Cost and Manegerial Accounting
review questions and answers
The focus of Financial accounting is on - ANS>>on the past, since historical cost data
are generally accurate and reliable.
Financial accounting - ANS>>is governed by generally accepted accounting principles
(GAAP).
Financial accounting is concerned - ANS>>with providing information to creditors and
others outside of an organization.
In a centralized organization - ANS>>most decisions are made by top management
Budgets are - ANS>>a formal expression of management's plans.
In decision making, managers use - ANS>>whatever information is relevant to the
decision even though the information may not conform to generally accepted accounting
principles.
The managerial accounting reports of a company The managerial accounting reports of
a company would be of most interest and benefit to the company's:
A) bankers.
B) shareholders.
C) bondholders.
D) vice president of manufacturing. - ANS>>vice president of manufacturing.
Managerial accounting - ANS>>has its primary emphasis on the future
The process of overseeing day-to-day activities and keeping the organization
functioning smoothly is called:
A) directing.
B) controlling.
C) planning.
D) decision making - ANS>>directing
Financial Accounting information - ANS>>is primarily oriented to external stakeholders,
such as investors, creditors, regulators, and tax authorities.
A good management accounting system can become - ANS>>a source of competitive
advantage for a company.
review questions and answers
The focus of Financial accounting is on - ANS>>on the past, since historical cost data
are generally accurate and reliable.
Financial accounting - ANS>>is governed by generally accepted accounting principles
(GAAP).
Financial accounting is concerned - ANS>>with providing information to creditors and
others outside of an organization.
In a centralized organization - ANS>>most decisions are made by top management
Budgets are - ANS>>a formal expression of management's plans.
In decision making, managers use - ANS>>whatever information is relevant to the
decision even though the information may not conform to generally accepted accounting
principles.
The managerial accounting reports of a company The managerial accounting reports of
a company would be of most interest and benefit to the company's:
A) bankers.
B) shareholders.
C) bondholders.
D) vice president of manufacturing. - ANS>>vice president of manufacturing.
Managerial accounting - ANS>>has its primary emphasis on the future
The process of overseeing day-to-day activities and keeping the organization
functioning smoothly is called:
A) directing.
B) controlling.
C) planning.
D) decision making - ANS>>directing
Financial Accounting information - ANS>>is primarily oriented to external stakeholders,
such as investors, creditors, regulators, and tax authorities.
A good management accounting system can become - ANS>>a source of competitive
advantage for a company.
