A) Planning
B) Implementing
C) Reviewing
D) Controlling
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25) Which of the following is the correct sequencing of the functions within the management cycle?
A) Plan - Control - Implement
B) Review - Plan - Implement
C) Plan - Implement - Control
D) Review - Control - Plan
26) Which of the following describes the Planning function within the management cycle?
A) Setting long-term objectives and the short-term tactics necessary to achieve them
B) Comparing actual to budgeted results and taking corrective action
C) Taking action to implement the plan
D) Arranging the necessary resources to carry out the plan
27) Which of the following describes the controlling function within the management cycle?
A) Setting long-term objectives and the short-term tactics necessary to achieve them
B) Comparing actual to budgeted results and taking corrective action
C) Taking actions to implement the plan
D) Arranging the necessary resources to carry out the plan
28) Which of the following does not describe the implementing function within the management cycle?
A) Leading, directing, and motivating others to achieve the plan's goals
B) Arranging the necessary resources to carry out the plan
C) Taking action to implement the plan
D) Setting long-term objectives and the short-term tactics necessary to achieve them
29) "Ethics" refers to all of the following except:
A) the standards of conduct for judging fair from unfair.
B) the standards of conduct for judging right from wrong.
C) the standards of conduct for judging opportunity from incentives.
D) the standards of conduct for judging honest from dishonest.
30) Which of the following is not one of the factors affecting the accounting reporting environment focused on in the Sarbanes-Oxley Act?
A) Industry
B) Opportunity
C) Character
D) Incentives
31) Which of the following is a requirement under the Sarbanes-Oxley Act?
A) Financial statements must be audited by a Big Four accounting firm.