Chapter 1 - ASP
a.It is achieved by comparing actual performance with expected performance.
The managerial activity of monitoring a plan's implementation and taking corrective action as
needed is referred to as controlling. Control is usually achieved by comparing actual
performance with expected performance. - ANS-Identify a true statement about the controlling
function in managerial accounting.
a.It is achieved by comparing actual performance with expected performance.
b.It is followed by the planning activity.
c.It is achieved by choosing among competing alternatives available at a point of time.
d.It is preceded by the decision making activity.
c.internal users.
Managerial accounting is the provision of accounting information for a company's internal users.
- ANS-Managerial accounting is the provision of accounting information for a company's:
a.external users.
b.trade creditors.
c.internal users.
d.trade debtors.
II and III
Financial accounting emphasizes historical orientation and externally imposed rules. -
ANS-Which of the following does financial accounting emphasize?
I.A broad and multidisciplinary approach
II.Historical orientation
III.Externally imposed rules
IV.An internal focus
c.It provides historically oriented information about a firm.
Financial accounting has a historical orientation. It records and reports events that have already
happened. - ANS-Which of the following is true of financial accounting?
a.It is achieved by comparing actual performance with expected performance.
The managerial activity of monitoring a plan's implementation and taking corrective action as
needed is referred to as controlling. Control is usually achieved by comparing actual
performance with expected performance. - ANS-Identify a true statement about the controlling
function in managerial accounting.
a.It is achieved by comparing actual performance with expected performance.
b.It is followed by the planning activity.
c.It is achieved by choosing among competing alternatives available at a point of time.
d.It is preceded by the decision making activity.
c.internal users.
Managerial accounting is the provision of accounting information for a company's internal users.
- ANS-Managerial accounting is the provision of accounting information for a company's:
a.external users.
b.trade creditors.
c.internal users.
d.trade debtors.
II and III
Financial accounting emphasizes historical orientation and externally imposed rules. -
ANS-Which of the following does financial accounting emphasize?
I.A broad and multidisciplinary approach
II.Historical orientation
III.Externally imposed rules
IV.An internal focus
c.It provides historically oriented information about a firm.
Financial accounting has a historical orientation. It records and reports events that have already
happened. - ANS-Which of the following is true of financial accounting?
