Unit 3 - Practice for Review

Unit 3 - Practice for Review - Unit 3: Managerial...

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Unit 3: Managerial Accounting Concepts and Principles - Practice for Review Hel p
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1. Accounting is an information system that provides essential data about the economic activities of an entity to various users to aid them in making informed judgments and decisions. (Points: 1) True False 2. Managerial accounting reports are prepared according to generally accepted accounting principles. (Points: 1) True False 3. Managerial accounting information includes both historical and estimated data. (Points: 1) True False 4. Because there are few rules to restrict how an organization chooses to arrange its own internal data for decision making, managerial accounting provides ample opportunity for creativity and change. (Points: 1) True False 5. A diagram of the operating structure of an organization is called an organization chart. (Points: 1) True False 6. Control is the process of directing operations to achieve the organization’s goals and plans. (Points: 1) True False 7. Managerial accounting provides useful information to managers on product costs. (Points: 1)
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This note was uploaded on 10/05/2010 for the course ACCOUNTING n/a taught by Professor N/a during the Summer '09 term at Kaplan University.

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Unit 3 - Practice for Review - Unit 3: Managerial...

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