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Ethics in Cost Accounting Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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Question 1 1. Which of the following would fall under CASB standards?

Question 2 2. The Widget Factory is estimating costs. According to CAS 401, what method should the company use to estimate these costs?

Question 3 3. Direct cost and indirect costs are defined under which CFR standard?

Question 4 4. FASB sets which financial standards?

Question 5 5. Internal controls are used to do which of the following?

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Question 6 6. The Sarbanes-Oxley Act mandates which of the following?

Question 7 7. The Enron scandal sparked the creation of which of the following?

Question 8 8. Which of the following companies would need to adhere to the Sarbanes-Oxley Act?

Question 9 9. JIT supply chain management promotes which of the following?

Question 10 10. In her role as an accountant for ABC Manufacturing Janis has uncovered a pattern of errors made by one clerk in the parts department. How should Janis handle this situation?

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Question 11 11. The Securities and Exchange Commission created a special group called the _____ to set the guidelines that all accounting professionals must follow.

Question 12 12. Jan is the accounting manager for ABC Manufacturing. In her role she instructs newly hired accountants in the use of internal controls. Why would she stress the importance of accuracy when they are creating financial documents?

Question 13 13. The Cost Accounting Standards Board standards are applicable to government contracts over $500,000, making up what percent of the dollars spent?

Question 14 14. The Cost Accounting Standards Board primary focus is:

Question 15 15. The Cost Accounting Standards Board was established in:

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Question 16 16. Why is an audit report valuable?

Question 17 17. What is the law that protects investors from fraudulent accounting activity?

Question 18 18. A scandal involving _____ is a prime example of why the Sarbanes-Oxley Act was needed.

Question 19 19. Which of the following is exempted from Cost Accounting Standard?

Question 20 20. _____ describes how the government and its subcontractors must buy goods and services.

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Question 21 21. This section of the CAS defines how federal contractors are to report costs.

Question 22 22. The Federal Acquisition Regulations System is found where?

Question 23 23. If a nonprofit receives a federal contract, which of the following apply to its accounting practices?

Question 24 24. If a federal contractor accounts for costs using labor, materials and overhead when making an estimation, but uses quarters 1, 2 and 3 to accumulate and report costs, where does the contractor stand under CAS 401?

Question 25 25. A supply chain improvement where production receives the necessary parts and supplies right when needed is known as _____.

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Question 26 26. Each of the following is a supply chain optimization technique EXCEPT:

Question 27 27. A moral or ethical conflict that could result from implementation of a supply chain improvement is known as a(n) _____.

Question 28 28. Ethics are defined as _____.

Question 29 29. Which law was enacted as a direct result of the unethical financial practices of both Enron and Arthur Andersen?

Question 30 30. Who investigated Arthur Andersen and Enron?

Ethics in Cost Accounting Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

Accounting 303: Cost Accounting  /  Business Courses
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