4 D investing in new equipment.

Which statement is TRUE?

1 A Management uses reports created for internal parties.

2 B Management uses financial information to plan internal operations.

3 C Management uses financial information to analyze costs.

4 D All of the above are true.

The person MOST likely to use ONLY financial accounting information would

Evaluating results against the plan is an example of the management function of:

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

1 A controlling, planning, and decision-making.

2 B directing, controlling, and planning.

3 C directing, planning, and decision-making.

4 D controlling, directing, and planning.

Which of the following types of accounting is designed to meet the needs of decision-makers inside a company?

4 D All of the above

The vice-president of operations directly reports to which person(s)?

Which of the following statements is FALSE?

1 A Financial accounting provides sufficient information for managers to effectively plan and control operations.

2 B Financial accounting reports help creditors make decisions.

3 C Financial accounting helps investors make decisions.

4 D Financial accounting provides external reports.

Which of the following is TRUE?

1 A Managerial accounting reports are audited by CPAs.

2 B Managerial accounting reports provide detailed internal information.

3 C Managerial accounting reports aid potential investors.

4 D Managerial accounting reports must follow GAAP.

Which of the following groups are most likely to use a company’s budget information?

3 C Forecasts of future earnings

4 D All of the above

Which of the following statements is TRUE about managerial accounting information?

1 A It is prepared annually and quarterly.

1 A Directing, planning, and decision-making

2 B Directing, controlling, and planning

3 C Controlling, planning, and decision-making

4 D Analyzing, directing, and planning

Planning involves which of the following activities?

1 A Setting goals and objectives for the company

2 B Overseeing the company’s day-to-day operations

3 C Evaluating the results of operations

4 D None of the above

Who typically provides oversight for large corporations?

1 A Stockholders

2 B The CEO

3 C The Board of Directors

4 D The company president

Owners of a company are its:

3 C directing.

4 D planning.

Which of the following reports must be audited by an outside agency?

1 A Annual financial statements

2 B Monthly financial statements

3 C Annual financial budgets

4 D All of the above

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

1 A Customers of the company

2 B Vendors of the company

3 C Potential investors of the company

4 D All of the above

Management accounting focuses on:

2 B financial accounting reports.

3 C managerial accounting reports.

Which of the following management responsibilities are being fulfilled when management uses feedback to take corrective action on the budgets?

1 A Directing and planning

2 B Planning and decision-making

3 C Controlling and decision-making

4 D Planning and controlling

Who typically manages the daily operations of a company?

2 B financial accounting reports.

3 C managerial accounting reports.

4 D both shareholders and creditors.

Decision makers inside a company are its:

1 A creditors.

4 D all of the above.

Which of following is TRUE?

1 A Management accounting focuses on historical transactions.

2 B Financial accounting uses the cash basis for recording transactions.

3 C Financial accounting focuses on future data.

4 D Management accounting focuses on relevant data.

110 Free Test Bank for Managerial Accounting 2nd Edition by Braun Multiple Choice Questions-Page 2

Which person or group is NOT an employee of a corporation?

1 A The CFO

2 B A member of the audit committee

3 C The Treasurer

4 D The VP of manufacturing

An example of the IMA’s integrity standard is to:

1 A abstain from engaging in or supporting any activity that might discredit the

profession.

2 B communicate information fairly and objectively.

3 C keep information confidential except when disclosure is legally required.

4 D provide decision support that is accurate, clear, concise and timely

Performing duties in accordance with relevant laws, regulations, and technical standards make up which IMA professional ethics standard?

1 A Competence

2 B Confidentiality

3 C Integrity

4 D All of the above

The person or position who is directly responsible for all financial concerns is the:

You take printer paper home from work for personal use You have violated which ethical standard?

2 B The annual audit

3 C Financial, managerial, and tax accounting

4 D Research and development, production, and distribution

A company’s Board of Directors meets:

1 A annually.

2 B monthly.

3 C periodically, as needs dictate.

4 D quarterly.

The standards in the IMA Statement of Ethical Professional Practice include:

1 A Competence, Confidentiality, Integrity, and Objectivity.

2 B Competence, Confidence, Integrity, and Credibility.

3 C Competence, Objectivity, Credibility, and Honesty.

4 D Competence, Confidentiality, Integrity, and Credibility.

Managerial accountants may be responsible for:

1 A analyzing data.

2 B communicating results.

3 C providing decision support.

4 D all of the above.

Who is primarily responsible for raising capital and investing funds?

2 B The NYSE

3 C The internal revenue service (IRS)

4 D The stockholders

An example of the IMA’s competence standard is to:

1 A abstain from engaging in or supporting any activity that might discredit the profession.

2 B communicate information fairly and objectively.

3 C keep information confidential, except when disclosure is legally required.

4 D provide decision support that is accurate, clear, concise and timely.

Which of the following report to the audit committee of the Board of Directors?

1 A The treasurer and controller

2 B The CFO and internal audit department

3 C The internal audit department and the independent CPA firm

4 D The CFO and the independent CPA firm

The overarching principles in the IMA Statement of Ethical Professional Practice include all of the following EXCEPT:

1 A fairness.

2 B integrity.

3 C objectivity.

4 D responsibility.

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

1 A follow their company’s established policies for Reporting unethical behavior.

2 B discuss the unethical situation with their immediate supervisor.

3 C consult an attorney.

4 D call the IMA “Ethics Hotline”

You “pad” your expenses on a company sponsored conference You are in violation of what ethical standard?

1 A Association of Management Accountants

2 B Institute of Management Accountants

3 C Institute of Professional Accountants

4 D Professional Accountants Association

Which of the following is NOT one of the IMA’s overarching ethical

principles?

1 A Honesty

1 A Stricter audit standards

2 B Stricter GAAP standards

3 C Technology

4 D None of the above

Preparing financial statements in accordance with GAAP is an example of:

1 A competence.

2 B integrity.

3 C objectivity.

4 D credibility.

The person or position who is directly responsible for the company’s

operations, such as research and development, production and distribution is the:

Managerial accountants perform which of the following tasks?

1 A Ensure financial records are correct

2 B Help design information systems

3 C Provide decision support

4 D All of the above

Which of the following is NOT one of the IMA’s credibility standards?

1 A To communicate information fairly and objectively

2 B To disclose all relevant information

3 C To disclose deficiencies in internal control

4 D All of the above are part of IMA’s credibility standard

An example of the IMA’s confidentiality standard is to:

1 A abstain from engaging in or supporting any activity that might discredit the profession.

2 B communicate information fairly and objectively.

3 C keep information confidential except when disclosure is legally required.

4 D provide decision support that is accurate, clear, concise and timely.

An example of the IMA’s credibility standard is to:

1 A abstain from engaging in or supporting any activity that might discredit the profession.

2 B communicate information fairly and objectively.

3 C keep information confidential except when disclosure is legally required.

4 D provide decision support that is accurate, clear, concise and timely.

Which of the following skills are required of managerial accountants?

1 A The ability to work on a team

2 B Analytical skills

3 C Oral and written communication skills

4 D All of the above

Communicating information fairly and objectively represents what ethical standard?

Movements toward sustainability and corporate responsibility often:

1 A include green initiatives.

2 B result in increased demand for the company’s product or service.

3 C include monetary support of local schools and charities.

4 D do all of the above.

The philosophy and a business strategy of manufacturing without waste is referred to as:

1 A certification that a company complies with international quality standards.

2 B software system which integrates all departments.

3 C system where production occurs only when needed.

4 D effective exchange of information between vendors and customers.

Which is NOT a result of Sarbanes-Oxley?

1 A Audit committees must be independent.

2 B The COO assumes financial statement responsibility.

3 C There are new requirements for CPA firms.

4 D There are stiffer consequences for white-collar crimes.

Under Sarbanes-Oxley, companies must have their internal audit procedures assessed:

1 A annually.

2 B monthly.

3 C quarterly.

4 D at any time they choose.

Which of the following describes a system in which suppliers deliver materials at the time they are needed?

Which of the following is NOT used in a cost-benefit analysis?

1 A Future benefits to be received from project

2 B Amounts for future costs of project

3 C Book value of past investment in equipment

4 D Amount needed to invest in project initially

Which reflects a philosophy of providing customers with superior products and services?

1 A new set of accounting standards.

2 B new set of auditing standards.

3 C a tagging system which allows computer programs to extract information from financial reports.

4 D new set of ethical standards.

Companies that wish to demonstrate their commitment to international quality standards may become certified by what organization?

1 A SEC

2 B IFRS

3 C IMA

4 D ISO

Under Sarbanes-Oxley, what is the maximum number of years of

imprisonment for knowingly destroying or creating documents to obstruct any federal investigation?

4 D integrity.

Which of the following statements about XBRL is FALSE?

1 A The US is the first country to mandate use of XBRL.

2 B XBRL will decrease the need for manual financial information searches.

3 C XBRL is only required for publicly-traded companies.

4 D XBRL should decrease the time companies spend converting their financial information into various government-prescribed formats.

Why was the Sarbanes-Oxley Act enacted?

1 A To hire better qualified managerial accountants

2 B To prevent accounting scandals like Enron

3 C To restore trust in publicly traded companies

4 D None of the above

E-commerce refers to the:

1 A conduct of business on the internet.

2 B exchange of information with customers and suppliers.

3 C production of superior goods and services.

4 D quick delivery of goods and services.

Which services are CPA firms allowed to provide to audit clients?

1 A Bookkeeping

2 B Consulting

3 C Information systems design

4 D Tax preparation

The SEC has moved to adopt IFRS for which types of companies?

1 A All U.S companies

2 B Only foreign companies operating in the US

3 C All U.S publicly traded companies

4 D All U.S private companies

What is the purpose of supply chain management?

1 A To improve the quality of products

2 B To reduce costs

3 C To speed delivery of goods and services

4 D All of the above

Refusing gifts or favors that would influence actions is an example of which ethical standard?

1 A eXtensible Business Reporting Language.

2 B eXisting Business Responsibility Language.

3 C eXtensive Business Registering Location.

4 D eXtractable Business Reporting Location.

Managerial accounting is needed by which type of company?

Exchanging information to reduce costs, speed delivery, and improve quality

is the definition of:

IFRS stands for:

1 A International and Foreign Reporting Systems.

2 B International Financial Reporting Standards.

3 C Important Foreign Registering Systems.

4 D International and Foreign Registering Standards.

Throughput time is cut when which of the following methods is used?

1 A IFRS

1 A their internal control system

2 B their financial Reporting procedures

3 C their internal control system and financial Reporting system

4 D none of the above

Not disclosing relevant information would violate the ethical conduct standard of:

1 A competency.

2 B confidentiality.

3 C credibility.

4 D integrity.

1 True

2 False

Oral and written communications skills are considered among the most

valuable skills a management accountant can possess

Controlling means overseeing the company’s day-to-day operations

Managerial accounting information emphasizes relevance, more than

reliability and objectivity

Managerial accounting information tends to report on segments of the

Trends in the modern business environment include a shift to a service

economy and the rise of the global marketplace

The internal audit department reports directly to the subcommittee of the board of directors called the audit committee

1 True

2 False

Managerial accounting gathers, summarizes, and reports the cost and

revenue data relevant to each decision that is made

Management accountants spend more time planning, analyzing and

interpreting accounting data and less time recording routine accounting transactions than they have in the past

The IMA’s overarching ethical principles include: Honesty, Fairness,

Objectivity, and Responsibility

1 True

2 False

Sustainability is generally described as the ability to meet the needs of the present without compromising the ability of future generations to meet their own needs

1 True

2 False

Lean production is both a philosophy and a business strategy of

manufacturing without waste

The American Institute of Certified Public Accountants was the first

professional membership organization in the United States to earn the ISO

9001 certification

1 True

2 False