WSU Accounting 231 Exam 1 Question
and answers rated A+ 2025/2026
Managerial Accounting - correct answer ✔concerned with providing info to managers for use within
the organization
Segment - correct answer ✔part or activity of an organization about which managers would like cost,
revenue, or profit data
Managerial accounting helps managers perform these activities - correct answer ✔Planning,
Controlling, & Decision Making
Planning - correct answer ✔establishing goals and how to achieve them
Controlling - correct answer ✔Gathering feedback to ensure that the plan is being properly executed or
modified as circumstances change
Decision Making - correct answer ✔selecting a course of action from competing alternatives
Budget - correct answer ✔Detailed plan for the future that is usually expressed in formal quantitative
terms
Performance Report - correct answer ✔Compares budgeted data to actual data in an effort to identify
and learn from good performances and to id and eliminate bad performances
Why managerial accounting matters in your career? - correct answer ✔You will need to know how to
plan for the future, how to make progress toward achieving goals, and how to make intelligent decisions
, Code of Conduct for Management Accountants - correct answer ✔Provides general guidelines for
ethical behaviors (maintain a high level of professional competence, treat sensitive matters with
confidentiality, maintain personal integrity, disclose info in a credible fashion) and what should be done
if an individual finds evidence of ethical misconduct
strategy - correct answer ✔a game-plan that enables a company to attract customers by distinguishing
itself from competitors
Enterprise risk management - correct answer ✔process used by a company to identify those risks and
develop responses to them that enable it to be responsiblity assured of meeting its goals
Corporate Social Responsibility (CSR) - correct answer ✔Concept whereby organizations consider the
needs of all stakeholders when making decisions
Business Process - correct answer ✔Series of steps that are followed in order to carry out some task in
a business
value chain - correct answer ✔consists of the major business functions that add value to a company's
products and services
Business Functions Making Up the Value Chain - correct answer ✔Research and Development, Product
Design, Manufacturing, Marketing, Distribution, & Customer Service
Lean Production - correct answer ✔organizes resources such as people and machines around the flow
of business processes and that only produces units in response to customer orders (products
manufactured in response to customer orders)
Intrinsic Motivation - correct answer ✔motivation that comes from within us
and answers rated A+ 2025/2026
Managerial Accounting - correct answer ✔concerned with providing info to managers for use within
the organization
Segment - correct answer ✔part or activity of an organization about which managers would like cost,
revenue, or profit data
Managerial accounting helps managers perform these activities - correct answer ✔Planning,
Controlling, & Decision Making
Planning - correct answer ✔establishing goals and how to achieve them
Controlling - correct answer ✔Gathering feedback to ensure that the plan is being properly executed or
modified as circumstances change
Decision Making - correct answer ✔selecting a course of action from competing alternatives
Budget - correct answer ✔Detailed plan for the future that is usually expressed in formal quantitative
terms
Performance Report - correct answer ✔Compares budgeted data to actual data in an effort to identify
and learn from good performances and to id and eliminate bad performances
Why managerial accounting matters in your career? - correct answer ✔You will need to know how to
plan for the future, how to make progress toward achieving goals, and how to make intelligent decisions
, Code of Conduct for Management Accountants - correct answer ✔Provides general guidelines for
ethical behaviors (maintain a high level of professional competence, treat sensitive matters with
confidentiality, maintain personal integrity, disclose info in a credible fashion) and what should be done
if an individual finds evidence of ethical misconduct
strategy - correct answer ✔a game-plan that enables a company to attract customers by distinguishing
itself from competitors
Enterprise risk management - correct answer ✔process used by a company to identify those risks and
develop responses to them that enable it to be responsiblity assured of meeting its goals
Corporate Social Responsibility (CSR) - correct answer ✔Concept whereby organizations consider the
needs of all stakeholders when making decisions
Business Process - correct answer ✔Series of steps that are followed in order to carry out some task in
a business
value chain - correct answer ✔consists of the major business functions that add value to a company's
products and services
Business Functions Making Up the Value Chain - correct answer ✔Research and Development, Product
Design, Manufacturing, Marketing, Distribution, & Customer Service
Lean Production - correct answer ✔organizes resources such as people and machines around the flow
of business processes and that only produces units in response to customer orders (products
manufactured in response to customer orders)
Intrinsic Motivation - correct answer ✔motivation that comes from within us
