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ACC 241 Exam 1|76 Questions with Verified Answers,100% CORRECT
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ACC 241 Exam 1|76 Questions with Verified Answers
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ACC 241 Exam 1|76 Questions with Verified AnswersWhich of the following report to the audit committee of the Board of Directors?
A. The treasurer and controller
B. The CFO and internal audit department
C. The internal audit department and the independent CPA firm
D. The CFO and the independent CPA firm - CORRECT ANSWER The internal audit
department and the independent CPA firm
Which of the following management responsibilities are being fulfilled when
management uses
feedback to take corrective action on the budgets?
A. Directing and planning
B. Planning and decision-making
C. Controlling and decision-making
D. Planning and controlling - CORRECT ANSWER Controlling and decision-making
Which of the following statements is TRUE about managerial accounting
information?
A. It is prepared annually and quarterly.
B. It is audited by CPAs.
C. It emphasizes relevance.
D. It must be prepared in conformity with generally accepted accounting
principles (GAAP). - CORRECT ANSWER It emphasizes relevance.
Which of the following persons or groups would be LEAST likely to receive
detailed managerial
accounting reports?
A. Plant managers
B. Current shareholders
C. Sales territory managers
D. CEO - CORRECT ANSWER current shareholders
, To resolve ethical dilemmas, the IMA suggests that management accountants
should FIRST:
A. follow their company's established policies for Reporting unethical behavior.
B. discuss the unethical situation with their immediate supervisor.
C. consult an attorney.
D. call the IMA "Ethics Hotline" . - CORRECT ANSWER follow their company's
established procedures for reporting unethical behavior
SOX requires publicly traded companies to have ___________ assessed annually.
A. their internal control system
B. their financial Reporting procedures
C. their internal control system and financial Reporting system
D. none of the above - CORRECT ANSWER their internal control system and
financial reporting system
Managerial accounting is needed by which type of company?
A. Manufacturers
B. Retailers
C. Service
D. All of the above - CORRECT ANSWER Manufacturers, Retailers, Service (all of
the above)
Which of the following items would NOT be found in raw materials inventory for a
furniture
manufacturer?
A. Wood
B. Fabric
C. Assembly worker wages
D. Steel framing - CORRECT ANSWER Assembly workers Wages
When determining the cost of a manufactured product, a salesperson's salary
would be classified
as:
A. a direct cost.
B. an indirect cost.
C. a period cost.
D. none of the above - CORRECT ANSWER period cost
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