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Management Accounting questions with actual answers.
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Management Accounting questions with actual answers.
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Management Accounting questions withactual answers.
Managerial Accounting ANS - A field of accounting that provides
economic and financial information
for managers and other internal users
Similarities ANS - Both deal with economic events of a business
Both require that economic events be quantified and communicated to interested parties
Internal Users ANS - Officers and managers used for managerial accounting
External Users ANS - Shareholders, creditors and regulators used for financial accounting
Frequency of reports ANS - Management: whenever needed
Financial: Quarterly and annually
Purpose of Report ANS - General purpose: Financial
Special purpose: Management
Content of Reports ANS - Financial: pertains to business as a whole
highly aggregated (condensed)
limited to double entry accounting and cost data
GAAP
Managerial: pertains to the subunits of a business
very detailed
extends beyond double entry accounting to any relevant data
, standard is relevance to decsions
Verification process ANS - Financial: Audited by CPA
Management: No indepentdent audits
Management Functions ANS - Planning
Directing
Controlling
Planning ANS - Future Oriented - Looking ahead
Establish objectives such as
Maximize short-term profit and market share
Commit to environmental protection
Contributing to social programs
Key Objective: Add value to the business
Value measured by trading price of stock and by potential selling price of the company
Directing ANS - Coordinate diverse activities and human resources
Implement planned objectives
Provide incentives to motivate employees
Hire and train employees including executives, managers, and supervisors
Controlling ANS - Keep activities on track
Determine whether goals are met
Decide on the changes needed to get back on track
Typically use a formal system of evaluation
Organizational Chart ANS -
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