CH 1 Quiz - Homework Manager 2 - Managerial Accounting...

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Question 1: Score 0.78/1 Your response Correct response Exercise 1-1 The Roles of Managers and Management Accountants [LO1, LO2] Choose the term or terms that most appropriately complete the following statements. 1. Managerial accounting (7%) is concerned with providing information for the use of those who are inside the organization, whereas financial accounting (7%) is concerned with providing information for the use of those who are outside the organization. 2. Planning (7%) consists of identifying alternatives, selecting from among the alternatives the one that is best for the organization, and specifying what actions will be taken to implement the chosen alternative. 3. When line (0%), managers oversee day-to-day activities and keep the organization functioning smoothly. 4. The accounting and other reports coming to management that are used in controlling the organization are called performance report (0%). 5. The delegation of decision-making authority throughout an organization by allowing managers at various operating levels to make key decisions relating to their area of responsibility is called decentralization (7%). 6. A position on the organization chart that is directly related to achieving the basic objectives of an organization is called a line (7%) position. 7. A staff (7%) position provides service or assistance to other parts of the organization and does not directly achieve the basic objectives of the organization. 8. The manager in charge of the accounting department is generally known as the controller (7%). 9. The plans of management are expressed formally in budgets (7%). 10. A detailed report to management comparing budgeted data to actual data for a specific time period is called a performance report (7%). 11. The Chief Financial Officer (7%) is the member of the top management team who is responsible for providing timely and relevant data to support planning and control activities and for preparing financial statements for external users. 12. Managerial accounting places less emphasis on precision (7%) and more emphasis on feedback (0%) than financial accounting. Exercise 1-1 The Roles of Managers and Management Accountants [LO1, LO2] Choose the term or terms that most appropriately complete the following statements. 1. Managerial accounting is concerned with providing information for the use of those who are inside the organization, whereas financial accounting is concerned with providing information for the use of those who are outside the organization. 2. Planning consists of identifying alternatives, selecting from among the alternatives the one that is best for the organization, and specifying what actions will be taken to implement the chosen alternative. 3.
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This note was uploaded on 09/24/2008 for the course ACCT 116b taught by Professor Hansen during the Fall '08 term at San Diego.

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CH 1 Quiz - Homework Manager 2 - Managerial Accounting...

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