ACT3701 Assessment 03 Answers Year 2025
GRADED A+
How does management accounting differ from
financial accounting?
A. Management accounting measures, analyzes,
and reports financial and nonfinancial information
relating to the costs of acquiring or using
resources in an organization. Financial accounting
measures and records business transactions and
provides financial statements that are based on
generally accepted accounting principles (GAAP).
B. Management accounting measures and reports
financial and nonfinancial information that helps
managers make decisions to fulfill the goals of an
organization. Financial accounting measures,
analyzes, and reports financial and nonfinancial
information relating to the costs of acquiring or
using resources in an organization.
C. Management accounting measures, analyzes,
and reports financial and nonfinancial information
relating to the costs of acquiring or using
, resources in an organization. Financial accounting
measur - correct answer-D
What three guidelines help management
accountants provide the most value to managers?
A. (1) Understand the organization structure, (2)
Employ a cost-benefit approach, and (3) Maintain
integrity and credibility in every aspect of the job
B. (1) Planning, (2) Control, and (3) Performance
evaluation and learning
C. (1) Employ a cost-benefit approach, (2)
Recognize behavioral and technical
considerations, and (3) Apply the "different costs
for different purposes" notion
D. (1) Decision-making, (2) Planning, and (3)
Control - correct answer-C
Name the four areas in which standards of ethical
conduct exist for management accountants in the
United States. What organization sets forth these
standards?
A. (1) Honesty, (2) Fairness, (3) Integrity, and (4)
Objectivity. These standards are set by the
Council of Management Accountants (CMA).
GRADED A+
How does management accounting differ from
financial accounting?
A. Management accounting measures, analyzes,
and reports financial and nonfinancial information
relating to the costs of acquiring or using
resources in an organization. Financial accounting
measures and records business transactions and
provides financial statements that are based on
generally accepted accounting principles (GAAP).
B. Management accounting measures and reports
financial and nonfinancial information that helps
managers make decisions to fulfill the goals of an
organization. Financial accounting measures,
analyzes, and reports financial and nonfinancial
information relating to the costs of acquiring or
using resources in an organization.
C. Management accounting measures, analyzes,
and reports financial and nonfinancial information
relating to the costs of acquiring or using
, resources in an organization. Financial accounting
measur - correct answer-D
What three guidelines help management
accountants provide the most value to managers?
A. (1) Understand the organization structure, (2)
Employ a cost-benefit approach, and (3) Maintain
integrity and credibility in every aspect of the job
B. (1) Planning, (2) Control, and (3) Performance
evaluation and learning
C. (1) Employ a cost-benefit approach, (2)
Recognize behavioral and technical
considerations, and (3) Apply the "different costs
for different purposes" notion
D. (1) Decision-making, (2) Planning, and (3)
Control - correct answer-C
Name the four areas in which standards of ethical
conduct exist for management accountants in the
United States. What organization sets forth these
standards?
A. (1) Honesty, (2) Fairness, (3) Integrity, and (4)
Objectivity. These standards are set by the
Council of Management Accountants (CMA).
