ACC 211 Practice Questions Exam 1 With Complete
Answers 100% Solved
Chapter 1
The managerial activity of monitoring a plan's implementation and taking corrective action as
needed is referred to as:
a. planning.
b. controlling.
c. scheduling.
d. decision making. - ANSWER b. controlling
Identify a true statement about the planning activity in managerial accounting.
a. It is followed by the decision-making activity.
b. It is preceded by the controlling activity.
c. It is the process of monitoring a plan's implementation and taking corrective action.
d. It is the process of a detailed formulation of action to achieve a particular end. - ANSWER
d. It is the process of a detailed formulation of action to achieve a particular end.
Identify a difference between managerial accounting and financial accounting.
a. Managerial accounting has a historical orientation; financial accounting emphasizes the
future.
b. Managerial accounting focuses on external users; financial accounting focuses on internal
, users.
c. Managerial accounting is self-contained in nature; financial accounting is multidisciplinary
in nature.
d. Managerial accounting provides internal evaluation of a firm; financial accounting provides
information about a firm as a whole. - ANSWER d. Managerial accounting provides internal
evaluation of a firm; financial accounting provides information about a firm as a whole.
Financial accounting:
a. is multidisciplinary in nature.
b. provides only subjective information.
c. must follow externally imposed rules.
d. emphasizes on the future. - ANSWER c. must follow externally imposed rules.
Continuous improvement includes efforts to:
a. improve profitability without considering quality implications.
b. reduce costs while improving overall quality.
c. increase an organization's overall level of activity with little attention to the impact on
quality.
d. reduce quality by decreasing the cost of raw materials. - ANSWER b. reduce costs while
improving overall quality.
Continuous improvement is fundamental to establish excellence is a philosophy related to:
Answers 100% Solved
Chapter 1
The managerial activity of monitoring a plan's implementation and taking corrective action as
needed is referred to as:
a. planning.
b. controlling.
c. scheduling.
d. decision making. - ANSWER b. controlling
Identify a true statement about the planning activity in managerial accounting.
a. It is followed by the decision-making activity.
b. It is preceded by the controlling activity.
c. It is the process of monitoring a plan's implementation and taking corrective action.
d. It is the process of a detailed formulation of action to achieve a particular end. - ANSWER
d. It is the process of a detailed formulation of action to achieve a particular end.
Identify a difference between managerial accounting and financial accounting.
a. Managerial accounting has a historical orientation; financial accounting emphasizes the
future.
b. Managerial accounting focuses on external users; financial accounting focuses on internal
, users.
c. Managerial accounting is self-contained in nature; financial accounting is multidisciplinary
in nature.
d. Managerial accounting provides internal evaluation of a firm; financial accounting provides
information about a firm as a whole. - ANSWER d. Managerial accounting provides internal
evaluation of a firm; financial accounting provides information about a firm as a whole.
Financial accounting:
a. is multidisciplinary in nature.
b. provides only subjective information.
c. must follow externally imposed rules.
d. emphasizes on the future. - ANSWER c. must follow externally imposed rules.
Continuous improvement includes efforts to:
a. improve profitability without considering quality implications.
b. reduce costs while improving overall quality.
c. increase an organization's overall level of activity with little attention to the impact on
quality.
d. reduce quality by decreasing the cost of raw materials. - ANSWER b. reduce costs while
improving overall quality.
Continuous improvement is fundamental to establish excellence is a philosophy related to:
