Acct 526 Midterm Exam 100% Correct!!

Acct 526 Midterm Exam 100% Correct!! Managerial accounting is the provision of accounting for a company's external users.T or F? - ANSWERSFalse Providing an analysis for a company regarding adding a particular product line, retracting sales markets, or dealing with risks or opportunities are some of the responsibilities of managerial accountants. T or F? - ANSWERSTrue . Managerial accounting follows the same rules as financial accounting. T or F - ANSWERSFalse Managerial accountants need to understand their company's strategy and key business processes for accurate analysis of data which will result in smooth strategy execution by business executives. T or F - ANSWERSTrue Ethical behavior involves choosing actions that are right, proper, and just. T or F - ANSWERStrue Ethical failures no longer occur in businesses across the globe. T or F - ANSWERSfalse Which of the following is referred to as controlling? The provision of accounting information for a company's internal users. The process of choosing among competing alternatives. The managerial activity of monitoring a plan's implementation and taking corrective action as needed. The detailed formulation of action to achieve a particular end. - ANSWERSThe managerial activity of monitoring a plan's implementation and taking corrective action as needed. The management activity called _____ is detailed formulation of action to achieve a particular end. planning controlling decision making none of the above - ANSWERSplanning Which of the following is true of financial accounting? It is primarily concerned with producing information for internal users. It does not follow any externally imposed rules. It strongly emphasizes providing information about future events. It focuses on overall firm performance, providing a more aggregated viewpoint. - ANSWERSIt focuses on overall firm performance, providing a more aggregated viewpoint. Which of the following is a difference between financial accounting and managerial accounting? Financial accounting focuses on providing information for internal users, while managerial accounting focuses on providing information for external users. Financial accounting has a historical orientation, while managerial accounting emphasizes on the future. Financial accounting includes various disciplines and is broad in scope, while managerial accounting is more self-containing. Financial accounting does not follow externally imposed rules, while managerial accounting must follow externally imposed rules. - ANSWERSFinancial accounting has a historical orientation, while managerial accounting emphasizes on the future. The set of activities required to design, develop, produce, market, and deliver products and services, as well as provide support services to customers is termed as a: strategic positioning. supply chain. value chain. product differentiation. - ANSWERSValue chain Platanus Inc. was one of the largest manufacturers of automobile engines and fixtures. Platanus