Exam 1: Introduction to Managerial Accounting

The managerial accountant at Strategic Group Consulting reported the following information about the sales budget for the period ending December 31, 20XX: Observe the Sales Budget and determine which primary responsibility the managerial accountant uses to Determine which quarter generated the most per-unit product sales data in order to adjust the marketing strategy?

Which of the following persons or groups would be least likely to receive detailed managerial accounting reports?

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

The Sarbanes-Oxley Act requires companies to have their internal audit procedures assessed at least

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

Implementing a program to bill customers electronically, therefore saving paper, is a green initiative that reduces not only waste, but it also reduces company costs.

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.

The Sarbanes-Oxley Act allows for a maximum of ________ years of imprisonment for knowingly destroying or creating documents to obstruct any federal investigation.

Which of the following is NOT a nontechnical competency that a managerial accountant needs to possess?

Managerial accountants no longer perform routine mechanical accounting tasks in most companies.

Accepting a job that you know can be better performed by someone else with the required skills would violate the ethical conduct standard of

Preparing financial statements in accordance with GAAP is an example of

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?

The standards in the IMA Statement of Ethical Professional Practice includes

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

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

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

Managerial accountants fulfill three primary responsibilities: planning, directing and controlling. Review each of the following tasks that managerial accountants complete in their role as a managerial accountant: In the space provided below, indicate whether the task is (1)planning; (2)directing; or, (3)controlling. Planning Directing Controlling

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?

Which of the following statements is true regarding managerial accounting information?