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ACCT 241 ASU TEST 1 Exam 197 Questions with Verified Answers,100% CORRECT
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ACCT 241 ASU TEST 1 Exam 197 Questions with Verified Answers
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ACCT 241 ASU TEST 1 Exam 197 Questions with VerifiedAnswers
Management conducts various analysis comparing budget to actual - CORRECT
ANSWER Controlling
Management uses information on product costs to determine sales prices -
CORRECT ANSWER Directing
Management decides to increase sales growth by 10% next year - CORRECT
ANSWER Planning
To lower product costs, management moves production to Mexico - CORRECT
ANSWER Controlling
Directing
Management reviews hourly reports to determine the level of staffing needed to
service customers - CORRECT ANSWER Directing
Main characteristic of data is that it must be reliable and objective - CORRECT
ANSWER Financial
Reports are prepared as needed - CORRECT ANSWER Managerial
Not governed by legal requirements - CORRECT ANSWER Managerial
Primary users are external (i.e., creditors, investors) - CORRECT ANSWER Financial
Focused on the future - CORRECT ANSWER Managerial
Reporting is based mainly on the company as a whole - CORRECT ANSWER
Financial
,Reports are usually prepared quarterly and annually - CORRECT ANSWER Financial
Information is verified by external auditors - CORRECT ANSWER Financial
Focused on the past - CORRECT ANSWER Financial
Main characteristic of data is that is must be relevant - CORRECT ANSWER
Managerial
Reports tend to be prepared for the parts of the organization rather than the
whole organization - CORRECT ANSWER Managerial
Primary users are internal (i.e., company managers) - CORRECT ANSWER
Managerial
Governed by Generally Accepted Accounting Principles (GAAP) or International
Financial Reporting Standards (IFRS) - CORRECT ANSWER Financial
Raising capital and investing funds are the direct responsibilities of the... -
CORRECT ANSWER treasurer
Financial accounting, managerial accounting, and tax reporting are the direct
responsibilities of the... - CORRECT ANSWER controller
The internal audit function reports to the CFO or the ________ and the
______________. - CORRECT ANSWER CEO
Audit Committee
The CEO is hired by the... - CORRECT ANSWER Board of Directors
The company's operations are the direct responsibility of the... - CORRECT
ANSWER COO
Management accountants often work with... - CORRECT ANSWER cross-functional
teams
The ______ and the _____ report to the CEO. - CORRECT ANSWER CFO
, COO
A subcommittee of the board of directors is called the.... - CORRECT ANSWER
Audit Committee
Providing earnings information to your brother before it is publicly announced
violated the ______ standard. - CORRECT ANSWER Confidentiality
Stealing from your employer is a violation of the _________ standard. - CORRECT
ANSWER Integrity
Skipping continuing education sessions could violate the requirement to maintain
professional... - CORRECT ANSWER Competence
Since your company paid for you to attend the conference, skipping the sessions
also violates the _______ standard. - CORRECT ANSWER Integrity
Failing to read the specifications of the software package before purchasing it
violates the _______ standard. - CORRECT ANSWER Competence
Failing to provide job description information to management because you fear it
may be used to cut a position in your department violates the _______ standard. -
CORRECT ANSWER Credibility
System that integrates all the company's data across all systems, central data
warehouse, can be expensive and time consuming but provide benefits of being
quicker to respond to changes in the market and not having several different
software systems operating independently. - CORRECT ANSWER Enterprise
Resource Planning System (ERP)
System that tags all the financial information in the quarter and annual reports so
that financial information can be shared easily, the system retrieves information
quickly, efficiently and cost-effectively - CORRECT ANSWER XBRL
The initiative that can include encouraging employees to recycle paper and other
materials, volunteer at nonprofits, to think outside of the box to find ways to
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