Acc 561 Final Exam

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1) According to the Financial Executives Institute, one function of controllership is _____. | |A. |[pic]|short term financing | | |B. |[pic]|reporting and interpreting financial information | | |C. |[pic]|investments | | |D. |[pic]|provision of capital |

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

3) Budgets _____.
| |A. |[pic]|provide feedback by comparing results with plans and by highlighting deviations from plans | | |B. |[pic]|ignore areas that are presumed to be running smoothly | | |C. |[pic]|are quantitative expressions of action plans | | |D. |[pic]|are deviations from a plan |

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

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

6) According to the Institute of Management Accountants’ Statement of Ethical Professional Practice, the standard of objectivity includes _____. | |A. |[pic]|all of these answers are correct | | |B. |[pic]|disclosing all relevant information | | |C. |[pic]|avoiding actual or apparent conflicts of interest | | |D. |[pic]|the ongoing development of the accountant’s knowledge and skills |

7) Which scorecard function is associated with making non-routine decisions? | |A. |[pic]|None of these answers is correct | | |B. |[pic]|Problem solving is associated with making non-routine decisions. | | |C. |[pic]|Attention directing is associated with making non-routine decisions. | |...
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