A corporate board of directors generally A. manage sales targets. B. makes everyday purchasing decisions. C. approves vacation periods for top management. D. select officers.
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A corporate board of directors generally
A. manage sales targets.
B. makes everyday purchasing decisions.
C. approves vacation periods for top management.
D. select officers.
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Solved in 2 steps
- Management accountants help the management of an organization in their planning function through ________________________________. monitoring anti-theft systems strategic planning evaluating costs analyzing profitsStatement 1: The Financial Controller approves executive decisions and decides on the firm’s budgets. Statement 2: The Financial Controller gives managerial advices to the executives regarding the financial affairs of the firm. Statement 3: During decision making phase, budget proposals should match with the current financial condition of the firm and with the financial forecasts. Statement 4: The Financial Controller leads two important functions in the finance department such as accounting and treasury. Statement 5: The Financial Controller can handle both accounting and treasury in case the firm has limited resources. a.All statements are true b. Statements 1, 2 and 3 c.Statements 2, 3 and 4 are true are true d. Statements 3, 4 and 5 e.Statements 1, 3 and 5 are true f. Statements 2, 4 and 5 are true are trueWhich of the following statements is/are true? Statement 1: Under Operational excellence strategy, companies strive to offer higher quality products than rival companies.Statement 2: Budgets are usually prepared under the direction of the treasurer, who is the manager in charge of the accounting department.Statement 3: Centralization is the delegation of decision-making authority throughout an organization. Statements 1 and 2 All statements are true Statement 3 only All statements are false Statement 1 only
- Look at the following descriptions of how management, the auditor and the audit committee (or board of directors) interact with one another. Choose the one that best describes the interactions. a) Management works closely with the Board of Directors. Included amongst Management's duties is the hiring of Independent Auditors b)The Board of Directors is all knowing and all seeing. They employ Management as their Agent to run the company. Their monthly Board meetings suffice to satisfy them that Management is performing in the Shareholders' interest. c) Agency theory explains many things including why Management hires Independent Auditors to audit the financial statements d) Shareholders select a Board of Directors to oversee the Shareholders' business. The Board of Directors hire Management to run the day to day operations of the business. The Board of Directors hire Agents to assist it in monitoring Management. Amongst these Agents is the independent auditor.Being a CFO of the company, interpret the importance budget in strategic and operational planning of the companyCorporate governance explains the functions that are required to be performed by the board of directors. One of these functions are to review the performance of internal auditors. There is always a chance of threat if a person stays on a position for a long time. So, it is recommended that __________. a. None of the options b. Existing auditors must be retained c. Make a job rotation from one department to other d. Try to bring new auditors after an interval
- Enumerate two information that has to be circulated in a business environment, and explain what is the best type of flow to be used for such information. Example: Financial statement reports - if these reports are already finalized, the best way to disseminate the information is through downward vertical. the distribution of this information will come from top management once approved, then down to the subordinates.Auditor conducts management interview as a part of evaluation of internal control a. To understand the mindset of business owners and other managers in the company b. To understand whether the employees are satisfied or not c. To understand the opinion of employees about the management d. To understand the opinion of employees about the companyWhich of the following is not a primary function of the management accountant?a. Communicates financial results and position to external parties.b. Uses information to develop and implement business strategy.c. Aids in the decision making to help an organization meet its goals.d. Provides input into an entity’s production and marketing decisions.
- Comparing managerial accounting and financial accounting Match the following terms to the appropriate statement. Some terms may be used more than once, and some terms may not be used at all. a. Accounting systems that must follow GAAP b. External parties for whom financial accounting reports are prepared. c. The role managers play when they are monitoring day-to-day operations and keeping the company on track. d. Internal decision makers. e. Accounting system that provides information on a company’s past performance. f. Accounting system not restricted by GAAP. g. The management function that involves choosing goals and deciding how to achieve them.What position is typically responsible for general financial accounting, managerial accounting, and tax reporting? Controller Treasurer CFO Audit committeeWhich of the following statements are true? a. Screening projects of the company and determining whether they are profitable or not is part of the financial manager’s investing role. b. A financial manager emphasizes that one of the roles of their department is to transact in the financial markets. c. In an organizational chart, a financial manager who is concerned with determination of product cost and cost control function must be under the Treasurer’s Function. d. A financial manager who is tasked to assessment the company’s credit capacity. In an organizational chart, he must be under the controller.
