Statement 1: Management accounting information is useful in non- manufacturing companies such as schools, hospitals, etc. Statement 2: The roles of management accountants includes monitoring and assessing of performance. Both Statements are true Only Statement 1 is true O Only Statement 2 is true O None of the Statements are true

Statement 1: Management accounting information is useful in non- manufacturing companies such as schools, hospitals, etc. Statement 2: The roles of management accountants includes monitoring and assessing of performance. Both Statements are true Only Statement 1 is true O Only Statement 2 is true O None of the Statements are true

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter2: Financial Statements And The Annual Report

Section: Chapter Questions

Problem 2.11E

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Similar questions

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
Organizational charts _____. A. list the salaries of all employees B. outline the strategic goals of the organization C. show the structure of an organization D. help management measure financial performance
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.
Table 1.3 shows how different areas within the business world use the information from managerial accountants. Think of the ways that the events coordinator for the United Way (a nonprofit charitable organization) would use each area (planning, controlling, and evaluation).
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
Which of the following skills/attributes is not a primary skill for accountants to possess? A. written communication B. verbal communication C. ability to work independently D. analytical thinking E. extensive computer programing background
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
Assume you have been hired by Cabelas Sporting Goods. As part of your new role in the accounting department, you have been tasked to set up a responsibility accounting structure for the company. As your first task, your supervisor has asked you to give an example of a cost center, profit center, and an investment center within the Cabelas organization. Your supervisor is a little unsure of the difference between a profit center and investment center and would like you to explain the difference.
Carlita believes an important part of the planning process for managers is being sure to position the company to achieve its goals. She thinks that positioning is an extensive concept and can depend on the right information and that managerial accountants assist in positioning the company. Is she correct? Explain.
There are individuals who are under the impression that managerial accounting provides services mainly for manufacturing organizations. Are they correct? Explain.
Write an essay covering the following points; 1)Characteristics of management accounting 2)The role of management accountant in the company 3)How can management accounting benefit to the company?
Which of the following statements is not true? a. Management accounting practices are laid down by Accounting Standards Board (ASB) b. Management accounting is future oriented c. Management accounting information is primarily prepared for internal use d. Management accounting provides quantitative as well as qualitative information