Question 1

Section 302 of the Sarbanes-Oxley Act of 2002 (SOX) requires that

Accepted Answer

Section 302 of the Sarbanes-Oxley Act of 2002 (SOX) requires that CFOs and CEOs of public companies certify the accuracy of their reported financial information.

Question 2

The largest and most respected association focused exclusively on the advancement of the management accounting profession and provision of the highest ethical and best practices in management accounting and finance is the

Accepted Answer

The largest and most respected association focused exclusively on the advancement of the management accounting profession is the Institute of Management Accountants (IMA).

Question 3

The Institute of Management Accountants (IMA) guides the management accounting and finance professions by

Accepted Answer

The Institute of Management Accountants (IMA) guides the management accounting and finance profession by helping professionals build a professional network, advocating for the profession in a challenging regulatory environment, and serving as a though leader in cutting edge research and industry best practice.

Question 4

The IMA's Statement of Ethical Professional Practice includes all of the following overarching ethical principles except

Accepted Answer

The IMA's Statement of Ethical Professional Practice includes honesty, fairness and objectivity as overarching ethical principles, but does not include subjectivity.

Question 5

In the event a member of the Institute of Management Accountants (IMA) encounters unethical conduct, the member should

Accepted Answer

In the event a member of the Institute of Management Accountants (IMA) encounters unethical conduct, the member should contact the IMA's Anonymous hotline to determine how elements of the IMA Statement of Ethical Professional Practice could be applied to the ethical issue.

Question 6

The governing body that has a vision to be the world leader in driving vitality, relevance and quality across the accounting profession, furthering its trust and influence is the

Accepted Answer

The governing body that has a vision to be the world leader in driving vitality, relevance, and quality across the accounting profession, furthering Its trust and influence is the American Institute of Certified Public Accountants (AICPA).

Question 7

Which governing body establishes professional standards for the accounting industry?

Accepted Answer

The governing body that establishes professional standards for the accounting industry is the American Institute of Certified Public Accountants.

Question 8

Ethical considerations

Accepted Answer

Ethical considerations are a constant in the accounting profession, and serve to keep accounting professionals in check.

Question 9

Which two governing bodies partnered to establish the CGMA designation, which further enhances the recognition of management accounting?

Accepted Answer

the two governing bodies that partnered to establish the CGMA designation, which further enhances the recognition of management accounting are the AICPA and U.K.'s Chartered Institute of Management Accountants.

Question 10

Which of the statements regarding the AICPA's Code of Professional Conduct is correct?

Accepted Answer

The correct statement regarding the AICPA's Code of Professional Conduct is that, "The principles of the code call for an unwavering commitment to honorable behavior, even at the sacrifice of personal advantage.

Question 11

The importance of providing accurate and reliable information to decision-makers and other users of accounting information is consistent with organizations having

Accepted Answer

The importance of providing accurate and reliable information to decision-makers and other users of accounting information is consistent with Organization having a strong ethical culture.

Question 12

Recruiters for accounting jobs typically look for students who are

Accepted Answer

Recruiters for accounting jobs typically look for students who are technically strong, competent, and analytic.

Question 13

Which of the following mindsets is best adapted to learning accounting?

Accepted Answer

The growth mindset is best adapted to learning accounting.

Question 14

The way of thinking in which intelligence can be developed and leads to a desire to learn, with a person willing to embrace challenges is referred to as a

Accepted Answer

The way of thinking in which intelligence can be developed and leads to a desire to learn, with a person willing to embrace challenges is referred to as a growth mindset.

Question 15

A person who avoids challenges, ignores constructive feedback, and feels threatened by the success of other is most likely to have a(n) ____________ mindset.

Accepted Answer

A person who avoids challenges, ignores constructive feedback, and feels threatened by the success of others is most likely to have a fixed mindset.

Question 16

In order to reach higher learning, understanding is superior to ____________.

Accepted Answer

In order to reach higher learning, understanding is superior to remembering.

Question 17

Bloom's Taxonomy is a useful reference for every lifelong learner since the hierarchy of learning helps to recognize that

Accepted Answer

Bloom's taxonomy is a useful reference for every lifelong learner since the hierarchy of learning helps to recognize that ascending to the highest level implies mastery of the levels that precede it.

Question 18

Which of the following is at the top of the Bloom's Taxonomy hierarchy of learning pyramid?

Accepted Answer

Create is at the top of the Bloom's Taxonomy hierarchy of learning pyramid.

Question 19

Which of the following is at the bottom of the Bloom's Taxonomy hierarchy of learning pyramid?

Accepted Answer

Remember is at the bottom of the Bloom's Taxonomy hierarchy of learning pyramid.

Question 20

Justifying a stand or decision defines which objective in the Bloom's Taxonomy hierarchy of learning pyramid?

Accepted Answer

Justifying a stand or decision defines the objective of "Evaluate" in the Bloom's Taxonomy hierarchy of learning pyramid.

Quiz 1: Cost Accounting Has Purpose