Exam 1: Introduction to Managerial Accounting

Describe the position of the CFO,the main function of the treasurer,and the main function of the controller within the organization.

According to SOX,a company's financial statements must be certified by the company's

Companies may adopt which of the following in an attempt to increase their competitive edge?

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

Which of the following individual is the only individual to use financial accounting information?

Which of the following roles require publicly-traded companies to have an internal audit function?

What are the three primary responsibilities of managers that use managerial accounting as described in the chapter? Give an example of each type of responsibility applicable to a managerial accountant.

Which of the following statements about XBRL is false?

A company sends an employee to a conference to update the employee's job-related skills.It is a violation of the IMA's Statement of Ethical Professional Practice standards if the employee decides to skip the afternoon session and decides to go sightseeing.

Which of the following role is directly responsible for all financial functions in an organization?

The CFO is the person responsible for the day-to-day operations of the company.

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

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

The management philosophy of lean production is used by many U.S.companies to cut costs,improve quality,and speed production.

To ensure a profit in the current year,the manager ships out pre-ordered merchandise the last week of December,instead of in mid-January as the customer instructed.This early shipment could be a violation of which ethical standard?

What factor has changed the roles of managerial accountants?

________ gathers,summarizes,and reports on the financial impact of changes to business operations.

The treasurer and the controller report directly to the CFO.

The management accountant at Woodhaven Cycle Shoppe developed a budget to establish the sales goals at the store in 2012.In 2013,the management accountant evaluated the performance in the organization,reviewed the performance of the sales staff,and compared the sales results to the actual budget that the managerial accountant developed in 2012. Which of the following management accounting responsibilities is the management accountant using in this example?

The SEC requires an independent certified public accountant (CPA)to audit reports generated by managerial accounting systems.