ACC561 10 Final Questions A+ Work-4 - 23036

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1) Budgets _____.

A. ignore areas that are presumed to be running smoothly

B. are deviations from a plan

C. are quantitative expressions of action plans

D. provide feedback by comparing results with plans and by highlighting deviations from plans

 

2) Performance reports _____.
A. ignore areas that are presumed to be running smoothly
B. provide feedback by comparing results with plans and by highlighting deviations from plans
C. are deviations from a plan
D. are quantitative expressions of action plans

3) Department performance reports can be used to help department heads determine _____.
A. who is primarily responsible for any deviations from plans
B. how efficiently the department is operating
C. how effectively and efficiently the department is operating
D. how effectively the department is operating

4) Below is a statement from the Institute of Management Accountants' Statement of Ethical Professional Practice. “Refrain from disclosing confidential information acquired in the course of their work except when authorized, unless legally obligated to do so.” It is an example of _____.
A. objectivity
B. confidentiality
C. integrity
D. competence

5) Ethical accountants are important to society because _____.
A. none of these answers is correct
B. they pay their taxes
C. the information produced is reliable
D. they will not go to prison and waste taxpayers' money

6) According to the Institute of Management Accountants' Statement of Ethical Professional Practice, the standard of competence includes:
A. All of these answers are correct
B. the ongoing development of the accountant's knowledge and skills
C. avoiding actual or apparent conflicts of interest
D. disclosing all relevant information

7) _____ is the field of accounting that develops information for external decision makers such as stockholders, suppliers, banks, and government regulatory agencies.
A. Financial accounting
B. Auditing
C. Tax accounting
D. Management accounting

8) _____ refers to accounting information developed for managers within an organization.
A. Tax accounting
B. Internal auditing
C. Managerial accounting
D. Financial accounting

9) The primary users of management accounting information are _____.
A. suppliers
B. bankers
C. governmental regulatory authorities
D. internal decision makers

10) _____ would not appear on the financial statements for a sole proprietorship.
A. Unearned Sales Revenues
B. Paid-in Capital
C. Cost of Goods Sold
D. Accumulated Depreciation

Solution Description

 

1) Budgets _____.

A. ignore areas that are presumed to be running smoothly

B. are deviations from a plan

C. are quantitative expressions of action plans

D. provide feedback by comparing results with pla