ACCTG 231 - Ch1 McGrawHill
Question and answers correctly
solved 2025/2026
Financial or Managerial Accounting?
- Emphasizes decisions affecting the future - correct answer ✔Managerial
Financial or Managerial Accounting?
- Emphasizes relevance - correct answer ✔Managerial
Financial or Managerial Accounting?
- Emphasizes financial consequences of past activities - correct answer ✔Financial
Financial or Managerial Accounting?
- Not required to follow GAAP - correct answer ✔Managerial
Financial or Managerial Accounting?
- Emphasizes objectivity - correct answer ✔Financial
Planning involves ________.
a) hiring employees
b) setting goals and objectives
c) analyzing financial statements
d) coordinating company activities - correct answer ✔b) setting goals and objectives
, All of the following are pillars of managerial accounting except ________.
a) controlling
b) decision making
c) planning
d) maximizing profit - correct answer ✔d) maximizing profit
Which of the following is not a business management perspective that goes beyond the numbers to
enable intelligent planning, controlling, and decision making?
a) Enterprise risk management perspective
b) Lean production perspective
c) Corporate social responsibility perspective
d) Leading perspective - correct answer ✔b) Lean production perspective
All of the following are pillars of managerial accounting except ________.
a) controlling
b) decision making
c) planning
d) maximizing profit - correct answer ✔d) maximizing profit
The direct materials required to manufacture each unit of product are listed on a ________.
a) bill of materials
Question and answers correctly
solved 2025/2026
Financial or Managerial Accounting?
- Emphasizes decisions affecting the future - correct answer ✔Managerial
Financial or Managerial Accounting?
- Emphasizes relevance - correct answer ✔Managerial
Financial or Managerial Accounting?
- Emphasizes financial consequences of past activities - correct answer ✔Financial
Financial or Managerial Accounting?
- Not required to follow GAAP - correct answer ✔Managerial
Financial or Managerial Accounting?
- Emphasizes objectivity - correct answer ✔Financial
Planning involves ________.
a) hiring employees
b) setting goals and objectives
c) analyzing financial statements
d) coordinating company activities - correct answer ✔b) setting goals and objectives
, All of the following are pillars of managerial accounting except ________.
a) controlling
b) decision making
c) planning
d) maximizing profit - correct answer ✔d) maximizing profit
Which of the following is not a business management perspective that goes beyond the numbers to
enable intelligent planning, controlling, and decision making?
a) Enterprise risk management perspective
b) Lean production perspective
c) Corporate social responsibility perspective
d) Leading perspective - correct answer ✔b) Lean production perspective
All of the following are pillars of managerial accounting except ________.
a) controlling
b) decision making
c) planning
d) maximizing profit - correct answer ✔d) maximizing profit
The direct materials required to manufacture each unit of product are listed on a ________.
a) bill of materials
