COST AND MANAGERIAL ACCOUNTING EXAMINATION SET ACTUAL TEST PAPER

COST AND MANAGERIAL ACCOUNTING EXAMINATION SET ACTUAL TEST PAPER
QUESTIONS CORRECT ANSWERS GRADED A PLUS




Question:
What are the two main processes involved in managerial accounting?

Answer:
Planning and Control.



Question:
What does the planning process in managerial accounting involve?

Answer:
Setting goals and making plans to achieve them.



Question:
What is the control process in managerial accounting?

Answer:
Monitoring and evaluating an organization's activities and employees.



Question:
What is the estimated percentage of annual revenues lost to fraud in U.S. businesses?

Answer:
5%.



Question:

, What are the key ethical requirements for management accountants according to the Institute of
Management Accountants?

Answer:
Competence, confidentiality, integrity, and fair communication.



Question:
How do marketing staff utilize managerial accounting information?

Answer:
They need sales and cost data to decide which products to promote.



Question:
What role does Artificial Intelligence play in managerial accounting?

Answer:
AI can complete repetitive tasks and managerial accountants evaluate AI-generated reports for
business decisions.



Question:
What is data analytics in the context of managerial accounting?

Answer:
A process of analyzing data to identify meaningful relations and trends.



Question:
What are the four basic types of analytics?

Answer:
Descriptive, Diagnostic, Predictive, and Prescriptive.



Question: