ACG 2071 UCF Exam 1 B.D. Questions with
correct answers
Managers Three Responsibilities - CORRECT ANSWER✔✔--planning:
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setting goals and objectives for the company and determining how to
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achieve them. Ex. Management decides to increase sale growth 10%
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-directing: overseeing the company's day-to-day operations. Uses
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product cost reports, product sales info, and other managerial
| | | | | | | | |
accounting reports to run daily business operations. Ex. Management
| | | | | | | | |
uses info on product costs to determine sales prices. Ex. to lower
| | | | | | | | | | | |
product costs, management moves production to mexico (also control).
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Ex. management reviews hourly sales reports to determine the level of
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staffing needed to service customers.
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-controlling: evaluating the results of business operations against the
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plan and making adjustments to keep the company pressing toward its
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goals. Ex. Management conducts variance analysis by comparing budget
| | | | | | | |
to actual. Ex. to lower product costs, management moves production to
| | | | | | | | | | |
Mexico.
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financial accounting - CORRECT ANSWER✔✔--aimed toward producing
| | | | | | |
annual and quarterly consolidated financial statements that will be used
| | | | | | | | |
|by investors and creditors to make decisions.
| | | | | |
,focuses on providing stockholders and creditors with the information
| | | | | | | | |
they need to make investment and lending decisions. Balance sheet,
| | | | | | | | | |
income statement, equity, cashflows.
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-external : creditors stockholders, govt regulations
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-GAAP must be included in report
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-info based on historical transactions
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-reports annually and quarterly | | |
-data must be reliable and objective
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managerial accounting - CORRECT ANSWER✔✔--to plan, direct, control
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providing internal management with the information it needs to run the
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company efficiently and effectively. Info takes many forms depending
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on the management's needs.
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-internal; managers |
-management determines what it wants to report and it it wants it | | | | | | | | | | | |
formatted.
-some past, but focuses on future
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-data must be relevant
| | |
Role of managerial accountants in a company and how it has changed -
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CORRECT ANSWER✔✔--organizational structure: stockholders elect
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board of directors to oversee company, and they hire COO (operations
| | | | | | | | | | |
such as research and development) and CFO (all company's financial
| | | | | | | | | |
concerns) |
, -used to work in accounting departments and reported directly to the
| | | | | | | | | | |
controller, now half are throughout the company and work on cross fcn
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teams. |
-computers have changed, used to do accounting routine tasks, now
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management views them as internal consultants or business advisors.
| | | | | | | | |
now spend more time planning, analyzing, and interpreting accounting
| | | | | | | | |
data and provide decision report.
| | | |
CFO - CORRECT ANSWER✔✔-coo: chief operating officer companys
| | | | | | | |
operations such as research and development, production and
| | | | | | | |
distribution
-CFO: all company's financial concerns
| | | |
-treasurer:raising capitial through issuing stocks and bonds and | | | | | | | |
investing fonds |
-controller: general financial accounting, managerial accounting, and tax
| | | | | | |
reporting.
|
-internal audit fcn: ensure that the company's internal controls and risk
| | | | | | | | | | |
management policies are fcn properly | | | |
-audit committee: internal audit fcn as well as the annual audit of the
| | | | | | | | | | | | |
financial statements by independent CPAs.
| | | |
Sarbanes-Oxley Act - CORRECT ANSWER✔✔--DEFINITION of 'Sarbanes- | | | | | |
Oxley Act Of 2002 - SOX'
| | | | |
An act passed by U.S. Congress in 2002 to protect investors from the
| | | | | | | | | | | | |
possibility of fraudulent accounting activities by corporations. The
| | | | | | | |
correct answers
Managers Three Responsibilities - CORRECT ANSWER✔✔--planning:
| | | | | |
setting goals and objectives for the company and determining how to
| | | | | | | | | | |
achieve them. Ex. Management decides to increase sale growth 10%
| | | | | | | | |
-directing: overseeing the company's day-to-day operations. Uses
| | | | | | |
product cost reports, product sales info, and other managerial
| | | | | | | | |
accounting reports to run daily business operations. Ex. Management
| | | | | | | | |
uses info on product costs to determine sales prices. Ex. to lower
| | | | | | | | | | | |
product costs, management moves production to mexico (also control).
| | | | | | | | |
Ex. management reviews hourly sales reports to determine the level of
| | | | | | | | | | |
staffing needed to service customers.
| | | |
-controlling: evaluating the results of business operations against the
| | | | | | | | |
plan and making adjustments to keep the company pressing toward its
| | | | | | | | | | |
goals. Ex. Management conducts variance analysis by comparing budget
| | | | | | | |
to actual. Ex. to lower product costs, management moves production to
| | | | | | | | | | |
Mexico.
|
financial accounting - CORRECT ANSWER✔✔--aimed toward producing
| | | | | | |
annual and quarterly consolidated financial statements that will be used
| | | | | | | | |
|by investors and creditors to make decisions.
| | | | | |
,focuses on providing stockholders and creditors with the information
| | | | | | | | |
they need to make investment and lending decisions. Balance sheet,
| | | | | | | | | |
income statement, equity, cashflows.
| | | |
-external : creditors stockholders, govt regulations
| | | | |
-GAAP must be included in report
| | | | |
-info based on historical transactions
| | | |
-reports annually and quarterly | | |
-data must be reliable and objective
| | | | |
managerial accounting - CORRECT ANSWER✔✔--to plan, direct, control
| | | | | | |
providing internal management with the information it needs to run the
| | | | | | | | | |
company efficiently and effectively. Info takes many forms depending
| | | | | | | | | |
on the management's needs.
| | | |
-internal; managers |
-management determines what it wants to report and it it wants it | | | | | | | | | | | |
formatted.
-some past, but focuses on future
| | | | |
-data must be relevant
| | |
Role of managerial accountants in a company and how it has changed -
| | | | | | | | | | | | |
CORRECT ANSWER✔✔--organizational structure: stockholders elect
| | | | |
board of directors to oversee company, and they hire COO (operations
| | | | | | | | | | |
such as research and development) and CFO (all company's financial
| | | | | | | | | |
concerns) |
, -used to work in accounting departments and reported directly to the
| | | | | | | | | | |
controller, now half are throughout the company and work on cross fcn
| | | | | | | | | | | |
teams. |
-computers have changed, used to do accounting routine tasks, now
| | | | | | | | | |
management views them as internal consultants or business advisors.
| | | | | | | | |
now spend more time planning, analyzing, and interpreting accounting
| | | | | | | | |
data and provide decision report.
| | | |
CFO - CORRECT ANSWER✔✔-coo: chief operating officer companys
| | | | | | | |
operations such as research and development, production and
| | | | | | | |
distribution
-CFO: all company's financial concerns
| | | |
-treasurer:raising capitial through issuing stocks and bonds and | | | | | | | |
investing fonds |
-controller: general financial accounting, managerial accounting, and tax
| | | | | | |
reporting.
|
-internal audit fcn: ensure that the company's internal controls and risk
| | | | | | | | | | |
management policies are fcn properly | | | |
-audit committee: internal audit fcn as well as the annual audit of the
| | | | | | | | | | | | |
financial statements by independent CPAs.
| | | |
Sarbanes-Oxley Act - CORRECT ANSWER✔✔--DEFINITION of 'Sarbanes- | | | | | |
Oxley Act Of 2002 - SOX'
| | | | |
An act passed by U.S. Congress in 2002 to protect investors from the
| | | | | | | | | | | | |
possibility of fraudulent accounting activities by corporations. The
| | | | | | | |
