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ACC 241 Exam 1 Practice Questions and Answers| 100% Pass
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ACC 241 Exam 1 Practice Questions and Answers| 100% Pass Which of the following report to the audit committee of the Board of Directors? a) The treasurer and controller b) The CFO and the internal audit department c) The internal audit department and the independent CPA firm d) The CFO and th...

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  • September 25, 2024
  • 20
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • acc 241 exam 1 practice questions and answers 100

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  • Accounting 241
  • Accounting 241

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TITLE: EMILLYCHARLOTTE 2024/2025 ACADEMIC PERIOD
OWNER: EMILLYCHARLOTTE
COPYRIGHT STATEMENT: ©2024 EMILLYCHARLOTTE. ALL RIGHTS RESERVED
FIRST PUBLISHED: SEPTEMBER 2024

ACC 241 Exam 1 Practice Questions and
Answers| 100% Pass

Which of the following report to the audit committee of the Board of Directors?

a) The treasurer and controller

b) The CFO and the internal audit department

c) The internal audit department and the independent CPA firm

d) The CFO and the independent CPA firm - ✔️✔️Correct-c) 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-c) 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-c) It emphasizes relavence
1/20

,TITLE: EMILLYCHARLOTTE 2024/2025 ACADEMIC PERIOD
OWNER: EMILLYCHARLOTTE
COPYRIGHT STATEMENT: ©2024 EMILLYCHARLOTTE. ALL RIGHTS RESERVED
FIRST PUBLISHED: SEPTEMBER 2024
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-b) Current shareholders

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-c) their internal control system and financial reporting

system

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-a) follow their company's established

policies for reporting unethical behavior

Managerial accounting is needed by which type of company?

a) Manufacturers


2/20

, TITLE: EMILLYCHARLOTTE 2024/2025 ACADEMIC PERIOD
OWNER: EMILLYCHARLOTTE
COPYRIGHT STATEMENT: ©2024 EMILLYCHARLOTTE. ALL RIGHTS RESERVED
FIRST PUBLISHED: SEPTEMBER 2024
b) Retailers

c) Service

d) All of the above - ✔️✔️Correct-d) 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-c) Assembly worker 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-c) a period cost

All of the following would be considered a direct material for a mattress EXCEPT:

a) fabric

b) glue

c) lumber

d) steel - ✔️✔️Correct-b) glue




3/20

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