ACC 241 Exam 1 ASU Dallmus questions with
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answers
The four primary responsibilities of a manager - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔Planning
|\ |\ |\
Directing |\
Controlling |\
Decision Making |\
planning - CORRECT ANSWERS ✔✔setting goals and
|\ |\ |\ |\ |\ |\ |\
objectives for the company and determining how to
|\ |\ |\ |\ |\ |\ |\ |\
achieve them |\
Directing - CORRECT ANSWERS ✔✔overseeing the
|\ |\ |\ |\ |\ |\
companies day to day operations |\ |\ |\ |\
Controlling - CORRECT ANSWERS ✔✔evaluating results of
|\ |\ |\ |\ |\ |\ |\
the business operation against the plan and making
|\ |\ |\ |\ |\ |\ |\ |\
adjustments to keep company pressing towards goal |\ |\ |\ |\ |\ |\
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. |\ |\ |\
|\ |\ |\ |\ |\ |\ |\ |\
answers
The four primary responsibilities of a manager - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔Planning
|\ |\ |\
Directing |\
Controlling |\
Decision Making |\
planning - CORRECT ANSWERS ✔✔setting goals and
|\ |\ |\ |\ |\ |\ |\
objectives for the company and determining how to
|\ |\ |\ |\ |\ |\ |\ |\
achieve them |\
Directing - CORRECT ANSWERS ✔✔overseeing the
|\ |\ |\ |\ |\ |\
companies day to day operations |\ |\ |\ |\
Controlling - CORRECT ANSWERS ✔✔evaluating results of
|\ |\ |\ |\ |\ |\ |\
the business operation against the plan and making
|\ |\ |\ |\ |\ |\ |\ |\
adjustments to keep company pressing towards goal |\ |\ |\ |\ |\ |\
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. |\ |\ |\
