Answered: 7. Which of the following involves…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter1: Accounting As A Tool For Managers

Section: Chapter Questions

Problem 1EA: Indicate whether each statement describes financial accounting or managerial accounting. The...

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7. Which of the following involves coordinating the company’s activities a smooth-running operation?
a. Auditing
b. Controlling
c. Planning
d. Directing

8. Which of the following statement about internal reports is true?
a. Most internal reports are summarized rather than detailed.
b. Internal reports focus on general purpose needs of users.
c. The content of internal report extends beyond the double-entry accounting system.
d. Internal reports are often very general.

9. Which one of the following describes internal reports?
a. They are often audited by CPAs.
b. They are highly regulated by SEC.
c. They are aggregated.
d. They are detailed.

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