Exam 1: Introduction to Managerial Accounting

The Sarbanes-Oxley Act has significantly impacted the responsibility for financial reporting by publicly traded corporations.

Despite the proliferation of technology, managerial accountants are still needed to provide professional judgment in which of the following areas?

A wave of accounting scandals around the turn of the 21st century prompted which of the following?

Which of the following would have the least effect on a cost-benefit analysis?

The primary goal of financial accounting is to provide information for

Which one of the following reports is most likely to be required to be audited by an outside entity?

Which type of system integrates ALL of the company's departments, functions, and data?

Internal parties receive information about past performance from

Technology has been a driving factor in the changing roles of management accountants.

Johnson Scooter Company is considering whether or not to expand into a new area of the US. They produce high-performance gas scooters with moderate gas mileage, but have developed a new battery technology that combines a small amount of electrical energy with the existing gas power. This new technology will significantly increase the fuel economy of their bikes. They will need to spend $5,075,000 to retrofit a building to incorporate the new fuel-saving technology. New worker training will cost $1,984,000. Other expenses involved in getting the new plant up and running amount to $332,000. The CEO anticipates that, with gas price increases, the profit potential of this expansion is $7,588,000. Do the benefits outweigh the costs or do the costs outweigh the benefits, and by how much?

An accountant who does not understand "accrual accounting" fails which ethical standard?

Which of the following is not one of the primary responsibilities of management?

The concept of the lean thinking philosophy is generally credited to General Motors.

Evaluating results against the plan is an example of which of the following management functions?

Internal users such as managers are the primary users of managerial accounting information.

Which of the following positions is primarily responsible for raising capital and investing funds?

A requirement of SOX is that publicly traded companies must have which of the following assessed annually?

The philosophy that centers on production as needed is known as

Overseeing the day-to-day operations of a company is an example of which of the following management functions?

Under SOX, a CPA firm is permitted to perform which of the following services for an audit client with pre-approval from the client's audit committee?