Ferg Acctg Bellringer 48 Managerial

What is the first step of the strategic management planning process?

• Environmental scanning

• Strategy implementation

• Strategy formation

• Strategy evaluation

An analysis of the economic barriers for your company's products would be part of which step in the strategic management process?

• Environmental scanning

• Monitoring

• Evaluation

• Implementation

Which financial statement tells how much money came in and was paid out in a specific time period?

• Statement of cash flow

• Income statement

• Statement of owner's equity

• Balance sheet

What information does the statement of retained earnings provide?

• The profit that was reinvested in the company

• The total revenue the company earned

• The net profit of a company

• The equity that the investors hold

The Sarbanes-Oxley Act does NOT protect against conflicts of interest between the company and which of the following?

• Customers

• Inside stock traders

• Stock analysts

• Investment bankers

FraudCo has been found guilty of fraudulent financial activity. Under the Sarbanes-Oxley Act, who may serve a criminal sentence?

• The CEO and CFO

• The CEO and CFO if they knew about the fraud

• The auditors

• Everyone at FraudCo

GAAP can be defined as which of the following?

• A set of commonly accepted accounting standards

• A set of standards for financial analysis

• The organization that regulates accountants

• The rules for accounting in the world

The accountant finds out that the owner is planning on closing the company during the fiscal year. The accountant needs to evaluate the company differently than usual in order to avoid violating which GAAP?

• Going concern

• Matching

• Periodicity

• Conservatism

The boss is creating a budget and requests a report on the number of products manufactured, the number sold, and the time between the two. This is an example of which of the four functions of managerial accounting?

• Monitoring and control

• Planning

• Decision making

• Accountability

Bernie does not own a car because he does not want to get into a car accident. This is an example of which of the following?

• Risk avoidance

• Risk mitigation

• Risk assessment

• Risk behavior