ACTY 2110 CHAPTER 1 EXAM QUESTIONS AND
ANSWERS 100% VERIFIED.
Which of the following people would be more interested in
managerial accounting data than in financial accounting data? -
- Correct answer -Business Owners
Employees
The future-oriented part of the management cycle is
______________. -
- Correct answer -planning
Decisions made during the ______________ phase are
sometimes called operational decisions. -
- Correct answer -implementation
Managers keep track of how they are doing and determine if
adjustments are needed during the _______________ phase. -
- Correct answer -control
Levi Strauss and Ford Motors are examples of
_________________ firms. -
- Correct answer -manufacturing
What is the primary difference between managerial and financial
accounting? -
- Correct answer -Managerial accounting provides information for
internal use and financial accounting provides information to
external users.
Wholesalers and retailers are both ____________ types of
companies. -
- Correct answer -merchandising
The first step in ___________ is to establish goals or objectives
and tactics to achieve them. -
- Correct answer -planning
Hotels and airlines are examples of _______________ companies.
-
- Correct answer -service
Decisions such as deciding how many employees to hire, salary
schedules, and training policies are made during the ______
phase of the management process. -
- Correct answer -implementation
The standards of conduct for judging right from wrong is referred to
as: -
- Correct answer -ethics
Controlling involves ______. -
, - Correct answer -measuring actual results
The Sarbanes-Oxley (SOX) Act focuses on three factors that affect
the accounting reporting environment: __________,
_____________, and _____________ -
- Correct answer -opportunity, incentives, and character
Which type of firm converts materials into finished products? -
- Correct answer -manufacturing
Companies with strong ethical cultures ______. -
- Correct answer -have higher productivity than those without such
cultures
have higher levels of customer satisfaction
A department store is part of the ______ companies category of
business. -
- Correct answer -merchandising
When making a decision, ______. -
- Correct answer -cost control is a critical concern for most
organizations
Which of the following statements is true?
Every firm can be identified as one type of organization:
manufacturer, merchandiser or service company.
Some firms operate as more than one type of organization:
manufacturer, merchandiser and/or service company. -
- Correct answer -Some firms operate as more than one type of
organization: manufacturer, merchandiser and/or service company.
Which of the following statements are true?
When making decisions regarding costs, GAAP rules must be
followed.
Costs are treated differently in different situations.
There are many different ways to categorize costs. -
- Correct answer -Costs are treated differently in different
situations.
There are many different ways to categorize costs.
True or false: Virtually all accounting and business problems have
clear right or wrong answers. -
- Correct answer -false
ANSWERS 100% VERIFIED.
Which of the following people would be more interested in
managerial accounting data than in financial accounting data? -
- Correct answer -Business Owners
Employees
The future-oriented part of the management cycle is
______________. -
- Correct answer -planning
Decisions made during the ______________ phase are
sometimes called operational decisions. -
- Correct answer -implementation
Managers keep track of how they are doing and determine if
adjustments are needed during the _______________ phase. -
- Correct answer -control
Levi Strauss and Ford Motors are examples of
_________________ firms. -
- Correct answer -manufacturing
What is the primary difference between managerial and financial
accounting? -
- Correct answer -Managerial accounting provides information for
internal use and financial accounting provides information to
external users.
Wholesalers and retailers are both ____________ types of
companies. -
- Correct answer -merchandising
The first step in ___________ is to establish goals or objectives
and tactics to achieve them. -
- Correct answer -planning
Hotels and airlines are examples of _______________ companies.
-
- Correct answer -service
Decisions such as deciding how many employees to hire, salary
schedules, and training policies are made during the ______
phase of the management process. -
- Correct answer -implementation
The standards of conduct for judging right from wrong is referred to
as: -
- Correct answer -ethics
Controlling involves ______. -
, - Correct answer -measuring actual results
The Sarbanes-Oxley (SOX) Act focuses on three factors that affect
the accounting reporting environment: __________,
_____________, and _____________ -
- Correct answer -opportunity, incentives, and character
Which type of firm converts materials into finished products? -
- Correct answer -manufacturing
Companies with strong ethical cultures ______. -
- Correct answer -have higher productivity than those without such
cultures
have higher levels of customer satisfaction
A department store is part of the ______ companies category of
business. -
- Correct answer -merchandising
When making a decision, ______. -
- Correct answer -cost control is a critical concern for most
organizations
Which of the following statements is true?
Every firm can be identified as one type of organization:
manufacturer, merchandiser or service company.
Some firms operate as more than one type of organization:
manufacturer, merchandiser and/or service company. -
- Correct answer -Some firms operate as more than one type of
organization: manufacturer, merchandiser and/or service company.
Which of the following statements are true?
When making decisions regarding costs, GAAP rules must be
followed.
Costs are treated differently in different situations.
There are many different ways to categorize costs. -
- Correct answer -Costs are treated differently in different
situations.
There are many different ways to categorize costs.
True or false: Virtually all accounting and business problems have
clear right or wrong answers. -
- Correct answer -false
