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This document contains 10 multiple choice questions about managerial accounting concepts. It tests understanding of key functions like decision making, controlling, and planning. It also addresses how managerial accounting differs from financial accounting in its focus on internal reporting and decision making. Employee empowerment, the role of the controller, and factors driving changes in managerial accounting like a focus on customers are also covered.

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Vhiejhaan16
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Download as DOCX, PDF, TXT or read online on Scribd
139 views

MAS Reviewer

This document contains 10 multiple choice questions about managerial accounting concepts. It tests understanding of key functions like decision making, controlling, and planning. It also addresses how managerial accounting differs from financial accounting in its focus on internal reporting and decision making. Employee empowerment, the role of the controller, and factors driving changes in managerial accounting like a focus on customers are also covered.

Uploaded by

Vhiejhaan16
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Chapter 1-2A

Choose the best answer.

1. Which of the following functions involves choosing among available alternatives?


A) Decision making.
B) Planning.
C) Directing operational activities.
D) Controlling.
E) Budgeting.

Ans: A

2. Which of the following functions involves comparing actual results with planned results?
A) Planning.
B) Organizing.
C) Controlling.
D) Decision making.
E) Coordinating.

Ans: C

3. Employee empowerment involves encouraging and authorizing workers to take initiatives to:
A) improve operations.
B) reduce costs.
C) improve product quality.
D) improve customer service.
E) all of the above.

Ans: E

4. Managerial accounting:
A) is not required and unregulated.
B) produces information that is useful only for manufacturing organizations.
C) is based exclusively on historical data.
D) is regulated by the Securities and Exchange Commission (SEC).
E) generally focuses on reporting information about the enterprise in its entirety rather than by
subunits.

Ans: A

5. Managerial accounting differs from financial accounting in that financial accounting is:
A) more oriented toward the future.
B) primarily concerned with external financial reporting.
C) concerned with nonquantitative information.
D) heavily involved with decision analysis and implementation of decisions.
E) not required and unregulated.

Ans: B

6. The chief managerial and financial accountant of an organization is the:


A) controller.
B) treasurer.
C) vice president of accounting.
D) internal auditor.
E) vice president of finance.

Ans: A

7. The two dimensions of managerial accounting are:


A) a decision-facilitating dimension and a decision-influencing dimension.
B) a decision-facilitating dimension and a financial-influencing dimension.
C) a decision-influencing dimension and a cost-minimizing dimension.
D) a cost-minimizing dimension and a profit-maximizing dimension.
E) a decision-influencing dimension and a profit-maximizing dimension.

Ans: A

8. Managerial accounting has changed in recent years because of:


A) an increased focus on the customer.
B) the growing popularity of cross-functional teams.
C) computer-integrated manufacturing (CIM).
D) time-based competition.
E) all of the above factors.

Ans: E

9. The value chain of a manufacturer would tend to include activities related to:
A) manufacturing.
B) research and development.
C) product design.
D) marketing.
E) all of the above.

Ans: E

10. Assume that a managerial accountant strives to fully disclose all relevant information that
could be expected to influence a user's understanding of a monthly sales report. In so doing, the
accountant will have applied the ethical standard of:
A) objectivity.
B) confidentiality.
C) effectiveness.
D) integrity.
E) competence.

Ans: A

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