managerial accounting - correct answer field of accounting that provides economic and financial information for managers and other internal users
which type of accounting applies to all types of businesses? - correct answer managerial
is financial accounting involving external or internal use...
Managerial Accounting Exam 1 - Ch. 1
managerial accounting - correct answer field of accounting that provides economic and financial
information for managers and other internal users
which type of accounting applies to all types of businesses? - correct answer managerial
is financial accounting involving external or internal users? - correct answer external users like
stockholders, creditors, and regulators
is managerial accounting involving external or internal users? - correct answer internal users like officers
and managers
who follows GAAP-- financial accountants or managerial? - correct answer financial follows GAAP, but
managerial doesn't necessarily have to follow GAAP
comparing financial and managerial accounting-- what are the types and frequency of reports? - correct
answer financial: financial statements that occur quarterly and annually. managerial: internal reports
that occur as frequently as needed
comparing financial and managerial accounting-- what is the purpose of reports? - correct answer
financial: general-purpose and they pertain to the business as a whole. managerial: specific purpose for
specific decisions, and they pertain to subunits of the business
what kind of entries are made in financial accounting and managerial accounting? - correct answer
financial: limited to double-entry accounting and cost data
managerial: extends beyond double entry accounting to any relevant data
comparing financial and managerial accounting--what is the verification process? - correct answer
financial: audited by CPA. managerial: no independent audits.
managerial accounting:
1. is governed by generally accepted accounting principles
2. places emphasis on special-purpose information
, Managerial Accounting Exam 1 - Ch. 1
3. pertains to the entity as a whole and is highly aggregated
4. is limited to cost data - correct answer 2. places emphasis on special-purpose information
what are the three main management functions, and what order do they occur in? - correct answer
planning, directing, and controlling
maximize short-term profit and market share, commit to environmental protection and social programs,
add value to the business - correct answer planning
coordinate diverse activities and human resources, implement planned objectives, provide incentives to
motivate employees, hire and train employees, produce smooth running operation - correct answer
directing
keep activities on track, determine whether goals are met, decide changes needed to get back on track,
may use an informal or formal system of evaluations - correct answer controlling
The management of an organization performs several broad functions. They are:
1. planning, directing, and selling
2. directing, manufacturing, and controlling
3. planning, manufacturing, and controlling
4. planning, directing, and controlling - correct answer 4. planning, directing, and controlling
true or false: managerial accountants have a single role within an organization, collecting and reporting
costs to management - correct answer false
true or false: financial accounting reports are general-purpose and intended for external users - correct
answer true
true or false: managerial accounting reports are special-purpose and issued as frequently as needed -
correct answer true
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