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Module_14_Multiple_Choice_Ans - Module 14 Multiple Choice...

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Module 14 Multiple Choice MC14-1 MC14-2 MC14-3 MC14-4 Focus of Managerial Accounting LO1 Solution c. As the name implies, managerial accounting focuses on the information needs of managers internal to the business, unlike financial accounting, which addresses the information needs of investors, creditors, and other external stakeholders. Managerial Accounting Reports LO1 Solution c. There are no specific standards for preparing managerial accounting reports. They should be tailored to meet the needs of each individual organization. Limited use of financial accounting information LO1 Solution b. Financial accounting, which is concerned primarily with the information needs of a broad population of parties external to the organization has limited value in meeting the information needs of internal managers. Components of Strategic Cost Management LO1 Solution b. Strategic cost management has been defined to include all of the above except ratio analysis. MC14-5 Strategic Position Analysis LO2 Solution a. Strategic position analysis involves the fundamental choices companies make for positioning itself in the market in relation to competitors.
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