Reference no: EM132540581

Question 1. Financial accounting is focused mostly on

a. controlling and planning for costs

b. reporting for external users such as creditors, shareholders, etc.

c. performing an evaluation of profitability.

d. providing information for strategic and tactical decisions.

e. providing analysis to facilitate long-term decision making.

Question 2. Which of the following is something management accountants should do to satisfy their users?

a. provide specialized information that given users can use

b. consider only financial measures

c. focus exclusively on internal users

d. follow generally accepted accounting principles

e. focus on planning more than control

Question 3. "Cost management" describes

a. the actions by managers to increase value for customers while continuously reducing and controlling costs.

b. the identification of excessive costs in the production process.

c. the satisfaction of customers' needs.

d. actions by managers to satisfy customers while maintaining current cost levels.

e. ensuring all costs remains constant.

Question 4. Management accounting

a. measures, analyzes, and reports financial and nonfinancial information to internal managers.

b. provides information about the company as a whole.

c. reports information that has occurred in the past that is verifiable and reliable.

d. provides information that is generally available only on a quarterly or annual basis.

e. must follow generally accepted accounting principles.

Question 5. Strategy specifies

a. how an organization matches its own capabilities with the opportunities in the marketplace.

b. standard procedures to ensure quality products.

c. incremental changes for improved performance.

d. the demand created for products and services.

e. that a company's financial procedures are in compliance with IFRS/ASPE.