Managerial Accounting Exam Review
Course Introduction
Managerial Accounting focuses on the use of accounting information by managers within organizations to make informed business decisions. The course covers key concepts such as cost analysis, budgeting, performance measurement, and variance analysis, emphasizing their application in planning, controlling, and decision-making processes. Students will learn how to interpret financial data, prepare internal reports, and utilize tools like cost-volume-profit analysis and activity-based costing to support strategies aimed at improving organizational efficiency and profitability. Through case studies and practical exercises, the course equips students with the analytical skills necessary for effective management and financial oversight.
Recommended Textbook
Data Analytics for Accounting 1st Edition by Vernon Richardson
Available Study Resources on Quizplus
8 Chapters
415 Verified Questions
415 Flashcards
Source URL: https://quizplus.com/study-set/2645 Page 2
Chapter 1: Data Analytics in Accounting and Business
Available Study Resources on Quizplus for this Chatper
55 Verified Questions
55 Flashcards
Source URL: https://quizplus.com/quiz/52774
Sample Questions
Q1) Which approach to data analytics attempts to characterize the typical behavior of an individual,group or population by generating summary statistics about the data?
A) Similarity matching.
B) Profiling.
C) Data reduction.
D) Regression.
Answer: B
Q2) The predictive analytics is an important aspect of data analytics for auditors,but is not applicable for tax accountants.
A)True
B)False
Answer: False
Q3) The T in IMPACT Cycle represents Track Outcomes.
A)True
B)False
Answer: True
To view all questions and flashcards with answers, click on the resource link above. Page 3
Chapter 2: Data Preparation and Cleaning
Available Study Resources on Quizplus for this Chatper
55 Verified Questions
55 Flashcards
Source URL: https://quizplus.com/quiz/52773
Sample Questions
Q1) A data dictionary is paramount in helping database administrators do which of the following?
A) Maintain databases.
B) Identify the data they need to use.
C) Communicating insights.
D) Track outcomes.
Answer: A
Q2) The E in IMPACT Cycle represents existence.
A)True
B)False
Answer: False
Q3) Correcting inconsistencies across data is an example of which of the following?
A) Validating the data for completeness
B) Validating the data for integrity
C) Cleaning the data
D) Obtaining the data
Answer: C
To view all questions and flashcards with answers, click on the resource link above. Page 4
Chapter 3: Modeling and Evaluation: Going From Defining
Business Problems and Data Understanding to Analyzing
Data and Answering Questions
Available Study Resources on Quizplus for this Chatper
55 Verified Questions
55 Flashcards
Source URL: https://quizplus.com/quiz/52772
Sample Questions
Q1) Which approach to data analytics attempts to characterize the typical behavior of an individual,group or population by generating summary statistics about the data?
A) Classification
B) Regression
C) Profiling
D) Link prediction
Answer: C
Q2) Which of the following best describes an unsupervised approach to the evaluation of data?
A) Data exploration that is free from oversight by a superior
B) Data exploration that examines the relationships between variables that are hypothesized to exist
C) Data exploration that looks for potential patterns of interest
D) Data exploration that is conducted with direct oversight by a superior
Answer: C
Q3) A decision tree can be used to divide data into smaller groups.
A)True
B)False
Answer: True
To view all questions and flashcards with answers, click on the resource link above. Page 5
Chapter 4: Visualizations: Using Visualizations and
Summaries to Share Results
Available Study Resources on Quizplus for this Chatper
50 Verified Questions
50 Flashcards
Source URL: https://quizplus.com/quiz/52771
Sample Questions
Q1) Qualitative data is categorical data.
A)True
B)False
Q2) ________ is data that is represented by whole numbers.
A) Continuous data
B) Discrete data
C) Interval data
D) Ordinal data
Q3) After completing your data analysis,the write-up should only include a discussion of the steps of the IMPACT model that really matter.
A)True
B)False
Q4) The following are typical examples of ratio data except:
A) Weight
B) Birth date
C) Height
D) Pulse rate
Q5) Ratio data is considered the most sophisticated type of data. A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 6
Chapter 5: The Modern Audit and Continuous Auditing
Available Study Resources on Quizplus for this Chatper
50 Verified Questions
50 Flashcards
Source URL: https://quizplus.com/quiz/52770
Sample Questions
Q1) An audit plan consists solely of a methodology which directs the audit work and includes substantive testing.
A)True
B)False
Q2) The evaluation of audit data may be distilled into a feasibility score.
A)True
B)False
Q3) Which of the following best defines the Accounting Data Standards: Base Standard?
A) focuses on sales orders, accounts receivable, shipments, invoices, cash receipts and adjustments to accounts.
B) identifies data needed for purchase orders, goods received, invoices, payments, and adjustments to accounts.
C) adds the chart of accounts, source listings, trial balance, and GL (journal entry) detail.
D) defines the format for files and fields as well as some master data for users and business units.
To view all questions and flashcards with answers, click on the resource link above.
Chapter 6: Audit Data Analytics
Available Study Resources on Quizplus for this Chatper
50 Verified Questions
50 Flashcards
Source URL: https://quizplus.com/quiz/52769
Sample Questions
Q1) Which of the following is the best choice for the unique identifier for each sales order?
A) Item#
B) Shipping#
C) Purchase_Order#
D) Sales_Order#
Q2) Using observations of past actions to predict future actions for similar events is referred to as ________ and is an example of ________ analytics.
A) artificial intelligence; prescriptive
B) artificial intelligence; predictive
C) applied statistics; prescriptive
D) applied statistics; predictive
Q3) Evaluating the tone of text to forecast an outcome is referred to as ________ and is an example of ________ analytics.
A) classification; prescriptive
B) classification; predictive
C) sentiment analysis; prescriptive
D) sentiment analysis; predictive
To view all questions and flashcards with answers, click on the resource link above.
8
Chapter 7: Generating Key Performance Indicators
Available Study Resources on Quizplus for this Chatper
50 Verified Questions
50 Flashcards
Source URL: https://quizplus.com/quiz/52768
Sample Questions
Q1) Market growth rate is which of the following types of KPI?
A) Marketing
B) Customer
C) Operational
D) Financial performance
Q2) Operational KPIs include six sigma level and first contact resolution.
A)True
B)False
Q3) Data analytics has the potential to transform the manner in which companies run their businesses to better determine the gaps in actual company performance.
A)True
B)False
Q4) Return on innovation investment is which of the following types of KPI?
A) Employee performance
B) Operational
C) Customer
D) Financial performance
Q5) A digital dashboard allows for communicating a selection of KPIs.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 9
Chapter 8: Using Financial Statement Data
Available Study Resources on Quizplus for this Chatper
50 Verified Questions
50 Flashcards
Source URL: https://quizplus.com/quiz/52767
Sample Questions
Q1) According to the text,research finds that as the use of ________ words in the 10-k ________ the stock market reacts ________.
A) negative; decreases; negatively
B) negative; increases; negatively
C) positive; increases; negatively
D) positive; decreases; positively
Q2) The current ratio divides total current assets by total current liabilities and is an example of which type of ratio?
A) solvency ratio
B) profitability ratio
C) liquidity ratio
D) activity ratio
Q3) A major component of financial statement analysis is the use of ratio analysis.
A)True
B)False
Q4) The two types of standardized financial accounting are IFRS and U.S.GAAP.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.