DSM- Chapter 1

Which of the following is NOT a business trend impacting management accounting?

A shift toward a manufacturing-based economy

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

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

Which of the following characteristics does NOT pertain to management accounting?

Abides by externally imposed standards such as GAAP

Who reports directly to the board of directors?

Audit committee

Who is responsible for all of the company's financial concerns?

CFO

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

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

Which of the following is NOT a "soft skill" competency needed by a management accountant?

Decision analysis

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

Internal Auditor

Which phrase best describes the current role of the managerial accountant?

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

Which does NOT describe the current role of the managerial accountant?

Managerial accountants prepare the financial statements for 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.

Which is most representative of managerial accounting?

The accounting systems vary from company to company.

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.

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.

Which of the following is integrated throughout all managerial accounting responsibilities?

Which of the following is integrated throughout all managerial accounting responsibilities?

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

The IMA's ethical standards include all of the following EXCEPT

confidnece

Cross-functional teams ________.

consist(s) of employees representing various functions of the company, such as R&D, design, production, marketing, distribution, and customer service.

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

controller

Financial Accounting involves each of the following tasks EXCEPT ________.

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 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

Identify which user of accounting information would mainly use managerial accounting information.

external auditor/ manager of sales dept

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

integrity

The IMA's Statement of Ethical Professional Practice requires management accountants to do all of the following EXCEPT ________.

pass CPA exam

The IMA's Statement of Ethical Professional Practice requires management accountants to do all of the following EXCEPT ________.

pass the CPA Exam

Which of the following job duties would most likely NOT be performed by someone working for the treasurer?

performing cash accounts at branch offices

Sustainability refers to ________.

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

The three main responsibilities of a managerial accountant include all of the following EXCEPT ________.

reporting, which involves providing stockholders and creditors with the information they need to make investment and lending decisions

Which of the following is NOT a nontechnical skill possessed by a management accountant?

technology

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