Managerial Accounting Ch. 1 – 5 Exam
Question And Answers 2024
financial accounting - correct answers✅information
used by external users; must follow GAAP
managerial accounting - correct answers✅reports
financial and non-financial information that helps
management (internal users) make decisions to achieve
goals
management process - correct answers✅1. decision
making
2. planning
3. directing
4. control
planning - correct answers✅selection of organizational
goals, predicting results under alternative ways of
achieving these goals, deciding how to attain goals and
communicating goals to entire organization
directing - correct answers✅operational activities for
running the organization on a day to day basis
control - correct answers✅action taken to implement
the planning decisions represented by the budget,
evaluate performance and learn
, Managerial Accounting Ch. 1 – 5 Exam
Question And Answers 2024
objectives - correct answers✅1. provides information
for decision making and planning
2. assists in directing and controlling
3. motivates managers and employees
4. measures performance
5. assesses organization's competitive position
strategy - correct answers✅describes how organization
will compete and opportunities its employer should seek
value chain - correct answers✅set of linked, value
creating activities ranging from securing basic raw
materials to the ultimate delivery of finished goods or
services to customer
includes:
R&D
Design
Production
Marketing
Distribution
Customer Service
Question And Answers 2024
financial accounting - correct answers✅information
used by external users; must follow GAAP
managerial accounting - correct answers✅reports
financial and non-financial information that helps
management (internal users) make decisions to achieve
goals
management process - correct answers✅1. decision
making
2. planning
3. directing
4. control
planning - correct answers✅selection of organizational
goals, predicting results under alternative ways of
achieving these goals, deciding how to attain goals and
communicating goals to entire organization
directing - correct answers✅operational activities for
running the organization on a day to day basis
control - correct answers✅action taken to implement
the planning decisions represented by the budget,
evaluate performance and learn
, Managerial Accounting Ch. 1 – 5 Exam
Question And Answers 2024
objectives - correct answers✅1. provides information
for decision making and planning
2. assists in directing and controlling
3. motivates managers and employees
4. measures performance
5. assesses organization's competitive position
strategy - correct answers✅describes how organization
will compete and opportunities its employer should seek
value chain - correct answers✅set of linked, value
creating activities ranging from securing basic raw
materials to the ultimate delivery of finished goods or
services to customer
includes:
R&D
Design
Production
Marketing
Distribution
Customer Service
