Managerial Accounting Exam 1 questions with correct answers

Which of the following is not an objective of managerial accounting? Correct Answer-To prepare external reports for investors, creditors, government agencies, and other outside users. Which of the following is an example of the management activity referred to as planning? Correct Answer-Developing a strategy for disposing of hazardous waste Investigating production variances and adjusting the production process is an example of Correct Answer-Controlling. The primary objective of managerial accounting is: Correct Answer-To provide management with information useful for planning and control of operations. Managerial accounting Correct Answer-Has no mandatory rules. Managerial accounting reports are prepared Correct Answer-To meet the needs of decision makers within the firm. Financial accounting Correct Answer-Has to adhere to GAAP policies, focuses on external users, and is concerned with the information about the firm as a whole. Which of the following would not be an example of a value-added activity? Correct Answer-Storage of finished products