Acct 505 Quiz Notes Essay

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CH 1 | 1 CORRECT | | Managerial accounting is concerned with: | | | A) | reporting financial information to stockholders. | | | B) | reporting financial information to regulators. | | | C) | providing information for use within the organization. | | | D) | the financial consequences of past activities. | | | | | | Feedback:The correct answer is C: Managerial accounting is concerned with providing information to managers for use within the organization. | | 2 CORRECT | | Which of the following statements is not correct? | | | A) | A plan is always expressed in formal quantitative terms. | | | B) | Planning involves establishing goals and specifying how to achieve them. | | | C) |…show more content…
| | | B) | Do not place a greater strain on the system that the strongest link can handle. | | | C) | Concentrate improvement efforts on strengthening the strongest link. | | | D) | Improvement efforts must be focused on the constraint. | | | | | | Feedback:The correct answer is D: Procedures inherent in the Theory of Constraints include, but are not limited to the following: identify the weakest (rather than the strongest) link, do not place a greater strain on the system that the weakest link (rather than the strongest link) can handle, and concentrate improvement efforts on strengthening the weakest (rather than the strongest) link. As such, answers A, B, and C are incorrect. To be effective, improvement efforts must be focused on the constraint, as stated in answer D. | | 7 CORRECT | | The IMA's Statement of Ethical Professional Practice includes which of the following broad categories? | | | A) | Competence. | | | B) | Confidentiality. | | | C) | Integrity. | | | D) | All of the above. | | | | | | Feedback:The correct answer is D: The IMA's Statement of Ethical Professional Practice includes all of the following broad categories: competence, confidentiality, integrity, and credibility. | | 8 CORRECT | | Which of the following statements about the Sarbanes-Oxley Act of 2002 is not correct? | | | A) | The Act requires the Chief Financial Officer and the Controller certify in writing that
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