Overview of Managerial 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. Define what it means to be a socially responsible organization.

Question 2 2. Which of the following is an example of external users of accounting information?

Question 3 3. What is the formula for the basic accounting equation?

Question 4 4. If a CEO files a false certification that all material aspects of the company finances are included with a filed report, what type of criminal penalty may the CEO face?

Question 5 5. What are key deliverables?

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Question 6 6. Which company, listed on the New York Stock Exchange would definitely be in breach of the Going Concern Principle?

Question 7 7. What does the term 'accounting' mean?

Question 8 8. What are the main components of the strategic management process?

Question 9 9. All of the following are examples of behaviors associated with the philanthropic level of corporate social responsibility, EXCEPT _____.

Question 10 10. GAAP sets the standards for the creation of what?

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Question 11 11. Which of the following is NOT a financial statement?

Question 12 12. Djokovic is the Chief Information Officer for InfoTech Inc. Murray is the Chief Lending Officer at the Bank where InfoTech has a large bank loan. Which statement is true for both Djokovic and Murray, in connection with InfoTech?

Question 13 13. What does it mean if a company is going 'green'?

Question 14 14. In the strategic management process, which step comes after environmental scanning?

Question 15 15. Treating competing companies morally is an example of appropriate behavior for the _____ level of corporate social responsibility.

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Question 16 16. In managerial accounting, what is the function of planning?

Question 17 17. Why was Sarbanes-Oxley implemented?

Question 18 18. Being socially responsible applies to

Question 19 19. How many basic accounting principles make up GAAP?

Question 20 20. Why is a profit and loss statement important?

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Question 21 21. Why is accounting important to business?

Question 22 22. Which of the following is an example of how publicly-traded companies can apply the principle of conservatism with their financial statements?

Question 23 23. Which of the following is NOT a step in the risk management process?

Question 24 24. Sarbanes-Oxley applies to which of the following types of businesses?

Question 25 25. Michael, the majority shareholder of a company, decided to produce the company's balance sheet whose cash balance included the cash in his own bank account. Would Michael be allowed to do this by GAAP?

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Question 26 26. A company that routinely violates employment laws by refusing to hire minority workers would be ignoring the _____ level of corporate social responsibility.

Question 27 27. Which of the following management decisions involves risk reduction?

Question 28 28. Does a company or manager need to be fully engaged in social responsibility?

Question 29 29. Which level of corporate social responsibility focuses on a company's obligation to fulfill consumers' needs with products and services?

Question 30 30. Monica reads in the newspaper that in the year ended December 31, 2015, Profit For Two Inc made $1 million profit. Monica wants to confirm for herself that this is really the case. What financial statement of Profit For Two Inc should Monica read to confirm the newspaper report?

Overview of Managerial 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 102: Intro to Managerial Accounting  /  Business Courses
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