Midterm Quiz: Analyzing Managerial Accounting Concepts

3/31/22, 8:14 PM Midterm Quiz: 6247 MA431 MANREP
Midterm Quiz
Due
Mar 31 at 8:30pm
Points
70
Questions
70
Available
Mar 31 at 7pm - Mar 31 at 8:30pm
about 2 hours
Time Limit
90 Minutes
Instructions
Dear students,
For this quiz, you are given a MAXIMUM OF 90 MINUTES to answer and submit the quiz provided. This
shall be taken on March 31, 2022, Thursday, 7:00 IN THE EVENING. The 90-minute time limit will
begin to run as soon as you click "Take the Quiz". This means that the time will continue to run even
if you leave the quiz for whatever reason.
The quiz is composed of 70 theory questions worth 1 points each.
PLEASE BE REMINDED OF THE FOLLOWING:
1. This is an independent quiz; do not work with others and do not use any references or review
materials during the quiz. Taking photos/screenshots of the contents of the quiz, disclosing
information to other students regarding the contents of the quiz, or answering the quiz on behalf of
another person are considered cheating. Students who commit such acts will be sanctioned in
accordance with the HAU Student Handbook.
2. All answers will be submitted through the Canvas questions. Take note that you cannot go back to
the previous item anymore. (No multiple attempts)
Do your your best. God bless you!
Attempt History
Attempt Time Score
LATEST Attempt 1
72 minutes 57 out of 70
Score for this quiz:

57 out of 70
Submitted Mar 31 at 8:12pm
This attempt took 72 minutes.
Question 1 1
/ 1 pts
https://hau.instructure.com/courses/11010/quizzes/102454 1/36
The basic analytical process applied in consulting engagements include
1. Definition of the problem.

2. Im plementation of the recommended solution to the problem.
3. Development of the solution.
4. Identification of objectives.
5. Fact finding and analysis.
The order in which the above mentioned steps are generally applied are :

a. 1,2,3,4,5
Correct!
b. 4,1,4,3,2

c. 4,5,1,3,2

d. 4,1,3,5,2
Question 2 0
/ 1 pts
Before undertaking the engagement, a practitioner is to inform his client of

all matters significant to the engagement.
ou Answered
True
orrect Answer
False
Question 3 1
/ 1 pts
All practitioners whether CPAs or not are obliged to observe MAS Practice
Standards. Moreso, these are applicable only to structured or organized
Mas Practice Engagements.

True
Correct!
False
Question 4 1
/ 1 pts
The following are among the ground rules that a consultant should
observe in providing support for internal arguments in a client except

a. Introduce and explore options which reconcile different positions in a
win-win way.

b. Be sensitive to who is supporting different positions in the organization

c. Build rapport with the client about the strenths and weaknesses of his or
her argument.
Correct!
d. Provide the client manager information and insights
Question 5 1
/ 1 pts
Independence, rather than competence is the underlying quality that the

practitioner must possess in an MAS engagement.

True
Correct!
False
Question 6 0
/ 1 pts
The following are managerial accounting related consultancy services that

a CPA may provide except

a. Variance analysis
ou Answered
b. Financial statement services
orrect Answer
c. Evaluation of working capital requirements of the business entity

d. Cost analysis for managerial decision
Question 7 1
/ 1 pts
In all aspects of the practitioner’s performance of MAS, he must avoid

assuming the role of management, limiting his services to those of an
objective researcher, analyst or advisor, rather than a decision maker.
Correct!
True

False
Question 8 1
/ 1 pts
Ability to define objectives and outcomes is an example of a consultant’s

a. Rapport building skills
Correct!
b. Project management skills

c. Analysis skills

d. Interpersonal skills
Question 9 1
/ 1 pts
Integrity is the ability to avoid bias and to maintain an impartial attitude on

all matters under review.

True
Correct!
False
Question 10 1
/ 1 pts
In performing MAS, a practitioner must act with integrity,and objectivity

and be independent in mental attitude. This statement falls under
Correct!
a. personal characteristics

b. client benefit

c. due care

d. competence
Question 11 1
/ 1 pts
Before accepting an engagement, the practitioner does not need to notify

the client of any reservations he has regarding anticipated benefits.

True
Correct!
False
Question 12 1
/ 1 pts
Competence in MAS engagement is derived from the following, except

a.Experience and specialized training.

b.Technical and supervisory skills.

c. Research capability.
Correct!
d. Frequent communication with the client.
Question 13 1
/ 1 pts
Usual services maybe offered readily by the practitioner based on his

basic training and background.
Correct!
True

False
Question 14 1
/ 1 pts
Which of the following statements is true ?
Correct!
a. In MAS engagements, the independent CPA renders technical advice.

b. A CPA in MAS engagement, may take position that would impair his
independence if the client is not his audit client at the same time.

c. Strict adherence to GAAP in MAS is required..

d. A non CPA is prohibited under the revised accountancy law to engage in
professional MAS practice.
Question 15 0
/ 1 pts
MAS by CPAs maybe defined as those services which are designed

primarily to furnish advice or assistance to management through ordinary
relationship with respect to planning, organizing or controlling any phase
of business activity.
ou Answered
True
orrect Answer
False
Question 16 0
/ 1 pts
The following statements relate to MAS practice standards.
1. A practitioner is to notify the client of any reservations he has regarding

anticipated benefits.
2. During the engagement, should there be significant changes between

the cost and anticipated benefits, the client should be informed.
3. Throughout the engagement, there ought to be a systematic critical

review of accomplishments and work should be done within the
framework of the Code of Ethics and other professional standards.
4. Before the engagement, the practitioner must make arrangements

with, and inform the client on significant matters related to the
engagement.
Which of the above statements pertain(s) to the MAS practice standard on

Client benefit?

a. All of the statements

b. Statements 1, 3, and 4 only
ou Answered
c. Statement 1 only
orrect Answer
d. Statements 1 and 2 only
Question 17 1
/ 1 pts
A management consultant will make recommendations to help make a

company’s operations more streamlined and, in the long run, help the
company to boost its productivity and profitability.
Correct!
True

False
Question 18 1
/ 1 pts
The ability to identify and define client needs, to utilize the analytical
approach and process, to apply knowledge of the technical subject matter
under consideration, to communicate recommendations effectively and to
assist in implementing the recommendations. It is acquired and
maintained through a combination of education and experience.

Due care

Professionalism
Correct!
Competence

Independence
Question 19 1
/ 1 pts
Management services of CPAs cover all the following, except
Correct!
None of the choices

Project feasibility studies

System design development and implementation

Organizational development and planning
Question 20 1
/ 1 pts
A CPA’s scope of management services is broad and covers all the

following, except

Re-engineering engagements

Computerization engagements

Change in management engagements
Correct!
None of the choices
Question 21 1
/ 1 pts
The following characterize management advisory services, except

Relate to specific problems where expert help is a must

Involves decisions for the future

Broader in scope and varied in nature
Correct!
None of the choices
Question 22 1
/ 1 pts
Which of the following is not a characteristic of management services?

Design and/or installation of accounting system

Financial analysis for project feasibility studies

Cost analysis of major investment decisions
Correct!
None of the choices
Question 23 1
/ 1 pts
Which of the following is not a characteristic of management services?

MAS pinpoints actions to be taken, the benefits of which will be received in
the future

In MAS engagements, the nature of work involved requires a lesser need
for junior assistance

A wider variety of assignments are encountered in MAS that in audit
Correct!
None of the choices
Question 24 1
/ 1 pts
As a consultant, the CPA practitioner should
Correct!
Not take responsibility for making decisions and policy judgments in MAS
engagements

Conduct his engagement as if he is a member of the client’s organization

Encourage dependence of the client on the consultant’s staff to pinpoint
clear responsibility in implementing system

None of the choices
Question 25 1
/ 1 pts
Which of the following is not an area related to the performance of

management services by independent accounting firms?

Introducing new ideas, concepts, and methods of management

Performing special studies, preparing recommendations, and formulating
plans, and programs

Improving existing policies, methods, and procedures
Correct!
None of the choices
Question 26 1
/ 1 pts
Which of the following is not a qualification of a CPA in MAS practice?

Familiarity with the client’s financial accounting and internal control
systems

Analytical experience in problem-solving

Professional independence, objectivity, and integrity
Correct!
None of the choices
Question 27 1
/ 1 pts
Competence in management advisory services is acquired by

Education

Auditing and other experience

Actual performance of management advisory services
Correct!
All the above
Question 28 1
/ 1 pts
Which of the following is false?

CPAs in performing management services may be in the practice of
management consulting

Included in the practice of consulting is the provision of confidential service
in which the identity of the client is concealed

Businesses hire management consultants to help define specific problems
and develop solutions
Correct!
None of the choices
Question 29 1
/ 1 pts
An MS client asked for internal control evaluation. During evaluation, the

practitioner suggests that certain changes are necessary in handling
some accounts. The client agrees. However, the client requests that his
former consultant supervise the installation. The practitioner knows that
such former consultant lacks sufficient experience to provide the
necessary technical direction and supervision. In this case, the
practitioner should

Encourage the former consultant to attend a seminar/workshop to learn the
basics of engagement supervision.

Prevent the former consultant to supervise the installation.

Tell the client everything he knows about the former consultant so he could
be prevented from supervising the installation.
Correct!
Decline the engagement if the client insists that the former consultant
supervise the installation and the necessary technical competence would
not be provided even through other means.
Question 30 1
/ 1 pts
Which of the following statements is correct ?

The understanding with the client may limit the practitioner’s effort with
regards to gathering relevant data.
Correct!
The performance of consulting services for an attest client does not in itself
impair independence.

In a consulting service, the client develops the findings, conclusions and
recommendations presented.

Implementation services involve putting intooperation a plan or
recommendation the practitioner has accepted.
Question 31 1
/ 1 pts
As a consultant, the MAS practitioner should
Correct!
Not take responsibility for making decisions and policy judgements.

Encourage dependence of client on the consultant’s staff so as to pinpoint
clear responsibility in implementing systems.

Exercise administrative control over the client’s staff to avoid unnecessary
delays in implementation.

Conduct his engagement as if he is a member of the client’s organization.
Question 32 1
/ 1 pts
Management services cover all of the following except

Organizational development

System design, development and implementation
Correct!
Audit, tax and legal services

Project feasibility study and planning
Question 33 0
/ 1 pts
The following statements relate to MAS practice standards.
1. A practitioner is to notify the client of any reservations he has regarding

anticipated benefits.
2. During the engagement, should there be significant changes between

the cost and anticipated benefits, the client should be informed.
3. Throughout the engagement, there ought to be a systematic critical

review of accomplishments and work should be done within the
framework of the Code of Ethics and other professional standards.
4. Before the engagement, the practitioner must make arrangements

with, and inform the client on significant matters related to the
engagement.
Which of the above statements pertain(s) to the MAS practice standard on

Client benefit?

All of the statements

Statements 1, 3, and 4 only
ou Answered
Statement 1 only
orrect Answer
Statements 1 and 2 only
Question 34 1
/ 1 pts
Which of the following is not a qualification of a practitioner in MAS

practice ?

Familiarity with the client’s financial accounting and internal control system.
Correct!
Auditor of the client.

Analytical experience in problem solving.

Professional independence,objectivity and integrity.
Question 35 1
/ 1 pts
Which of the following is not an area related to the performance of MAS

by independent accounting firms ?

Introducing new ideas, concepts and methods to management.
Correct!
Performing management functions and making decisions.

Improving existing policies, methods and procedures.

Performing special studies , preparing recommendations, and formulating
plans and programs.
Question 36 1
/ 1 pts
Which of the following statements is false ?
Statement 1 In management audit, a team with a mix of members who

are accountants and non accountants will provide a desirable
combination of specialists and will offer a cross fertilization of ideas
from different business fields.
Statement 2- Because the CPA must be independent, he must not allow

the client to participate in any phase of the engagement.
Statement 3 – Although MAS extend beyond the traditional accounting

services, MS practitioners are still bound by the rules of professional
ethics in the practice of accounting in general.

Statement 1
Correct!
Statement 2

Statement 3

None of the given
Question 37 1
/ 1 pts
Which of the following statements is not acceptable ?

The practitioner offers and provides consulting services to two major
competing clients.

The practitioner provides consulting services to an existing audit client.
Correct!
The practitioner shares with new client substantial information regarding
another client belonging to the same industry.

The CPA does not extend his service beyond the presentation of
recommendation or giving of advice.
Question 38 0
/ 1 pts
Which of the following statements is(are) false ?
Statement 1- All of the provisions of the Code of Professional Ethics for

CPAs in public accounting must be observed without exception by those
in MAS.
Statement 2 – MAS are confined only to such areas as financial

accounting, auditing and tax services.

Statement 1
ou Answered
Statement 2
orrect Answer
Both statements 1 and 2

Neither statement 1 nor 2
Question 39 1
/ 1 pts
Competence in MAS is acquired by

Education

Auditing and other experience.

Actual performance of MAS.
Correct!
All of these.
Question 40 1
/ 1 pts
A practitioner’s scope of MAS is broad and covers all of the following

except

Change in management engagements.

Computerization engagement.

Re engineering engagements
Correct!
Audit engagements
Question 41 0
/ 1 pts
Indicate which of the following statements is(are) true.
Statement 1- A CPA firm’s primary purpose for performing MAS is to

enable the staff members to acquire the necessary continuing education
in all areas of business.
Statement 2- MAS consultation, unlike MAS engagement, generally

involves advice in which the analytical process is applied.

Statement 1
ou Answered
Statement 2

Both statements 1 and 2
orrect Answer
Neither Statement 1 nor 2
Question 42 1
/ 1 pts
Which of the following does not relate to MAS ?

Design/installation of accounting system

Financial analysis for project feasibility studies

Cost analysis for major investment decisions.
Correct!
Expressing independent expert opinion on the client’s financial statements.
Question 43 1
/ 1 pts
In performing MAS engagements, the consultant should not take any

position that might

Result in new organizational policies and procedures.

Constitute advice and assistance.
Correct!
Impair objectivity.

Provide technical assistance in implementation.
Question 44 1
/ 1 pts

The consultant’s competence places him in logical position to perform
MAS for a certain client.

It is necessary that in performing MAS, a practitioner must act with integrity
and objectivity and be independent in mental attitude.
Correct!
A person who wants to become a consultant, must first pass the
government board examinations given for that purpose.

Competence can be acquired by formal college education, experience in
traditional services and actual performance of MAS.
Question 45 1
/ 1 pts
Which of the following is true?

A professional accountant should not maintain confidentiality even in a
social environment.

A professional accountant should not maintain confidentiality of information
disclosed by a prospective client.
Correct!
The need to comply with the principle of confidentiality continues even
after the end of relationships between a professional accountant and his
client.

A professional accountant is not required to disclose information even if
disclosure is permitted by law or authorized by the client.
Question 46 1
/ 1 pts
Which of the following statements is not correct ?

An MAS practitioner need to be concerned with independence in his clients
and the overriding consideration for the engagement is competence.
Correct!
MAS may involve making decisions for the client.

To maintain his independence, the consultant limits his services to that of
recommending and designing an accounting system but leave the actual
implementation and installation to the client.

Documentation is essential in an MAS engagement as it is in an audit
engagement.
Question 47 1
/ 1 pts
The concept of due professional care
Correct!
Involves diligence and appropriate attention in carrying out the assignment.

Does not require that all work be done within the provisions of the Code of
Professional Ethics and other Professional standards.

Requires that in each technical area, the practitioner should perform the
engagement with utmost professional quality.

Is acquired and maintained through a combination of education and
experience.
Question 48 1
/ 1 pts
These include personal attributes that make the individual amiable among
people and effective in accomplishing desirable objectives through
people.

Consulting process skills

Technical skills
Correct!
Interpersonal skills

Professional skills
Question 49 1
/ 1 pts
One of the following is not a ground rule that the consultant should
observe in providing support for internal arguments in a client:

Build rapport with the client about the strengths and weaknesses of his/her
arguments.
Correct!
Provide the client manager information and insights that will strengthen his
position against his adversaries in the organization.

Be sensitive to who is supporting different positions in the organization.

Find and explore options that will reconcile different positions in a positive
way.
Question 50 1
/ 1 pts
These are members of the organization who will be affected by the

intervention of the consultant but the consultant is not aware that the
proposed project will have an impact on them.

Ultimate clients

Unwitting clients

Primary clients
Correct!
Indirect clients
Question 51 1
/ 1 pts
These are groups of clients that the consultant can provide MAS which
includes organizations such as hospitals, research institutions, and
charitable institutions.

Professional associations

Governmental agencies and instrumentalities

Privately owned firms
Correct!
Not for profit organizations
Question 52 1
/ 1 pts
This type of problem faced by an entity involves an existing situation that

can be made better or increased in value.

Opportunistic problem
Correct!
Progressive problem

Corrective problem

Unsolvable problem
Question 53 1
/ 1 pts

Competence in MAS can be acquired by formal college education,
experience in traditional services and actual performance of MAS.

Engagements must be performed by practitioners having competence in
the analytical approach and process.

It is necessary that in performing MAS , a practitioner must act with
integrity and objectivity and be independent in mental attitude.
Correct!
CPAs are expected to be experts in all areas of MAS.
Question 54 0
/ 1 pts
Which of the following is not an analytical approach in MAS engagement

?

Ascertaining the pertinent facts and circumstances.

Defining the problem or opportunity for improvement.
ou Answered
Presenting findings and recommendations.
orrect Answer
Counseling management in planning, operating and controlling functions.
Question 55 0
/ 1 pts
An audit independence issue might be raised by the auditor’s participation

in MAS engagements. Which of the following statements is most
consistent with the profession’s attitude towards this issue ?
orrect Answer
The auditor who is asked to review management decisions is also
competent to make these decisions and can do so without the loss of
independence.
ou Answered
The auditor should not make the management decisions for an audit
client.

The decision as to loss of independence must be made based upon the
facts of the particular case.

Information obtained as a result of MAS engagement is confidential to that
of specific engagement and should not influence the performance of the
attest function.
Question 56 1
/ 1 pts
Which of the following is not an area in MAS Practice ?

Conducting special studies

Reviewing and suggesting improvements of policies, procedures, systems,
methods and the like.
Correct!
Marketing and public relations work.

Introducing new ideas, concepts and methods.
Question 57 0
/ 1 pts
This area of project feasibility study involves the study of the present and
future demand and supply for the product, competition, selling prices and
the like for the product.
ou Answered
Technical

Financial projections
orrect Answer
Marketing

Social desirability
Question 58 1
/ 1 pts
The basic financial statements that are usually included in the project
feasibility study are the following except :

Projected income statement

Projected balance sheet

Projected cash flow statement
Correct!
Projected statement of retained earnings
Question 59 1
/ 1 pts
Projected financial statements are included in the financial study to assist

in the evaluation of the results of financial projections as to :

Profitability of the project

Liquidity of the project

Solvency of the project
Correct!
All of the above
Question 60 1
/ 1 pts
This ratio is useful to measure the liquidity of the project.
Correct!
Payback period

Break even point

Equity to assets ratio

Times interest earned
Question 61 0
/ 1 pts
This ratio is useful to measure the financial leverage of the project.
ou Answered
Debt to equity ratio

Equity to assets ratio

Times interest earned
orrect Answer
All of the above
Question 62 0
/ 1 pts
Short term funds are those which will be needed for one year or less.
Which of the following is a source of long term funds ?

Insurance companies
ou Answered
Retention of earnings
orrect Answer
Trade credit

Floating of bonds
Question 63 0
/ 1 pts
Trading on the equity pertains to the practice of
ou Answered
Purchasing and selling of treasury stocks

Trading on the stock of other companies
orrect Answer
Using funds provided by creditors

Retiring bonds before maturity
Question 64 1
/ 1 pts
Which of the following major aspects of project feasibility study is usually

the most important ?
Correct!
Marketing, technical, financial

Financial, management and economic benefits

Financial, marketing and taxation

Financial, marketing and sources of financing
Question 65 1
/ 1 pts
The attributes of a good feasibility study are as follows ,except

Comprehensive

Objective

Simple
Correct!
Accurate
Question 66 1
/ 1 pts
Which of the following best identifies the reason for using probability
analysis in preparing a project feasibility study?
Correct!
Uncertainty

Time value of money

Unavailability of relevant data

Government incentives
Question 67 1
/ 1 pts
The basic steps in the preparation of a project feasibility study are the
following except

Gathering and collection of data through research work which are relevant
to all aspects of the undertaking.
Correct!
Recording the data obtained in the books of accounts.

Evaluation and analysis of the data obtained.

Formulation of conclusions and recommendations.
Question 68 1
/ 1 pts
These are explicit statements about the possible future behavior of certain
variables affecting a project which serve as the premise for projecting
probable financial results.

Theories
Correct!
Assumptions

Recommendations

Conclusion
Question 69 1
/ 1 pts
Which of the following statements about a project feasibility study is true?
Correct!
The feasibility study is Based on available information and opinion of those
involved in the preparation of such study.

The feasibility study shows the actual results of operations of a business
proposal.

The feasibility study is not affected by any significant change in actual
business conditions as compared to the assumptions used when the
forecast is made.

A feasibility study is a plan for the conduct of business for a planning
period and includes the budgeted income statement and all its supporting
budgets.
Question 70 1
/ 1 pts
Which of the following is not considered a limitation in preparing project

feasibility studies?

Unavailability of the required necessary information.

Incompetence or inexperience of the one making the judgment resulting in
erroneous conclusion and ineffective recommendation.

Since a feasibility study is based on forecast, any significant change in the
business environment usually renders the results of forecast not coinciding
with actual events.
Correct!
None of these
Quiz Score:
57 out of 70

Midterm Quiz: Analyzing Managerial Accounting Concepts

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3/31/22, 8:14 PM Midterm Quiz: 6247 MA431 MANREP

The quiz is composed of 70 theory questions worth 1 points each.

PLEASE BE REMINDED OF THE FOLLOWING:

Do your your best. God bless you!

Score for this quiz:

The basic analytical process applied in consulting engagements include

1. Definition of the problem.

Before undertaking the engagement, a practitioner is to inform his client of

Independence, rather than competence is the underlying quality that the

The following are managerial accounting related consultancy services that

In all aspects of the practitioner’s performance of MAS, he must avoid

Ability to define objectives and outcomes is an example of a consultant’s

Integrity is the ability to avoid bias and to maintain an impartial attitude on

In performing MAS, a practitioner must act with integrity,and objectivity

Before accepting an engagement, the practitioner does not need to notify

Competence in MAS engagement is derived from the following, except

Usual services maybe offered readily by the practitioner based on his

Which of the following statements is true ?

MAS by CPAs maybe defined as those services which are designed

The following statements relate to MAS practice standards.

1. A practitioner is to notify the client of any reservations he has regarding

2. During the engagement, should there be significant changes between

3. Throughout the engagement, there ought to be a systematic critical

4. Before the engagement, the practitioner must make arrangements

Which of the above statements pertain(s) to the MAS practice standard on

A management consultant will make recommendations to help make a

Management services of CPAs cover all the following, except

A CPA’s scope of management services is broad and covers all the

The following characterize management advisory services, except

Which of the following is not a characteristic of management services?

Which of the following is not a characteristic of management services?

As a consultant, the CPA practitioner should

Which of the following is not an area related to the performance of

Which of the following is not a qualification of a CPA in MAS practice?

Competence in management advisory services is acquired by

Which of the following is false?

An MS client asked for internal control evaluation. During evaluation, the

Which of the following statements is correct ?

As a consultant, the MAS practitioner should

Management services cover all of the following except

The following statements relate to MAS practice standards.

1. A practitioner is to notify the client of any reservations he has regarding

2. During the engagement, should there be significant changes between

3. Throughout the engagement, there ought to be a systematic critical

4. Before the engagement, the practitioner must make arrangements

Which of the above statements pertain(s) to the MAS practice standard on

Which of the following is not a qualification of a practitioner in MAS

Which of the following is not an area related to the performance of MAS

Which of the following statements is false ?

Statement 1 In management audit, a team with a mix of members who

Statement 2- Because the CPA must be independent, he must not allow

Statement 3 – Although MAS extend beyond the traditional accounting

Which of the following statements is not acceptable ?

Which of the following statements is(are) false ?

Statement 1- All of the provisions of the Code of Professional Ethics for

Statement 2 – MAS are confined only to such areas as financial

Competence in MAS is acquired by

A practitioner’s scope of MAS is broad and covers all of the following

Indicate which of the following statements is(are) true.

Statement 1- A CPA firm’s primary purpose for performing MAS is to

Statement 2- MAS consultation, unlike MAS engagement, generally

Which of the following does not relate to MAS ?

In performing MAS engagements, the consultant should not take any