Exam 1: Introduction to Managerial Accounting

Movements toward sustainability and corporate responsibility often:

Which of the following is TRUE?

The American Institute of Certified Public Accountants was the first professional membership organization in the United States to earn the ISO 9001 certification.

Directing means setting goals and objectives for the company and determining how to achieve them.

Under Sarbanes-Oxley,what is the maximum number of years of imprisonment for knowingly destroying or creating documents to obstruct any federal investigation?

GAAP must be followed when managerial accounting reports are prepared.

The decision to bill customers electronically,which saves the company money,would be a positive benefit when performing cost-benefit analysis.

Management accountants spend more time planning,analyzing and interpreting accounting data and less time recording routine accounting transactions than they have in the past.

A company's Board of Directors meets:

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

A CFO would have all of the following responsibilities EXCEPT:

XBRL stands for:

Which of the following report to the audit committee of the Board of Directors?

Decision makers inside a company are its:

An example of the IMA's competence standard is to:

Taking on a responsibility you know can be better completed by someone else would violate the ethical conduct standard of:

An example of the IMA's integrity standard is to:

Is financial accounting or managerial accounting more useful to a plant (factory)manager? Explain your answer.

The SEC has moved to adopt IFRS for which types of companies?

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