ACIS 2116 Chapter 3 Powerpoints Spring 2009-1

ACIS 2116 Chapter 3 Powerpoints Spring 2009-1 - Attendance...

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1 Attendance Quiz Today! Please get out a piece of paper and pen/pencil Write your name, ID number, and the date 6 questions
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2 Attendance Quiz Review Question 1 Managerial accounting information is: a. Generated based on generally accepted accounting principles (GAAP) b. Used exclusively by internal managers for decision-making purposes c. Commonly shared with external parties such as stockholders d. Primarily geared toward the preparation of financial statements
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3 Attendance Quiz Review Question 2 Put the steps of the decision-making process in the correct order: a. Identify objectives b. Identify and analyze available options c. Define the problem d. Select the best option
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4 Attendance Quiz Review Question 3 Opportunity Costs: a. Are never relevant in a decision-making context b. May include costs that have already been incurred and will not change as a consequence of future decisions c. Are often difficult to quantify, but should be considered in a decision-making context d. Include all past costs regardless of their nature
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5 Attendance Quiz Review Question 4 Corporate governance practices are aimed at promoting: a. Accurate financial statements b. Corporate fairness c. Management accountability d. All of the above
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6 Attendance Quiz Review Question 5 The three types of codes of ethics used by organizations do NOT include: a. Statement of intent b. Corporate philosophy statement c. Codes of conduct d. Mission statements
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7 Attendance Quiz Review Question 6 Which of the following statements regarding fraud is NOT true? a. Fraud requires knowledge and intent on the part of the perpetrator b. Management fraud is very easy to detect c. Fraud is often perpetrated by individuals who do not have a criminal background d. Employees often engage in fraudulent activity as a result of situational pressures, opportunities to do so, and personal characteristics.
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8 Attendance Quiz Answers 1: B, Used extensively by internal managers for decision-making purposes 2: C, A, B, D 3: C, Are often difficult to quantify, but should be considered in a decision-making context 4: D, All of the above 5: A, Statements of intent 6: B, Management fraud is very easy to detect
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9 ACIS 2116 Chapter Three Product Costing: Manufacturing Processes, Cost Terminology, and Cost Flows
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Merchandising Firm vs. Manufacturing Firm Merchandisers . . . Buy finished goods. Sell finished goods. Manufacturers . . . Buy raw materials. Produce and sell
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ACIS 2116 Chapter 3 Powerpoints Spring 2009-1 - Attendance...

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