LO 1.1 The managers of an organization are responsible for performing several broad functions. They are ________.

• planning, controlling, and selling

• directing, controlling, and evaluating

• planning, evaluating, and manufacturing

• planning, controlling, and evaluating

LO 1.1 Management accountants help the management of an organization in their planning function through ________.

• monitoring anti-theft systems

• strategic planning

• evaluating costs

• analyzing profits

LO 1.1 Which of the following is a primary aspect of the evaluating function within an organization?

• comparing actual results against expected results for products, departments, divisions, or the company as a whole

• reviewing only the quantitative or financial results of the company

• setting goals

• putting controls in place for the upcoming year

LO 1.1 During the control function, the measurements taken of the performance must be accurate enough to see ________.

• only positive results

• deviations and variances

• the primary focus

• only the negative results

LO 1.1 Which of the following is false regarding strategic planning?

• It is the sole responsibility of supervisors.

• It will span many years.

• It should include both short-term and long-term goals.

• Strategic objectives will be diverse and vary from company to company.

LO 1.2 Managerial accounting produces information:

Management accounting:

• emphasizes special-purpose information

• relates to the company as a whole

• is limited to strictly cost figures

• is controlled by GAAP

Internal users of accounting information would not include ________.

External users of accounting information would include ________.

Which of the following statements is incorrect?

• The practice of management accounting is fairly flexible.

• The information gathered from management accounting is not required by law.

• Management accounting focuses mainly on the internal user.

• Reports produced using management accounting must follow GAAP.