The discipline of accounting concerning with providing information to management in making discipline about business operations. Cost Accounting B....
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Question

The discipline of accounting concerning with providing information to

management in making discipline about business operations.

A. Cost Accounting

B. Financial Accounting


C. Government Accounting

D. Management Accounting

2. Management accounting information is deemed most successful if it

A. Is accurate.

B. Is easily understood by the user.

C. Helps managers improve their decisions.

D. Helps creditors evaluate the company`s ability to pay its debts.

3. What is the primary objective of managerial accounting?

A. To provide internal revenue services with information about taxable income.

B. To provide management with information useful for planning and control of

operations.

C. To provide banks and other creditors with information useful in making credit

decisions.

D. To provide stockholders and potential investors with useful information for

decision making.

4. Which of the following is NOT an objective of managerial accounting?

A. Maximizing profits and minimizing costs.

B. Assisting in directing and controlling operations.

C. Providing information for decision making and planning

D. Measuring the performance of managers and sub-units.

5. Which of the following is not an objective of managerial accounting?

A. To provide information for decision-making

B. To provide information for planning, controlling, evaluating, and continuous

improvement.

C. To provide information for costing of services, products, and other objects

of interests to management.

D. To prepare external reports for investor, creditors, government agencies and

other outside users.

6. Which of these information characteristics is deemed most important to

Management Accounting?

A. Verifiability and Accuracy.

B. Comparability and Full Disclosure.

C. Relevance, Flexibility and Timeliness.

D. Conservatism and Substance Over Form.

7. Financial Accounting

A. Focuses on external users.

B. Has to adhere to GAAP policies.

C. Is concerned with the information about the firm as a whole.

D. All of the above.

8. Managerial Accounting

A. Must adhere to GAAP

B. Has no mandatory rules.

C. Is primarily for external users.

D. Provides information based on historical information.

9. Managerial Accounting

A. Is governed by GAAP

B. Focuses on historical data

C. Provides information for parties external to the organization

D. Focuses primarily on the needs of personnel within the organization.

10. Managerial Accounting

A. Is governed by Generally Accepted Accounting Principles (GAAP)

B. Is concerned only with monetary information

C. Is discretionary rather than mandatory

D. Is focused on business as a whole rather than on segments of the business.

11. Managerial Accounting

A. Is unregulated.

B. Is based on exclusively historical data.

C. Is regulated by the Securities and Exchange Commission.

D. Generally focuses on reporting information about the enterprise in its

entirely rather than by sub-units.

12. Which of the following statements is true?


Page 2 of 5 M.S.M.C.

A. Financial Accounting is a sub-set of Cost Accounting.

B. Management Accounting is a sub-set of Cost Accounting.

C. Cost Accounting is a sub-set of both management and financial accounting.

D. Management Accounting is a sub-set of both cost and financial accounting.

13. Managerial Accounting is similar to financial accounting in that

A. Both are governed by Generally Accepted Accounting Principles

B. Both classify reported information in the same way

C. Both concentrate with historical costs.

D. Both deal with economic events

14. Managerial Accounting differs from Financial Accounting in that is

A. More concerned with the future.

B. More concerned with segments of a company

C. Less constrained by rules and regulation.

D. All of the above

15. The Preparation of Managerial Accounting Reports consider which of the

following:

A. The needs of the external users

B. Certain GAAP guidelines prescribed

C. The needs of decision makers within the firm

D. All of the above

16. Financial accounting focuses primarily on reporting

A. To financial institutions.

B. To parties within an organization.

C. To an organization's board of directors.

D. To parties outside of an organization.

17. Managerial Accounting differs from Financial Accounting is that management

accounting

A. Deals only with economic events.

B. Does not use financial statements.

C. Classifies information in different ways.

D. Is bound by Generally Accepted Accounting Principles.

18. Which activity is NOT normally performed by Managerial Accountants?

A. Deciding the best level of inventory to be maintained.

B. Gathering data from sources other than the accounting system.

C. Designing systems to provide information for internal and external reports.

D. Assisting managers to interpret data in managerial accounting reports.

19.Which of the following characteristic(s) relate(s) more into managerial

accounting than Fin.Acctg.?

A. A focus on reporting to external parties.

B. An area of accounting that is heavily regulated.

C. A focus on providing information that is relevant for planning, decision

making, directing and control.

D. A focus on reporting to personnel within an organization and a focus on

providing information that is relevant for planning, decision making, directing

and control.

20. The function of management that compares planned results against actual

results is known as:

A. Planning

B. Direct and motivating


C. Controlling

D. Decision-Making


21. The day-to-day work management teams will typically comprise of all the

following activities except:

A. Planning

B. Controlling


C. Decision-Making

D. Cost Minimizing


22. Which of the following is an example of the management activity referred to

as planning?

A. Developing strategy for disposing of hazardous waste.

B. The decision to outsource an organization's payroll processing

C. The decision to eliminate an unprofitable segment of an organization.

D. All of the above

23. One of the basic functions of management is "planning". Which of the

following activities would a manager perform in this function?

A. Develop a strategy for disposing hazardous waste.

B. Decide whether to outsource an organization's payroll processing.

C. Decide whether to eliminate unprofitable segment of an organization.

D. All of the above


Page 3 of 5 M.S.M.C.

24. You are deciding a new company strategy for responding to anticipated new

markets. This is an example of which function?

A. Planning

B. Controlling


C. Decision-Making

D. All of the above


25. Which of the following functions is best described as choosing among

available alternatives?

A. Planning

B. Controlling


C. Decision-Making

D. All of the above


26. You are investigating production variances and adjusting the production

process. This is an example of which function?

A. Planning

B. Controlling


C. Decision-Making

D. All of the above


27. Planning and Control are

A. The basic functions of management.

B. Different names for the same thing.

C. Exemplified by, respectively, financial statements and budgeting.

D. Described equally well by the terms "decision-making" and "performance

evaluation"

28. Which of the following managerial functions involves detailed financial and

operational descriptions of anticipated operations?

A. Planning

B. Controlling


C. Decision-Making

D. Directing Operational activities

29. ABC Company has set various goals, and management is now taking appropriate

action to ensure that the firm achieves these goals. One such action is to

reduce outlays for overhead which have exceeded budgeted amounts. Which of the

following functions best describes this process?

A. Planning

B. Coordinating


C. Controlling

D. Decision-Making


30. A practice in which a subordinate and a supervisor agree on goals and the

methods of achieving them.

A. Management by objectives

B. Management by subjectivity


C. Management by exception

D. Management by example


31.Which is a characteristic of a line function rather that staff function?

A. It is a function gives support, advice and service to line managers.

B. It is the authority to command action or give orders to subordinates.

C. It is exercised laterally or upward.

D. It is a support by provision of services to a co-department.

32. Which of the following would occupy a staff position?

A. Factory manger

B. Assembly worker


C. Cost accounting manager

D. All of the above

33. Which of the following is an example of a staff position

A. Store manager of Puregold

B. Sales manager for a manufacturer

C. President of a merchandise company

D. Human resource manager for a community college

34. Which of the following would occupy a line position in a hospital?

A. Chief of surgery

B. Hospital administrator


C. Manager of cafeteria

D. None of the above

35. Which of the following would normally occupy a line position?

A. Treasurer

B. Staff accountant


C. Accounting manager

D. Vice President of Marketing


36. The controller of a company is

A. A staff manager

B. A natural manager


C. An operating manager

D. An accountant, not a manager

37. Which of the following employees at Philippine Airlines would not be

considered as holding a line position?

A. Pilot

B. Ticketing Agent


C. Flight Attendant

D. Chief Financial Officer

38. Which of the following functions would a controller participate in?

A. Planning

B. Controlling


C. Decision-Making

D. All of the above


Page 4 of 5 M.S.M.C.

39. Which of the following typically does NOT relate the role of a controller?

A. A controller safeguards an organization's assets.

B. A controller supervises the accounting department.

C. A controller normally assumes a narrow role within the organization, often

preventing the individual's rise to the top management ranks.

D. A controller safeguards an organization's assets and a controller normally

assumes a narrow role within the organization, often preventing the individual's

rise to top management ranks.

40. A controller is normally involved with

A. Raising capital.

B. Safeguarding Assets.


C. Managing investments.

D. Preparing financial statements.


41. Which of the following is NOT a function of a treasurer?

A. Safeguarding assets.

B. Managing investments.

C. Preparing financial statements.


D. Being responsible for an entity's

credit policy.


42. Profit Maximization

A. Should outweigh the goal of a product quality.

B. Should be the only goal of an organization.

C. Should be achieved through legal and ethical means.

D. Is an objective of financial accounting but not managerial accounting.

43. The standards of ethical conduct for managerial accountants include

A. Competence and Performance

B. Integrity and Respect for others

C. Competence, Confidentiality, Integrity and Credibility

D. Confidentiality, Confidence, Integrity and Observance

44. Which item is NOT an IMA Standard for Ethical Conduct?

A. Loyalty

B. Integrity

c. Competence

d. Objectivity

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