16. The primary goal of managerial accounting is to provide information to: а. creditors b. shareholders internal decision-makers d. the general public 17. Managerial accountants have the responsibility to: а. accept gifts or hospitality that may allow benefit themselves and the organisation as a whole b. use and disseminate confidential information whenever the need arises C. communicate unfavourable information and professional judgments of opinions d. refrain from informing subordinates on levels and extent of confidential information obtained 18. Which of the following is TRUE of both financial accounting and management accounting? a. The emphasis is on timeliness and flexibility b. They use the information provided by the cost accounting system C. It generates general-purpose financial statements d. They are regulated by accounting standards and statute

16. The primary goal of managerial accounting is to provide information to: а. creditors b. shareholders internal decision-makers d. the general public 17. Managerial accountants have the responsibility to: а. accept gifts or hospitality that may allow benefit themselves and the organisation as a whole b. use and disseminate confidential information whenever the need arises C. communicate unfavourable information and professional judgments of opinions d. refrain from informing subordinates on levels and extent of confidential information obtained 18. Which of the following is TRUE of both financial accounting and management accounting? a. The emphasis is on timeliness and flexibility b. They use the information provided by the cost accounting system C. It generates general-purpose financial statements d. They are regulated by accounting standards and statute

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter12: Balanced Scorecard And Other Performance Measures

Section: Chapter Questions

Problem 2MC: When managerial accountants design an evaluation system that is based on criteria for which a...

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When managerial accountants design an evaluation system that is based on criteria for which a manager is responsible, and it is structured to encourage managers to make decisions that will meet the goals of the company as well as their own personal job goals, the framework used is _______. A. a controllable factors framework B. an uncontrollable factors framework C. a strategic plan framework D. a responsibility accounting framework
Which of the following does not describe a management control system? A. establishes a companys strategic goals B. implements a companys strategic goals C. monitors a companys strategic goals D. a system that only measures profitability
An important goal of a responsibility accounting framework is to help ensure which of the following? A. decision-making is made by the top executives. B. investments made by each segment are minimized. C. identification of operating segments that should be closed. D. segment and company financial goals are congruent.
Which of the following are affected by the quality of an organization’s internal controls? a. Reliability of financial data. b. Ability of management to make informed business decisions. c. Ability of the organization to remain ¡n business. d. All of the above. e. Only a and c.
All of the following are examples of managerial accounting activities except ________. A. preparing external financial statements in compliance with GAAP B. deciding whether or not to use automation C. making equipment repair or replacement decisions D. deciding whether or not to use automation
Which of the following groups would have access to managerial accounting information? A. bankers B. investors C. competitors of the business D. managers
What statement about management accounting is FALSE? O A Management accounting helps managers fulfill organizational objectives. Management accounting is the process of identifying, measuring, B) accumulating, analyzing, preparing, interpreting and communicating information. C Management accounting is used by managerial accountants to make strategic and operational decisions. OD) Management accounting produces information for managers in an organization.
11. The ethical standards established for management accountant are in the areas ofa. Competence, licensing, reporting, and education.b. Budgeting, cost allocation, product costing, and insider trading.c. Competence, confidentiality, integrity, and objectivity.d. Disclosure, communication, decision making, and planning. 12. Management accountinga. Must follow generally accepted principles.b. Information should be developed within the same general accounting system asfinancial accounting.c. Deals primarily with the needs of parties external to the firm such as investors and creditors.d. Is just another financial term.
Requirements Each of the statements below describes a responsibility of management. Match each statement to the management responsibility being fulfilled (a. Plan or d. Controlling). 1. 2₁ 3. Are the statements below more descriptive of managerial accounting or financial accounting information? Each of the statements below paraphrases an ethical responsibility. Match each statement to the standard of ethical professional practice being fulfilled c. Integrity, or d. Credibility). Each standard may be used more than once or not at all. Requirement 1. Each of the statements below describes a responsibility of management. Match each statement to the management responsibility being fulfilled c. Directing, or d. Controlling). Statement 1. Identifying alternative courses of action and choosing among them 2. Running the company on a day-to-day basis 3. Determining whether the company's units are operating according to plan Setting goals and objectives for the company and determining strategies…
Identify the true statement in relation to management accounting a . There are structured standards of acceptability for managerial accounting b . The structure of managerial accounting practice is relatively flexible c . Managerial accounting information is a legal requirement d . Managerial accounting information is prepared for external users
1. Which of the following is not an internal user? a. Creditor b. Department manager c. Controller d. Treasurer 2. Internal reports are generally a. aggregated. b. detailed. c. regulated. d. unreliable. 3. The reporting standard for external financialreports isa. industry-specific.b. company-specific.c. generally accepted accounting principles.d. department-specific. 4. A distinguishing feature of managerial accountingisa. external users.b. general-purpose reports.c. very detailed reports.d. quarterly and annual reports. 5. The job cost sheet does not showa. costs chargeable to a specific job.b. the total costs of a completed job.c. the unit cost of a completed job.d. the cost of goods sold. 6. Which one of the following best describes a jobcost sheet? a. It is a form used to record the costs chargeableto a specific job and to determine the total and unit costs of the completedjob.b. It is used to track manufacturing overhead coststo specific jobs.c. It is used by management to…
5. Which of the following is not an internal user?a. Corporate officersb. Staff employeesc. Stockholdersd. Department manager 6. Which term describes management accounting reports?a. GAAP reportsb. Special purposec. General-purposed. Regulatory reports