Mid Term Questions.docx - CHAPTER 1 Managerial accounting...

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CHAPTER 1 Managerial accounting is the provision of accounting for a company's external users. Providing an analysis for a company regarding adding a particular product line, retracting sales markets, or dealing with risks or opportunities are some of the responsibilities of managerial accountants. Managerial accounting follows the same rules as financial accounting. Managerial accountants need to understand their company's strategy and key business processes for accurate analysis of data which will result in smooth strategy execution by business executives. Ethical behavior involves choosing actions that are right, proper, and just. Ethical failures no longer occur in businesses across the globe. Which of the following is true of financial accounting? Which of the following is a difference between financial accounting and managerial accounting? Which of the following is referred to as controlling? a. The provision of accounting information for a company's internal users. b. The process of choosing among competing alternatives.
c.The managerial activity of monitoring a plan's implementation and taking corrective action as needed.d.The detailed formulation of action to achieve a particular end.\ The management activity called __PLANNING___ is detailed formulation of action to achieve aparticular end. Which of the following is a standard of ethical conduct for managerial accountants as per the Institute of Management Accountants? The Statement of Ethical Professional Practice is issued by the: CHAPTER 2Cost objects do not need to be considered for all business and personal decisions. When providing cost estimates, it is essential to know the decision to which the cost object is related.

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