ACCOUNTING 211 Liberty University -Accounting 211 Exam 1 with answers rated A+

Accounting 211 Exam 1Chapter 1 - correct answer managerial accounting - correct answer field of accounting that provides economic and financial information for managers and other internal users main differences between managerial and financial - correct answer managerial: -for internal users -doesn't have to follow GAAP -detailed reports for a specific decision -reports as frequently as needed 3 activities and responsibilities of management - correct answer 1. planning 2. directing 3. controlling planning - correct answer requires management to look ahead and establish objectives -goal is to add value (increase stock price or selling price of company) directing - correct answer coordinating diverse activities and human resources to produce a smooth-running operation -implementing planned objectives -selecting executives, appointing managers and supervisors, and hiring and training employees controlling - correct answer process of keeping the firm's progress on track -determine whether planned goals are being met and any necessary changes to get back on track