BMGT 221 cid 9 Chapter 1 cid 9 Friday Simulation MULTIPLE CHOICE Choose the one alternative that best completes the statement or answers the question 14i en management compares the budget to actual results which of the following is being cid 9 1 fulfilled A Planning C Decision making Controlling D Directing 2 1h statement is TRUE cid 9 2 A Management uses reports created for internal parties B Management uses financial information to analyze costs C Management uses financial information to plan internal operations D All of the above are true of the following statements is FALSE cid 9 3 cid 9 A A Financial accounting provides sufficient information for managers to effectively plan and control operations B Financial accounting helps investors make decisions C Financial accounting reports help creditors make decisions D Financial accounting provides external reports Vfhe COO is responsible for managing which ofie following aspect s of the company cid 9 4 O 4 o A The annual audit B Research and development production and distribution C Financial managerial and tax accounting D Internal controls A The internal audit department and the independent CPA firm B The CFO and the independent CPA firm C The treasurer and controller D The CFO and internal audit department ie hich of the following report to the audit committee of the Board of Directors cid 9 5 cid 9 A cid 9 cid 9 ample of the IMA s competence standard is to 6 C A communicate information fairly and objectively B abstain from engaging in or supporting any activity that might discredit the profession C provide decision support that is accurate clear concise and timely D keep information confidential except when disclosure is legally required 7 example of the IMA s integrity standard is to 7 A communicate information fairly and objectively B abstain from engaging in or supporting any activity that might discredit the profession C keep information confidential except when disclosure is legally required D provide cid 9 ision support that is accurate clear concise and timely ew England Furniture Crafters is considering investing in an ERP program It will have 8 910 000 in software costs and 280 000 in employee training costs Computer hardware also needs up be upgraded for the ERP program the hardware upgrades are expected to be 125 000 The expected benefits from the ERP should be 1 367 000 Do the benefits outweigh the costs or do the costs outweigh the benefits and by how much A Benefits outweigh costs by 177 000 cid 9 Costs ojtveigh benefits by 177 000 cid 9 B Costs outweigh benefits by 52 000 Benefits outweigh costs by 52 000 280 t 3ISOOO Edwards Restaurant Supplies is investigating the possibility of adopting a lean production cid 9 9 philosophy throughout their organization Estimated costs to set up the computer system are 650 000 training employees in lean production is estimated to cost 175 000 and the general expenses of establishing the program are estimated at 35 000 The estimated value of the potential savings is 975 000 Do the benefits outweigh the costs or do the costs outweigh the benefits and by how much A Costs outweigh benefits by 115 000 nefits outweigh costs by 115 000 B Benefits outweigh costs by 150 000 D Costs outweigh benefits by 150 000 cid 9 cid 9 cid 9
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