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Managerial Accounting Exam 1 (Chapters 1, 2, 3, and 5) questions and 100% correct answers.
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Managerial Accounting Exam 1 (Chapters 1, 2, 3, and 5) questions and 100% correct answers.
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Managerial Accounting Exam 1(Chapters 1, 2, 3, and 5) questions and
100% correct answers.
Which of the following is not an objective of managerial accounting? ANS - 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? ANS -
Developing a strategy for disposing of hazardous waste
Investigating production variances and adjusting the production process is an example of ANS -
Controlling.
The primary objective of managerial accounting is: ANS - To provide management with information
useful for planning and control of operations.
Managerial accounting ANS - Has no mandatory rules.
Managerial accounting reports are prepared ANS - To meet the needs of decision makers within the
firm.
Financial accounting ANS - Has to adhere to GAAP policies, focuses on external users, and is concerned
with the information about the firm as a whole.
Which of the following would not be an example of a value-added activity? ANS - Storage of finished
products
The controller of an organization participates in ANS - Decision making, controlling, and planning
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