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WorksheetsChapter 1 Introduction of Managerial Accounting
Total questions: 15
Worksheet time: 8mins
What is a similarity between Managerial Accounting and Financial Accounting?
Both report to the same group of accounting users.
Both reporting past financial events.
Both providing information for decision making purposes.
Both using the same accounting standards of MASB.
When Managerial Accounting report is needed to be prepared?
Once a year
Every month
Whenever cost accountant has free time
Whenever required by manager
What is the type of users of managerial accounting?
Internal users ( managers, employees, partners...)
Internal and external user ( Owners of stockholders,lenders,customers...)
What is the characteristics of managerial accounting information?
Accuracy
Timeliness
Relevance
All of above
What is the roles of management accountant?
Provide information and accounting reports
Responsible for carrying out the task of helping the management
Assist departments in achieving the organization objectives.
All of above
The area of accounting which focuses on reporting information to internal users.
Financial Accounting
Managerial Accounting
Payroll Accounting
Accounts Payable Accounting
Managerial and Financial Accounting are the same
True
False
Three activities that Managerial Accounting helps managers do:
Plan
Act
Manage
Do
Which reports to people inside AND outside of the business?
Managerial Accounting
Financial Accounting
What is the similarity of Financial Accounting and Managerial Accounting?
Record and report financial information from business transactions
Both follows GAAP
Both are required by IRS and SEC
Both do not have to be done
Which is required by GAAP or regulatory agencies?
Managerial Accounting
Financial Accounting
Which is NOT one of the four areas of managerial accounting?
Cost accounting
Internal Auditing
Planning and Forecasting
Performing a Trial Balance
Managerial Accounting can use financial and nonfinancial data?
True
False
When used together, Financial Accounting and Managerial Accounting can provide a complete picture of a company's overall financial health
False
True
What is the frequency of report of managerial accounting?
Once at the end of accounting period
As frequently as needed
