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Chapter 1: Introduction to Managerial Accounting




Question;1.5-24 XBRL;is essentially a;A. new set of;accounting standards.;B. new set of;auditing standards.;C. a tagging;system which allows computer programs to extract information from financial;reports.;D. new set of;ethical standards.;1.5-25 Which of the following;statements about XBRL is FALSE?;A. The US is the first;country to mandate use of XBRL.;B. XBRL will;decrease the need for manual financial information searches.;C. XBRL is only;required for publicly-traded companies.;D. XBRL should;decrease the time companies spend converting their financial information into;various government-prescribed formats.;1.5-26 The philosophy and a;business strategy of manufacturing without waste is referred to as;A. lean production.;B. thin manufacturing.;C. TQM.;D. ISO 9001.;1.5-27 Companies attempt to;increase their competitive edge by adopting;A. green initiatives.;B. lean production.;C. TQM.;D. all of the above.;1.5-28 Movements toward;sustainability and corporate responsibility often;A. include green initiatives.;B. result in increased demand for the company?s;product or service.;C. include monetary support of local schools and;charities.;D. do all of the above.;1.5-29 Why;was the Sarbanes-Oxley Act enacted?;A. To hire better qualified managerial;accountants;B. To prevent accounting scandals like Enron;C. To restore trust in publicly traded companies;D. None of the above;1.5-30 Which;is NOT a result of Sarbanes-Oxley?;A. Audit committees must be independent.;B. The COO assumes financial statement responsibility.;C. There are new requirements for CPA firms.;D. There are stiffer consequences for;white-collar crimes.


Paper#54956 | Written in 18-Jul-2015

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