In managerial decision-making, a company should analyze and assess decisions made at a later date. What is the major reason for performing such a review?Multiple ChoiceTo cover-up any poorly made decisions.To determine if anyone should be fired.To hold relevant employees involved accountable.To improve the decision-making process in the future.To comply with generally accepted accounting principles. In managerial decision-making, a company must collect relevant information to use in the evaluation process. Some of this information may relate to non-financial issues. All the followingrelate to non-financial information, except for:Multiple ChoiceEnvironmental effects.Potential sales.Competition with a customer.Compliance with the law.Availability of credit.

Managerial decision-making is a process aimed at resolving identified problems and enabling…

Answered: In managerial decision-making, a…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter10: Short-term Decision Making

Section: Chapter Questions

Problem 3MC: The managerial decision-making process has which of the following as its third step? A. Review,...

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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
Which of the following statements regarding the balanced scorecard is not correct? a. It seeks to address the problems associated with traditional financial measures used to assess performance. b. The notion of value chain analysis plays a major role in the drawing up of a balanced scorecard. c. It relies on the perception of the users with regard to service provided. d. It is directly derived from scientific management theories.
Which of the following is not a qualitative decision that should be considered in an outsourcing decision? A. employee morale B. product quality C. company reputation D. relevant costs
The managerial decision-making process has which of the following as its third step? A. Review, analyze and evaluate the results of the decision. B. Decide, based upon the analysis, the best course of action. C. Identify alternative courses of action to achieve a goal or solve a problem. D. Perform a comprehensive differential (differential) analysis of potential solutions.
Discuss the concept of controllable and uncontrollable costs and how they affect the evaluation of the responsibility centers financial performance.
Managerial accounting produces information: to meet the needs of external users that is often focused on the future to meet the needs of investors that follows the rules of GAAP
Which is not an objective of managerial accounting?a. To prepare external reports for investors, creditors, government agencies, and other outside users.b. To provide information for costing of services, products, and other objects of interest to management.c. To provide information for planning, controlling, evaluating and continuous improvement.d, To provide information for decision making.e. Answer not give
Preparing performance reports that contain data only about items that a specific manager controls is an example of which of the following? A. Financial reporting B. Learning and innovation C. Management by exception D. Responsibility accounting
Managerial decision making in accounting requires careful analysis of quantitative data on areas such as relevant and irrelevant costs. However, qualitative factors also play a role in making such decisions. For this forum, identify some qualitative factors that should be considered when making managerial decisions. Explain why and how these qualitative factors impact the managerial decision making process.
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 ________. Group of answer choices A. a controllable factors framework B. an uncontrollable factors framework C. a strategic plan framework D. a responsibility accounting framework
Which of the following is true about designing an accounting−based performance measure? A. Management's beliefs are not required during the analyses. B. The issues considered in each step are independent. C. The decisions made in steps are followed in a hierarchical order. D. Behavioral criteria are important when evaluating the steps

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In managerial decision-making, a company must collect relevant information to use in the evaluation process. Some of this information may relate to non-financial issues. All the following relate to non-financial information, except for: