Answered: Which of the following is NOT a…

Which of the following is NOT a technical competency that a managerial accountant needs to possess? Question 6 options: Technology Tax return preparation Decision Analysis Internal Controls

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter1: Introduction To Managerial Accounting

Section: Chapter Questions

Problem 8MCQ

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Question

Which of the following is NOT a technical competency that a managerial accountant needs to possess?

Question 6 options:

	Technology
	Tax return preparation
	Decision Analysis
	Internal Controls

Definition Definition Process by which financial information is analyzed, interpreted, and communicated to managers to support the achievement of an organization's goals. The main objective of managerial accounting is to maximize profits and minimize losses.

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Similar questions

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
Briefly explain the practice of enterprise risk management and the role that can be played by managerial accountants in enterprise risk management.
Who are the primary users of the information gathered by managerial accountants?
Should a managerial accounting system provide both financial and nonfinancial information? Explain.
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 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.
Identify the following as true or false: Financial accounting reports are not released to external users. Managerial accounting reports are not used by employees inside the organization. Managerial accounting reports include only monetary information. Financial accounting reports are monetary in nature. If a result of a companys operations is nonmonetary in nature, it must be converted to monetary units for managerial reporting. Tax authorities and government regulatory agencies are external users of financial information.
Is there a way to prevent managers from focusing on accounting measures as performance measures?
What are the key differences between financial accounting and managerial accounting?
Why do accountants have to be ethical in their duties and responsibilities?
There are individuals who are under the impression that managerial accounting provides services mainly for manufacturing organizations. Are they correct? Explain.
What should an organization do if performance measures change? A. Make sure that the manager being evaluated is aware of the measurement change, as this may affect his or her decision-making. B. Make sure that the manager benefits without the corporation also benefitting. C. Make sure that there are significant overriding opportunities for each manager, if the manager is unaware of the change. D. Obtain customer surveys on the change before communicating the change to the manager.