Since the goal of a business is to make profit, a performance report consists of only financial measures is the best. O True O False
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Since the goal of a business is to make profit, a performance report consists of only financial measures is the best.
O True
O False
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- Profitability, customer satisfaction, or employee satisfaction are examples of: a. Association b. Data Exploration c. Cause-and-effect d. None of the aboveProfit maximization pupose cannot be an ideal basis for making business decision because of _________ a. Focus only on Accounting Profits b. Failure to consider risk c. Lack of time dimension d. All of the aboveManagement accounting reports on the profitability (and therefore the efficiency) of a business, whereas financial accounting reports om specifically what is causing problems and how to fix them. True or false?
- Is there a way to prevent managers from focusing on accounting measures as performance measures?It is possible for a company to "maximize profits" and also not be profitable. * True False.Explain the efficiency perspective and the opportunistic perspective of Positive Accounting Theory. Why is one considered to be ex post and the other ex-ante?
- A profit center manager often also supervises revenue and cost center managers. True or False True False Investment center managers have control over the investment of assets. True or False True False The balanced scorecard attempts to focus managers' attention on more than just financial measures. True or False True FalseBoth financial and nonfinancial performance measures are key inputs when evaluating the performance of managers. a. true b. falseWhat is the validity of the following statements? (1) Modern business is characterised by a low level of indirect cost relative to direct cost. (2) Modern business is characterised by a capital intensive production. A B C D OO A Statement (1) True True False False (2) True False True False
- Which one of the following characteristics of the positive accounting theory brings forward the problem of Opportunistic Behavior? Oa. It wants to minimize costs associated with contracts of the firm. O b. It recognizes the flexibility in choosing accounting policies by the firm. O c. It recognizes the existence of economic consequences in the firm. O d. It aims to maximize the prospects for survival of the firm.Which of the following statements about GAAP is not true? O a. GAAP impacts how companies report and what they report. O b. GAAP allows a company's management to record and report data as it sees fit. O c. GAAP is the principles and assumptions that the management of a company uses to record and report its financial information. O d. GAAP is a standard set of principles and assumptions that allows for the comparison of financial performance.Which statement is incorrect?a. Both financial accounting and managerial accounting adhere to objectivity and cost concepts.b. Cost accounting is a tool of both financial accounting and managerial accounting.c. Although financial and managerial accounting differs in many ways, they are similar in that both rely on the same underlying financial data.d. Managerial accounting places greater emphasis on the future than financial accounting, which is primarily concerned with the paste. None of the above