1
Chapter 1 : Intro to managerial
accounting (HW & reading) Questions
and Answers (100% Correct Answers)
Already Graded A+
financial accounting system Ans: geared toward
producing periodic financial statements that will
be used by investors and creditors to make
© 2025 Assignment
investment and lending decisions, must follow
Guru01 - Stuvia
GAAP
Expert
critical thinking Ans: improves the quality of
thought by skillfully analyzing, assessing, and
reconstructing initial thoughts
six sigma Ans: the goal of producing near
perfection with less than 3.4 defects per one
million opportunities is called
treasurer Ans: person responsible for raising the
firm's capital and investing its funds
3 pillars of sustainability: Ans: environmental,
economic, social
controller Ans: the person responsible for
general financial accounting, managerial
accounting, and tax reporting
, 2
internal audit function Ans: has the role of
ensuring that the company's internal controls
and risk management policies are functioning
properly
Sarbanes-Oxley act of 2002 Ans: congressional
act enacted to restore trust in publicly traded
corporations, their management, their financial
statements, and their auditors. Enforces internal
© 2025 Assignment
controls and suggests that CEO and CFO assume
Guru01 - Stuvia
responsibility
Expert
integrated report Ans: broad holistic report that
describes all material elements of value creation,
not just the financial elements
controlling Ans: management process of
evaluating the results/performance of business
operations against the plan and making
adjustments to keep the company pressing
toward its goals
directing Ans: the management process of
overseeing the company's day-to-day operations.
ERP (entrepreneurial resource planning) Ans:
serves the information needs of people in
accounting as well as people in marketing and in
the warehouse
Chapter 1 : Intro to managerial
accounting (HW & reading) Questions
and Answers (100% Correct Answers)
Already Graded A+
financial accounting system Ans: geared toward
producing periodic financial statements that will
be used by investors and creditors to make
© 2025 Assignment
investment and lending decisions, must follow
Guru01 - Stuvia
GAAP
Expert
critical thinking Ans: improves the quality of
thought by skillfully analyzing, assessing, and
reconstructing initial thoughts
six sigma Ans: the goal of producing near
perfection with less than 3.4 defects per one
million opportunities is called
treasurer Ans: person responsible for raising the
firm's capital and investing its funds
3 pillars of sustainability: Ans: environmental,
economic, social
controller Ans: the person responsible for
general financial accounting, managerial
accounting, and tax reporting
, 2
internal audit function Ans: has the role of
ensuring that the company's internal controls
and risk management policies are functioning
properly
Sarbanes-Oxley act of 2002 Ans: congressional
act enacted to restore trust in publicly traded
corporations, their management, their financial
statements, and their auditors. Enforces internal
© 2025 Assignment
controls and suggests that CEO and CFO assume
Guru01 - Stuvia
responsibility
Expert
integrated report Ans: broad holistic report that
describes all material elements of value creation,
not just the financial elements
controlling Ans: management process of
evaluating the results/performance of business
operations against the plan and making
adjustments to keep the company pressing
toward its goals
directing Ans: the management process of
overseeing the company's day-to-day operations.
ERP (entrepreneurial resource planning) Ans:
serves the information needs of people in
accounting as well as people in marketing and in
the warehouse
