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ACC 241 Exam 1 Liu ASU spring 49 Questions with Verified Answers 2024,100% CORRECT
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ACC 241 Exam 1 Liu ASU spring 49 Questions with Verified Answers 2024
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ACC 241 Exam 1 Liu ASU spring 49 Questions with VerifiedAnswers 2024
4 primary responsibilities of a manager - CORRECT ANSWER decision making
planning
directing
controlling
M or F: external users - CORRECT ANSWER Financial accounting
M or F: aids in making credit and investment decisions - CORRECT ANSWER
financial
M or F: general purpose financial statements - CORRECT ANSWER financial
M or F: compliance with GAAP - CORRECT ANSWER financial
M or F: Internal users - CORRECT ANSWER managerial
M or F: aides in planning, directing, and controling - CORRECT ANSWER
Managerial
M or F: internal reports as desired - CORRECT ANSWER Managerial
M or F: not bound by authoritative rules - CORRECT ANSWER Managerial
M or F: historical perspective - CORRECT ANSWER Financial
M or F: required by EC for public companies - CORRECT ANSWER Financial
M or F: behavioral implications are secondary to full disclosure - CORRECT
ANSWER financial
M or F: emphasizes future - CORRECT ANSWER managerial
, M or F: not required by an authoritative body - CORRECT ANSWER Managerial
M or F: carefully considers behavioral implications - CORRECT ANSWER
Managerial
M or F: info is independently verified - CORRECT ANSWER Financial
M or F: reliability and objectivity emphasized - CORRECT ANSWER financial
M or F: reports on company as a whole - CORRECT ANSWER financial
M or F: quarterly and annual reporting - CORRECT ANSWER Financial
M or F: No independent audits are performed - CORRECT ANSWER Managerial
M or F: relevance emphasized - CORRECT ANSWER Managerial
M or F: focuses on segments - CORRECT ANSWER Managerial
M or F: Info provided as needed - CORRECT ANSWER Managerial
how do management accountants fit into companies' organizational structure? -
CORRECT ANSWER Act as internal consultants/ advisors
interpret and analyze accounting data to help decision making
what skills do management accountants need? - CORRECT ANSWER teamwork
analytical
communication
Business knowledge
accounting knowledge
what role does the IMA play? - CORRECT ANSWER develops and advances the
careers of management accountants through:
- certification
- practice development
- networking
- advocacy of business standards
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