MGMT 201, Chapter 1

Which of the following characteristic(s) relate(s) more to managerial accounting than to financial accounting? - A focus on reporting to personnel within an organization. - A focus on reporting to external parties. - An area of accounting that is heavily regulated. - A focus on providing information that is relevant for planning, decision making, directing, and control. - 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

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. Correct

Wembley 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? Decision making. Planning. Coordinating. Controlling Organizing.

Controlling. Correct

The day-to-day work of management teams will typically comprise all of the following activities except: - decision making. - planning. - cost minimizing - directing operational activities.

Cost minimizing. Correct

Which of the following functions is best described as choosing among available alternatives? - Decision making - Planning. - Directing operational activities. - Controlling.

Decision making. Correct

Which of the following involves the coordination of daily business functions within an organization? Decision making. Planning. Directing operational activities Controlling.

Directing operational activities. Correct

Which of the following is not an objective of managerial accounting? Providing information for decision making and planning. Assisting in directing and controlling operations. Maximizing profits and minimizing costs. Measuring the performance of managers and subunits. Motivating managers toward the organization's goals.

Maximizing profits and minimizing costs. Correct

Which of the following managerial functions involves a detailed financial and operational description of anticipated operations? - Multiple Choice - Decision making. - Planning - Directing operational activities. - Controlling.

Planning. Correct

Cost management systems tend to focus on an organization's: - machines. - employees. - activities - customers. - rules and regulations.

activities. Correct

Managerial accounting: focuses only on historical data is governed by GAAP. focuses primarily on the needs of personnel within the organization provides information for parties external to the organization. focuses on financial statements and other financial reports.

focuses primarily on the needs of personnel within the organization. Correct