ACG DSM CH1

What is the role of the internal auditor in an organization?

The role of an internal auditor is to ensure that the company's internal controls and risk management policies function properly.

What is the role of a treasurer in an organization?

The treasurer is primarily responsible for raising capital (through issuing stocks and bonds) and investing funds.

Who is primarily responsible for raising capital (through issuing stocks and bonds) and investing funds?

Treasurer

________ recognizes that a company's performance should be viewed not only in terms of its ability to generate economic profits for its owners, as has traditionally been the case, but also in terms of its impact on people and the planet.

Triple bottom line

Which of the following best describes data such as social media posts and satellite images? Unstructured data Semi-structured data Structured data Ordinal data

Unstructured data

An enterprise resource planning (ERP) system ________.

assists companies in streamlining their operations, responding quickly to changes, and replacing hundreds of separate software systems

A company's ________ is (are) potentially the most effective instrument of good corporate governance.

board of directors

Disclosing confidential information of a past employer to gain advantage at a new job is a violation of the ________ standard of ethics?

confidentiality

Financial Accounting involves each of the following tasks EXCEPT ________. The CFO is responsible for all of the company's financial concerns. The CFO is primarily responsible for raising capital (through issuing stocks and bonds) and investing funds. The CFO is usually responsible for general financial accounting, managerial accounting, and tax reporting. The CFO ensures that the company's internal controls and risk management policies are functioning properly.

controlling, which involves evaluating the results of business operations against the plan and making adjustments to keep the company pressing toward its goals

A factor which has been a major reason for heightened interest in business ethics is ________.

corporate collapses

The IMA standard that includes disclosing all relevant information that could reasonably be expected to influence an intended user's understanding of the reports, analyses, or recommendations is ________.

credibility

The IMA Statement of Ethical Professional Practice standard of credibility mandates that each member has a responsibility to ________.

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

A violation of a professional code of conduct is most likely to occur when a managerial accountant ________.

discloses confidential information of a past employer to gain advantage

The IMA standard of ________ mandates that individuals refrain from engaging in any conduct that would prejudice carrying out duties in an ethical manner.

integrity

Sustainability refers to ________.

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

The IMA Statement of Ethical Professional Practice standard of competence outlines that each member has a responsibility to ________.

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

The triple bottom line refers to ________.

the concept that a company's performance should be viewed not only in terms of its ability to generate economic profits for its owners, as has traditionally been the case, but also in terms of its impact on people and the planet

Which of the following formula will be used in Excel to calculate 25 to the second power?

=25^2

Which of the following is NOT a business trend impacting management accounting? A shift toward a manufacturing-based economy The concern for sustainability Engagement in corporate social responsibility Implementing integrated reporting systems

A shift toward a manufacturing-based economy

Which of the following characteristics does NOT pertain to management accounting? Abides by externally imposed standards such as GAAP Provides data and estimates about future activity Provides multidisciplinary financial and operating data Generates specific-purpose financial statements and reports

Abides by externally imposed standards such as GAAP

Who reports directly to the board of directors?

Audit committee

Providing decision support that is accurate, clear, concise, and timely is in accordance with which standard of ethical professional practice?

Competence

Who is usually responsible for general financial accounting, managerial accounting, and tax reporting?

Controller

Which of the following is NOT a benefit of using data analytics? Data analytics can eliminate competition and drive up prices. Data analytics can help businesses make quicker decisions. Data analytics can increase the efficiency of internal operations. Data analytics can help companies better adapt and respond to customer's individual preferences.

Data analytics can eliminate competition and drive up prices.

Which of the following is integrated throughout all managerial accounting responsibilities? Decision-making Planning Directing Controlling

Decision-making

Jewel has been asked to investigate customer complaints about long wait times at ticket counters. Which of the following type of analytics best describes Jewel's work on this project? Diagnostic analytics Predictive analytics Prescriptive analytics Autonomous analytics

Diagnostic analytics

Identify which user of accounting information would mainly use financial accounting information. External auditor Plant manager CEO Internal auditor

External auditor

Who is responsible for ensuring that the company's internal controls and risk management policies are functioning properly?

Internal auditor

Which of the following job duties would most likely be performed by someone working for the treasurer? Investing company funds Overseeing accounts payable activities Preparing journal entries for month-end closing Ensuring that the company's internal controls are functioning properly

Investing company funds

Which phrase best describes the current role of the managerial accountant? Managerial accountants facilitate the decision-making process within an organization. Managerial accountants make the key decisions at an organization. Managerial accountants are primarily information collectors. Managerial accountants prepare the financial statements for an organization.

Managerial accountants facilitate the decision-making process within an organization.

Which of the following is a characteristic of managerial accounting? Managers generate specific-purpose financial statements and reports for segments, products, and geographical regions. Managers only generate annual reports. Managers only generate quarterly reports. Independent certified public accountants (CPA) always prepare the reports.

Managers generate specific-purpose financial statements and reports for segments, products, and geographical regions.

Which of the following is a result of corporate accounting scandals at organizations such as Enron and WorldCom? Passage of the Sarbanes-Oxley Act of 2002 Decrease in corporate governance Investors have become less educated and aware. Companies have become less concerned with ethics.

Passage of the Sarbanes-Oxley Act of 2002

Which of the following job duties would most likely NOT be performed by someone working for the treasurer? Performing cash counts at branch offices Investing company funds Issuing company stock Establishing banking relationships

Performing cash counts at branch offices

Hamesh has been asked to develop a presentation for his organization's budget committee about future expenses. Which of the following type of analytics best describes Hamesh's work on this presentation? Predictive analytics Diagnostic analytics Prescriptive analytics Adaptive analytics

Predictive analytics

Which of the following is a job function of the controller? The controller is usually responsible for general financial accounting, managerial accounting, and tax reporting. The controller is primarily responsible for raising capital (through issuing stocks and bonds) and investing funds. The controller is responsible for all of the company's financial concerns. The controller ensures the company's internal controls and risk management policies are functioning properly.

The controller is usually responsible for general financial accounting, managerial accounting, and tax reporting.

Which of these was established as a result of corporate scandals? Sarbanes-Oxley Act of 2002 (SOX) International Financial Reporting Standards (IFRS) Enterprise Resource Planning (ERP) American Institute of Certified Public Accountants (AICPA)

Sarbanes-Oxley Act of 2002 (SOX)

________ refers to meeting the needs of the present without compromising the ability of future generations to meet their own needs.

Sustainability

Which of the following is the responsibly of a CFO? The CFO is responsible for all of the company's financial concerns. The CFO is primarily responsible for raising capital (through issuing stocks and bonds) and investing funds. The CFO is usually responsible for general financial accounting, managerial accounting, and tax reporting. The CFO ensures that the company's internal controls and risk management policies are functioning properly.

The CFO is responsible for all of the company's financial concerns.