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Management Accounting questions with actual answers.
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  • Accounting 101
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  • Accounting 101

Management Accounting questions with actual answers.

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  • August 29, 2024
  • 12
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • management accounting questions with actual answer

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  • Accounting 101
  • Accounting 101

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Management Accounting questions with
actual 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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