ACCT 2300_Practice Exam Chap 1

ACCT 2300_Practice Exam Chap 1 - NOREEN MANAGERIAL...

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NOREEN MANAGERIAL ACCOUNTING FOR MANAGERS 1E Practice Exam – Chapter 1 Print these pages. Answer each of the following questions, explaining your answers or showing your work, as appropriate, and then compare your solutions to those provided at the end of the practice exam. 1. For each of the following, indicate whether the description more closely relates to managerial accounting or financial accounting: Managerial Accounting Financial Accounting Focuses on external uses of information Is typically bound by the requirements of GAAP Is generally more detailed information produced frequently Typically focuses on segments of the organization Often uses estimation in order to meet needs for timeliness Focuses on the historical performance of the company Objectivity and reliability of information foremost GAAP not mandatory Oriented toward future decision making Often mandatory information Prepared primarily for internal users 2. Indicate beside each statement below whether it is True (T) or False (F): a. _____ Informal as well as formal relationships within an organization are usually depicted on an organization chart. b. _____ If an organization delegates decision making authority throughout the organization, it is said to be a centralized organization. c.
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ACCT 2300_Practice Exam Chap 1 - NOREEN MANAGERIAL...

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