Managerial Accounting-Managerial
Accounting Exam Questions With
Answers 100% Solved Correct
Management Functions in Managerial Accounting - Answers -✔✔ Planning.
Directing.
Controlling
Managerial accounting - Answers -✔✔ A field of accounting that provides economic and
financial information for managers and other internal users.
Activity-based costing (ABC) - Answers -✔✔ A method of allocating overhead based on
each product's use of activities in making the product.
Balanced scorecard - Answers -✔✔ A performance-measurement approach that uses
both financial and nonfinancial measures, tied to company objectives, to evaluate a
company's operations in an integrated fashion.
Board of directors - Answers -✔✔ The group of officials elected by the stockholders of a
corporation to formulate operating policies and select officers who will manage the
company.
Chief executive officer (CEO) - Answers -✔✔ Corporate officer who has overall
responsibility for managing the business and delegates responsibilities to other
corporate officers.
Chief financial officer (CFO) - Answers -✔✔ Corporate officer who is responsible for all
of the accounting and finance issues of the company.
Controller - Answers -✔✔ Financial officer responsible for a company's accounting
records, system of internal control, and preparation of financial statements, tax returns,
and internal reports.
Corporate social responsibility - Answers -✔✔ The efforts of a company to employ
sustainable business practices with regard to its employees, society, and the
environment.
Cost of goods manufactured - Answers -✔✔ Total cost of work in process less the cost
of the ending work in process inventory.
Direct labor - Answers -✔✔ The work of factory employees that can be physically and
directly associated with converting raw materials into finished goods.
Accounting Exam Questions With
Answers 100% Solved Correct
Management Functions in Managerial Accounting - Answers -✔✔ Planning.
Directing.
Controlling
Managerial accounting - Answers -✔✔ A field of accounting that provides economic and
financial information for managers and other internal users.
Activity-based costing (ABC) - Answers -✔✔ A method of allocating overhead based on
each product's use of activities in making the product.
Balanced scorecard - Answers -✔✔ A performance-measurement approach that uses
both financial and nonfinancial measures, tied to company objectives, to evaluate a
company's operations in an integrated fashion.
Board of directors - Answers -✔✔ The group of officials elected by the stockholders of a
corporation to formulate operating policies and select officers who will manage the
company.
Chief executive officer (CEO) - Answers -✔✔ Corporate officer who has overall
responsibility for managing the business and delegates responsibilities to other
corporate officers.
Chief financial officer (CFO) - Answers -✔✔ Corporate officer who is responsible for all
of the accounting and finance issues of the company.
Controller - Answers -✔✔ Financial officer responsible for a company's accounting
records, system of internal control, and preparation of financial statements, tax returns,
and internal reports.
Corporate social responsibility - Answers -✔✔ The efforts of a company to employ
sustainable business practices with regard to its employees, society, and the
environment.
Cost of goods manufactured - Answers -✔✔ Total cost of work in process less the cost
of the ending work in process inventory.
Direct labor - Answers -✔✔ The work of factory employees that can be physically and
directly associated with converting raw materials into finished goods.
