WGU D196 PRINCIPLES OF FINANCIAL MANAGEMENT
TEST QUESTIONS WITH VERIFIED ANSWERS
Company managers are the major users of managerial accounting information.
What are the three major functions of company managers? - ANSWER
Planning controlling and evaluating
Which of the following statements correctly distinguishes the uses of financial
accounting information from the uses of manager accounting information? -
ANSWER Financial accounting information is prepared according to a
generally accepted set of rules
Which of the following does the process of monitoring of actual outcome
require? - ANSWER Controlling
What does the long run planning comprise? - ANSWER Strategic planning in
capital budgeting
Which one of the following statements is true about managerial accounting
data? - ANSWER Managerial accounting data are developed based on
competitive needs that are unique to the organization
Which of the following characteristics is a distinguishing feature of
management accounting information? - ANSWER Management accounting
information includes both financial and non-financial information
Which of the following groups are the primary users of managerial accounting
information? - ANSWER Managers
, Which type of business is a typical retailer? - ANSWER Merchandising
business
Which of the following types of cost does the merchandiser have? - ANSWER
Both product and period costs
What type of business purchases merchandise and sells these goods without
processing or modifying them in any way? - ANSWER Merchandising
Which one of the following statements shows a difference between managerial
and financial accounting? - ANSWER Managerial accounting has significant
competitive value while financial accounting is not competitive tool
Which one of the following characteristics of management accounting systems
but is not a characteristic of financial accounting systems? - ANSWER
Managerial accounting includes budget and forecast data
Lucas works for professional consulting firm. He has been asked to compare his
firms financial performance to the performance of another firm. Which
company should look at Sue's as a benchmark for his company's performance? -
ANSWER A consulting firm
Maria just started a cosmetics business. She purchases makeup and nail polish
from a wholesale distributor and sells products and via social media. What types
of costs will maria's new business incur? - ANSWER Product costs and period
Costs
TEST QUESTIONS WITH VERIFIED ANSWERS
Company managers are the major users of managerial accounting information.
What are the three major functions of company managers? - ANSWER
Planning controlling and evaluating
Which of the following statements correctly distinguishes the uses of financial
accounting information from the uses of manager accounting information? -
ANSWER Financial accounting information is prepared according to a
generally accepted set of rules
Which of the following does the process of monitoring of actual outcome
require? - ANSWER Controlling
What does the long run planning comprise? - ANSWER Strategic planning in
capital budgeting
Which one of the following statements is true about managerial accounting
data? - ANSWER Managerial accounting data are developed based on
competitive needs that are unique to the organization
Which of the following characteristics is a distinguishing feature of
management accounting information? - ANSWER Management accounting
information includes both financial and non-financial information
Which of the following groups are the primary users of managerial accounting
information? - ANSWER Managers
, Which type of business is a typical retailer? - ANSWER Merchandising
business
Which of the following types of cost does the merchandiser have? - ANSWER
Both product and period costs
What type of business purchases merchandise and sells these goods without
processing or modifying them in any way? - ANSWER Merchandising
Which one of the following statements shows a difference between managerial
and financial accounting? - ANSWER Managerial accounting has significant
competitive value while financial accounting is not competitive tool
Which one of the following characteristics of management accounting systems
but is not a characteristic of financial accounting systems? - ANSWER
Managerial accounting includes budget and forecast data
Lucas works for professional consulting firm. He has been asked to compare his
firms financial performance to the performance of another firm. Which
company should look at Sue's as a benchmark for his company's performance? -
ANSWER A consulting firm
Maria just started a cosmetics business. She purchases makeup and nail polish
from a wholesale distributor and sells products and via social media. What types
of costs will maria's new business incur? - ANSWER Product costs and period
Costs
