Managerial Accounting Test 1 || Questions & Answers (Graded A+)

Managerial Accounting Test 1 || Questions & Answers (Graded A+) Managerial Accounting Test 1 || Questions & Answers (Graded A+) Which of the following management responsibilities often involves BUDGETS? a. controlling b. directing c. planning d. none of the above - ANSWER - c. planning Managerial accounting differs from financial accounting in that managerial accounting... a. emphasizes data relevance over data objectivity. b. is used primarily by external decision makers. c. is required by Generally Accepted Accounting Principles (GAAP). d. tends to report on the company as a whole rather than segments of the company. - ANSWER - a. emphasizes data relevance over data objectivity. Which of the following corporate positions is responsible for raising capital and investing funds? a. treasurer b. chief operating officer (COO) c. internal audit d. controller - ANSWER - a. treasurer Of the following skills, which are needed by today's management accountants? a. knowledge of both financial and managerial accounting b. oral and written communication skills c. knowledge of how a business functions d. all of the above - ANSWER - d. all of the above Managers' three primary responsibilities are planning, directing, and controlling. a. true b. false - ANSWER - a. true Management accounting is geared toward external stakeholders, such as investors and creditors. a. true b. false - ANSWER - b. false Management accountants often work in cross-functional teams throughout the organization. a. true b. false - ANSWER - a. true The internal audit function reports to the audit committee of the board of directors. a. true b. false - ANSWER - a. true