Managerial Accounting Review questions with correct answers

Manager Responsibility: Planning Correct Answer-Setting Goals and Objectives for the company and determining how to achieve them. Manager Responsibility: Directing Correct Answer-Overseeing the company's day to day operations. Manager Responsibility: Controlling Correct Answer-Evaluating the results of business operations against the plan and making adjustments to keep the company pressing towards its goal. Difference between Financial and Managerial accounting Correct Answer-Type of Info Produced. Type of people/ Org who uses it. How the info is used. Managerial Accounting Correct Answer-Used primarily within company. Present info. Financial Accounting Correct Answer-Intended for external as well as within the company. Past info. Role of Managerial Accountants Correct Answer-Analyze and Interpret accounting information. Assist management in the decision making process by making recommendations for action. No longer bean counters.