Exam 1: Introduction to Managerial Accounting

Performing duties in accordance with relevant laws, regulations, and technical standards comprise the IMA professional ethics standard of

The treasurer and the controller report directly to the CFO.

Managerial accounting differs from financial accounting because it focuses on the future rather than historical transactions.

Failure to mitigate an actual conflict of interest would violate which ethical standard of conduct?

The Sarbanes-Oxley Act requires the CPA firm to rotate the audit partner off of the audit engagement every ________ year(s).

Technology has been a driving factor in the changing roles of management accountants.

The person who is directly responsible for the company's operations, such as research and development (R&D), production and distribution is the

The IMA's overarching ethical principles include: Honesty, Fairness, Objectivity, and Responsibility.

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

What ethical standard would you violate if you take pens home from work for personal use?

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

Which of the following is being fulfilled when management compares the budget to actual results?

Jim works at Master Remodeling Company. Jim was elected by the stockholders at Master Remodeling Company to oversee the internal audit company and the annual financial statement audit by independent CPAs. Jim does not have a set schedule; and, Jim meets with others at the company only periodically. What is Jim's role at Master Remodeling Company?

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

According to the Sarbanes-Oxley Act, who is responsible for establishing and maintaining internal controls over financial reporting?

The primary managerial accounting product is the company's audited financial statements.

The Sarbanes-Oxley Act has significantly impacted the responsibility for financial reporting by publicly traded corporations.

The IMA is the professional association for management accountants.

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

Budgets are a way for managers to communicate their