MS CHAP 2 QUIZ

What is another name for Management Accounting?

• Managerial Accounting

• Tax Accounting

• Cost Accounting

• Financial Accounting

Which of the following is NOT a function of Management Accounting?

• Planning

• Directing and Motivating

• Selling and Marketing

• Controlling

What is the main responsibility of the Controller in an organization?

• Customer Service

• Human Resources Management

• Financial Reporting

• Tax Administration

What is the purpose of providing assistance to management in profit planning/budgeting?

• To increase costs

• To minimize expenses

• To decrease revenue

• To maximize profit

Which of the following is a principle governing the design of Management Accounting systems?

• Supporting performance monitoring

• Ignoring relevant laws

• Encouraging unethical behavior

• Avoiding decision-making authority

What is the responsibility of Management Accountants regarding confidentiality?

• Disclose all information to the public

• Keep information confidential except when legally required

• Use confidential information for personal gain

• Share confidential information with competitors

What should management accountants do when faced with significant ethical issues?

• Take legal action immediately

• Ignore the issues

• Keep the issues to themselves

• Discuss with an impartial advisor

What is the main function of the Controller in an organization?

• Product Development

• Marketing Strategy

• Planning for Control

• Human Resources Management

What is the primary goal of Management Accounting in a business?

• Maximizing profit

• Minimizing revenue

• Increasing costs

• Reducing efficiency

What is the responsibility of Management Accountants regarding integrity?

• Prejudice carrying out duties ethically

• Engage in conduct that discredits the profession

• Mitigate conflicts of interest

• Support activities that are unethical