Exam 1: Introduction to Managerial Accounting

Just because a behavior is legal does not always mean it is ethical.

Which of the following is an example of the IMA's confidentiality standard?

The "triple bottom line" focuses on these three factors that influence a firm's ability to survive and thrive in the long run:

Which type of company utilizes managerial accounting?

Which of the following is being fulfilled when management compares the budget to actual results?

Management accountants rarely interact with employees from other business functions such as marketing and customer service.

XBRL stands for

The only skill required of managerial accountants is that they have a solid knowledge of both financial and managerial accounting.

Which of the following certifications is issued by the IMA?

When management analyzes whether to move production to another country or to keep the production located where it currently is, which of the following management responsibilities is being performed?

Comparing actual results to budgets is an example of which of the following management functions?

Companies that wish to demonstrate their commitment to international quality standards may become certified by what organization?

Planning, directing, and controlling are a manager's three primary responsibilities.

________ are owners of a company.

Managerial accounting would use which of the following types of information?

The Sarbanes-Oxley Act was designed to hold corporations accountable for internal control and financial reporting functions.

Discuss at least four differences between financial accounting and managerial accounting.

The internal audit department reports directly to the audit committee, a subcommittee of the board of directors.

According to SOX, at least one member of the audit committee should be a financial expert.

Company initiatives to address sustainability and corporate responsibility not only "do the right thing," but also can lead to economic profits by increasing demand for the company's products and services.