192 test bank for managerial accounting 4th edition by braun

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192 Test Bank for Managerial Accounting 4th Edition by Braun

True - False Questions

The Sarbanes-Oxley Act has significantly impacted the

responsibility for financial reporting by publicly traded

The CFO is the person responsible for the day-to-day operations

1 True

2 False

A company sends an employee to a conference to update the employee's job-related skills It is a violation of the IMA's

Statement of Ethical Professional Practice standards if the

employee decides to skip the afternoon session and decides to

go sightseeing

1 True

2 False

Oral and written communications skills are considered among the skills that are critical to management accountants

SOX do not allow CPA firms to provide certain non-audit

services to companies during the same period of time in which they are providing the services

1 True

2 False

The purpose of managerial accounting is to gather, summarize, and report the cost and revenue data relevant to each decision that is made

1 True

2 False

The IMA's confidential "Ethics Hotline" provides specific

resolutions (answers) to IMA members who face ethical

dilemmas

1 True

2 False

Management accountants spend more time planning, analyzing and interpreting accounting data and less time recording routine mechanical work

Technology has been a driving factor in the changing roles of management accountants

Extensive Business Reporting Language (XBRL) will be required

of both public and private companies

1 True

2 False

The IMA's overarching ethical principles include: Honesty,

Fairness, Objectivity, and Responsibility

1 True

2 False

Managerial accountants are now considered to be similar to internal consultants and business advisors

1 True

2 False

The treasurer and the controller report directly to the CFO

1 True

The internal audit department reports directly to the audit

committee, a subcommittee of the board of directors

1 True

2 False

Company initiatives to address sustainability and corporate responsibility not only "do the right thing," but also can lead to economic profits by increasing demand for the company's

products and services

1 True

Managerial accounting reports are always prepared on a

quarterly and annual basis.

Implementing a program to bill customers electronically,

therefore saving paper, is a green initiative that reduces not only waste, but it also reduces company costs

1 True

2 False

Management accountants rarely interact with employees from other business functions such as marketing and customer service

1 True

2 False

Businesses are now viewing sustainability and social

responsibility as opportunities for innovation and business development

1 True

2 False

Managerial accountants must comply with Generally Accepted Accounting Principles (GAAP) standards when they prepare managerial accounting reports

Managers and other internal users are the primary users of

managerial accounting information

1 True

2 False

The design of a management accounting system should

consider how reports affect employees' behavior

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

example of which of the following management functions?

2 B) directing and controlling.

3 C) controlling, directing, and planning.

4 D) controlling and planning.

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)

The focus of management accounting is on

1 A) tax preparation.

2 B) external reporting.

3 C) internal reporting.

4 D) auditing.

Which of the following is being fulfilled when management compares the budget to actual results?

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 are the internal decision makers of a

1 A) Monthly financial statements

2 B) Annual financial budgets

3 C) Annual financial statements

4 D) All of the above

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.

When management uses feedback to take corrective action on the budgets, which of the following management responsibilities are being fulfilled?

1 A) Controlling

2 B) Adjusting

3 C) Directing

4 D) Planning

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

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.

Managerial accounting would use which of the following types of information?

1 A) Forecasts of future earnings

2 B) Financial information

3 C) Nonfinancial information

4 D) All of the above

is designed to meet the needs of internal decision makers

1 A) Tax accounting

2 B) Managerial accounting

3 C) Financial accounting

4 D) Audit accounting

Which of the following statements is true regarding managerial accounting information?

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).

Which of the following is not one of the primary responsibilities

Creating budgets are part of which primary management

4 D) both shareholders and creditors.

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

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 that the managerial accountant developed in 2012 Which

of the following management accounting responsibilities is the management accountant using in this example?

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

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 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 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.

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

gathers, summarizes, and reports on the financial

impact of changes to business operations

1 A) Managerial accounting

4 D) Bank credit officer

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.

129 Free Test Bank for Managerial Accounting 4th Edition

by Braun Multiple Choice Questions - Page 2

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

1 A) COO

2 B) Board of Directors

3 C) CFO

4 D) CEO

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

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

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 CPAs

3 C) The CFO and the independent CPAs

4 D) The treasurer and controller

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 person who is directly responsible for the company's

operations, such as research and development (R&D),

production and distribution is the

1 A) CFO.

2 B) Treasurer.

3 C) CEO.

4 D) COO.

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

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.

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 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?

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

According to the textbook, a managerial accountant often works

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

The IMA issues which of the following certifications?

1 A) CMA

2 B) CIA

3 C) CFP

4 D) CPA

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

1 A) A member of the audit committee

4 D) internal managerial accounting reports.

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 of the following positions typically manages the daily operations of a company?

1 A) The controller

2 B) The CEO

3 C) The board of directors

4 D) The stockholders

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

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

are a company's decision makers

1 A) Shareholders

2 B) Managers

3 C) Customers

4 D) Creditors

What position is typically responsible for general financial

accounting, managerial accounting, and tax reporting?

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 person is hired directly by the board of directors to

manage the daily operations of the company?

1 A) The CFO

4 D) managerial accounting reports.

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.

129 Free Test Bank for Managerial Accounting 4th Edition

by Braun Multiple Choice Questions - Page 3

All of the following are overarching principles in the IMA

Statement of Ethical Professional Practice except

1 A) responsibility.

2 B) objectivity.

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.

What is the name of the professional association for managerial accountants?

1 A) Institute of Professional Accountants

2 B) Professional Accountants Association

3 C) Association of Management Accountants

4 D) Institute of Management Accountants

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 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 type of system integrates ALL of the company's

departments, worldwide functions, and data?

1 A) Globalization

2 B) The Sarbanes-Oxley Act of 2002

3 C) Decreased barriers to international trade

4 D) International financial reporting standards

Communicating information fairly and objectively is an example

of which ethical standard?

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.

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