FREE Certified Management Accountant Trivia Question and Answers

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Which of the following accounting and management methods is least likely to help internal auditors evaluate how effectively the separate profit centers are using resources?

Correct! Wrong!

Explanation:
The accounting method known as shared cost allocation allows a charity to record some of the costs of a multi-purpose mail campaign as an advocacy or education activity and some of those costs as a fundraising expense under specific specified circumstances.

Except for the following, a statement of financial position serves as the foundation for

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Which of the following would be most likely to result in the failure of the planning and budgeting system?

Correct! Wrong!

Explanation:
A key component of every project's success is top management backing (Young & Jordan, 2008). The acceptance, application, and execution of the cost volume profit analysis findings are anticipated to increase, which could have an impact on effective planning.

Which of the following best describes an electronic data processing system's internal control system's weakness?

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Henry Company paid $100,000 for shares in Striped Inc. three years ago. The price of this stock throughout the current fiscal year was $150,000. The outcome of this transaction ought to be represented as follows in Henry' Statement of Cash Flows' Investing Activities section:

Correct! Wrong!

A corporation has a $10,000 negative fixed overhead volume variance. This difference's most likely source is that

Correct! Wrong!

Which of the following audit types is more likely to concentrate on goals linked to resource utilization efficiency?

Correct! Wrong!

Explanation:
An operational audit is a technique for assessing how a company runs its operations. Analyzing the systems, practices, and processes in use within the firm is necessary. This kind of audit evaluates the organization's management procedures in addition to its financial situation. An operational audit looks for areas where the organization's operations can be made to be more productive, efficient, and successful.

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