Managerial Chapter 1 and 2 – Flashcards

Which of the following is not one of the primary responsibilities of management A. controlling B. directing C. planning D. adhering to GAAP

Budgets are a way for manager to communicate their A. hiring practices B. plans C. control D. decision making

Evaluating results against the plan is an example of which of the following management functions? A. analyzing B. controlling C. directing D. planning

_________________ is designed to meet the needs of internal decision makers A. managerial accounting B. financial accounting C. tax accounting D. audit accounting

which of the following statements is true? A. managerial accounting uses the cash basis for recording transactions B. managerial accounting focuses on historical transactions C. management accounting focuses on relevant data D. financial accounting focuses on future data

Which of the following groups are external users of financial information? A. potential investors of the company B. vendors of the company C. customers of the company D.all of the above

which of the following positions report to the audit committee of the board of directors? A. the ceo and the independent cpa firm B. the treasurer and controller C. the cfo and the internal audit department D. the internal audit department and the independent cpa firm

which of the following positions is primarily responsible for raising capital and investing funds? A. the ceo B. the cfo C. the treasurer D. the coo

which person or group is not an employee of the corporation? A. a member of the audit committee B. the vp of manufacturing C. the cfo D. the treasurer

what position is typically responsible for financial accounting, managerial accounting, and tax reporting? A. CFO B. Audit committee C. Controller D. Treasurer

which type of system integrates all of the companys departments functions and data? A. quickbooks B. ERP system C. TQM system D. ISO system

According to SOX a companys financial statements must be certified by the companys A. CFO and CEO B. Controller C. CFO D. CEO

IFRS stands for A. international and foreign reporting systems B. international and foreign registering standards C. international financial reporting standards D. important foreign registering systems

Which of the following is a software system that integrates all of a company's departments? A. JIT B. ERP C. Total Integrated Software D. TWM

the philosophy that centers on production as needed is known as A. ERP B. Supply chain management C. TQM D. JIT

Compared to financial accounting managerial accounting place more emphasis on A. the flexibility of info B. the precision of the info C. the timeliness of information D. both a and c

what type of position (line or staff ) is an emergency room manager?

what type of position (line or staff) is an HR manager?

a performance report is: A. a detailed report comparing budgeted data to actual data for a specific period of time B. a formal statement of plans for the upcoming period C. required to be filed monthly by the securities and exchange commission D.not used in decentralized organizations

according to the theory of restraints, improvement efforts should usually be focused on A. work centers that are not constraints B. the work center that is the constraint C. the work center with the highest total cost D. the work center with the most obsolete equipment

The IMA has developed ethical standards for management accountants. what four categories are they

Prime Cost equation

The cost of lubricants used to grease a production machine in a manufacturing company is an example of a(n) A. period cost B. direct material cost C. indirect material cost D. none of the above

Prime cost and conversion cost share what common element of total cost A. direct materials B. direct labor C. variable overhead D. fixed overhead

Fixed costs expressed on a per unit basis A. will increase with increases in activity B. will decrease with increase in activity C. are not affected by an activity D. should be ignored in making decisions since they cannot change

Conversion Costs Equation

GM Equation

Three inventory accounts

Three types of companies

Marginal cost is the cost of making ________ more unit

Irrelevant costs are costs that __________ differ between alternatives

Relevant costs are costs that ________ differ between alternatives