Managerial Accounting Test 1 Questions
17 edition
,Which of the following management responsibilities often involves BUDGETS?
a. controlling
b. directing
c. planning
d. none of the above - c. planning
Managerial accounting differs from financial accounting in that managerial accounting...
a. emphasizes data relevance over data objectivity.
b. is used primarily by external decision makers.
c. is required by Generally Accepted Accounting Principles (GAAP).
d. tends to report on the company as a whole rather than segments of the company. -
a. emphasizes data relevance over data objectivity.
Which of the following corporate positions is responsible for raising capital and investing
funds?
a. treasurer
b. chief operating officer (COO)
c. internal audit
d. controller - a. treasurer
Of the following skills, which are needed by today's management accountants?
a. knowledge of both financial and managerial accounting
b. oral and written communication skills
c. knowledge of how a business functions
d. all of the above - d. all of the above
Managers' three primary responsibilities are planning, directing, and controlling.
a. true
b. false - a. true
Management accounting is geared toward external stakeholders, such as investors and
creditors.
a. true
b. false - b. false
Management accountants often work in cross-functional teams throughout the
organization.
a. true
b. false - a. true
The internal audit function reports to the audit committee of the board of directors.
a. true
b. false - a. true
, Management accountants are now more often looked upon as internal business
advisors, rather than "bean counters" recording historical transactions.
a. true
b. false - a. true
Management accountants should be technically proficient, but they don't need strong
oral and written communication skills.
a. true
b. false - b. false
Management accountants should be proficient in Excel.
a. true
b. false - a. true
The AICPA (American Institute of Certified Public Accountants) issues the CMA
(Certified Management Accountant) certification.
a. true
b. false - b. false
Identifying alternative courses of action and choosing among them
a. decision making
b. planning
c. controlling
d. directing - a. decision making
Running the company on a day-to-day basis
a. decision making
b. planning
c. controlling
d. directing - d. directing
Determining whether the company's units are operating according to plan
a. decision making
b. planning
c. controlling
d. directing - c. controlling
Setting goals and objectives for the company and determining strategies to achieve
them
a. decision making
b. planning
c. controlling
d. directing - b. planning
Describes historical transactions with external parties
a. financial accounting
17 edition
,Which of the following management responsibilities often involves BUDGETS?
a. controlling
b. directing
c. planning
d. none of the above - c. planning
Managerial accounting differs from financial accounting in that managerial accounting...
a. emphasizes data relevance over data objectivity.
b. is used primarily by external decision makers.
c. is required by Generally Accepted Accounting Principles (GAAP).
d. tends to report on the company as a whole rather than segments of the company. -
a. emphasizes data relevance over data objectivity.
Which of the following corporate positions is responsible for raising capital and investing
funds?
a. treasurer
b. chief operating officer (COO)
c. internal audit
d. controller - a. treasurer
Of the following skills, which are needed by today's management accountants?
a. knowledge of both financial and managerial accounting
b. oral and written communication skills
c. knowledge of how a business functions
d. all of the above - d. all of the above
Managers' three primary responsibilities are planning, directing, and controlling.
a. true
b. false - a. true
Management accounting is geared toward external stakeholders, such as investors and
creditors.
a. true
b. false - b. false
Management accountants often work in cross-functional teams throughout the
organization.
a. true
b. false - a. true
The internal audit function reports to the audit committee of the board of directors.
a. true
b. false - a. true
, Management accountants are now more often looked upon as internal business
advisors, rather than "bean counters" recording historical transactions.
a. true
b. false - a. true
Management accountants should be technically proficient, but they don't need strong
oral and written communication skills.
a. true
b. false - b. false
Management accountants should be proficient in Excel.
a. true
b. false - a. true
The AICPA (American Institute of Certified Public Accountants) issues the CMA
(Certified Management Accountant) certification.
a. true
b. false - b. false
Identifying alternative courses of action and choosing among them
a. decision making
b. planning
c. controlling
d. directing - a. decision making
Running the company on a day-to-day basis
a. decision making
b. planning
c. controlling
d. directing - d. directing
Determining whether the company's units are operating according to plan
a. decision making
b. planning
c. controlling
d. directing - c. controlling
Setting goals and objectives for the company and determining strategies to achieve
them
a. decision making
b. planning
c. controlling
d. directing - b. planning
Describes historical transactions with external parties
a. financial accounting
