Multiple Choice Difficulty: Hard Learning Objective: 01-01 Describe the
functions performed by managers.
The purpose of IFRS is:
To encourage Strategic planning.
To enhance the comparability and clarity of financial information on a global basis.
To encourage disclosure of Non-Financial data.
To change how management accountants prepare reports.
References
Multiple Choice Difficulty: Medium Learning Objective: 01-02 Identify the
major differences and similarities between
financial and managerial accounting.
23.
Award: 10.00 points
24.
Award: 10.00 points
In Canada, CPA Code of Ethics is an instrument for enforcing professional conduct for its members and
comprise the following:
Level of competence, confidentiality, integrity, due care and objectivity
Level of competence, confidentiality and integrity
Level of competence, confidentiality and objectivity
Level of competence, integrity and objectivity
References
Multiple Choice Difficulty: Medium Learning Objective: 01-04 Explain the
nature and importance of ethics for
accountants.
Which of the following is the stakeholder group whose interests are to be directly and formally
protected by effective corporate social responsibility?
Customers
Creditors
All Stakeholders
Suppliers
References
Multiple Choice Difficulty: Medium Learning Objective: 01-05 Explain the
elements of corporate social responsibility.
25.
Award: 10.00 points
26.
Award: 10.00 points
An important part of planning is to identify alternatives and then to select from among the alternatives
the one that best meets the organization's objectives.
True
False
References
True / False Difficulty: Medium Learning Objective: 01-01 Describe the
functions performed by managers.
Big Data refers to the information gathered from insider sources only.
True
False
References
True / False Difficulty: Easy Learning Objective: 01-01 Describe the
functions performed by managers.
27.
Award: 10.00 points
28.
Award: 10.00 points
Companies should identify foreseeable risks before they occur rather than react to unfortunate events
that have already happened.
True
False
References
True / False Difficulty: Medium Learning Objective: 01-03 Explain the basic
concept of enterprise risk management.
A value chain consists of the major business functions that add value to a company's products and
services.
True
False
References
True / False Difficulty: Easy Learning Objective: 01-03 Explain the basic
concept of enterprise risk management.
29.
Award: 10.00 points
30.
Award: 10.00 points
Managerial accounting places less emphasis on precision and more emphasis on timeliness of data
than financial accounting does.
True
False
References
True / False Difficulty: Medium Learning Objective: 01-02 Identify the
major differences and similarities between
financial and managerial accounting.
Managerial accounting is NOT governed by generally accepted accounting principles (GAAP).
True
False
References
True / False Difficulty: Easy Learning Objective: 01-02 Identify the
major differences and similarities between
financial and managerial accounting.
31.
Award: 10.00 points
32.
Award: 10.00 points
In general, accounting data serve both financial accounting and managerial accounting purposes.
True
False
References
True / False Difficulty: Easy Learning Objective: 01-02 Identify the
major differences and similarities between
financial and managerial accounting.
Product harming customers is NOT a business risk.
True
False
References
True / False Difficulty: Easy Learning Objective: 01-03 Explain the basic
concept of enterprise risk management.
33.
Award: 10.00 points
34.
Award: 10.00 points
Managerial accounting plays a critical role in providing information to management to facilitate
implementing and monitoring strategy.
True
False
References
True / False Difficulty: Easy Learning Objective: 01-01 Describe the
functions performed by managers.
To reduce the likelihood that employees will engage in undesirable activities that may harm various
stakeholders, many companies prepare a formal code of conduct to reflect their values and moral