Managerial Accounting Exam 1
questions with verified answers
Which of the following is NOT an objective of managerial accounting - correct answer ✔✔to
prepare external reports for investors, creditors, government agencies, and other outside users
Managerial accounting - correct answer ✔✔has no mandatory rules
Financial accounting - correct answer ✔✔-has to adhere to GAAP policies.
-focuses on external users
-is concerned with the information about the firm as a whole
The controller of an organization participates in - correct answer ✔✔- planning
-controlling
- decision making
Accountants that have a Certificate in Public Accounting (CPA) - correct answer ✔✔- may be
held responsible to provide assurance concerning the reliability of a firm's financial statements.
- are the only accountants permitted to serve as external auditors.
-must pass a national examination and be licensed by the state in which they practice.
Expired costs are caled - correct answer ✔✔expenses
an indirect cost - correct answer ✔✔is hard to trace
questions with verified answers
Which of the following is NOT an objective of managerial accounting - correct answer ✔✔to
prepare external reports for investors, creditors, government agencies, and other outside users
Managerial accounting - correct answer ✔✔has no mandatory rules
Financial accounting - correct answer ✔✔-has to adhere to GAAP policies.
-focuses on external users
-is concerned with the information about the firm as a whole
The controller of an organization participates in - correct answer ✔✔- planning
-controlling
- decision making
Accountants that have a Certificate in Public Accounting (CPA) - correct answer ✔✔- may be
held responsible to provide assurance concerning the reliability of a firm's financial statements.
- are the only accountants permitted to serve as external auditors.
-must pass a national examination and be licensed by the state in which they practice.
Expired costs are caled - correct answer ✔✔expenses
an indirect cost - correct answer ✔✔is hard to trace
