ACC 241 Exam 1 Study Guide with Complete Solutions
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Course
ACC 241
Institution
ACC 241
ACC 241 Exam 1 Study Guide with
Complete Solutions
Primary responsibilities of a manager - ️️ Correct-Planning - setting goals for company
and determining how to achieve them
Directing - overseeing companies day to day operation
Controlling - evaluating results of the business operation ag...
IMA (Institute of Management Accountants - ✔️✔️Correct-A forum for research, practice
development, education, knowledge sharing, and the advocacy of the highest ethical
and best business practices in management accounting and finance.
Ethical decision-making framework - ✔️✔️Correct-IMA's Statement of Ethical
Professional Practice: Maintain professional competence, preserve confidentiality of info
they handle, uphold integrity & perform duties with integrity.
Purpose and major provisions of the Sarbanes-Oxley - ✔️✔️Correct-Restore trust in
publicly traded corporations, their management, their financial statements, & their
auditors.
Service, merchandising and manufacturing companies & their inventories - ✔️✔️Correct-
S - sell intangible things (medicare, coaching) generally don't have inventory
Me - Like Walmart resell tangible products. Have inventory and incur inventory related
costs (ads, travel)
Ma - use labor, plant, and equipment to convert raw materials into a product. Like car
companies. Have Raw materials inventory, work in process inventory, & finished goods
inventory.
Value-chain - ✔️✔️Correct-Linked set of all value-creating processes or activities that
convert basic input materials into products or services for the final consumer.
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