ACCT2

implementing

Decisions made during the implementing, _______ phase are sometimes called operational decisions.

implementation

Decisions such as deciding how many employees to hire, salary schedules, and training policies are made during the ______ phase of the management process.

planning

Determining tactics that management will use to achieve objectives is part of ______.

planning

Determining the key factors that are important to a company's success is a major component of the ________function

False

Preparing a budget is part of the controlling process.

False; implentation

Taking actions that carry out the company's plan is a key part of the control process

planning, implementing, and controlling

The continuous, ongoing cycle of management functions include ______.

planning

The future-oriented aspect of the management process is

ethics

The standards of conduct for judging right from wrong is referred to as

Managerial accounting provides information for internal use and financial accounting provides information to external users.

What is the primary difference between managerial and financial accounting?

identify the parties that will be affected by the situation identify and evaluate the alternative courses of action

When faced with an ethical dilemma ______.

Nonprofit organization

Which of the following is NOT one of the three categories of businesses?

Budgeting

Which of the following is not an activity that managers perform on a regular, routine basis?

merchandising

Wholesalers and retailers are both types of ________ companies

budget

lays out plans in financial terms so that managers can determine the resources needed to achieve their objectives.

merchandising

A department store is part of the ______ companies category of business.

Manufacturing

Apple and Harley Davidson are examples of ______ firms.

measuring actual results

Controlling involves ______.

implementation

Hiring workers, dealing with suppliers and serving customers are all part of ______.

Service

Hotels and airlines are examples of _____ companies.

control

Identifying a problem and taking corrective action is part of the ______ process.

finanical; managerial

Intended users of ________ accounting information include investors and regulators; business owners and employees are included in the intended users of ________ accounting.

controlling

Managers keep track of how they are doing and determine if adjustments are needed during the _______ phase

False; controlling

Monitoring metrics that are important to various areas of operations is part of implementing the plan.