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financial accounting Exam 1

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Avoid warranty costs

External failure

f. CPAs audit the------ statements of public companies.

financial accounting

The accounting department will not pay a(n) ----- unless it agrees with the quantity of parts both ordered and received.

invoice

A(n) ----- is used to accumulate all of the costs affiliated with each job.

job cost record

All direct laborers in the factory fill out a(n) ------.

labor time record

Manager of the Service Department (financial/managerial/both)

managerial

Regional division managers (financial/managerial/both)

managerial

a. The time that elapses between the start of production and the product's completion is known as .

manufacturing cycle time

A(n) ------ is typically a duplicate of the purchase order but without the quantity pre-listed on the form.

receiving report

Utilites and propert taxes for the plant factory would be considered? A. manufacturing overhead. B. direct materials. C. direct labor. D. indirect labor and manufacturing overhead.

A. manufacturing overhead.

Payment to consultant for advice on location for new store A.R&D B.Design C.Purchases D.Marketing E.Distribution F.Costumer service

A.R&D

Research on selling satellite radio service A.R&D B.Design C.Purchases D.Marketing E.Distribution F.Costumer service

A.R&D

h. focuses on activities as fundamental building blocks in compiling the indirect costs of products, services, and customers.

Activity-based costing

Avoid inspection of raw materials

Appraisal

Strength-testing one item from each batch of panels

Appraisal

The three pillars of sustainability are:---- ,------ , and-----

social/environmental/economic

Provide decision support information and recommendations that are accurate, clear, concise, and timely.(integrity/competence/credibility/confidentiality)

Competence

o. The rate of production needed to meet customer demand yet avoid overproduction is known as .

takt time

Recognize and communicate professional limitations that would preclude responsible judgment or successful performance of an activity.(integrity/competence/credibility/confidentiality)

Competence

5. The company produces high volumes of some of its products and low volumes of other products.

More likely to benefit.

6 The company has reengineered its production process but has not changed its accounting system. They are

More likely to benefit.

p. is a storage system used to reduce the waste of transportation and movement, in which tools, materials, and equipment are stored in proximity to where they will be used most frequently.

POUS

Identifying preferred suppliers who commit to on-time delivery of perfect quality materials

Prevention

Training employees in TQM

Prevention

xTraining suppliers in TQM

Prevention

------ include the costs of all resources used throughout the value chain.

Total costs

g. Large stocks of finished goods protect against lost sales if customer demand is higher than expected.

Traditional production

i. Setup times are long.

Traditional production

k. The manufacturing cycle times are longer.

Traditional production

m. Products are produced in large batches.

Traditional production

As a result of cost distortion, some products will be overcosted while other products will be undercosted. True False

True

Companies often refine their cost allocation systems to minimize the amount of cost distortion caused by the simpler cost allocation systems. True False

True

Lean companies typically crossminus−train employees to perform more than one task. True False

True

Managers often reap benefits by using ABC data in ABM to pinpoint opportunities to cut costs. True False

True

10. Each container is cut from the mold once the plastic has cooled and hardened.

Unit-Level

5. Plastic resins are used as the main direct material for the containers.

Unit-Level

j. are incurred for every single unit of product produced.

Unit-level costs

Architect Job costing/process costing

Job costing

Lucky Cow Dairy provided the following expense information for May: Assembly−line workers' wages Caps for milk bottles Reconfiguring the assembly line Customer support hotline Delivery expenses to customers Depreciation on factory equipment Plastic milk bottles Salaries of salespeople Salaries of research scientists Customer toll−free order line What is the total cost for the production category of the value chain?

= assembly line workers wages + caps for milk bottle + depreciation on factory equipments + plastic milk bottles

Catering service Job costing/process costing

Job costing

Commercial plumbing contractor Job costing/process costing

Job costing

Company providing Web design services (Job costing/process costing)

Job costing

Janitorial services company Job costing/process costing

Job costing

Medical practice of six doctors and four physician assistants Job costing/process costing

Job costing

Movie studio Job costing/process costing

Job costing

Shipbuilder Job costing/process costing

Job costing

Temporary staffing agency Job costing/process costing

Job costing

m. is a Japanese word meaning "change for the better."

Kaizen

a. There is an emphasis on building in quality.

Lean production

b. The final operation in the production sequence "pulls" parts from the preceding operation.

Lean production

c. Employees do a variety of jobs, including maintenance and setups as well as operation of machines.

Lean production

d. Suppliers make frequent deliveries of small quantities of raw materials- this is what type of production.

Lean production

e. Each employee is responsible for inspecting his or her own work.

Lean production

f. Suppliers can access the company's intranet.

Lean production

h. The workflow is continuous to attempt to balance the rate of production with the rate of demand.(which type of production)

Lean production

j. A workplace organization system called "5S" is frequently used to keep work spaces clean and organized. What type of production?

Lean production

l. Management works with suppliers to ensure defect-free raw materials.

Lean production

b. is the management philosophy and strategy focused on creating value for the customer by eliminating waste.

Lean thinking

3. The company produces few products, and the products consume resources in a similar manner.

Less likely to benefit.

4. The company has very few indirect costs.

Less likely to benefit.

1. In bidding for jobs, managers lost bids they expected to win and won bids they expected to lose.

More likely to benefit.

2. The company operates in a very competitive industry.

More likely to benefit.

Avoid rework and spoilage

Internal failure

The----- is the person responsible for raising the firm's capital and investing its funds.

treasurer

On a Cost of Quality report, which of the following cost items should be classified as an external failure cost? A. Customer returns of defective products B. Technical support provided to suppliers C. Supplies used in the quality inspection program D. Net cost of scrap

A. Customer returns of defective products

Which statement is FALSE regarding Manufacturing Overhead? A. Examples of manufacturing overhead include costs of raw materials, assembly line workers, and other costs to produce the product. B. Examples of manufacturing overhead include: plant supervision, depreciation of plant and factory equipment, insurance and taxes on the plant, indirect materials and indirect labor. C. Manufactuirng overhead includes manufacturing costs of making the product, that are not direct materials and direct labor. D. Manufacturing overhead can include indirect materials and indirect labor (supervision, janitorial, engineers, etc.)

A. Examples of manufacturing overhead include costs of raw materials, assembly line workers, and other costs to produce the product.

The value chain describes the costs associated with making a product. What box captures the costs to build the product; the inventory related costs ("inventoriable product costs") that is used for reporting inventory on the balance sheet until it is sold and then is reported as Costs of Goods Sold on the income statement? A. Production or Purchases B. Marketing C. All of them D. Reserach & Development

A. Production or Purchases

Kohl's Department Store, a clothing and home goods store, is primarily what type of company? A. Retailer B. Manufacturer C. Service D. Real estate

A. Retailer

A. allocated overhead all year long is less than the actual manacturing overhead at year end B. estimated overhead at the beginning of the year is greater than the actual manacturing overhead at year end C. estimated overhead at the beginning of the year is less than the actual manacturing overhead at year end D. allocated overhead all year long is greater than the actual manacturing overhead at year end

A. allocated overhead all year long is less than the actual manacturing overhead at year end

The amount of manufacturing overhead recorded on a job cost record for a particular job is found by A. allocating manufacturing overhead to the job. B. tracing manufacturing overhead to the job. C. either tracing or allocating manufacturing overhead costs (management's choice). D. None of the answers listed is correct.

A. allocating manufacturing overhead to the job.

Rent paid for the plant factory would be considered? A. manufacturing overhead. B. direct labor. C. direct materials. D. indirect labor and manufacturing overhead.

A. manufacturing overhead.

Which of the following documents specifies the materials needed to produce a job? A. Raw materials records B. Bill of materials C. Receiving report D. Production schedule

B. Bill of materials

Which of the following management responsibilities often involves evaluating the results of operations against the budget? A. Directing B. Controlling C. Planning D. None of the above

B. Controlling

Managers' responsibilities in an organization include decision making and continuous feedback. Of the three direct responsibilities of a manager, which one covered comparing the actual results to the budget the manger is responsible for? A. Planning B. Controlling C. Directing D. Decision making

B. Controlling

Which of the following is not an example of an indirect cost incurred in manufacturing automobiles? A. Machinery depreciation in the factory B. Cost of the automobile engines C. Plant utilities D. Plant supervisor salary

B. Cost of the automobile engines

Costs of Goods Sold of a manufacturing represents the costs related to building a product that are expensed when it is sold. To determine Costs of Goods Sold, three formulas where used representing the three different categories of inventory. Which schedule is based on work in process inventory? A. Cost of Goods Sold B. Costs of Goods Manufactured C. Income Statement D. Direct Materials Used

B. Costs of Goods Manufactured

Concerning lean operations, which of the following is false? A. Can leave companies vulnerable to supply-chain disruptions B. Focus on internal and external waste C. Are quickly becoming the dominant business paradigm D. Can be found in all sectors, not just manufacturing

B. Focus on internal and external waste

The first step in computing and using ABC is which of the following? A. Allocating some MOH to each job B. Identifying the company's primary activities C. Selecting appropriate allocation bases D. Calculating activity cost allocation rates

B. Identifying the company's primary activities

For which of the following would job costing not be appropriate? A. Manufacturer of custom-ordered production equipment B. Manufacturer of mass-produced carbonated beverages C. Electrician D. Law firm

B. Manufacturer of mass-produced carbonated beverages

Which of the following is false? A. Globalization has increased the necessity for more detailed and accurate cost information. B. The triple bottom line focuses on three items: net income, net assets, and return on investment. C. ERP systems integrate information from all company functions into a centralized data warehouse. D. Lean operations is a philosophy and business strategy of operating without waste.

B. The triple bottom line focuses on three items: net income, net assets, and return on investment.

Which of the following is not one of the costs of quality categories? A. Appraisal costs B. Transportation costs C. External failure costs D. Prevention costs

B. Transportation costs

Underallocated/undercosted overhead occurs when A. allocated overhead all year long is greater than the actual manacturing overhead at year end B. allocated overhead all year long is less than the actual manacturing overhead at year end C. estimated overhead at the beginning of the year is greater than the actual manacturing overhead at year end D. estimated overhead at the beginning of the year is less than the actual manacturing overhead at year end

B. allocated overhead all year long is less than the actual manacturing overhead at year end

In job costing, what is included in the cost of a job? A. manufacturing overhead B. direct materials, direct labor and manufacturing overhead C. direct labor and manufacturing overhead D. direct materials and direct labor

B. direct materials, direct labor and manufacturing overhead

Rearranging store layout A.R&D B.Design C.Purchases D.Marketing E.Distribution F.Costumer service

B.Design

6. The extrusion machine is calibrated for each batch of containers made.

Batch-level

Which of the following is true? A. Value-added activities are also referred to as waste activities. B. ABC is only applicable to manufacturers. C. ABM refers to using activity-based cost information to make decisions. .D. The goal of ABM is to decrease the amount of value-added activities.

C. ABM refers to using activity-based cost information to make decisions.

Ethical Standards are critical for management accountants. Which one best relates to Integrity? A. Communicate information fairly and objectively. B. Inform all relevant parties regarding appropriate use of confidentail information. C. Abstain from engaging in or supporting any activity that might discredit the profession. D. Monitoring subordinates' activities to ensure compliance with confidential information.

C. Abstain from engaging in or supporting any activity that might discredit the profession.

Which of the following corporate positions is responsible for general financial accounting, managerial accounting, and tax reporting? A. Chief Operating Officer (COO) B. Internal audit C. Controller D. Treasurer

C. Controller

Which box on the value chain captures the cost of building a prototype of the product? A. Marketing B. Distribution C. Design D. Production or Purchases

C. Design

Which of the following types of companies would have work in process inventory? A. Service B. Merchandising C. Manufacturing D. All of the above

C. Manufacturing

Perform professional duties in accordance with relevant laws, regulations, and----- technical standards.

Competence

Provide decision support information and recommendations that are accurate, clear, concise, and timely.

Competence

Which of the following is an example of a cost item that should be classified as an internal failure cost? A. Employee training costs B. Inspection costs C. Rework costs D. Product return costs

C. Rework costs

Progressive Insurance Company sells insurance polices and related products. Profressive Insurance Company is primarily what type of company? A. Manufacturer B. Retailer C. Service D. Real estate

C. Service

An assembly line worker in the factory would be considered? A. direct materials. B. period costs. C. direct labor. D. indirect labor and manufacturing overhead.

C. direct labor.

When allocating MANUFACTURING OVERHEAD to a job..... A. it should be allocated based on the predetermined manufacturing overhead rate at the end of the year for all jobs. B. it should be allocated based on the indirect cost allocation rate. C. it should be allocated based on the predetermined manufacting overhead rate when the job is being completed. D. manufacturing overhead should not be allocated to any jobs and it is expensed as it is incurred.

C. it should be allocated based on the predetermined manufacting overhead rate when the job is being completed.

The potential benefits of ABC/ABM are generally higher for companies that A. have low manufacturing overhead costs. B. are in noncompetitive markets. C. produce high volumes of some products and low volumes of other products. D. produce one product.

C. produce high volumes of some products and low volumes of other products.

Freight-in A.R&D B.Design C.Purchases D.Marketing E.Distribution F.Costumer service

C.Purchases

Purchases of merchandise A.R&D B.Design C.Purchases D.Marketing E.Distribution F.Costumer service

C.Purchases

Inform all relevant parties regarding the appropriate use of confidential information. Monitor subordinates' activities to ensure compliance.(integrity/competence/credibility/confidentiality)

Confidentiality

Keep information confidential except when disclosure is authorized or legally required.

Confidentiality

Keep information confidential except when disclosure is authorized or legally required

Confidentiality

Refrain from using confidential information for unethical or illegal advantage

Confidentiality

Refrain from using confidential information for unethical or illegal advantage.

Confidentiality

are the costs of transforming direct materials into finished goods.

Conversion costs

What is the difference between a service firm and a manufacturer? A. service firms allocate indirect period costs and a manufacturer allocates manufacturing overhead B. the cost of a job for a service firm consists of direct labor and indirect costs and a cost of a job for a manufacturer consists of direct materials, direct labor and manufacturing overhead C. a service firms largest cost of a job is labor where as a typical manufacturer direct labor is not the largest component but only part of the total cost of a job. D. All of the above are differences between a service firm and a manufacturer

D. All of the above are differences between a service firm and a manufacturer

The value chain describes the costs associated with making a product. What box(es) are expensed immediately when incurred on the income statement as operating expenses/SGA ("period costs")? A. Production or Purchases B. All of them C. Marketing D. All of them, except production or purchases

D. All of them, except production or purchases

Which of the following documents specifies the materials needed to produce a job? A. Production schedule B. Raw materials records C. Receiving report D. Bill of materials

D. Bill of materials

Which element of the value chain would a technical support hotline for customers be considered? A. Marketing B. Distribution C. Design D. Customer service

D. Customer service

Which statement is FALSE regarding Manufacturing Overhead? A. Manufactuirng overhead includes manufacturing costs of making the product, that are not direct materials and direct labor. B. Examples of manufacturing overhead include: plant supervision, depreciation of plant and factory equipment, insurance and taxes on the plant, indirect materials and indirect labor. C. Manufacturing overhead can include indirect materials and indirect labor (supervision, janitorial, engineers, etc.) D. Examples of manufacturing overhead include costs of raw materials, assembly line workers, and other costs to produce the product.

D. Examples of manufacturing overhead include costs of raw materials, assembly line workers, and other costs to produce the product.

When is Exam 1? A. Wednesday - Friday, 9/27 - 9/29 B. Monday - Wednesday, 9/25 - 9/27 C. Monday - Friday, 9/25 - 9/29 D. Tuesday - Thursday, 9/26 - 9/28

D. Tuesday - Thursday, 9/26 - 9/28

When allocating manufacturing overhead using a predetermined manufacturing overhead rate, ______ can be used as a basis for allocation. A. machine hours B. direct labor costs C. direct labor hours D. all of the above can be used

D. all of the above can be used

Cost distortion is more likely to occur when A. all products require the same amount and type of processing activities. B. a company uses departmental overhead rates rather than a single plantwide overhead rate. C. a company manufactures one type of product. D. departments incur different types of overhead and the products or jobs use the departments to a different extent.

D. departments incur different types of overhead and the products or jobs use the departments to a different extent.

A cost that can be traced to a cost object is known as a(n) A. period cost. B. indirect cost. C. product cost. D. direct cost.

D. direct cost.

An assembly line worker in the factory would be considered? A. direct materials. B. period costs. C. indirect labor and manufacturing overhead. D. direct labor.

D. direct labor.

Chapter 3 discusses job costing. Process costing was briefly discussed. Which company listed below would most likely use process costing. A. Engineering firm B. Law firm C. custom jewelry maker D. soda pop manufacturer

D. soda pop manufacturer

Newspaper advertisements A.R&D B.Design C.Purchases D.Marketing E.Distribution F.Costumer service

D.Marketing

Salespeople's salaries A.R&D B.Design C.Purchases D.Marketing E.Distribution F.Costumer service

D.Marketing

f. An acronym for the eight wastes is .

DOWNTIME

Depreciation expense on delivery trucks A.R&D B.Design C.Purchases D.Marketing E.Distribution F.Costumer service

E.Distribution

Avoid lost profits from lost sales due to disappointed customers

External failure

Customer Complaint Department A.R&D B.Design C.Purchases D.Marketing E.Distribution F.Costumer service

F.Costumer service

3. Routine maintenance is performed on the extrusion machines.

Facility-level

4. The sales force incurs travel expenses to attend various trade shows throughout the country to market the containers.

Facility-level

7 A plant manager oversees the entire manufacturing operation.

Facility-level

8. Rent is paid for the building that houses the manufacturing processes.

Facility-level

l. are costs incurred no matter how many units, batches, or products are produced.

Facility-level costs

Country Furniture Company manufactures furniture at its Akron, Ohio, factory. Some of its costs from the past year include: Depreciation on sales office Depreciation on factory equipment Factory supervisor salary Sales commissions Lubricants used in factory equipment Insurance costs for factory Wages paid to maintenance workers Fabric used to upholster furniture Freight−in (on raw materials) Costs of delivery to customers Wages paid to assembly−line workers Lumber used to build product Utilities in factory Utilities in sales office Manufacturing overhead costs for Country Furniture Company totaled

Factory supervisor salary+Lubricants used in factory equipment+insurance+ages paid to maintenance workers+Utilities in factory+Depreciation on factory equipment =

One key element of lean production is to produce large batches. True False

False

Traditional costing systems are generally more accurate than ABC costing. True False

False

------ cannot be directly traced to a(n) ------

Indirect costs/cost object

i. are costs incurred when defects in poor-quality goods or services are corrected before making delivery to customers.

Internal failure costs

Oil refinery Job costing/process costing

Process costing

Plastic bottle manufacturer Job costing/process costing

Process costing

Soft drink bottler Job costing/process costing

Process costing

Soup manufacturer Job costing/process costing

Process costing

Toothpaste manufacturer Job costing/process costing

Process costing

---- are initially treated as ----- on the balance sheet.

Product costs/assets

1. Patents are obtained for each new type of container mold.

Product-level

2 Each type of container has its own unique molds.

Product-level

9. Each container product line has a product line manager.

Product-level

The -----------was enacted to restore trust in publicly traded corporations, their management, their financial statements, and their auditors.

Sarbanes-Oxley Act of 2002

typically do not have an inventory account.

Service companies

The goal of producing near perfection with less than 3.4 defects per one million opportunities is called

Six Sigma

State tax agency auditor???

State tax agency auditor

is the ability to meet the needs of the present without compromising the ability of future generations to meet their own needs.

Sustainability

q. is a management philosophy of delighting customers with superior products and services by continually setting higher goals and improving every business function

TQM

e. Using activity-based costing information to make decisions that increase profits while satisfying customers' needs is .

activity-based management

n. Costs incurred to detect poor-quality goods or services are . .

appraisal costs

The allocation process results in a less precise cost figure being ---- to the ------

assigned/cost objects

c. The costs incurred for every batch, regardless of the number of units in the batch, are known as .

batch-level costs

The ------ is like a list of ingredients in a recipe, stating the materials needed to produce a product.

bill of materials

Board of directors (financial/managerial/both)

both

Division controller (financial/managerial/both)

both

Internal auditor (financial/managerial/both)

both

When manufacturing companies sell their finished products, the costs of those finished products are removed from inventory and expensed as ------

cost of goods sold

Disclose all relevant information that could reasonably be expected to influence an intended user's understanding of the reports, analyses, or recommendations. (credibility,integrity,confidentiality)

credibility

k. Costs incurred when the company does not detect poor-quality goods or services until after delivery is made to customers are .

external failure costs

Bookkeeping Department (financial/managerial/both)

financial

External auditor (public accounting firm) (financial/managerial/both)

financial

Loan officer at the company's bank (financial/managerial/both)

financial

Potential investors (financial/managerial/both)

financial

Reporter from The Wall Street Journal (financial/managerial/both)

financial

SEC examiner (financial/managerial/both)

financial

State tax agency auditor (financial/managerial/both)

financial

Wall Street analyst (financial/managerial/both)

financial

Current stockholders (financial/managerial/both)

finncial

Company-paid ----- may include health insurance, retirement plan contributions, payroll taxes, and paid vacations.

fringe benefits

Property taxes—30% of building is used for sales, marketing, and administrative offices ???

period cost/ null

Lease payment on administrative headquarters

period cost/null

Telecommunications costs for the customer service call center

period cost/null

d. Costs incurred to avoid poor-quality good or services are . .

prevention costs

Property taxes—70% of building is used for manufacturing

product cost/ MOH

Wages and benefits paid to assembly-line workers in the manufacturing plant

product cost/DL

Standard packaging materials used to package individual units of product for sale (for example, cereal boxes in which cereal is packaged)

product cost/DM

Depreciation on automated production equipment

product cost/MOH

Repairs and maintenance on factory equipment

product cost/MOH

Salaries paid to quality control inspectors in the plant

product cost/MOH

U.S. GAAP requires companies to use only ------ for inventory reported on external financial statements.

product costs

g. The costs incurred for a particular product, regardless of the number of units or batches of the product produced, are known as .

product-level costs

Before production begins, the manufacturer's purchasing department issues ------ to its supplier for needed direct materials.

purchase orders

Each item in the raw materials storeroom has its own -----

raw materials record .

The ------ is a control for the materials stored in the storeroom. In order to get direct materials, a(n) ------ must be presented.

raw materials record /materials requisition

Manager of the Service Department

Managerial accounting information

The -----is the person responsible for general financial accounting, managerial accounting, and tax reporting.

controller

Costs that can be directly traced to a(n) ----- are called -----

cost object/direct costs

i. Decision makers inside a company are the

managers

Forever 21, Target, and Kohl's are all examples of .

merchandising companies

Johnson & Johnson, a personal care products manufacturer, converts ----- into finished products.

raw materials inventory

Most for-profit organizations can be described as being in one (or more) of three categories:

service companies, merchandising companies, and manufacturing companies

Maintain an appropriate level of professional expertise by continually developing knowledge and skills.

-Competence

Due to many organizations reporting fraudulent financial statements, companies on certain stock exchanges are required to form an audit committee. An audit committee is/does all of the following except: A. internal audit reports to the audit committee B. are employees of the company C. sub-set of the Board of Directors D. hire the external auditors

B. are employees of the company

Management accountants work with many different groups within a company. This concept is best described as? A. Audit Committee B. Cross-functional teams C. Integrity D. Extensible business reporting

B. Cross-functional teams

Board of directors

Both financial and managerial accounting information

Division controller(managerial/financial) accounting information

Both financial and managerial accounting information

Internal auditor(managerial/financial) accounting information

Both financial and managerial accounting information

Ethical Standards are critical for management accountants. Which one best relates to Competance? A. Inform all relevant parties regarding appropriate use of confidentail information. B. Mitigate actual conflicts of interest. C. Perform professional duties in accordance with laws, regulations and technical standards. D. Communicate information fairly and objectively.

C. Perform professional duties in accordance with laws, regulations and technical standards.

This course is dealing with managerial accounting versus financial accounting. One of the biggest differences between the two is A. managerial accounting is not as important as financial accounting. B. managerial accounting has strict deadlines when it provides information to managers and in financial accounting organiazation issue reports to investors, shareholders and creditors when it thinks it is needed. C. managers and other internal organization users will receive various reports to help them achieve their goals and objectives, whereas financial accounting deals with a set of financial statements that are provided to external users. D. financial accounting deals with internal reports and managerial accounting deals with making information available to third parties (investors, creditors, shareholders).

C. managers and other internal organization users will receive various reports to help them achieve their goals and objectives, whereas financial accounting deals with a set of financial statements that are provided to external users.

The ------ manages the company on a daily basis.

CEO

typically, the treasurer and the controller report directly to the -----

CFO

Maintain an appropriate level of professional expertise by continually developing knowledge and skills.(integrity/competence/credibility/confidentiality)

Competence

Perform professional duties in accordance with relevant laws, regulations, and technical standards.(integrity/competence/credibility/confidentiality)

Competence

is the management process of evaluating the results of business operations against the plan and making adjustments to keep the company pressing toward its goals.

Controlling

Communicate information fairly and objectively.(integrity/competence/credibility/confidentiality)

Credibility

Disclose all relevant information that could reasonably be expected to influence an intended user's understanding of the reports, analyses, or recommendations.

Credibility

Disclose all relevant information that could reasonably be expected to influence an intended user's understanding of the reports, analyses, or recommendations.(integrity/competence/credibility/confidentiality)

Credibility

Disclose delays or deficiencies in information, timeliness, processing, or internal controls in conformance with organization policy and/or applicable law.(integrity/competence/credibility/confidentiality)

Credibility

improves the quality of thought by skillfully analyzing, assessing, and reconstructing initial thoughts.

Critical thinking

Of the following skills, which are needed by today's management accountants? A. Cost management B. Decision analysis C. Strategic thinking D. All of the above

D. All of the above

In the future, after graduation, you will end up working with various individuals accross the organization, not just employees in your own department. What term is best associated with this? A. Board of directors B. groups C. accounting department D. cross-functional teams

D. cross-functional teams

is the management process of overseeing the company's day-to-day operations.

Directing

serves the information needs of people in accounting as well as people in marketing and in the warehouse.

ERP

provides information on a company's past performance to external parties.

Financial accounting

statements of public companies are audited annually by CPAs(managerial/financial) accounting information

Financial accounting

Bookkeeping Department