ACC 560: Comprehensive Financial Accounting and Management Control System Final Exam

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ACC 560: Comprehensive Financial Accounting and Management ControlSystem Final ExamACC 560 FINAL EXAM1) According to the Financial Executives Institute, one function of controllership is _____.A.short term financingB. reporting and interpreting financial informationC.investmentsD.provision of capital2) Performance reports _____.A. provide feedback by comparing results with plans and by highlighting deviations from plansB.ignore areas that are presumed to be running smoothlyC.are quantitative expressions of action plansD.are deviations from a plan3) Budgets _____.A.provide feedback by comparing results with plans and by highlighting deviations from plansB.ignore areas that are presumed to be running smoothlyC. are quantitative expressions of action plansD.are deviations from a plan4) Ethical accountants are important to society because _____.A. the information produced is reliableB.none of these answers is correctC.they pay their taxesD.they will not go to prison and waste taxpayers’ money5) According to the Institute of Management Accountants’ Statement of Ethical ProfessionalPractice, the standard of competence includes:A.avoiding actual or apparent conflicts of interestB.All of these answers are correctC. the ongoing development of the accountant’s knowledge and skillsD.disclosing all relevant information6) According to the Institute of Management Accountants’ Statement of Ethical ProfessionalPractice, the standard of objectivity includes _____.A.all of these answers are correctB.disclosing all relevant informationC.avoiding actual or apparent conflicts of interestD. the ongoing development of the accountant’s knowledge and skills7) Which scorecard function is associated with making non-routine decisions?A. None of these answers is correctB. Problem solving is associated with making non-routine decisions.C.Attention directing is associated with making non-routine decisions.D.Scorekeeping is associated with making non-routine decisions.8) _____ is the field of accounting that develops information for external decision makers suchas stockholders, suppliers, banks, and government regulatory agencies.A. Financial accounting

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