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Chapter 1: Introduction to Managerial Accounting




Question;1.2-18 The;primary goal of financial accounting is to provide information for;A. potential investors.;B. creditors.;C. governmental regulators.;D. all of the above.;1.2-19 Which;of following is TRUE?;A. Management accounting focuses on historical;transactions.;B. Financial accounting uses the cash basis for;recording transactions.;C. Financial accounting focuses on future data.;D. Management accounting focuses on relevant;data.;1.2-20 Which;statement is TRUE?;A. Management uses reports created for internal;parties.;B. Management uses financial information to plan;internal operations.;C. Management uses financial information to;analyze costs.;D. All of the above are true.;1.2-21 Which;of the following statements is FALSE?;A. Financial;accounting provides sufficient information for managers to effectively plan and;control operations.;B. Financial accounting reports help creditors;make decisions.;C. Financial accounting helps investors make;decisions.;D. Financial accounting provides external;reports.;1.2-22 Which;of the following is TRUE?;A. Managerial accounting reports are audited by;CPAs.;B. Managerial accounting reports provide;detailed internal information.;C. Managerial accounting reports aid potential;investors.;D. Managerial accounting reports must follow;GAAP.;1.2-23 Which;of the following are the internal decision-makers of a company?;A. Vendors;B. Customers;C. Managers;D. Shareholders;1.2-24 Which;of the following reports must be audited by an outside agency?;A. Annual financial statements;B. Monthly financial statements;C. Annual financial budgets;D. All of the above


Paper#54940 | Written in 18-Jul-2015

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