ACG 2071 Exam Practice Questions with
Verified Correct Answers
managerial accountants fulfill 3 main functions
1. Planning 2. Directing 3. Controlling
planning
Zooming out, long term decisions, future ex. budgets and selecting projects
Directing
day to day operations ex. scheduling workers
Controlling
Comparing actual results to planned results
3 main pillars of sustainability
1. Profits (economic) 2. People (social) 3. Planet (environmental)
Financial acc. _______ users
External
Managerial acc. ________ users
Internal
Financial acc. rules by ______
GAAP
Managerial acc. rules by _____
No one; no governing body
, Financial acc. looks at ______ numbers
Historical
Managerial Acc. looks at _______ numbers
Present and Future
When are statements prepared in Financial Accounting
quarterly or annually
When are statements prepared in Managerial Accounting
whenever
What kind of info is captured in financial accounting
financial; all money
What kind of info is captured in managerial accounting
all types of info
is financial accounting detailed?
No
Is managerial accounting detailed?
yes
What type of info does financial accounting focus on
overall company
What type of info does managerial accounting focus on
company's divisions or segments
Verified Correct Answers
managerial accountants fulfill 3 main functions
1. Planning 2. Directing 3. Controlling
planning
Zooming out, long term decisions, future ex. budgets and selecting projects
Directing
day to day operations ex. scheduling workers
Controlling
Comparing actual results to planned results
3 main pillars of sustainability
1. Profits (economic) 2. People (social) 3. Planet (environmental)
Financial acc. _______ users
External
Managerial acc. ________ users
Internal
Financial acc. rules by ______
GAAP
Managerial acc. rules by _____
No one; no governing body
, Financial acc. looks at ______ numbers
Historical
Managerial Acc. looks at _______ numbers
Present and Future
When are statements prepared in Financial Accounting
quarterly or annually
When are statements prepared in Managerial Accounting
whenever
What kind of info is captured in financial accounting
financial; all money
What kind of info is captured in managerial accounting
all types of info
is financial accounting detailed?
No
Is managerial accounting detailed?
yes
What type of info does financial accounting focus on
overall company
What type of info does managerial accounting focus on
company's divisions or segments
