Basic Concepts in Mgt Acctg

Satisfactory Essays
BASIC CONCEPTS IN MANAGEMENT ACCOUNTING

1. The major functions of management is (are):
A. strategic management and long-range planning.
B. planning and decision making.
C. identifying threats and opportunities for the firm.
D. all of the above. Bobadilla

2. The process of identifying, measuring, analyzing, interpreting, and communicating information in pursuit of an organization's goals is called
A. managerial accounting C. management
B. financial accounting D. promotional activities Bobadilla

3. The primary objective of management accounting is
A. to provide stockholders and potential investors with useful information for decision making.
B. to provide banks and other creditors with information useful in making credit decisions.
C. to provide management with information useful for planning and control of operations.
D. to provide supervising government agencies with information about the company’s management affairs. Bobadilla

4. Management accounting information
A. uses historical cost as the basis for reports to managers who are making decisions about future courses of action.
B. should be developed and provided only if its benefits exceed its costs.
C. does not reflect the financial criteria of verifiability or consistency.
D. should serve the basic needs of investors and creditors. Bobadilla

5. Which of the following is included in the day-to-day work of the management team?
A. decision making C. controlling
B. planning D. all of the above Bobadilla

6. Paying rent, purchasing supplies, and purchasing inventory are which of the day-to-day work activities of the management team?
A. decision making C. directing operational activities
B. planning D. only A and B Bobadilla

7. Which of the following statements is true when comparing managerial accounting to financial accounting?
A. Managerial accounting places more emphasis on precision than financial accounting.
B. Both are highly dependent on timely information.
C. Both

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