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Acct 526 Midterm Exam Practice Questions and Answers (100% Pass
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Acct 526 Midterm Exam Practice Questions and Answers (100% Pass
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©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Saturday, August 3, 2024 7:34 AMWEST VIRGINIA UNIVERSIRTY- (WV) : 26506
Acct 526 Midterm Exam Practice
Questions and Answers (100% Pass)
The management activity called _____ is detailed formulation of action to achieve a
particular end. - ✔️✔️planning
Which of the following is referred to as controlling?
- The provision of accounting information for a company's internal users.
- The process of choosing among competing alternatives.
- The managerial activity of monitoring a plan's implementation and taking corrective
action as needed.
- The detailed formulation of action to achieve a particular end. - ✔️✔️- The managerial
activity of monitoring a plan's implementation and taking corrective action as needed.
Which of the following is true of financial accounting?
- It is primarily concerned with producing information for internal users.
- It does not follow any externally imposed rules.
- It strongly emphasizes providing information about future events.
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,©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Saturday, August 3, 2024 7:34 AM
WEST VIRGINIA UNIVERSIRTY- (WV) : 26506
- It focuses on overall firm performance, providing a more aggregated viewpoint. - ✔️✔️-
It focuses on overall firm performance, providing a more aggregated viewpoint.
Which of the following is a difference between financial accounting and managerial
accounting?
- Financial accounting focuses on providing information for internal users, while
managerial accounting focuses on providing information for external users.
- Financial accounting has a historical orientation, while managerial accounting
emphasizes on the future.
- Financial accounting includes various disciplines and is broad in scope, while
managerial accounting is more self-containing.
- Financial accounting does not follow externally imposed rules, while managerial
accounting must follow externally imposed rules. - ✔️✔️- Financial accounting has a
historical orientation, while managerial accounting emphasizes on the future.
The set of activities required to design, develop, produce, market, and deliver products
and services, as well as provide support services to customers is termed as a: -
✔️✔️value chain
Platanus Inc. was one of the largest manufacturers of automobile engines and fixtures.
Platanus Inc.'s management created an automated process of improving efficiency and
minimizing human error in its production process so that the company produced zero-
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, ©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Saturday, August 3, 2024 7:34 AM
WEST VIRGINIA UNIVERSIRTY- (WV) : 26506
defect engines. Employees were monetarily rewarded when their units were free from
defects. It also maintained relevant managerial accounting information regarding the
cost of existing poor quality and efforts to improve future quality. Based on the
information, which of the following is the most likely conclusion? - ✔️✔️The management
of Platanus Inc. has adopted the philosophy of total quality management.
Which of the following is true of lean accounting?
- It organizes costs according to the value chain and collects both financial and
nonfinancial information.
- It is the accounting process in which all business transactions are recorded when cash
is exchanged.
- It is the accounting process in which business transactions are recorded when
expenses are incurred and revenue is generated.
- It records all financial and nonfinancial business transactions in accordance with US
GAAP. - ✔️✔️- It organizes costs according to the value chain and collects both financial
and nonfinancial information.
Which of the following officers is responsible for the finance function? - ✔️✔️treasurer
Which of the following is true of line positions?
- Line positions account for less than 40% of the workforce for any corporations.
- Line positions include critical business functions such as auditing and supply chain.
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