Multiple-choice questions 1. Primary management responsibilities include: A. planning, coordinating, and energizing perations B. planning, controlling and evaluating operations C. all of these items D. pestering, micro-managing, and annoying employees 2. Identify the true statement regarding managerial accounting: A. Managerial financial reports may only contain monetary figures. B. Managerial financial reports must be verified by an independent auditor. C. Managerial financial reports may be prepared as frequently as needed. D. Managerial financial reports must be prepared in accordance with Generally Accepted Accounting Principles (GAAP). 3. At the beginning of the year, a manager sets the sales goal for the period. This is an example of which management responsibility? A. Planning B. Controlling C. Macro-managing D. Evaluating 4. The process of setting priorities and determining how to allocate corporate resources to help an organization accomplish short and long-term goals is known as: A. macro planning B. corporate planning C. strategic planning D. control planning 5. Identify the true statement: A. Managerial accounting applies only to merchandising and manufacturing companies. B. Preparation of budgets is part of financial accounting. C. The primary responsibility of financial accounting departments is to provide information to internal users. D. Both managerial accounting and financial accounting deal with many of the same economic events. 6. The Institute of Management Accountants publishes its Statement of Ethical Professional Practice where it lists standards for management accountants. These standards include all of the following except: A. competence B. consistency C. integrity D. confidentiality 7.Which of the following is not a step in IMA's process to resolve ethical issues: A. speak with your immediate (or next level) supervisor B. call the press C. contact an attorney D. call the IMA Ethics Helpline 8. The section of the Sarbanes Oxley Act that protects Whistleblowers is: A. 806 B. 302 C. 906 D. 404 9.The most widely recognized accounting certification is the: A. CFE license B. CIA license C. CMA license D. CPA license 10.The designation accepted worldwide that indicates an individual is licensed to examine financial documents and investigate deficiencies in internal control is a: A. CMA B. CFE C.CIA D. CPA