Managerial Accounting Exam 1 Questions and answers 100% correct
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Course
Managerial Accounting
Institution
Managerial Accounting
Which of the following management responsibilities often involves BUDGETS?
a. controlling
b. directing
c. planning
d. none of the above - correct answer c. planning
Managerial accounting differs from financial accounting in that managerial accounting...
a. emphasizes data relevance over d...
Managerial Accounting Test 1 Questions
Which of the following management responsibilities often involves BUDGETS?
a. controlling
b. directing
c. planning
d. none of the above - correct answer c. planning
Managerial accounting differs from financial accounting in that managerial accounting...
a. emphasizes data relevance over data objectivity.
b. is used primarily by external decision makers.
c. is required by Generally Accepted Accounting Principles (GAAP).
d. tends to report on the company as a whole rather than segments of the company. - correct answer a.
emphasizes data relevance over data objectivity.
Which of the following corporate positions is responsible for raising capital and investing funds?
a. treasurer
b. chief operating officer (COO)
c. internal audit
d. controller - correct answer a. treasurer
Of the following skills, which are needed by today's management accountants?
a. knowledge of both financial and managerial accounting
b. oral and written communication skills
c. knowledge of how a business functions
d. all of the above - correct answer d. all of the above
Managers' three primary responsibilities are planning, directing, and controlling.
a. true
b. false - correct answer a. true
,Managerial Accounting Test 1 Questions
Management accounting is geared toward external stakeholders, such as investors and creditors.
a. true
b. false - correct answer b. false
Management accountants often work in cross-functional teams throughout the organization.
a. true
b. false - correct answer a. true
The internal audit function reports to the audit committee of the board of directors.
a. true
b. false - correct answer a. true
Management accountants are now more often looked upon as internal business advisors, rather than
"bean counters" recording historical transactions.
a. true
b. false - correct answer a. true
Management accountants should be technically proficient, but they don't need strong oral and written
communication skills.
a. true
b. false - correct answer b. false
Management accountants should be proficient in Excel.
a. true
b. false - correct answer a. true
The AICPA (American Institute of Certified Public Accountants) issues the CMA (Certified Management
Accountant) certification.
a. true
b. false - correct answer b. false
, Managerial Accounting Test 1 Questions
Identifying alternative courses of action and choosing among them
a. decision making
b. planning
c. controlling
d. directing - correct answer a. decision making
Running the company on a day-to-day basis
a. decision making
b. planning
c. controlling
d. directing - correct answer d. directing
Determining whether the company's units are operating according to plan
a. decision making
b. planning
c. controlling
d. directing - correct answer c. controlling
Setting goals and objectives for the company and determining strategies to achieve them
a. decision making
b. planning
c. controlling
d. directing - correct answer b. planning
Describes historical transactions with external parties
a. financial accounting
b. managerial accounting - correct answer a. financial accounting
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