TRUE or FALSE1. Management accounting is a collective term for all persons responsible for making decisions in an organization.2. Planning and controlling is one purpose of management accounting.3. Performance evaluation refers to past activities, while planning involves future activities.4. Controlling includes comparing actual performance with standard budget.5. As a standard of ethical conduct, competence requires that management accountants refrain from disclosingconfidential information.6. The company controller's responsibilities include government reporting, planning and control, and credit andcollection7. Business transactions include both economic and non-economic transactions.8. Accounting recognizes and reports both economic and non- economic transactions.9. Assets are resources that the business uses to produce goods and services.10. Liability accounts often have the word receivable in their title.12. Net worth is determined by the owners' contribution of money to the business + revenues - expenses - owners'withdrawal.13. Dividends are owners share in the profits of the business14.Wage expense is a deduction to net worth15. Mortgage payable is part of net worth.16. Kitchen equipment bought on account is an asset.17. Owner's withdrawal is cash invested by the owner.18. For a service type of business, the revenues are called sales.

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Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter1: Accounting As A Tool For Managers

Section: Chapter Questions

Problem 4EB: Marvin has been thinking about the fields of managerial and financial accounting and the functions...

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Which of the following are affected by the quality of an organization’s internal controls? a. Reliability of financial data. b. Ability of management to make informed business decisions. c. Ability of the organization to remain ¡n business. d. All of the above. e. Only a and c.
Identify the following as True or False: Managerial accounting reports must comply with the rules set in place by the FASB. Financial accounting reports are typically general-purpose reports. Financial accounting reports pertain to the entity as a whole, whereas managerial accounting focuses more on subunits of the organization. The main users of the financial accounting information are the internal users. Managerial reports are prepared on an as-needed basis. Financial accounting reports often must be audited at least annually by an independent auditor.
Taylor Speedy has prepared the following list of statements about managerial accounting, financial accounting, and the functions of management. Identify each statement as true or false. Financial accounting centers on providing information to internal users. Staff positions are directly involved in the companys primary revenue-generating activities. Preparation of budgets is part of financial accounting. Managerial accounting applies only to merchandising and manufacturing companies. Both managerial accounting and financial accounting deal with many of the same economic events.
Performance measures are only useful if _______. A. there are both controllable and uncontrollable factors to evaluate managers B. manager reward systems are designed by the chief financial officer prior to implementation C. all of the measures used are accounting numbers D. there is a baseline against which to compare the measured results
Indicate whether each of the following statements is true or false. Section 302 of Sarbanes-Oxley requires the CEO and CFO to review all financial reports and sign the reports. One of the three questions put forth by the Institute of Business Ethics is Do I mind others knowing what I have done? Ethical issues may be faced on a small scale, such as making a business decision to produce excess inventory for the sole purpose of trying to influence managers bonuses. A manager who spends excess budgeted funds remaining at the end of a fiscal year on unnecessary expenditures thinking that it is better to use it than lose it is acting ethically. The Foreign Corrupt Practices Act was implemented in 2001 to protect investors by enhancing the accuracy and reliability of corporate financial statements and disclosures.
Which of the following does not describe a management control system? A. establishes a companys strategic goals B. implements a companys strategic goals C. monitors a companys strategic goals D. a system that only measures profitability
Marvin has been thinking about the fields of managerial and financial accounting and the functions of management within an organization. He has the following list of statements to understand. Identify them as true or false. A. Managerial accounting reports are prepared only quarterly and annually. B. Financial accounting reports are general-purpose reports. C. Managerial accounting reports pertain to subunits of the business. D. Managerial accounting reports must comply with GAAP. E. The company treasurer reports directly to the vice president of operations.
An important goal of a responsibility accounting framework is to help ensure which of the following? A. decision-making is made by the top executives. B. investments made by each segment are minimized. C. identification of operating segments that should be closed. D. segment and company financial goals are congruent.
Which of the following statements is incorrect? The practice of management accounting is fairly flexible. The information gathered from management accounting is not required by law. Management accounting focuses mainly on the internal user. Reports produced using management accounting must follow GAAP.
When managerial accountants design an evaluation system that is based on criteria for which a manager is responsible, and it is structured to encourage managers to make decisions that will meet the goals of the company as well as their own personal job goals, the framework used is _______. A. a controllable factors framework B. an uncontrollable factors framework C. a strategic plan framework D. a responsibility accounting framework
Indicate whether each statement describes financial accounting or managerial accounting. The information is directed at external users who are making decisions pertaining to investing, extending credit, and other decisions. The principal users are the organizations managers. The key focus is on the entity as a whole. The rules and principles are very flexible. The information gathered is usually available after an independent audit has been completed.
Refer to Exhibit 3.9. What are the important features of management’s report on internal control over financial reporting?

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1. Management accounting is a collective term for all persons responsible for making decisions in an organization. 2. Planning and controlling is one purpose of management accounting. 3. Performance evaluation refers to past activities, while planning involves future activities.