Chapters_1_and_2_Assignment_Solution

Chapters_1_and_2_Assignment_Solution - Chapters 1 and 2...

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Chapters 1 and 2 Assignment Solution PART I: 1. Which of the following is a characteristic of managerial accounting? C A. It is used primarily by external users. B. It often lacks flexibility. C. It is often future-oriented. D. The information it provides is extremely precise. 2. Over time, the role of the managerial accountant: C A. has been replaced by the financial accountant. B. has not changed much. C. has adapted to changes in the business environment. D. has become more clerical in nature. 3. ____________ involve(s) the development of short-term objectives and goals. C A. Controlling activities B. Strategic planning C. Operational planning D. Financial activities 4. Costs that differ between alternatives are called: C A. sunk costs. B. irrelevant costs. C. relevant costs. D. unavoidable costs. 5. Which of the following is false regarding The Sarbanes-Oxley Act of 2002? D A. It increases the criminal penalties on management associated with financial statement fraud. B. It requires management of publicly-held corporations to assess whether the internal controls over their financial reporting are effective. C. It increases a publicly-held corporation’s required internal controls over its financial
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This note was uploaded on 02/17/2012 for the course ACC 200 taught by Professor Buckless during the Spring '08 term at N.C. State.

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Chapters_1_and_2_Assignment_Solution - Chapters 1 and 2...

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