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Chapter 1 Introduction to Managerial Accounting

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Question;161) XBRL can best be described as a;A) new set of auditing standards.;B) new set of accounting standards.;C) new set of ethical standards.;D) a tagging system for financial;statement data.;162) Which of the following statements;about XBRL is false?;A) XBRL is only required for publicly;traded companies.;B) XBRL will decrease the need for manual;financial information searches.;C) The US is the first country to mandate;use of XBRL.;D) XBRL should decrease the time companies;spend converting their financial information into various government-prescribed;formats.;163) ________ is the business philosophy;and a strategy of manufacturing without waste.;A) ISO 9001;B) Lean thinking;C) TQM;D) Thin manufacturing;164) Companies may adopt which of the;following in an attempt to increase their competitive edge?;A) TQM;B) Green initiatives;C) Lean thinking;D) All of the above;165) Movements toward sustainability and;corporate responsibility often;A) result in increased demand for the;company's product or service.;B) include monetary support of local;schools and charities.;C) include green initiatives.;D) All of the above are correct.;166) The Sarbanes-Oxley Act was enacted;A) to prevent accounting scandals like;Enron.;B) to restore trust in publicly traded;companies.;C) to hire better qualified managerial;accountants.;D) none of the above;167) Which of the following was not;a result of the Sarbanes-Oxley Act?;A) The COO assumes financial statement;responsibility.;B) There are new requirements for CPA;firms.;C) There are stiffer consequences for;white-collar crimes.;D) Audit committees must be independent.

 

Paper#54928 | Written in 18-Jul-2015

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