Business math

Uses cost-benefit analysis to determine the amount of detail presented. Prepares general-purpose reports for people outside an organization. Presents summary historical data In compliance with generally accepted accounting principles. Correct Feedback Uses cost-benefit analysis to determine the amount of detail presented. Incorrect Feedback Uses cost-benefit analysis to determine the amount of detail presented.

• The best example of using managerial accounting information to help organizations succeed includes which of the following?

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Answer - implementing strategies. rocessing travel vouchers. racking employee time and attendance. reconciling petty cash balances.

Correct Feedback - Implementing strategies. Incorrect Feedback Implementing strategies.

• Managerial accounting information is used by which of the following managers?

Answer - marketing managers to help price products and assess their profitability. production managers to manage quality and costs and to assure on-time delivery. general managers to measure employee performance and create incentives. All of the answers are correct.

Correct Feedback - All of the answers are correct. Incorrect Feedback All of the answers are correct.

• Considering the time dimension, how does managerial decision making compare with external performance evaluation?

Correct Feedback - Managerial decision making is focused on the future. External performance relates to what has already taken place within an organization, i. e. , the past.

• "How much information is enough? " for managerial purposes should be answered on

Answer -  a cost/benefit basis. cost, but not benefit, basis. a benefit, but not cost, basis. neither costs nor benefits, but some other criteria.

Correct Feedback - a cost/benefit basis. Incorrect Feedback a cost/benefit basis.

• Accounting data used for managerial reports Answer must be the same data used for reporting to shareholders, but may be different for tax purposes. must be the same data used for tax purposes, but may be different data for reporting to shareholders. must be the same data used for both tax purposes and reporting to shareholders. ay be different from data used for both tax purposes and reporting to shareholders.

Correct Feedback - may be different from accounting data used for both tax purposes and reporting to shareholders.

Incorrect Feedback - may be different from accounting data used for both tax purposes and reporting to shareholders.

• Who manages cost and managerial accounting in most organizations?

Answer - Controller Treasurer Board of directors Chief executive officer

Correct Feedback - Controller

• Who manages cash flows and raises cash for operations in most organizations?

Answer - Controller

Correct Feedback - Treasurer Incorrect Feedback Treasurer

• Who is the manager in charge of raising cash for operations and managing cash and near-cash assets?

Answer - Chief financial officer. Controller. Treasurer. Internal auditor.

Correct Feedback - Treasurer. Incorrect Feedback Treasurer.

• Which of the following works in planning, decision making, designing information systems, designing incentive systems, and helping managers make operating decisions?
• Who is the chief accounting officer that oversees providing information to managers?

Answer - Chief financial officer.

Correct Feedback - Controller.

• What organization publishes a Journal called Strategic Finance, numerous policy statements, and research studies on accounting issues?

Answer - Institute of Management Accountants Cost Accounting Standards Board General Accounting Office American Institute of Certified Public Accountants

Correct Feedback - Institute of Management Accountants Incorrect Feedback Institute of Management Accountants

• The Sarbanes-Oxley Act of 2002 has increased the interaction between the audit committee of the board of directors and the which of the following?

Answer - controller. treasurer. internal auditor. production manager.

Correct Feedback - internal auditor. Incorrect Feedback internal auditor.

• In 2002, Congress passed the Sarbanes-Oxley Act. Which of the following is not a provision of that act?

Answer - The law empowered the American Institute of Certified Public Accountants (AICPA) to oversee licensure of auditors. The Chief Executive Officer (CEO) must sign the company's financial statements attesting to the inclusion of all material information. The Public Company Accounting Oversight Board (PCAOB) was created. The CEO and Chief Financial Officer (CFO) must indicate that they are responsible for the company's system of internal control.

Correct Feedback -  The AICPA was formed many years prior to the passing Sarbanes- Oxley. This is not part of the act.

• What organization developed the "Standards of Ethical Conduct for Management Accountants" mandating that management accountants have a responsibility to maintain the highest levels of ethical conduct?

Answer - Institute of Management Accountants

• Which of the following accurately describes the managerial accountants' professional environment and ethical responsibilities?

Answer - Stockholders have an thical responsibility to report accurately even when their own compensation suffers. Financial analysts have an ethical responsibility to report accurately even when their own compensation suffers. Managers have an ethical responsibility to report accurately even when their own compensation suffers.

Correct Feedback - Managers have an ethical responsibility to report accurately even when their own compensation suffers. Incorrect Feedback Managers have an ethical

• How is cost, as used in managerial accounting, distinguished from expense, as used in financial accounting?

Answer - A cost is a sacrifice of resources and expenses are recorded in accounting records, but not all costs appear in accounting records. All expenses are costs, but not all costs are expenses in the period of incurrence, even though they will become expenses in some later period. Managerial accounting deals primarily with costs, not expenses, while financial accounting primarily deals with expenses for financial reporting as defined by generally accepted accounting principles.

Feedback - All of the answers are correct.

• What is an opportunity cost?

Answer - The historical cost of goods or services used. The foregone income from using an asset in its best alternative. A sacrifice of resources. A sacrifice of investment opportunities.

Correct Feedback - The foregone income from using an asset in its best alternative.

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