In order to be useful to managers, management accounting reports

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Question 1 pts

In order to be useful to managers, management accounting reports should possess all of the following characteristics EXCEPT:

  

provide objective measures of past operations and   subjective estimates about future decisions

 

be prepared in accordance with generally accepted   accounting principles

  

be provided at any time management needs information

 

be prepared to report information for any unit of   the business to support decision making

Question 2 pts

Who are the individuals charged with the responsibility for directing the day-to-day operations of a business?

  

Investors

 

Managers

  

Employees

 

Customers

Question 3 pts

What is the primary criterion for the preparation of managerial accounting reports?

  

Relevance of the reports

 

Meet the manager needs

  

Timing of the reports

 

Cost of the reports

Question 4 pts

Which of the following is most associated with financial accounting?

  

Can have both objective and subjective information.

 

Can be prepared periodically, or as needed.

  

Prepared in accordance with GAAP

 

Can be prepared for the entity or segment.

Question 5 pts

Managerial accounting reports must be useful to the user of the information.

  

True

 

False

Question 6 pts

Planning is the process of setting goals for the use of an organization’s resources and of developing ways to achieve these goals.

  

True

 

False

Question 7 pts

Managerial accounting provides useful information to managers on product costs.

  

True

 

False

Question 8 pts

Since there are few rules to restrict how an organization chooses to arrange its own internal data for decision making, managerial accounting provides ample opportunity for creativity and change.

  

True

 

False