188 test bank for managerial accounting braun 3rd edition

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188 Test Bank for Managerial Accounting Braun 3rd Edition

True False Questions Free Text Questions

-Mutiple Choice Questions - Page 1

What position is typically responsible for financial accounting,

managerial accounting, and tax reporting?

4 D) All of the above

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.

What is one constraint placed on the information provided by a

managerial accounting system?

1 A) Generally Accepted Accounting Principles (GAAP)

2 B) SEC Regulations

3 C) Cost - Benefit

4 D) International Financial Reporting Standards (IFRS)

Which of the following statements is false?

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.

The focus of management accounting is on

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.

What factor has changed the way that we now view 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 positions is primarily responsible for

raising capital and investing funds?

Which of the following statements is true?

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.

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 computer information systems

4 D) All of the about activities require professional judgment

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 reports is most likely to be 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

are a company's decision makers

1 A) Shareholders

2 B) Managers

3 C) Customers

4 D) Creditors

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

which of the following groups?

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) 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 people is most likely to only use

financial accounting information?

1 A) Vice president of plant operations

2 B) Product manager

3 C) Plant manager

4 D) Bank loan officer

are owners of a company

1 A) Customers

2 B) Shareholders

3 C) Creditors

4 D) Managers

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.

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

1 A) A member of the audit committee

2 B) The treasurer

3 C) The VP of manufacturing

4 D) The CFO

Oversight and strategy formulation and guidance for a large

corporation are typically provided by which of the

following positions?

1 A) The CEO

2 B) The company president

3 C) The stockholders

4 D) The Board of Directors

Which of the following persons or groups would be least likely

to receive detailed managerial accounting reports?

The primary goal of financial accounting is to provide

information for

1 A) governmental regulators.

2 B) creditors.

3 C) potential investors.

4 D) all of the above.

Which of the following statements is true regarding managerial

accounting information?

1 A) It is audited by CPAs.

2 B) It emphasizes relevance.

3 C) It is prepared annually and quarterly.

4 D) It must be prepared in conformity with generally accepted accounting principles (GAAP).

To whom would the vice-president of operations typically

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.

External parties receive information about past performance

4 D) managerial accounting reports.

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, production, and distribution

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

The is a subgroup of the Board of Directors

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 positions report to the audit committee

of the Board of Directors?

1 A) The CFO and internal audit department

2 B) The internal audit department and the independent CPA firm

3 C) The CFO and the independent CPA firm

4 D) The treasurer and controller

137 Free Test Bank for Managerial Accounting 3rd Edition

by Braun Mutiple Choice Questions - Page 2

Which person is hired directly by the board of directors to

manage the daily operations of the company?

1 A) The CFO

2 B) The Treasurer

3 C) The COO

4 D) The CEO

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) 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.

Performing duties in accordance with relevant laws,

regulations, and technical standards comprise the IMA professional ethics standard of

What ethical standard is being violated when you tell a friend

that the company you work for is going to report lower than expected earnings next week?

1 A) Credibility

2 B) Integrity

3 C) Confidentiality

4 D) Competence

The person who is directly responsible for the company's

operations, such as research and development,

production and distribution is the

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.

An accountant who does not understand "accrual accounting"

fails which ethical standard?

1 A) Credibility

2 B) Competence

3 C) Integrity

4 D) Confidentiality

Companies listed on the New York Stock Exchange (NYSE) are

required to have an internal audit function by

1 A) The NYSE.

2 B) The Internal Revenue Service (IRS).

3 C) The stockholders.

4 D) The Board of Directors.

Inflating your expenses for a company-sponsored conference is

a violation of what ethical standard?

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.

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 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 of the following is an example of the IMA's competence

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 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.

Refusing gifts or favors that could be perceived to influence

your actions is an example of which ethical standard?

1 A) Institute of Professional Accountants

2 B) Professional Accountants Association

3 C) Association of Management Accountants

4 D) Institute of Management Accountants

Communicating information fairly and objectively is an example

of which ethical standard?

All of the following are overarching principles in the IMA

Statement of Ethical Professional Practice except

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.

According to the textbook, managerial accountants often work

on

1 A) cross-functional teams.

To ensure a profit in the current year a company ships out

pre-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?

1 A) Confidentiality

2 B) Integrity

3 C) Competence

4 D) All of the above

What ethical standard would you violate if you take pens home

from work for personal use?

A company's Board of Directors meets

1 A) quarterly.

2 B) periodically, as needs dictate.

3 C) monthly.

4 D) annually.

Which ethical standard is demonstrated when you attend a

class to maintain your professional knowledge?

1 A) Credibility

2 B) Integrity

3 C) Competence

4 D) Confidentiality

137 Free Test Bank for Managerial Accounting 3rd Edition

by Braun Mutiple Choice Questions - Page 3

IFRS stands for

1 A) Important Foreign Registering Systems.

2 B) International and Foreign Registering Standards.

3 C) International and Foreign Reporting Systems.

4 D) International Financial Reporting Standards.

Failure to mitigate a conflict of interest would violate which

ethical standard of conduct?

2 B) Allowing faster response to changes

3 C) Eliminating separate software systems across the company

4 D) Lower initial cost than traditional systems

Which of the following statements about XBRL is false?

1 A) XBRL is only required for publicly traded companies.

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

3 C) The US is the first country to mandate use of XBRL.

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

What is a system that requires suppliers to deliver materials at

the exact time the materials are needed?

1 A) eXtensive Business Registering Location.

2 B) eXtractable Business Reporting Location.

3 C) eXtensible Business Reporting Language.

4 D) eXisting Business Responsibility Language.

The Sarbanes-Oxley Act was enacted

1 A) to prevent accounting scandals like Enron.

2 B) to restore trust in publicly traded companies.

3 C) to hire better qualified managerial accountants.

4 D) none of the above

According to SOX, a company's financial statements must be

certified by the company's

Movements toward sustainability and corporate responsibility

often

1 A) result in increased demand for the company's product or service.

2 B) include monetary support of local schools and charities.

3 C) include green initiatives.

4 D) All of the above are correct.

Companies that wish to demonstrate their commitment to

international quality standards may become certified by what organization?

1 A) All U.S companies

2 B) All U.S publicly traded companies

3 C) All U.S private companies

4 D) Only foreign companies operating in the U.S.

Which type of system integrates ALL of the company's

departments, functions, and data?

1 A) TQM System

2 B) ERP System

3 C) ISO System

4 D) QuickBooks

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

Companies may adopt which of the following in an attempt to

increase their competitive edge?

1 A) effective exchange of information between vendors and customers.

2 B) system where production occurs only when needed.

3 C) software system which integrates all departments.

4 D) certification that a company complies with international quality standards.

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.

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

century prompted which of the following?

1 A) XBRL

2 B) IFRS

3 C) SOX

4 D) ISO

What is a business philosophy that focuses on providing

customers with superior products and services?

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

Which of the following was not a result of the Sarbanes-Oxley

Act?

1 A) The COO assumes financial statement responsibility.

2 B) There are new requirements for CPA firms.

3 C) There are stiffer consequences for white-collar crimes.

4 D) Audit committees must be independent.

The "triple bottom line" focuses on these 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

is the business philosophy and a strategy of

manufacturing without waste.

1 A) ISO 9001

2 B) Lean thinking

3 C) TQM

4 D) Thin manufacturing

The Sarbanes-Oxley Act requires companies to have their

internal audit procedures assessed at least

1 A) monthly.

2 B) quarterly.

3 C) annually.

4 D) at any time they choose.

The Sarbanes-Oxley Act requires the CPA firm to rotate the

audit partner off of the audit engagement every year(s)

1 A) three

2 B) four

3 C) five

4 D) one

Increased competition with foreign companies and the rise of

the global marketplace is mainly due to which of the

following?

1 A) Globalization