ACCT - Quizes 1-4

ACCT - Quizes 1-4 - CHAPTER 1 Author Name Hilton Site Name...

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CHAPTER 1 Author Name: Hilton Site Name: Managerial Accounting Chapter: Chapter 1 Quiz : Standard Quizzes Student Name: Eric Rayburn Student eMail Address: [email protected] Section ID: 301 Results Reporter Out of 10 questions, you answered 10 correctly with a final grade of 100% 10 correct (100%) 0 incorrect (0%) 0 unansw ered (0%) Your Results: The correct answer for each question is indicated by a . 1 CORRECT The process of identifying, measuring, analyzing, interpreting, and communicating information in pursuit of an organization's goals is called which of the following? A) Managerial accounting B) Financial accounting C) E-Commerce D) Management E) None of the above Feedback: LO 1 Managerial accounting is the process of identifying, measuring, analyzing, interpreting, and communicating information in pursuit of an organization's goals. Managerial accounting is an integral part of the management process, and managerial accountants are important strategic partners in an organization's management team. 2 CORRECT Which of the following is included in the day-to-day work of the
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management team? A) Decision making B) Planning C) Directing operational activities D) Controlling E) All of the above Feedback: LO 2 The day-to-day work of the management team comprises four activities: (1) making decisions , (2) planning , (3) directing operational activities and (4) controlling. 3 CORRECT Managerial accounting activity adds value to an organization by pursuing five major objectives, which include which of the following? A) Providing information for decision making and planning B) Assisting managers in directing and controlling operational activities C) Measuring the performance of activities within an organization D) Assessing the organization's competitive position E) All of the above Feedback: LO 3 The five major objectives are: (1) providing information for decision making , (2) assisting managers in directing and controlling operational activities , (3) motivating managers and other employees toward organization's goals, (4) measuring the performance of activities of subunits, managers, and other employees, and (5) assessing the organization's competitive position. 4 CORRECT Which of the following is false ? A) Managerial accounting need not conform to GAAP. B) Financial accounting reports focus on subunits of the organization. C) Managerial accounting is not required. D) Financial accounting is required. E) Managerial accounting does not require a separate accounting system Feedback: LO 4 Financial accounting reports focus on the enterprise in its entirety. Managerial accounting need not conform to GAAP and it is not required.
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5 CORRECT Which of the following positions is most likely a staff position ? A)
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ACCT - Quizes 1-4 - CHAPTER 1 Author Name Hilton Site Name...

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