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exam one

exam one - EXAM ONE MANAGERIAL ACCTG Name Date Score Exam...

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EXAM ONE MANAGERIAL ACCTG Name: Date: Score: Exam ONE Chapter 1 Managerial Accounting and the Business Environment True/False Questions 1.Managerial accounting places less emphasis on precision and more emphasis on flexibility and relevance than financial accounting. True False 2.Financial accounting and managerial accounting reports must be prepared in accordance with generally accepted accounting principles (GAAP). True False 3.When carrying out their directing and motivating activities, managers mobilize the organization's human and other resources so that the organization's plans are carried out. True False 4.When carrying out planning activities, managers rely on feedback to ensure that the plan is actually carried out and is appropriately modified as circumstances change. True False 5. Advertising is a product cost as long as it promotes specific products. True False Multiple Choice Questions 1. Managerial accounting places considerable weight on: A) generally accepted accounting principles. B) the financial history of the entity. C) ensuring that all transactions are properly recorded. 3
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D) detailed segment reports about departments, products, and customers. 2. The plans of management are often expressed formally in: A) financial statements. B) performance reports. C) budgets. D) ledgers. 3. The phase of accounting concerned with providing information to managers for use in planning and controlling operations and in decision making is called: A) throughput time. B) managerial accounting. C) financial accounting. D) controlling.
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