Managerial Accounting questions with correct answers

Strategy Correct Answer-- An accepted definition does not exist - General direction to achieve goals and objectives derived from the organization's mission (purpose) and vision ( how it wants to be perceived by the outside world) Planning Correct Answer-- Selecting a course of action. - Must balance opportunities against resources - Requires input from analysis such as a budget Implementation Correct Answer-- Carrying out day to day activities - Making short term and long term decisions - Managerial tools such as cost analysis and cost-volume-profit can be used Control Correct Answer-- Obtaining feedback to ensure the organization is moving toward the goals - likely involves a performance report that compares actuals to budgeted Managerial Accounting and Financial Accounting Correct Answer-- Managerial accounting provides information for managers of an organization who direct and control its operations. - Financial accounting provides information to shareholders, creditors, and others who are outside the organization. Aspects of Managerial Accounting Correct Answer-- For Managers - Emphasis on the Future - Emphasis on Relevant Data (less on verifi