28) The Sarbanes-Oxley Act of 2002 was enacted as a result of A) Congress needin

Question

28) The Sarbanes-Oxley Act of 2002 was enacted as a result of A) Congress needing to pass a bill in an election year orporate accounting scandals that left investors with litle conidence in corporate inancial C) high ethical standards passed down by leaders of the Big 4 accounting firms D) auditors being bribed to provide a clean audit report for corporationa 29) The management accountant at Rowlings Inc determined $500,000 is the organization's earning 29) goal to accommodate the organizational plan during the first quarter during a the price of tech need to design a new part that uses materials that are less expensive to produce Which of the following management responsibilities is the managerial accountant using in this realizes that to achieve the new earning goal, the operations manager needs to increase nology parts charged to a consumer to $250.00 per unit. The manager is scheduling staff meeting to determine if they need to increase the marketing efforts at the firm, or lf they example? A) Implementing B) Planning C) Controlling D) Designing E) Directing ley Act, who is responsible for establishing and maintaining intemal 30) controls over financial reporting? A) The internal auditors C) The external auditors B) The CEO and CFO D) The SEC 31) 31) Which one of the following items is not one of the three primary manager responsibilities? D) Directing B) Planning A) Adjusting 32) Primera Casa Inc. uses job costing, Actual overhead for th year was s524,000. The allocated 32) B) $1,019,000 underailocated D) $495,000 overallocated overhead was $495,000. What is the balance in the manufacturing overhead account? A) $29,000 overallocated C) $29,000 underallocated 33) B) machine hours. D) all of the above. 33) Manufacturing overhead is allocated on the basis of A) direct labor costs C) direct labor hours. 34) B) sunk costs. D) irrelevant costs 34) Costs that remain the same among alternatives are A) uncontrollable costs. C) controllable costs. 35) Refusing gifts or favors that could be perceived to influence your actions is an example of which D) Confidentiality ethical standard? A) Competence C) Credibility B) Integrity

Explanation / Answer

28) B)corporate accouting scandals that left investors with little confidence in corporate financial reporting
Explanation:

In response to the wave of corporate accounting scandals, including:

The demise of Enron Corporation in 2001

The arrest of top executives at World Com and Adelphai Communications Corporation

and ultimately the demise of Arthur Andersen

29) B)Planning

Planning is critical for every comapny
There should be a well established plan for one to act
The manager evaluates the goal of the compnany then defines acourse of action to achieve the objecties.
That is why the management accoutant planned out an earning goal
For that he laid down a plan to charge customer $250 per unit
SO he is planning a meeting to decide the future course of action to achieve a profit goal

30) B)THE CEO and CFO

The essence of Section 302 of the Sarbanes-Oxley Act states that the CEO and CFO are directly reponsible for the accuracy, documentation and submission of all financial reports as well as the internal control structure

31) A)adjusting

Explanation;
The main responsibilties of amanger are as follows:
Planning
Organising
Staffing
Directing
controlling

32)A)$29,000 overallocated

Explanation: A) $524,000 - 495,000 = $29,000 overallocated

33)D)all of these
Explanation:
we identify any of the allcoation base:
i)Direct Labor hours(labor-intensive production)
ii)Direct Labor costs(labor-intensive production)
iii)Machine hours(machine-intensive production)

Predetermined manufactuing overhead rate=Total estmated manufacturing overhead costs/total estimated quantity of the manufacturing overhead allocation base

34)D)irrelevant costs

irrelevant costs means the cost which will incur with the same amount in each alternative and not to be incurred in case of no alternative is going to be selected, hence we can say it becomes relevant for the decision of acceptance of offer but it has no role for the decision of selection

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