ACCT 2302 Prologue
Which of the following statements is true?
Management accountants need strong financial accounting skills.
True or false: Managerial accounting skills are needed in for profit, not-for-profit and governmental entities.
True
Which of the following is not one of the basic questions asked during the decision making process?
When should we be selling?
An exam that focuses on planning, controlling and decision-making skills is required to become a(n) ______.
CMA
An exam that focuses on planning, controlling and decision-making skills is required to become a(n) __________.
CMA
True or false: A budget is a detailed plan for the future that is usually expressed in formal qualitative terms.
False
Management's detailed plans for the future are often expressed formally in a(n)
budget
Management's detailed plans for the future are often expressed formally in a(n) _________.
budget
Gathering feedback needed to ensure that expectations are being met is part of __________.
controlling
A manager selecting a course of action is performing a _______ ________ activity.
decision making
Selecting a course of action from competing alternatives is part of _________ ____________
decision making
planning involves __________.
establishing goals and specifying how to achieve them
Perhaps the most basic managerial skill is the ability to ______.
make intelligent decisions
Which of the following statements is true?
managerial accounting provides financial data for the internal use and financial accounting provides data to external users
A report comparing actual results to budgeted amounts that is often used to reward and evaluate employees is called a(n) ___________ report.
performance
The management activity of __________ includes specifying how to achieve established goals.
planning
Managerial accounting helps managers perform three vital activities ___________, ____________, and decision making.
planning and controlling
Three activities vital to the role of managerial accounting are
planning, controlling and decision making
Parties more interested in managerial accounting data than in financial accounting data include ______.
sales managers and production managers
A part or activity of an organization that managers want to gather cost, revenue, or profit data is a(n)
segment
Product lines, customer groups, geographic territories are all examples of a(n)
segment or segments
Managerial accounting skills are ________.
useful in a variety of careers and industries
A performance report ________.
-can be used to help evaluate and reward employees - helps identify and eliminate sources of unsatisfactory performance
Controlling involves ______.
gathering feedback to ensure plans are being properly executed or modified as needed
Requirements to become a CMA include _________.
membership in the IMA two years of relevant experience
The primary role of managerial accountants is to _________.
partner with co-workers within the organization to improve performance