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Which of the following issues is NOT addressed by the Sarbanes-Oxley legislation

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1) Which of the following issues is NOT addressed by the Sarbanes-Oxley legislation?
A) improving internal control
B) corporate governance
C) disclosure practices of public corporations
D) disclosure practices of private companies

2) The Standards of Ethical Conduct for management accountants include concepts related to: A) competence, performance, integrity, and reporting
B) competence, confidentiality, integrity, and credibility
C) experience, integrity, reporting, and objectivity
D) None of these answers are correct.

3) Which item is NOT an indication of competence under the Standards of Ethical Conduct?
A) Maintain an appropriate level of professional expertise by continually developing knowledge and skills.
B) Keep information confidential except when disclosure is authorized or legally required.
C) Perform professional duties in accordance with relevant laws, regulations, and technical standards.
D) Provide decision support information and recommendations that are accurate, clear, concise, and timely.

4) Which item is NOT an indication of confidentiality under the Standards of Ethical Conduct?
A) Keep information confidential except when disclosure is authorized or legally required.
B) Inform all relevant parties regarding appropriate use of confidential information.
C) Refrain from using confidential information for unethical or illegal advantage.
D) All of the above indicate confidentiality.

5) Which item is an indication of integrity under the Standards of Ethical Conduct?
A) Refrain from engaging in any conduct that would prejudice carrying out duties ethically.
B) Communicate information fairly and objectively.
C) Keep information confidential except when disclosure is authorized or legally required.
D) Recognize and communicate professional limitations or other constraints that would preclude responsible judgment or successful performance of an activity.

6) Which item is an indication of credibility under the Standards of Ethical Conduct?
A) Maintain an appropriate level of professional expertise by continually developing knowledge and skills.
B) Refrain from using confidential information for unethical or illegal advantage.
C) Abstain from engaging in or supporting any activity that might discredit the profession.
D) Disclose delays or deficiencies in information, timeliness, processing, or internal controls in conformance with organization policy and/or applicable law.


7) Ethical challenges for management accountants include:
A) whether to accept gifts from suppliers, knowing it is an effort to indirectly influence decisions
B) whether to report unfavorable department information that may result in unfavorable consequences for a friend
C) whether to file a tax return this year
D) Both A and B are correct.

8) Which of the following actions should a management accountant take first in confronting a potential ethical conflict concerning your direct supervisor?
A) Inform the Board of Directors of the existence of a potential conflict.
B) Confront the supervisor directly.
C) Discuss the situation with your supervisor's direct supervisor.
D) Review your organization's procedures concerning resolution of such a conflict.

9) If there is an ethical conflict concerning your direct supervisor, you may contact all of the following groups EXCEPT:
A) local media
B) audit committee
C) executive committee
D) board of directors

10) If there is an ethical conflict concerning your direct supervisor, when is it appropriate to contact authorities or individuals NOT employed by the organization?
A) when there is a personal conflict
B) when your supervisor is about to receive a bonus
C) when there is a clear violation of the law
D) when you are about to be terminated

11) Credibility includes maintaining an appropriate level of professional expertise by continually developing knowledge and skills.

12) The Sarbanes-Oxley legislation does NOT provide a process for employees to report violations of illegal and unethical acts.

13) Management accountants have important ethical responsibilities that are related to competence, confidentiality, integrity, and credibility.



14) A managerial accountant should NOT disclose confidential information to an outside party (such as a newspaper) unless legally obligated to do so.

15) If a managerial accountant were NOT keeping up with current developments in managerial accounting, that behavior might violate a competence standard of professional ethical behavior.

16) If a managerial accountant suspected his or her immediate superior of wrongdoing, the managerial accountant should request an immediate meeting with the Board of Directors.

17) The Institute of Management Accountants provides a hotline to discuss ethical issues.
18) When faced with a potential ethical conflict, the managerial accountant should first consult any internal procedures of that organization.

19) In order to make decisions, managers need to know:
A) actual costs
B) budgeted costs
C) both costs
D) neither cost

20) Cost objects include:
A) products
B) customers
C) departments
D) All of these answers are correct.
Answer: D

21) Actual costs are:
A) the costs incurred
B) budgeted costs
C) estimated costs
D) forecasted costs

22) The general term used to identify both the tracing and the allocation of accumulated costs to a cost object is:
A) cost accumulation
B) cost assignment
C) cost tracing
D) conversion costing

23) The collection of accounting data in some organized way is:
A) cost accumulation
B) cost assignment
C) cost tracing
D) conversion costing

24) Budgeted costs are:
A) the costs incurred this year
B) the costs incurred last year
C) planned or forecasted costs
D) competitor's costs

25) Cost assignment :
A) is always arbitrary
B) is includes tracing and allocating
C) is the same as cost accumulation
D) is finding the difference between budgeted and actual costs

26) A cost system determines the cost of a cost object by:
A) accumulating and then assigning costs
B) accumulating costs
C) assigning and then accumulating costs
D) assigning costs

  • SubjectBusiness
  • TopicAccounting
  • Difficulty LevelCollege/University
  • Answer has attachmentsNo
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