Acct 6010- Chapter 1 Exam With Correct
Questions And Answers
Managerial Accounting - Correct Answer-the process of identifying, measuring,
analyzing, interpreting, and communicating information in pursuit of an organization's
goals
Managerial Accountants - Correct Answer-specialists in using the tools of managerial
accounting to help the organization and its managers run the operation effectively
4 activities of the day-to-day work of management - Correct Answer-1. Decision making
2. Planning
3. Directing operational activities
4. Controlling
5 major objectives of managerial accounting - Correct Answer-1. providing information
for decision making and planning
2. assisting managers in directing and controlling operational activities
3. measuring the performance of activities, sub units, managers, and other employees
within the organization
4. assessing the organizations competitive position, and working with other managers to
ensure the organizations long-run competitiveness in its industry
Attention direction function - Correct Answer-managerial accounting records rarely
solely solve a decision problem, however, managerial accounting information often
directs managers attention to an issue that requires their skills
Questions asked in assessing an organization's competitive position: - Correct Answer--
How well is the organization doing in its internal operations and business processes?
- How well is the organization doing in the eyes of its customers? Are their needs being
served as well as possible?
- How well is the organization doing from the standpoint of innovation, leaning and
continuously improving operations? is the org. a trendsetter that embraces new
products, services, and tech? Or is it falling behind?
- How well is the organization doing financially? Is the enterprise viable as a continuing
entity?
Balanced Scorecard - Correct Answer-a model of business performance evaluation that
includes several types of financial and non-financial performance measures
4 Aspects of the balanced scorecard - Correct Answer-1. Financial perspective
2. Customer perspective
3. Internal business process perspective
Questions And Answers
Managerial Accounting - Correct Answer-the process of identifying, measuring,
analyzing, interpreting, and communicating information in pursuit of an organization's
goals
Managerial Accountants - Correct Answer-specialists in using the tools of managerial
accounting to help the organization and its managers run the operation effectively
4 activities of the day-to-day work of management - Correct Answer-1. Decision making
2. Planning
3. Directing operational activities
4. Controlling
5 major objectives of managerial accounting - Correct Answer-1. providing information
for decision making and planning
2. assisting managers in directing and controlling operational activities
3. measuring the performance of activities, sub units, managers, and other employees
within the organization
4. assessing the organizations competitive position, and working with other managers to
ensure the organizations long-run competitiveness in its industry
Attention direction function - Correct Answer-managerial accounting records rarely
solely solve a decision problem, however, managerial accounting information often
directs managers attention to an issue that requires their skills
Questions asked in assessing an organization's competitive position: - Correct Answer--
How well is the organization doing in its internal operations and business processes?
- How well is the organization doing in the eyes of its customers? Are their needs being
served as well as possible?
- How well is the organization doing from the standpoint of innovation, leaning and
continuously improving operations? is the org. a trendsetter that embraces new
products, services, and tech? Or is it falling behind?
- How well is the organization doing financially? Is the enterprise viable as a continuing
entity?
Balanced Scorecard - Correct Answer-a model of business performance evaluation that
includes several types of financial and non-financial performance measures
4 Aspects of the balanced scorecard - Correct Answer-1. Financial perspective
2. Customer perspective
3. Internal business process perspective
