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Trang 1110 Free Test Bank for Managerial Accounting 2nd
Edition
by Braun Multiple Choice Questions
Which of the following types of information are used in managerial accounting?
1 A Financial information
2 B Nonfinancial information
3 C Forecasts of future earnings
4 D All of the above
Which of following is TRUE?
1 A Management accounting focuses on historical transactions.
2 B Financial accounting uses the cash basis for recording transactions.
3 C Financial accounting focuses on future data.
4 D Management accounting focuses on relevant data.
Which of the following groups are most likely to use a company’s budget information?
1 A Managers
3 C Creditors
4 D Suppliers
Which of the following statements is FALSE?
1 A Financial accounting provides sufficient information for managers to effectively plan and control operations.
2 B Financial accounting reports help creditors make decisions.
3 C Financial accounting helps investors make decisions.
4 D Financial accounting provides external reports.
Who typically provides oversight for large corporations?
1 A Stockholders
3 C The Board of Directors
4 D The company president
Which of the following is TRUE?
1 A Managerial accounting reports are audited by CPAs.
2 B Managerial accounting reports provide detailed internal information.
3 C Managerial accounting reports aid potential investors.
4 D Managerial accounting reports must follow GAAP.
Trang 2A CFO would have all of the following responsibilities EXCEPT:
1 A preparing all corporate tax returns.
2 B managing corporate financing.
3 C providing reports to creditors as required.
4 D investing in new equipment.
Comparing actual results to budgets is an example of the
management function of:
1 A controlling.
2 B decision-making.
3 C directing.
4 D planning.
Information for internal parties about past performance is
provided by:
1 A budget reports.
2 B financial accounting reports.
3 C managerial accounting reports.
4 D planning reports.
Overseeing the day-to-day operations of a company is an
example of the management function of:
1 A controlling.
2 B decision-making.
3 C directing.
4 D planning.
Which of the following statements is TRUE about managerial
accounting information?
1 A It is prepared annually and quarterly.
2 B It is audited by CPAs.
3 C It emphasizes relevance.
4 D It must be prepared in conformity with generally accepted accounting principles (GAAP).
Owners of a company are its:
1 A creditors.
2 B customers.
4 D shareholders.
Which of the following management responsibilities is being
fulfilled when management decides to move production to another country to lower costs?
Trang 31 A Directing
2 B Planning
3 C Decision-making
4 D All of the above
Which of the following certifications is issued by the IMA?
2 B CMA
Which statement is TRUE?
1 A Management uses reports created for internal parties.
2 B Management uses financial information to plan internal operations.
3 C Management uses financial information to analyze costs.
4 D All of the above are true.
Management accounting focuses on:
1 A external reporting.
2 B internal reporting.
3 C tax preparation.
4 D auditing.
The person MOST likely to use ONLY financial accounting
information would be the:
1 A bank loan officer.
2 B plant manager.
3 C vice president of plant operations.
4 D product manager.
Using product cost information to determine sales prices is an example of:
1 A controlling, planning, and decision-making.
2 B directing, controlling, and planning.
3 C directing, planning, and decision-making.
4 D controlling, directing, and planning.
Which of the following is NOT one of the primary responsibilities
of management?
1 A Controlling
2 B Decision-making
3 C Adhering to GAAP
4 D Directing
Trang 4Which of the following persons or groups would be LEAST likely
to receive detailed managerial accounting reports?
1 A Plant managers
2 B Current shareholders
3 C Sales territory managers
Which one of the following manager responsibilities encompasses the other three?
1 A Decision-making
3 C Planning
4 D Controlling
Information for external parties about past performance is
provided by:
1 A budget reports.
2 B financial accounting reports.
3 C managerial accounting reports.
4 D planning reports.
The vice-president of operations directly reports to which
person(s)?
2 B The COO
4 D The Board of Directors
Which of the following types of accounting is designed to meet the needs of decision-makers inside a company?
1 A Audit accounting
2 B Financial accounting
3 C Managerial accounting
4 D Tax accounting
Decision makers inside a company are its:
1 A creditors.
2 B customers.
3 C managers.
4 D shareholders.
Evaluating results against the plan is an example of the
management function of:
1 A controlling.
Trang 52 B decision-making.
3 C directing.
4 D planning.
Which of the following reports must be audited by an outside agency?
1 A Annual financial statements
2 B Monthly financial statements
3 C Annual financial budgets
4 D All of the above
Preparing budgets is an example of the management function of:
1 A controlling.
2 B decision-making.
3 C directing.
4 D planning.
The primary goal of managerial accounting is to provide
information to:
1 A shareholders.
2 B creditors.
3 C internal decision-makers.
4 D both shareholders and creditors.
Which of the following management responsibilities are being fulfilled when management uses feedback to take corrective action on the budgets?
1 A Directing and planning
2 B Planning and decision-making
3 C Controlling and decision-making
4 D Planning and controlling
Which of the following groups are external users of financial
information?
1 A Customers of the company
2 B Vendors of the company
3 C Potential investors of the company
4 D All of the above
The primary goal of financial accounting is to provide information for:
1 A potential investors.
2 B creditors.
3 C governmental regulators.
Trang 64 D all of the above.
Which of the following are the internal decision-makers of a
company?
1 A Vendors
3 C Managers
4 D Shareholders
Planning involves which of the following activities?
1 A Setting goals and objectives for the company
2 B Overseeing the company’s day-to-day operations
3 C Evaluating the results of operations
4 D None of the above
When management compares the budget to actual results, which
of the following is being fulfilled?
1 A Directing
2 B Controlling
3 C Decision-making
4 D Planning
Reviewing hourly sales reports to determine the level of staffing needed to service customers fulfills which of management’s four primary responsibilities?
1 A Directing, planning, and decision-making
2 B Directing, controlling, and planning
3 C Controlling, planning, and decision-making
4 D Analyzing, directing, and planning
Who typically manages the daily operations of a company?
1 A Stockholders
2 B The controller
3 C The company’s board of directors
4 D The CEO
Budgets are the way that managers can express their:
1 A plans.
2 B decision-making.
3 C control.
4 D hiring practices.
110 Free Test Bank for Managerial Accounting 2nd Edition by Braun Multiple Choice Questions-Page 2
Trang 7The person or position who is directly responsible for the
company’s operations, such as research and development,
production and distribution is the:
3 C COO.
4 D Treasurer.
Which of the following is NOT one of the IMA’s overarching ethical principles?
1 A Honesty
2 B Fairness
3 C Creativity
4 D Responsibility
You “pad” your expenses on a company sponsored conference You are in violation of what ethical standard?
2 B Confidentiality
3 C Credibility
4 D Integrity
Which would be a subgroup of the Board of Directors?
1 A Audit committee
2 B Financial committee
3 C Managerial committee
4 D Stockholders’ committee
Performing duties in accordance with relevant laws, regulations, and technical standards make up which IMA professional ethics standard?
1 A Competence
2 B Confidentiality
3 C Credibility
4 D Integrity
An example of the IMA’s competence standard is to:
1 A abstain from engaging in or supporting any activity that might discredit the profession.
2 B communicate information fairly and objectively.
3 C keep information confidential, except when disclosure is legally required.
4 D provide decision support that is accurate, clear, concise and timely.
Trang 8What has been the determining factor in the way that we now view managerial accountants?
1 A Stricter audit standards
2 B Stricter GAAP standards
3 C Technology
4 D None of the above
An example of the IMA’s credibility standard is to:
1 A abstain from engaging in or supporting any activity that might discredit the profession.
2 B communicate information fairly and objectively.
3 C keep information confidential except when disclosure is legally required.
4 D provide decision support that is accurate, clear, concise and timely. The standards of the IMA Statement of Ethical Professional
Practice include which of the following?
1 A Integrity
2 B Honesty
3 C Fairness
4 D Objectivity
Who requires companies listed on the New York Stock Exchange
to have an internal audit function?
1 A The Board of Directors
2 B The NYSE
3 C The internal revenue service (IRS)
4 D The stockholders
The IMA issues what certification?
1 A CMA
Preparing financial statements in accordance with GAAP is an example of:
1 A competence.
2 B integrity.
3 C objectivity.
4 D credibility.
Which person is hired directly by the board of directors to run the company?
1 A The Treasurer
Trang 92 B The CEO
You tell your sister that the company you work for is going to report higher than expected earnings What ethical standard is being violated?
2 B Confidentiality
3 C Credibility
4 D Integrity
A company’s Board of Directors meets:
1 A annually.
2 B monthly.
3 C periodically, as needs dictate.
4 D quarterly.
To resolve ethical dilemmas, the IMA suggests that management accountants should FIRST:
1 A follow their company’s established policies for Reporting unethical behavior.
2 B discuss the unethical situation with their immediate supervisor.
3 C consult an attorney.
4 D call the IMA “Ethics Hotline”
What is the name of the professional association for managerial accountants?
1 A Association of Management Accountants
2 B Institute of Management Accountants
3 C Institute of Professional Accountants
4 D Professional Accountants Association
Which of the following skills are required of managerial
accountants?
1 A The ability to work on a team
2 B Analytical skills
3 C Oral and written communication skills
4 D All of the above
The person or position who is directly responsible for all financial concerns is the:
2 B CFO.
Trang 104 D Treasurer.
An example of the IMA’s integrity standard is to:
1 A abstain from engaging in or supporting any activity that might discredit the profession.
2 B communicate information fairly and objectively.
3 C keep information confidential except when disclosure is legally required.
4 D provide decision support that is accurate, clear, concise and timely Managerial accountants may be responsible for:
1 A analyzing data.
2 B communicating results.
3 C providing decision support.
4 D all of the above.
Which of the following is NOT one of the IMA’s credibility
standards?
1 A To communicate information fairly and objectively
2 B To disclose all relevant information
3 C To disclose deficiencies in internal control
4 D All of the above are part of IMA’s credibility standard
You do not understand how “accrual accounting” works You have failed which ethical standard?
1 A Competence
2 B Confidentiality
3 C Credibility
4 D Integrity
An example of the IMA’s confidentiality standard is to:
1 A abstain from engaging in or supporting any activity that might discredit the profession.
2 B communicate information fairly and objectively.
3 C keep information confidential except when disclosure is legally required.
4 D provide decision support that is accurate, clear, concise and timely. The standards in the IMA Statement of Ethical Professional
Practice include:
1 A Competence, Confidentiality, Integrity, and Objectivity.
2 B Competence, Confidence, Integrity, and Credibility.
3 C Competence, Objectivity, Credibility, and Honesty.
4 D Competence, Confidentiality, Integrity, and Credibility.
The overarching principles in the IMA Statement of Ethical
Professional Practice include all of the following EXCEPT:
Trang 111 A fairness.
2 B integrity.
3 C objectivity.
4 D responsibility.
Communicating information fairly and objectively represents what ethical standard?
2 B Confidentiality
3 C Credibility
4 D Integrity
Which person or group is NOT an employee of a corporation?
2 B A member of the audit committee
3 C The Treasurer
4 D The VP of manufacturing
You take printer paper home from work for personal use You have violated which ethical standard?
2 B Confidentiality
3 C Credibility
4 D Integrity
The COO is responsible for managing which of the following
aspect(s) of the company?
1 A Internal controls
2 B The annual audit
3 C Financial, managerial, and tax accounting
4 D Research and development, production, and distribution
Which of the following report to the audit committee of the Board
of Directors?
1 A The treasurer and controller
2 B The CFO and internal audit department
3 C The internal audit department and the independent CPA firm
4 D The CFO and the independent CPA firm
A company ships out pre-ordered merchandise the last week of December, instead of in mid-January as originally scheduled, to ensure a profit for the year This action could be seen as a
violation of what ethical standard?
Trang 122 B Confidentiality
3 C Integrity
4 D All of the above
Who is primarily responsible for raising capital and investing funds?
4 D The Treasurer
Managerial accountants often work on teams called:
1 A audit teams.
2 B cross-functional teams.
3 C multi-functional teams.
4 D workgroups.
Managerial accountants perform which of the following tasks?
1 A Ensure financial records are correct
2 B Help design information systems
3 C Provide decision support
4 D All of the above
110 Free Test Bank for Managerial Accounting 2nd Edition by Braun Multiple Choice Questions-Page 3
Managerial accounting is needed by which type of company?
1 A Manufacturers
2 B Retailers
3 C Service
4 D All of the above
XBRL stands for:
1 A eXtensible Business Reporting Language.
2 B eXisting Business Responsibility Language.
3 C eXtensive Business Registering Location.
4 D eXtractable Business Reporting Location.
E-commerce refers to the:
1 A conduct of business on the internet.
2 B exchange of information with customers and suppliers.
3 C production of superior goods and services.
4 D quick delivery of goods and services.