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1

Managerial accounting helps managers perform three vital activities:

planning, controlling, and decision making

2

The management activity of __________ includes specifying how to achieve established goals.

planning

3

Management's detailed plans for the future are often expressed formally in a(n) ________.

budget.

4

Gathering feedback needed to ensure that expectations are being met is part of _________.

controlling

5

A performance report:

- helps identify and eliminate sources of unsatisfactory performance.
- can be used to help evaluate and rewards employees.

6

Dysfunctional behavior in employees can occur with _____ incentives.

extrinsic

7

Preventive controls include:

- authorizations
- segregation of duties.

8

Effective preventive and detective controls:

helps a company reduce its risk.

9

A ________ is a series of steps that are followed in order to carry out some task in a business.

business process3

10

A value chain adds value by focusing on the major functions of a business including:

- Research and development
- manufacturing
- customer service.

11

A benefit of the lean approach is:

fewer defects.

12

Customers, employees, suppliers, communities, and environmental and human rights advocates are all stakeholders which a company might have a corporate ______ ______ to serve

social responsibility

13

All people possess ______ biases or distorted thought processes that can adversely affect planning, controlling and decision making.

cognitive

14

True or false: Giving employees an annual bonus increases their intrinsic motivation to pursue company goals

False, extrinsic

15

Which of the following attributes is NOT required to be perceived as a credibile leader?

strong mentoring skills

16

A game plan that enables a company to attract customers by distinguishing itself from competitors is a(n) _____.

strategy

17

Managerial accounting or Financial accounting: Emphasizes decisions affecting the future

Managerial accounting

18

Managerial accounting or Financial accounting: Emphasizes relevance

Managerial accounting

19

Managerial accounting or Financial accounting: Emphasizes consequences of past activities.

Financial accounting

20

Managerial accounting or Financial accounting: Not required to follow GAAP/IFRS.

Managerial accounting

21

Managerial accounting or Financial accounting: Emphasizes objectivity

Financial accounting

22

Planning involves ________.

setting goals and objectives

23

All of the following are pillars of managerial accounting except ________.

maximizing profit

24

The main pillars of managerial accounting are:

1) controlling
2) decision making
3) planning