Exam 1: Introduction to Managerial Accounting

All of the following are overarching principles in the IMA Statement of Ethical Professional Practice except

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

Just because a behavior is legal does not always mean that the behavior is ethical.

The philosophy that centers on production as needed is known as

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

The Sarbanes-Oxley Act of 2002 was enacted as a result of:

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

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

The purpose of managerial accounting is to gather, summarize, and report the cost and revenue data relevant to each decision that is made.

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.

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

Managerial accounting topics can be used in which of the following careers:

The Board of Directors is made up of the same individuals that are on the Audit Committee.

Which of the following is responsible for the ability of foreign companies to compete with domestic companies in the global marketplace?

The CMA exam reinforces soft skills that management accountants are expected to possess.

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

Businesses are now viewing sustainability and social responsibility as opportunities for innovation and business development.

Which of the following is not a factor of the "triple bottom line"?

The CMA exam consists of two parts, each part of the exam is 8 hours long.

Tom is the new accounting supervisor at Maryland Distributors. Tom requires all accountants to join the IMA and Tom expects all accountants to commit to ethical professional practice. Tom is asked to review the previous quarter audit reports that were completed by the CPA firm. Tom reviews the reports and he discovers that an accountant in the sales division did not participate in continuing education as required. According to the IMA Statement of Ethical Professional Practice, which of the following did the accountant violate when the accountant did not participate in continuing education requirements?