Managerial Accounting Ch.1 Quiz – Flashcards

The Standards in the IMA Statement of Ethical Professional Practice includes: A. Competence, Confidence, Integrity and Credibility B. Competence, Confidentiality, Integrity and Credibility C. Competence, Confidentiality, Integrity and Objectivity D. Competence, Objectivity, Credibility and Honesty

Which of the following persons or groups would LEAST likely to receive detailed managerial accounting reports? A. CE B. Plant managers C. Current shareholders D. Sales territory managers

Which of the following statements is TRUE about managerial accounting? A. Managerial accounting reports must follow GAAP. B. Managerial accounting reports provides detailed internal information. C. Managerial accounting reports aid potential investors. D. Managerial accounting reports are audited by CPAs.

Managerial accountants may be responsible for: A. communicating results B. providing decision support C. analyzing data D. All of the above

Comparing actual results to budgets is an example of which of the following management functions? A. Directing B. Controlling C. Analyzing D. Planning

Which of the following is NOT one of the primary responsibilities of management? A. Directing B. Controlling C. Adhering to GAAP D. Planning

Country Western Clothing Outfitters is considering investing in an inventory tracking system. It will have $10,000 in software costs and $8,000 in employee training costs. Computer hardware also needs to be upgraded for the system; the hardware upgrades are expected to be $12,000. The expected benefits from the inventory tracking system should be $28,000. Do the benefits outweigh the costs or do the costs outweigh the benefits, and by how much? A. Costs outweigh benefits by $2,000 B. Costs outweigh benefits by $10,000 C. Benefits outweigh costs by $10,000 D. Benefits outweigh costs by $2,000

Which of the following methods cuts throughout time? A. XBRL B. JIT C. IFRS D. ISO

An accountant who does not understand "accrual accounting" fails which ethical standard? A. Integrity B. Credibility C. Confidentiality D. Competence

Which of the following positions typically manages the daily operations of a company? A. The stockholders B. The CEO C. The Controller D. The board f directors