ACC561 ACC/561 FINAL EXAM (SOLUTION 54/54) 100% - 75753

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1) 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 2) 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 3) According to the Financial Executives Institute, one function of the treasurer is _____. A. government reporting B. reporting and interpreting financial information C. Short term financing D. tax administration 4) Which of the following is not a major factor causing changes in management accounting today? A. E-commerce is not a major factor. B. Declining work ethic is not a major factor. C. Increased global competition is not a major factor. D. Increasing importance of the service sector of the economy is not a major factor. 5) 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. integrity B. competence C. confidentiality D. objectivity 6) 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 7) _____ refers to accounting information developed for managers within an organization. A. Tax accounting B. Financial accounting C. Managerial accounting D. Internal auditing 8) The primary users of management accounting information are _____. A. suppliers B. internal decision makers C. governmental regulatory authorities D. bankers 9) _____ 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. Management accounting C. Tax accounting D. Auditing 10) The _____ is also called the statement of financial position. A. balance sheet B. income statement C. statement of retained earnings D. statement of cash flows 11) Any event that affects the financial position of an organization and requires recording is called a(n)_____. A. account B. transaction C. posting D. accounting change 12) _____ would not appear on the financial statements for a sole proprietorship. A. Cost of Goods Sold B. Paid-in Capital C. Accumulated Depreciation D. Unearned Sales Revenues 13) The accounting convention of _____ guides the relative sophistication of the accounting system. A. cost benefit B. objectivity C. Conservatism D. materiality 14) Mr. Bryant invested $50,000 cash in a new corporation. The new corporation will record this transaction with a debit to_____. A. Cash and a credit to Retained Income for $50,

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