The focus of Financial accounting is on
on the past, since historical cost data are generally accurate and reliable.
Financial accounting
is governed by generally accepted accounting principles (GAAP).
Financial accounting is concerned
with providing information to creditors and others outside of an organization.
In a centralized organization
most decisions are made by top management
Budgets are
a formal expression of management's plans.
In decision making, managers use
whatever information is relevant to the decision even though the information may not conform to generally accepted accounting principles.
The managerial accounting reports of a company The managerial accounting reports of a company would be of most interest and benefit to the company's:
A) bankers.
B) shareholders.
C) bondholders.
D) vice president of manufacturing.
vice president of manufacturing.
Managerial accounting
has its primary emphasis on the future
The process of overseeing day-to-day activities and keeping the organization functioning smoothly is called:
A) directing.
B) controlling.
C) planning.
D) decision making
directing
Financial Accounting information
is primarily oriented to external stakeholders, such as investors, creditors, regulators, and tax authorities.
A good management accounting system can become
a source of competitive advantage for a company.
Management accounting information
is sometimes predictive and forward looking.
Management accounting has no
prescribed rules about its content, how the content is to be developed, and how the content is to be presented.
Management accounting measures can provide
advance warnings of problems.
6. Information about customer satisfaction is an example of
Managerial Accounting
Which of the following types of information are used in management accounting?
A) financial information
B) nonfinancial information
Management accounting reports might include information about:
A) customer complaints.
B) net income for the year on budgeted income statement.
C) total assets on budgeted balance sheet.
D) All of the above are correct.
The person MOST likely to use management accounting information is a(n):
A) banker evaluating a credit application.
B) shareholder evaluating a stock investment.
C) governmental taxing authority.
D) assembly department supervisor.
assembly department supervisor.
Which of the following is NOT a function of a management accounting system?
A) strategic development
B) financial reporting
C) control
D) product costing
financial reporting
Financial accounting information:
A) provides a signal that something is wrong.
B) identifies what is wrong.
C) explains what is wrong.
D) simply summarizes information but gives no indication that anything is wrong.
A) provides a signal that something is wrong.
Management accounting information is BEST described as:
A) providing a signal that something is wrong.
B) identifying and helping to explain what is wrong.
C) simply summarizing information, but giving no indication that anything is wrong.
D) measuring ov
B) identifying and helping to explain what is wrong.