Horngren’s Cost Accounting A Managerial Emphasis 17th Global Edition by Srikant M. Datar test bank

Diff: 2
Objective:  6
AACSB:  Analytical thinking
 
17) Management accountants must work well in cross-functional teams and as a business partner.
Answer:  TRUE
Diff: 1
Objective:  6
AACSB:  Analytical thinking
 
18) A company's CFO oversees banking and short- and long-term financing, investments, and cash management.
Answer:  TRUE
Diff: 2
Objective:  6
AACSB:  Analytical thinking
 
19) Management accountants must promote fact-based analysis and make tough-minded, critical judgments
without being adversarial.
Answer:  TRUE
Diff: 1
Objective:  6
AACSB:  Analytical thinking
 
20) What areas of responsibility does a chief financial officer have in a typical organization?
Answer:  The responsibilities vary among organizations, but generally include the following areas:  controllership, treasury, risk management, taxation, investor relations, and internal audit.
Diff: 2
Objective:  6
AACSB:  Analytical thinking
 
21) The successful management accountant possesses several skills and characteristics that reach well beyond
 basic analytical abilities. Discuss.
Answer:  The skills required are as follows:
Management accountants must work well in cross-functional teams and as a business partner.
They must promote fact-based analysis and make tough-minded, critical judgments without being adversarial.
They must lead and motivate people to change and be innovative.
They must communicate clearly, openly, and candidly.
They must have a strong sense of integrity.
Diff: 3
Objective:  6
AACSB:  Analytical thinking
 
Objective 1.7
 
1) Which of the following issues is addressed by the Sarbanes-Oxley legislation?
A) safety aspects of products
B) environmental damages caused by industries
C) disclosure practices of public corporations
D) disclosure practices of private companies
Answer:  C
Diff: 2
Objective:  7
AACSB:  Analytical thinking
 
2) The IMA's Statement of Ethical Professional Practice for management accountants include concepts related to:
A) competence, performance, diligence, and reporting
B) competence, confidentiality, integrity, and credibility
C) experience, diligence, reporting, and objectivity
D) diligence, objectivity, conflicts of interest, and credibility
Answer:  B
Diff: 2
Objective:  7
AACSB:  Ethical understanding and reasoning
 
3) Which item is an indication of competence under the IMA's Statement of Ethical Professional Practice?
A) Maintain an appropriate level of professional expertise by continually developing knowledge and skills.
B) Keep information confidential except when disclosure is authorized or legally required.
C) Abstain from engaging in or supporting any activity that might discredit the profession.
D) Refrain from engaging in any conduct that would prejudice carrying out duties ethically.
Answer:  A
Diff: 2
Objective:  7
AACSB:  Ethical understanding and reasoning
 
4) Which of the following differentiates confidentiality and credibility under the IMA's Statement of Ethical Professional Practice?
A) Credibility deals with refraining from activities that would prejudice carrying duties ethically, while confidentiality deals with communicating information fairly and objectively.
B) Confidentiality deals with refraining from the usage of critical information for unethical or illegal advantage, while credibility ensures disclosing the relevant information that would help the intended user's understanding.
C) Credibility deals with refraining from the usage of critical information for unethical or illegal advantage, while confidentiality ensures disclosing the relevant information that would help the user's understanding.
D) Credibility ensures appropriate level of professional expertise by continually developing knowledge and skills, while confidentiality encourages mitigation of actual conflicts of interest.
Answer:  B
Diff: 3
Objective:  7
AACSB:  Ethical understanding and reasoning
 
5) Which item is an indication of integrity under the IMA's Statement of Ethical Professional Practice?
A) Refrain from engaging in any conduct that would prejudice carrying out duties ethically.
B) Communicate information fairly and objectively.
C) Keep information confidential except when disclosure is authorized or legally required.
D) Recognize and communicate professional limitations or other constraints that would preclude responsible judgment or successful performance of an activity.