Question 1

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

Accepted Answer

A) Provide decision support that is accurate, clear, concise and timely. 
B) Keep information confidential, except when disclosure is legally required. 
C) Communicate information fairly and objectively. 
D) Abstain from engaging in or supporting any activity that might discredit the profession. 
A) Provide decision support that is accurate, clear, concise and timely. 
B) Keep information confidential, except when disclosure is legally required. 
C) Communicate information fairly and objectively. 
D) Abstain from engaging in or supporting any activity that might discredit the profession.

Question 2

Which of the following certifications is issued by the IMA?

Accepted Answer

A) CISA 
B) CFP 
C) CMA 
D) CPA 
A) CISA 
B) CFP 
C) CMA 
D) CPA

Question 3

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

Accepted Answer

A) CEO. 
B) CFO. 
C) Controller. 
D) CFO and CEO. 
A) CEO. 
B) CFO. 
C) Controller. 
D) CFO and CEO.

Question 4

The Sarbanes-Oxley Act does not allow CPA firms to provide certain non-audit services to companies during the same period of time in which they are providing the audit.

Accepted Answer

A) True 
 B)False

Question 5

The new accountant at the Holiday Card Shoppe reviewed the following information:
   Is the system a financial system or a managerial system? Is the accountant at the Holiday Card Shoppe a managerial accountant or a financial accountant? Why?

Accepted Answer

The budget report is an example of a man

Question 6

Which ethical standard is demonstrated when you attend a class to maintain your professional knowledge?

Accepted Answer

A) Credibility 
B) Integrity 
C) Competence 
D) Confidentiality 
A) Credibility 
B) Integrity 
C) Competence 
D) Confidentiality

Question 7

In 2013, the accountant at Star Incorporated, a national time-share company, focused on an internal sales report that illustrates the sales projections to ensure the sales representatives achieve their goals in 2013; however, the report was not prepared in accordance with GAAP. The accountant observed that the total sales produced by the sales representatives in 2012 were $250,000,000. The accountant is in the process of establishing the new 2013 sales goals for the sales representatives and the accountant is concerned about the new sales goals in 2013 since the economy is slow and many individuals and groups are not purchasing time-share condos.
Is the accountant a management accountant or a financial accountant? What concept concerns the accountant when the new sales goals are revealed to the sales representatives and administrative staff? Why?

Accepted Answer

The accountant at Star Incorporated is a

Question 8

Internal auditors conduct the independent audit function of the company and issue financial statements on the company's behalf.

Accepted Answer

A) True 
 B)False

Question 9

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

Accepted Answer

A) Financial reporting system 
B) Internal control system 
C) Internal control system and financial reporting system 
D) There is no annual assessment required under SOX. 
A) Financial reporting system 
B) Internal control system 
C) Internal control system and financial reporting system 
D) There is no annual assessment required under SOX.

Question 10

The AICPA offers a designation of Chartered Global Management Accountant to qualifying members that possess a unique business and accounting skill set.

Accepted Answer

A) True 
 B)False

Question 11

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

Accepted Answer

A) Planning 
B) Controlling 
C) Analyzing 
D) Directing 
A) Planning 
B) Controlling 
C) Analyzing 
D) Directing

Question 12

Controlling means overseeing the company's day-to-day operations.

Accepted Answer

A) True 
 B)False

Question 13

The Sarbanes-Oxley Act of 2002 (SOX)was designed to hold corporations accountable for internal control and financial reporting requirements.

Accepted Answer

A) True 
 B)False

Question 14

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.

Accepted Answer

A) True 
 B)False

Question 15

It would be a violation of which ethical standard to withhold relevant information?

Accepted Answer

A) Confidentiality 
B) Competency 
C) Integrity 
D) Credibility 
A) Confidentiality 
B) Competency 
C) Integrity 
D) Credibility

Question 16

ERP stands for:

Accepted Answer

A) Entity Replacement Product. 
B) Enclosed Resource Placement. 
C) Enterprise Resource Planning. 
D) Edwin R. Perry, the man that created the first system. 
A) Entity Replacement Product. 
B) Enclosed Resource Placement. 
C) Enterprise Resource Planning. 
D) Edwin R. Perry, the man that created the first system.

Question 17

A CFO would have all of the following responsibilities except

Accepted Answer

A) investing in new production equipment. 
B) managing corporate financing. 
C) managing the preparation of all corporate tax returns. 
D) providing reports to creditors as required. 
A) investing in new production equipment. 
B) managing corporate financing. 
C) managing the preparation of all corporate tax returns. 
D) providing reports to creditors as required.

Question 18

Which of the following was not a result of the Sarbanes-Oxley Act?

Accepted Answer

A) The COO assumes financial statement responsibility. 
B) There are new requirements for CPA firms. 
C) There are stiffer consequences for white-collar crimes. 
D) Audit committees must be independent. 
A) The COO assumes financial statement responsibility. 
B) There are new requirements for CPA firms. 
C) There are stiffer consequences for white-collar crimes. 
D) Audit committees must be independent.

Question 19

The individuals at the International Fireplace Shoppe perform the following duties:   Identify individual E and individual F at International Fireplace Shoppe.

Accepted Answer

A) CEO; CFO 
B) Treasurer; Controller 
C) Management Accountant; Financial Accountant 
D) Secretary; Receptionist 
E) Internal Audit Function; Audit Committee 
A) CEO; CFO 
B) Treasurer; Controller 
C) Management Accountant; Financial Accountant 
D) Secretary; Receptionist 
E) Internal Audit Function; Audit Committee

Question 20

Evaluating operations by comparing actual results to budgeted results is a part of the controlling responsibility of management.

Accepted Answer

A) True 
 B)False

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

Which of the following certifications is issued by the IMA?

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

The Sarbanes-Oxley Act does not allow CPA firms to provide certain non-audit services to companies during the same period of time in which they are providing the audit.

The new accountant at the Holiday Card Shoppe reviewed the following information: Is the system a financial system or a managerial system? Is the accountant at the Holiday Card Shoppe a managerial accountant or a financial accountant? Why?

Which ethical standard is demonstrated when you attend a class to maintain your professional knowledge?

Internal auditors conduct the independent audit function of the company and issue financial statements on the company's behalf.

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

The AICPA offers a designation of Chartered Global Management Accountant to qualifying members that possess a unique business and accounting skill set.

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

Controlling means overseeing the company's day-to-day operations.

The Sarbanes-Oxley Act of 2002 (SOX)was designed to hold corporations accountable for internal control and financial reporting requirements.

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.

It would be a violation of which ethical standard to withhold relevant information?

ERP stands for:

A CFO would have all of the following responsibilities except

Which of the following was not a result of the Sarbanes-Oxley Act?

The individuals at the International Fireplace Shoppe perform the following duties: Identify individual E and individual F at International Fireplace Shoppe.

Evaluating operations by comparing actual results to budgeted results is a part of the controlling responsibility of management.

Building Blocks of Managerial Accounting

Job Costing

Activity-Based Costing, Lean Operations, and the Costs of Quality

Process Costing

Cost Behavior

Cost-Volume-Profit Analysis

Relevant Costs for Short-Term Decisions

The Master Budget

Performance Evalulation

Standard Costs and Variances

Capital Investment Decisions and the Time Value of Money

Statement of Cash Flows

Financial Statement Analysis

Sustainability

Filters

Exam 1: Introduction to Managerial Accounting

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

Which of the following certifications is issued by the IMA?

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

The Sarbanes-Oxley Act does not allow CPA firms to provide certain non-audit services to companies during the same period of time in which they are providing the audit.

The new accountant at the Holiday Card Shoppe reviewed the following information: Is the system a financial system or a managerial system? Is the accountant at the Holiday Card Shoppe a managerial accountant or a financial accountant? Why?

Which ethical standard is demonstrated when you attend a class to maintain your professional knowledge?

Internal auditors conduct the independent audit function of the company and issue financial statements on the company's behalf.

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

The AICPA offers a designation of Chartered Global Management Accountant to qualifying members that possess a unique business and accounting skill set.

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

Controlling means overseeing the company's day-to-day operations.

The Sarbanes-Oxley Act of 2002 (SOX)was designed to hold corporations accountable for internal control and financial reporting requirements.

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.

It would be a violation of which ethical standard to withhold relevant information?

ERP stands for:

A CFO would have all of the following responsibilities except

Which of the following was not a result of the Sarbanes-Oxley Act?

The individuals at the International Fireplace Shoppe perform the following duties: Identify individual E and individual F at International Fireplace Shoppe.

Evaluating operations by comparing actual results to budgeted results is a part of the controlling responsibility of management.

Building Blocks of Managerial Accounting

Job Costing

Activity-Based Costing, Lean Operations, and the Costs of Quality

Process Costing

Cost Behavior

Cost-Volume-Profit Analysis

Relevant Costs for Short-Term Decisions

The Master Budget

Performance Evalulation

Standard Costs and Variances

Capital Investment Decisions and the Time Value of Money

Statement of Cash Flows

Financial Statement Analysis

Sustainability

Filters