Managerial Accounting Tests Bundle Set

managerial accounting Correct Answer-the gathering and preparing of accounting information that is used within a company to help ensure the organization's goals are met effectively and efficiently internal users Correct Answer-people inside the company; ex. managers, accountants, etc external...

The reporting standard for external financial reports is: a) company-specific. b) generally accepted accounting principles. c) department-specific. d) industry-specific. Correct Answer-b) generally accepted accounting principles. A manufacturing process requires small amounts of gl...

Strategy Correct Answer-- An accepted definition does not exist - General direction to achieve goals and objectives derived from the organization's mission (purpose) and vision ( how it wants to be perceived by the outside world) Planning Correct Answer-- Selecting a course of action. - Must b...

What is the primary purpose of Managerial Accounting? Correct Answer-Assisting Managers What are some characteristics of managerial accounting? Correct Answer--no rules (no GAAP) -not mandatory -insiders -is dealt with in segments -relevance -focuses on the present/future *decision making,...

Which of the following is not an objective of managerial accounting? Correct Answer-To prepare external reports for investors, creditors, government agencies, and other outside users. Which of the following is an example of the management activity referred to as planning? Correct Answer-Developin...

what is managerial accounting ? Correct Answer-Someone who provides accounting information to a company's internal users. three broad objectives of a managerial accountant Correct Answer-A Managerial Accountant provides information for the planning and controlling of an organizations action. Als...

Define managerial accounting: Correct Answer-Managerial accounting is defined as the activities carried out in a firm that provide its managers and other employees with financial and related information to help them make strategic, organizational, and operational decisions. What does managerial a...

Cost (aka Managerial) Accounting Correct Answer-use of financial and non-financial information to make economic decisions Fundamental Assumption of Cost Accounting Correct Answer-costs are linear over the relevant range Why is this assumption important? - Allows costs to be projected How big ...

What is one of the main differences between managerial and financial accounting? Correct Answer-Managerial is focused on future plans; financial is focused on past results A company that typically reports three types of inventory (raw materials, work-in-process, and finished goods) is called a Co...

What is the definition of Managerial Accounting? Correct Answer-provides economic and financial information for managers and other *internal* users. How many ways does managerial accounting differ from financial accounting? List the differences. Correct Answer-5: 1. Primary Users of reports 2. ...

Balance Sheets Correct Answer-1. snapshot of resources (assets) and claims (liability+equity) 2. based on accounting equation Statement of Earnings (Income Statement) Correct Answer-- operating performance over period of time - Revenues and expenses Statement of Cash Flows Correct Answer-- ...

Managerial Accounting Exam 1 questions with correct answers

Manager Responsibility: Planning Correct Answer-Setting Goals and Objectives for the company and determining how to achieve them. Manager Responsibility: Directing Correct Answer-Overseeing the company's day to day operations. Manager Responsibility: Controlling Correct Answer-Evaluating the ...

Who uses Managerial Accounting? Correct Answer-Internal users in the company (managers) What does Managerial Accounting Provide? Correct Answer-Economical and Financial information about the company Primary users of Reports (Financial vs Managerial) Correct Answer-F: External: creditors, stock...