ACG 2071 FSU EXAM 1 EXAMPREP STUDY
GUIDE 2026 COMPLETE QUESTIONS AND
ANSWERS GUARANTEED PASS GRADED A+
●● Internal Users Accounting Info.
Answer: No rules, flexible, looks at the future, segmented information.
(Employees, managers)
●● Role of Managerial Accountant.
Answer: Analyze and interpret accounting information and assists
management in the decision making process
●● Planning Activities.
Answer: Develops company objectives and goals. Often use budgets and
proforma statements.
●● Short-Term Planning.
Answer: Goals set for less that one year
●● Long-Term Planning.
Answer: Goals set for more than one year
, ●● Directing Activities.
Answer: Decisions made by managers related to running the day to day
operations of a business. Ex. work schedules, pricing decisions,
purcasing decisions and small decisions affecting customers.
●● Controlling Activities.
Answer: Makes sure goals are met. Monitors and evaluates
organizational performance. Ex. Performance reports which compares
budgeted to actual information.
●● Professional Ethics.
Answer: Competence, Confidentiality, Integrity and Credibility
●● Sarbanes-Oxley Act.
Answer: Enacted to restore trust in publicly traded corporations after
accounting scandals such as Enron. Provides better oversight,
management accountability, and auditor independence regarding
publicly traded companies.
●● Economy Shift.
Answer: Moving away from manufacturing to more service business
●● Globalization.
Answer: Creates more competition and opportunity
GUIDE 2026 COMPLETE QUESTIONS AND
ANSWERS GUARANTEED PASS GRADED A+
●● Internal Users Accounting Info.
Answer: No rules, flexible, looks at the future, segmented information.
(Employees, managers)
●● Role of Managerial Accountant.
Answer: Analyze and interpret accounting information and assists
management in the decision making process
●● Planning Activities.
Answer: Develops company objectives and goals. Often use budgets and
proforma statements.
●● Short-Term Planning.
Answer: Goals set for less that one year
●● Long-Term Planning.
Answer: Goals set for more than one year
, ●● Directing Activities.
Answer: Decisions made by managers related to running the day to day
operations of a business. Ex. work schedules, pricing decisions,
purcasing decisions and small decisions affecting customers.
●● Controlling Activities.
Answer: Makes sure goals are met. Monitors and evaluates
organizational performance. Ex. Performance reports which compares
budgeted to actual information.
●● Professional Ethics.
Answer: Competence, Confidentiality, Integrity and Credibility
●● Sarbanes-Oxley Act.
Answer: Enacted to restore trust in publicly traded corporations after
accounting scandals such as Enron. Provides better oversight,
management accountability, and auditor independence regarding
publicly traded companies.
●● Economy Shift.
Answer: Moving away from manufacturing to more service business
●● Globalization.
Answer: Creates more competition and opportunity
