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Financial and Managerial Accounting for MBAs 6th Edition Easton $17.99   Add to cart

Exam (elaborations)

Financial and Managerial Accounting for MBAs 6th Edition Easton

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Financial and Managerial Accounting for MBAs 6th Edition Easton

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  • September 13, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
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Solutions Manual For Financial and Managerial
Accounting for MBAs 6th Edition Easton

Managers' three primary responsibilities are planning, direction, and controlling. -
ANSWER:True

Management accounting is geared toward external stakeholders, such as investors
and creditors. - ANSWER:False

Management accountants often work in cross-functional teams throughout the
organization. - ANSWER:True

The internal audit function reports to the audit committee of the board of directors.
- ANSWER:True

Management accountants are now more often looked upon as internal business
advisors, rather than "bean counters" recording historical transactions. -
ANSWER:True

Management accountants should be technically proficient, but they don't need
strong oral and written communication skills. - ANSWER:False

Management accountants should be proficient in Excel. - ANSWER:True

The AICPA (American Institute of Certified Public Accountants) issues the CMA
(Certified Management Accountant) certification. - ANSWER:False

The Sarbanes-Oxley Act of 2002 (SOX) imposes stricter requirements over financial
reporting and internal controls and stricter consequences for those who engage in
financial statement
misconduct and other white-collar crimes. - ANSWER:True

U.S. companies that have operations overseas must use the International Financial
Reporting Standards (IFRS) to issue their financial statements. - ANSWER:False

Extensible Business Reporting Language (XBRL) is a standardized coding system that
allows financial information to be "tagged" so that it can be read by computer
programs. - ANSWER:True

The triple bottom line assesses company performance on three factors: people
(social impact), planet (environmental impact), and profit (economic impact). -
ANSWER:True

Manufacturing makes up the largest sector of the U.S. economy. - ANSWER:False

, The globalization of business has little bearing on management accounting. -
ANSWER:False

Computer systems that integrate all of a company's worldwide functions into one
database are known as Integrated Worldwide Systems (IWSs). - ANSWER:False

Lean thinking focuses on eliminating waste from operations in an effort to reduce
costs. - ANSWER:True

The ISO 9001:2008 certification focuses on environmental management. -
ANSWER:False

Identifying alternative courses of action and choosing among them -
ANSWER:Decision Making

Running the company on a day-to-day basis - ANSWER:Directing

Determining whether the company's units are operating according to plan -
ANSWER:Controlling

Setting goals and objectives for the company and determining strategies to achieve
them - ANSWER:Planning

Describes historical transactions with external parties - ANSWER:Financial
Accounting

Is not required by any authoritative body, such as the SEC - ANSWER:Managerial
Accounting

Reports on the company's subunits, such as products, geographical areas, and
departments - ANSWER:Managerial Accounting

Is intended to be used by creditors and investors - ANSWER:Financial Accounting

Is formatted in accordance with GAAP - ANSWER:Financial Accounting

Do not disclose company information unless authorized to do so. -
ANSWER:Confidentiality

Continue to develop skills and knowledge. - ANSWER:Competence

Don't bias the information and reports presented to management. -
ANSWER:Credibility

If you do not have the skills to complete a task correctly, do not pretend you do. -
ANSWER:Competence

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