ACCT 311 CH1,2,4 (EXAM 1) STUDY SET
The managers of an organization are responsible for performing several broad
functions. They are ________. - ANSWER D. planning, controlling, and evaluating
Management accountants help the management of an organization in their
planning function through ________. - ANSWER B. strategic planning
Which of the following is a primary aspect of the evaluating function within an
organization? - ANSWER A. comparing actual results against expected results
for products, departments, divisions, or the company as a whole
During the control function, the measurements taken of the performance must
be accurate enough to see ________. - ANSWER B. deviations and variances
Which of the following is false regarding strategic planning? - ANSWER A. It is
the sole responsibility of supervisors
Managerial accounting produces information: - ANSWER B. that is often focused
on the future
Management accounting: - ANSWER A. emphasizes special-purpose information
Internal users of accounting information would not include ________. - ANSWER
C. creditors
External users of accounting information would include ________. - ANSWER C.
investors
Which of the following statements is incorrect? - ANSWER D. Reports produced
using management accounting must follow GAAP.
The stockholders of a company are: - ANSWER A. the owners
The controller of a corporation: - ANSWER B. reports to the CFO and is in charge
of the accounting side of the business
The Certified Financial Analyst (CFA) certification: - ANSWER C. consists of
three separate exams that must be taken in succession
The Certified Management Accountant (CMA) certification: - ANSWER C.
includes a two-part exam, education requirements, and a work experience
requirement
The managers of an organization are responsible for performing several broad
functions. They are ________. - ANSWER D. planning, controlling, and evaluating
Management accountants help the management of an organization in their
planning function through ________. - ANSWER B. strategic planning
Which of the following is a primary aspect of the evaluating function within an
organization? - ANSWER A. comparing actual results against expected results
for products, departments, divisions, or the company as a whole
During the control function, the measurements taken of the performance must
be accurate enough to see ________. - ANSWER B. deviations and variances
Which of the following is false regarding strategic planning? - ANSWER A. It is
the sole responsibility of supervisors
Managerial accounting produces information: - ANSWER B. that is often focused
on the future
Management accounting: - ANSWER A. emphasizes special-purpose information
Internal users of accounting information would not include ________. - ANSWER
C. creditors
External users of accounting information would include ________. - ANSWER C.
investors
Which of the following statements is incorrect? - ANSWER D. Reports produced
using management accounting must follow GAAP.
The stockholders of a company are: - ANSWER A. the owners
The controller of a corporation: - ANSWER B. reports to the CFO and is in charge
of the accounting side of the business
The Certified Financial Analyst (CFA) certification: - ANSWER C. consists of
three separate exams that must be taken in succession
The Certified Management Accountant (CMA) certification: - ANSWER C.
includes a two-part exam, education requirements, and a work experience
requirement
