ACC 241 Exam 1 questions with answers
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Primary responsibilities of a manager - CORRECT
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ANSWERS ✔✔Planning - setting goals for company and |\ |\ |\ |\ |\ |\ |\ |\
determining how to achieve them |\ |\ |\ |\
Directing - overseeing companies day to day operation
|\ |\ |\ |\ |\ |\ |\
Controlling - evaluating results of the business operation |\ |\ |\ |\ |\ |\ |\ |\
against the plan and making adjustments to keep
|\ |\ |\ |\ |\ |\ |\ |\
company pressing towards goal |\ |\ |\
Evaluating
management accounting - CORRECT ANSWERS |\ |\ |\ |\ |\
✔✔specializes in the study of how managers use |\ |\ |\ |\ |\ |\ |\ |\
accounting and/or financial information in current or |\ |\ |\ |\ |\ |\ |\
future business decisions. Management accountants use
|\ |\ |\ |\ |\ |\
both qualitative and quantitative information in their
|\ |\ |\ |\ |\ |\ |\
work. Unlike other accountants, they primarily report to
|\ |\ |\ |\ |\ |\ |\ |\
the internal management of a company, rather than to an
|\ |\ |\ |\ |\ |\ |\ |\ |\
external body like shareholders or tax collection
|\ |\ |\ |\ |\ |\ |\ |\
agencies.
financial accounting - CORRECT ANSWERS ✔✔produces
|\ |\ |\ |\ |\ |\
annual and quarterly consolidated financial statements
|\ |\ |\ |\ |\ |\
that will be used by investors and creditors to make
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
, investment and lending decisions. Must follow GAAP
|\ |\ |\ |\ |\ |\ |\
(Generally Accepted Accounting Principles)
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Skills of management accountants - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\
✔✔in order to become a certified management
|\ |\ |\ |\ |\ |\ |\
accountant, one must pass a series of tests sponsored by
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
the Institute of Management Accountants. These tests
|\ |\ |\ |\ |\ |\ |\
examine one's knowledge in four subjects: business
|\ |\ |\ |\ |\ |\ |\
analysis, management accounting and reporting,
|\ |\ |\ |\ |\
strategic management, and business applications.
|\ |\ |\ |\
IMA (Institute of Management Accountants - CORRECT
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ANSWERS ✔✔A forum for research, practice development,
|\ |\ |\ |\ |\ |\
education, knowledge sharing, and the advocacy of the
|\ |\ |\ |\ |\ |\ |\ |\ |\
highest ethical and best business practices in
|\ |\ |\ |\ |\ |\ |\
management accounting and finance. |\ |\ |\
Ethical decision-making framework - CORRECT ANSWERS
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✔✔IMA's Statement of Ethical Professional Practice:
|\ |\ |\ |\ |\ |\
Maintain professional competence, preserve
|\ |\ |\ |\
confidentiality of info they handle, uphold integrity & |\ |\ |\ |\ |\ |\ |\ |\
perform duties with integrity.
|\ |\ |\
Purpose and major provisions of the Sarbanes-Oxley -
|\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔Restore trust in publicly traded
|\ |\ |\ |\ |\ |\ |\
corporations, their management, their financial |\ |\ |\ |\ |\
statements, & their auditors. |\ |\ |\
|\ |\ |\ |\ |\ |\
Primary responsibilities of a manager - CORRECT
|\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔Planning - setting goals for company and |\ |\ |\ |\ |\ |\ |\ |\
determining how to achieve them |\ |\ |\ |\
Directing - overseeing companies day to day operation
|\ |\ |\ |\ |\ |\ |\
Controlling - evaluating results of the business operation |\ |\ |\ |\ |\ |\ |\ |\
against the plan and making adjustments to keep
|\ |\ |\ |\ |\ |\ |\ |\
company pressing towards goal |\ |\ |\
Evaluating
management accounting - CORRECT ANSWERS |\ |\ |\ |\ |\
✔✔specializes in the study of how managers use |\ |\ |\ |\ |\ |\ |\ |\
accounting and/or financial information in current or |\ |\ |\ |\ |\ |\ |\
future business decisions. Management accountants use
|\ |\ |\ |\ |\ |\
both qualitative and quantitative information in their
|\ |\ |\ |\ |\ |\ |\
work. Unlike other accountants, they primarily report to
|\ |\ |\ |\ |\ |\ |\ |\
the internal management of a company, rather than to an
|\ |\ |\ |\ |\ |\ |\ |\ |\
external body like shareholders or tax collection
|\ |\ |\ |\ |\ |\ |\ |\
agencies.
financial accounting - CORRECT ANSWERS ✔✔produces
|\ |\ |\ |\ |\ |\
annual and quarterly consolidated financial statements
|\ |\ |\ |\ |\ |\
that will be used by investors and creditors to make
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
, investment and lending decisions. Must follow GAAP
|\ |\ |\ |\ |\ |\ |\
(Generally Accepted Accounting Principles)
|\ |\ |\
Skills of management accountants - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\
✔✔in order to become a certified management
|\ |\ |\ |\ |\ |\ |\
accountant, one must pass a series of tests sponsored by
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
the Institute of Management Accountants. These tests
|\ |\ |\ |\ |\ |\ |\
examine one's knowledge in four subjects: business
|\ |\ |\ |\ |\ |\ |\
analysis, management accounting and reporting,
|\ |\ |\ |\ |\
strategic management, and business applications.
|\ |\ |\ |\
IMA (Institute of Management Accountants - CORRECT
|\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔A forum for research, practice development,
|\ |\ |\ |\ |\ |\
education, knowledge sharing, and the advocacy of the
|\ |\ |\ |\ |\ |\ |\ |\ |\
highest ethical and best business practices in
|\ |\ |\ |\ |\ |\ |\
management accounting and finance. |\ |\ |\
Ethical decision-making framework - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\
✔✔IMA's Statement of Ethical Professional Practice:
|\ |\ |\ |\ |\ |\
Maintain professional competence, preserve
|\ |\ |\ |\
confidentiality of info they handle, uphold integrity & |\ |\ |\ |\ |\ |\ |\ |\
perform duties with integrity.
|\ |\ |\
Purpose and major provisions of the Sarbanes-Oxley -
|\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔Restore trust in publicly traded
|\ |\ |\ |\ |\ |\ |\
corporations, their management, their financial |\ |\ |\ |\ |\
statements, & their auditors. |\ |\ |\
