Exam 1: Introduction to Managerial Accounting

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

Managerial accountants must comply with Generally Accepted Accounting Principles (GAAP)standards when they prepare managerial accounting reports.

Lean production cuts the throughput time of a manufacturing concern.

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

The managerial accountant reviews the report from the internal audit function that ensures the company's internal controls and risk management policies are functioning properly.According to the report,there were discrepancies in the internal controls that are not in conformance with the organizational policy and applicable law.The managerial accountant suspects that the CEO is embezzling $30,000 per quarter.What should the managerial accountant do about this discrepancy? If the accountant fails to act on this issue,what standard according to the IMA Statement of Ethical Professional Practice does the accountant violate?

The SEC is considering the move to adopt IFRS for which types of companies?

Which type of company utilizes managerial accounting?

What would a company need to conduct when considering whether to install an ERP system or not?

Managerial accountants are required to possess which of the following skills?

What is the name of the professional association for managerial accountants?

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?

Management accountants spend more time planning,analyzing and interpreting accounting data and less time recording routine mechanical work.

Not disclosing sensitive information is an example of which ethical standard?

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

Which of following statements is true?

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

Sally oversees the accounting operations at Hopewell Distributors.Recently,Sally suspects an accounting manager commits fraud because the accounting manager in the operations division submitted a report that had incorrect account receivable totals.Sally checks the actual receivable totals against the forecasted totals and her assessment is correct.The manager then reports lower total receivables and compares those totals to the amount the company actually collects.A recent audit report indicates that the manager wrote checks payable to cash and cashed the checks.What actions should Sally take about the information she discovered about the accounting manager in the operations division?

Managerial accounting information is always based on historical transactions with external parties.

Which of the following tasks do management accountants perform?

ISO 9001:2008 is a(n)