The CGMA Magazine quiz: 13 questions about management accounting in 2013

Uncertainty about the global economy lingers, and projections for growth are tepid. Issues such as risk management, recruitment and retention of talent, and regulatory red tape remain on the minds of finance professionals.

CGMA Magazine covered these topics and more in 2013. Test your knowledge and review our coverage. Answers are in a link at the bottom.

1. The amount and variety of data at companies’ disposal is growing dramatically, but some organisations have done better than others at harnessing the power of Big Data. In a CGMA survey, what percentage of finance professionals said their businesses struggled to get valuable insight from data?
a. 26
b. 46
c. 66
d. 86

2. What business sector is most represented in the top 20 of the Boston Consulting Group’s list of the world’s most innovative companies?
a. Technology
b. Energy
c. Automotive
d. Media and entertainment

3. Cybersecurity continues to be a big risk for business. In the first eight weeks of the year, one cybersecurity expert called 2013 “the year of the hack.” On which of the following types of cybersecurity measures are companies spending the most, according to a cyber expert who spoke at the American Institute of CPAs (AICPA) Global Manufacturing Conference?
a. Preventive
b. Corrective
c. Detective

4. As workplace boundaries expand because of mobile technology and flexible work arrangements, employees find it harder to unplug from work. In a survey by Right Management, what percentage of workers report receiving work-related email after work hours?
a. 6
b. 16
c. 36
d. 56

5. What company was listed as the top one for leadership development in a survey by Hay Group?
a. Microsoft
b. Unilever
c. General Electric
d. Procter & Gamble

6. Fill in the blank. Managers who are promoted above their peers have to achieve a delicate balance when they become the boss. One bit of advice from author Rhymer Rigby was that a manager in that situation would have to get a new ______________:
a. Life
b. Set of peers
c. Place to eat lunch
d. Type of mobile device

7. Companies are at greater risk of suffering hits to their reputation in the social media age, when the wrong video, photo or comment can go viral in moments. In a KPMG survey, what percentage of public company audit committee members believed their company could respond adequately to a crisis that goes viral on social networks?
a. 8%
b. 28%
c. 48%
d. 68%

8. In early December, the International Integrated Reporting Council released a framework designed to help businesses communicate better with stakeholders. Which of the following is true about the International Integrated Reporting Framework?
a. More than 100 companies around the world have been part of a pilot programme, which was designed to ensure that integrated reporting is relevant to mainstream business and investor communities.
b. The framework is being used on a trial basis in more than 25 countries.
c. The framework is written primarily for private, for-profit companies, but it can also be applied and adapted by public and not-for-profit entities.
d. All of the above

9. What was chosen as the top challenge for US finance decision-makers in the most recent AICPA Business & Industry Economic Outlook Survey, released early in December? (Hint: It has been the top challenge for three consecutive quarters).
a. Global economic conditions
b. Regulatory requirements and changes
c. Domestic political leadership
d. Domestic economic conditions

10. A company’s ability to innovate is critical to its long-term financial health. In a CGMA survey about innovation, research showed that the average tenure of S&P 500 companies in the 1950s was 61 years. What is the average tenure now?
a. 48 years
b. 38 years
c. 28 years
d. 18 years

11. Though growth in emerging markets has slowed, companies still see big opportunities in developing countries. According to McKinsey research, what percentage of companies listed in the Fortune Global 500 in the year 2025 will be based in emerging markets?
a. 15
b. 25
c. 35
d. 45

12. CFOs have plenty to keep them busy. According to a Protiviti survey of finance executives in North America, Asia and Europe, what is their top priority for 2014?
a. Improving strategic planning capabilities
b. Getting a new job
c. Earning a higher bonus
d. Monitoring health care costs

13. Career topics continue to be popular, and one article that touched on the topic was by Rigby, “Eight Ways to Get Out of a Career Rut.” He had several excellent tips, including knowing when to move on from a job. His first tip was “Look for ___________ at work”:
a. A promotion
b. More money
c. Fame
d. Happiness

Bonus question: Our most popular Media Roundup item from 2013 was a link to a Jeff Haden blog post on Inc.com. The title of our item was the “Ten habits of _________”:
a. Co-workers looking for other jobs
b. Disengaged workers
c. Exceptional bosses
d. Serial manipulators

For the answers, click here.

Related CGMA Magazine content:

2012 CGMA Magazine quiz: How plugged in were you to trends and news in management accounting? Take last year’s quiz to find out.

—Neil Amato (namato@aicpa.org) is a CGMA Magazine senior editor.