ACCT 2101 Exam 1 questions with
verified solutions 2025/2026
Which of the following is not an objective of managerial accounting?
A.Providing information for decision making and planning
B.Assisting in directing and controlling operations
C.Motivating managers toward the organization's goals
D.Measuring the performance of managers and subunits
E.All of the above are objectives of managerial accounting - CORRECT ANSWER ✔✔E. All of the
above are objectives of managerial accounting
Improving product delivery timing best fits which of the following balanced scorecard
performance measurement categories?
A.Financial
B.Customer
C.Internal Operations
D.Innovation and Learning
E.None of the above - CORRECT ANSWER ✔✔C.Internal Operations
Chief Financial Officer (CFO) - CORRECT ANSWER ✔✔Responsible for all accounting and finance
operations. All accountants and finance personnel report to this individual.
Controller - CORRECT ANSWER ✔✔Responsible for the company's financial statements and its
accounting system.
Treasurer - CORRECT ANSWER ✔✔Responsible for raising capital (selling shares, issuing debt).
,Internal Auditor - CORRECT ANSWER ✔✔Checks the work of accountants and finance personnel
(e.g., review procedures, check accuracy of records).
The process of identifying, measuring, analyzing, interpreting, and communicating information
in pursuit of an organization's goals is __________ accounting. - CORRECT ANSWER
✔✔managerial
Managerial accounting ______.
is used for external reporting
helps managers achieve the organization's goals
is only used by top management
provides no value to the management team - CORRECT ANSWER ✔✔helps managers achieve
the organization's goals
Management accountants are responsible for ______.
providing information for decision making
day to day operation of the business
the supervision of production
making marketing decisions - CORRECT ANSWER ✔✔providing information for decision making
The day-to-day work activities of the management team are ______.
, Multiple choice question.
decision making, buying assets, hiring
decision making, planning,
directing operational activities, controlling
making the best use of an organization's resources, firing people, meeting with potential
investors
funding, acquiring assets, hiring, controlling - CORRECT ANSWER ✔✔decision making, planning,
directing operational activities, controlling
True or false: Decision making involves choosing among available alternatives.
True
False - CORRECT ANSWER ✔✔True
What type of accounting is used to gather information in pursuit of an organization's goals?
Multiple choice question.
Cost
Reason: Cost accounting is the identifying of costs incurred to achieve a particular goal
Regular
verified solutions 2025/2026
Which of the following is not an objective of managerial accounting?
A.Providing information for decision making and planning
B.Assisting in directing and controlling operations
C.Motivating managers toward the organization's goals
D.Measuring the performance of managers and subunits
E.All of the above are objectives of managerial accounting - CORRECT ANSWER ✔✔E. All of the
above are objectives of managerial accounting
Improving product delivery timing best fits which of the following balanced scorecard
performance measurement categories?
A.Financial
B.Customer
C.Internal Operations
D.Innovation and Learning
E.None of the above - CORRECT ANSWER ✔✔C.Internal Operations
Chief Financial Officer (CFO) - CORRECT ANSWER ✔✔Responsible for all accounting and finance
operations. All accountants and finance personnel report to this individual.
Controller - CORRECT ANSWER ✔✔Responsible for the company's financial statements and its
accounting system.
Treasurer - CORRECT ANSWER ✔✔Responsible for raising capital (selling shares, issuing debt).
,Internal Auditor - CORRECT ANSWER ✔✔Checks the work of accountants and finance personnel
(e.g., review procedures, check accuracy of records).
The process of identifying, measuring, analyzing, interpreting, and communicating information
in pursuit of an organization's goals is __________ accounting. - CORRECT ANSWER
✔✔managerial
Managerial accounting ______.
is used for external reporting
helps managers achieve the organization's goals
is only used by top management
provides no value to the management team - CORRECT ANSWER ✔✔helps managers achieve
the organization's goals
Management accountants are responsible for ______.
providing information for decision making
day to day operation of the business
the supervision of production
making marketing decisions - CORRECT ANSWER ✔✔providing information for decision making
The day-to-day work activities of the management team are ______.
, Multiple choice question.
decision making, buying assets, hiring
decision making, planning,
directing operational activities, controlling
making the best use of an organization's resources, firing people, meeting with potential
investors
funding, acquiring assets, hiring, controlling - CORRECT ANSWER ✔✔decision making, planning,
directing operational activities, controlling
True or false: Decision making involves choosing among available alternatives.
True
False - CORRECT ANSWER ✔✔True
What type of accounting is used to gather information in pursuit of an organization's goals?
Multiple choice question.
Cost
Reason: Cost accounting is the identifying of costs incurred to achieve a particular goal
Regular
