16. The primary goal of managerial accounting is to provide information to: a. creditors b. shareholders C. internal decision-makers d. the general public 17. Managerial accountants have the responsibility to: a. accept gifts or hospitality that may allow benefit themselves and the organisation as a whole b. use and disseminate confidential information whenever the need arises C. communicate unfavourable information and professional judgments of opinions d. refrain from informing subordinates on levels and extent of confidential information obtained 18. Which of the following is TRUE of both financial accounting and management accounting? а. The emphasis is on timeliness and flexibility b. They use the information provided by the cost accounting system C. It generates general-purpose financial statements d. They are regulated by accounting standards and statute

16. The primary goal of managerial accounting is to provide information to: a. creditors b. shareholders C. internal decision-makers d. the general public 17. Managerial accountants have the responsibility to: a. accept gifts or hospitality that may allow benefit themselves and the organisation as a whole b. use and disseminate confidential information whenever the need arises C. communicate unfavourable information and professional judgments of opinions d. refrain from informing subordinates on levels and extent of confidential information obtained 18. Which of the following is TRUE of both financial accounting and management accounting? а. The emphasis is on timeliness and flexibility b. They use the information provided by the cost accounting system C. It generates general-purpose financial statements d. They are regulated by accounting standards and statute

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter1: Accounting As A Tool For Managers

Section: Chapter Questions

Problem 5EA: Taylor Speedy has prepared the following list of statements about managerial accounting, financial...

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Similar questions

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.
Which of the following groups would have access to managerial accounting information? A. bankers B. investors C. competitors of the business D. managers
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.
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.
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
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.
All of the following are examples of managerial accounting activities except ________. A. preparing external financial statements in compliance with GAAP B. deciding whether or not to use automation C. making equipment repair or replacement decisions D. deciding whether or not to use automation
Managers in decentralized organizations make decisions relating to all of the following except_______. A. the companys stock price B. equipment purchases C. personnel D. prices to charge customers
ORGANIZATION STRUCTURE AND SPAN OF CONTROL Refer to the organization charts labeled Structure A and Structure B in the figure for problem 12. Required a. For the organizational structure A, describe the 1. advantages and disadvantages of this structure. 2. impact of the resulting span of control. 3. effect of the organizational structure on employee behavior. b. For the flat organizational structure B, describe the 1. advantages and disadvantages of that organizational structure. 2. impact of the resulting span of control. 3. effect of the organizational structure on employee behavior. c. When determining the appropriate span of control for a company, discuss the factors that should be considered.
ORGANIZATION STRUCTURE AND SPAN OF CONTROL Refer to the organization charts labeled Structure A and Structure B in the figure for problem 11. Required a. For organizational structure A, describe the 1. advantages and disadvantages of this structure. 2. impact of the resulting span of control. 3. possible effect on employee behavior. b. For organizational structure B, describe the 1. advantages and disadvantages of this structure. 2. impact of the resulting span of control. 3. effect on employee behavior. c. When determining the appropriate span of control, discuss the factors that should be considered.
The controller should be a member of the top management staff. Do you agree or disagree with this statement? Explain.
Managerial accounting produces information: to meet the needs of external users that is often focused on the future to meet the needs of investors that follows the rules of GAAP