ACC 241 Exam #1(100% Accurate)
Who reports to the audit committee of the Board of Directors? - ANSWERSThe internal
audit department and the independent CPA firm
Which management responsibilities are being fulfilled when management uses
feedback to take corrective action on the budgets - ANSWERSControlling and decision-
making
Managerial Accounting information - ANSWERSEmphasizes relevance
Who would be LEAST likely to receive detailed managerial accounting reports? -
ANSWERSCurrent shareholders
To resolve ethical dilemmas, the IMA suggests that management accountants should
FIRST - ANSWERSfollow their company's established policies for reporting unethical
behavior
SOX requires publicly traded companies to have _____ assessed annually. -
ANSWERStheir internal control system and financial reporting system
Managerial accounting is needed by which type of company? -
ANSWERSManufacturers, retailers, and service
What would NOT be found in raw materials inventory for a furniture manufacturer? -
ANSWERSAssembly worker wages
When determining the cost of a manufactured product, a salesperson's salary would be
classified as _____. - ANSWERSa period cost
All of the following would be considered a direct material for a mattress EXCEPT: -
ANSWERSfabric, (GLUE), lumber, steel
_____ information is that which differs between alternatives and can affect the future. -
ANSWERSRelevant
Variable costs: - ANSWERSare fixed per unit and vary in total as productions levels
change
Job order costing might be used by a _____. - ANSWERScustom home builder
The assignment of direct and indirect materials to cost objects reduces _____. -
ANSWERSraw materials inventory
Who reports to the audit committee of the Board of Directors? - ANSWERSThe internal
audit department and the independent CPA firm
Which management responsibilities are being fulfilled when management uses
feedback to take corrective action on the budgets - ANSWERSControlling and decision-
making
Managerial Accounting information - ANSWERSEmphasizes relevance
Who would be LEAST likely to receive detailed managerial accounting reports? -
ANSWERSCurrent shareholders
To resolve ethical dilemmas, the IMA suggests that management accountants should
FIRST - ANSWERSfollow their company's established policies for reporting unethical
behavior
SOX requires publicly traded companies to have _____ assessed annually. -
ANSWERStheir internal control system and financial reporting system
Managerial accounting is needed by which type of company? -
ANSWERSManufacturers, retailers, and service
What would NOT be found in raw materials inventory for a furniture manufacturer? -
ANSWERSAssembly worker wages
When determining the cost of a manufactured product, a salesperson's salary would be
classified as _____. - ANSWERSa period cost
All of the following would be considered a direct material for a mattress EXCEPT: -
ANSWERSfabric, (GLUE), lumber, steel
_____ information is that which differs between alternatives and can affect the future. -
ANSWERSRelevant
Variable costs: - ANSWERSare fixed per unit and vary in total as productions levels
change
Job order costing might be used by a _____. - ANSWERScustom home builder
The assignment of direct and indirect materials to cost objects reduces _____. -
ANSWERSraw materials inventory
