Accounting 202 - Chapter 1

35 Questions  I  By Jc173 on August 22, 2012

  
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1.  Which one of the following manager responsibilities encompass the other three?
A.
B.
C.
D.
2.  Budgets are the way that managers can express their:
A.
B.
C.
D.
3.  Comparing actual results to budgets is an example of the management function of:
A.
B.
C.
D.
4.  Overseeing the day-to-day operations of a company is an example of the management function of:
A.
B.
C.
D.
5.  Management accounting focuses on:
A.
B.
C.
D.
6.  Which of the following types of information are used in managerial accounting?
A.
B.
C.
D.
7.  The primary goal of managerial accounting is to provide information to:
A.
B.
C.
D.
8.  Which of the following are the internal decision-makers of a company?
A.
B.
C.
D.
9.  Which of the following groups are external users of financial information?
A.
B.
C.
D.
10.  Which of the following groups are most likely to use a company's budget information?
A.
B.
C.
D.
11.  Owners of a company (corporation) are its:
A.
B.
C.
D.
12.  Information for external parties about past performance is provided by:
A.
B.
C.
D.
13.  Information for internal parties about past performance is provided by:
A.
B.
C.
D.
14.  A CFO would have all of the following responsibilites EXCEPT:
A.
B.
C.
D.
15.  Who typically manages the daily operations of a company?
A.
B.
C.
D.
16.  Who typically provides oversight for large corporations?
A.
B.
C.
D.
17.  What has been the determining factor in the way that we now view managerial accountants?
A.
B.
C.
D.
18.  Managerial accountants perform which of the following tasks?
A.
B.
C.
D.
19.  Managerial accounts may be responsible for:
A.
B.
C.
D.
20.  Which of the following skills are required of managerial accountants?
A.
B.
C.
D.
21.  A company's Board of Directors meets:
A.
B.
C.
D.
22.  To resolve ethical dilemmas, the IMA suggests that management accountants should FIRST:
A.
B.
C.
D.
23.  SOX (Sarbanes-Oxley) requires that the company's financial statements be certified by the company's:
A.
B.
C.
D.
24.  The SEC has moved to adopt IFRS (International Financial Reporting Standards.) for which types of companies?
A.
B.
C.
D.
25.  The philosophy and a business strategy of manufacturing without waste is referred to as:
A.
B.
C.
D.
26.  Companies attempt to increase their competitive edge by adopting:
A.
B.
C.
D.
27.  Why was the Sarbanes-Oxley Act enacted?
A.
B.
C.
D.
28.  Which of the following describes a system in which suppliers deliver materials at the time they are needed?
A.
B.
C.
D.
29.  ISO 9001:2008 is a(n):
A.
B.
C.
D.
30.  Managerial accounting is needed by which type of company?
A.
B.
C.
D.
31.  Exchanging information to reduce costs, speed delivery, and improve quality is the definition of:
A.
B.
C.
D.
32.  The philosophy that centers on production as needed is known as:
A.
B.
C.
D.
33.  The philosophy of providing superior goods and services is:
A.
B.
C.
D.
34.  Which of the following would have little effect on a cost-benefit analysis?
A.
B.
C.
D.
35.  Electric Engines Company is considering opening a plant in Brazil. It will cost $4,000,000 to set up the plant and $750,000 to train employees. An additional $80,000 will be spent to build relationships with the local suppliers. the company anticipates gross profit of $4,800,000 from this new plant. Do the benefits outweigh the costs or do the costs outweigh the benefits, and by how much?
A.
B.
C.
D.
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