exam 1 Flashcards
(19 cards)
which is not an objective of managerial accounting
. To prepare external reports for investors, creditors, government agencies, and other outside users.
Managerial accounting
has no mandatory rules
financial accounting
a. Is concerned with the information about the firm as a whole.
b. Focuses on external users.
c. Has to adhere to GAAP policies.
d. All of these choices are correct.
* D*
The controller of an organization participates in
a. Controlling.
b. Decision making.
c. Planning.
d. All of these choices are correct.
D
Which of the following is not an objective of managerial accounting?
To prepare external reports for investors, creditors, government agencies, and other outside users.
Accountants that have a Certificate in Public Accounting (CPA):
a. Are the only accountants permitted to serve as external auditors.
b. Must pass a national examination and be licensed by the state in which they practice.
c. May be held responsible to provide assurance concerning the reliability of a firm’s financial statements.
d. All of these statements are true.
D
Expired costs are called
expenses
An indirect cost
is hard to trace
A variable cost in total
d. Increases as output increases and decreases as output decreases.
Cost is:
The amount of cash or cash equivalent sacrificed for goods and/or services that are expected to bring a current or future benefit to the organization.
Price is not:
the same as cost
Non-manufacturing costs include
marketing and administration
Which of the following would not be a period cost?
direct materials
The provision of accounting information for internal users is known as
managerial accounting
Setting objectives and identifying methods to achieve those objectives is called
planning
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The process of choosing among competing alternatives is called
decision making
In terms of strategic positioning, which two general strategies may be chosen by a company?
In terms of strategic positioning, which two general strategies may be chosen by a company?
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Which of the following is not a common form of certification for managerial accountants?
Certificate in Inventory Contro
The chief accounting officer for a firm is the
controller
