ACC 561 Final Exam

ACC 561 Final Exam(Questions) 1) Department performance reports can be used to help department heads determine _____. A. who is primarily responsible for any deviations from plans B. how effectively and efficiently the department is operating C. how effectively the department is operating D. how efficiently the department is operating 2) Performance reports _____. A. ignore areas that are presumed to be running smoothly B. are deviations from a plan C. are quantitative expressions of action plans D. provide feedback by comparing results with plans and by highlighting deviations from plans 3) According to the Financial Executives Institute, one function of controllership is _____. A. reporting and interpreting financial information B. provision of capital C. investments D. short term financing 4) Which of the following is not a major factor causing changes in management accounting today? A. Increasing importance of the service sector of the economy is not a major factor. B. E-commerce is not a major factor. C. Declining work ethic is not a major factor. D. Increased global competition is not a major factor. 5) Ethical accountants are important to society because _____. A. none of these answers is correct B. they will not go to prison and waste taxpayers' money C. they pay their taxes D. the information produced is reliable 6) According to the Institute of Management Accountants' Statement of Ethical Professional Practice, the standard of competence includes: A. All of these answers are correct B. disclosing all relevant information C. the ongoing development of the accountant's knowledge and skills D. avoiding actual or apparent conflicts of interest 7) Which scorecard function is associated with making non-routine decisions? A. None of these answers is correct B. Problem solving is associated with making non-routine decisions. C. Scorekeeping is associated with making non-routine decisions. D. Attention directing is associated with making non-routine decisions.