25 Questions
Match the internal users with the information they require:
Research and development managers = Data on current and projected costs and revenues Purchasing managers = Data on quality and quantity of merchandise and materials purchases Human resource managers = Data on current payroll costs, employee benefits, performance and compensation Production managers = Data on costs and quality of production processes
Match the internal users with the information they require:
Distribution managers = Data on quantity and delivery schedules Marketing managers = Data on sales and costs to effectively target consumers and set prices Servicing managers = Data on warranties and maintenance information Human resource managers = Data on current payroll costs, employee benefits, performance and compensation
Match the purpose of internal controls with the correct description:
Protect company property = Internal controls Ensure reliable reports = Internal controls Promote efficiency = Internal controls Encourage adherence to company policies = Internal controls
Match the internal users with the information they require:
Purchasing managers = Data on quality and quantity of merchandise and materials purchases Production managers = Data on costs and quality of production processes Marketing managers = Data on sales and costs to effectively target consumers and set prices Research and development managers = Data on current and projected costs and revenues
Match the internal users with the information they require:
Servicing managers = Data on warranties and maintenance information Marketing managers = Data on sales and costs to effectively target consumers and set prices Human resource managers = Data on current payroll costs, employee benefits, performance and compensation Distribution managers = Data on quantity and delivery schedules
Majority of accounting opportunities are in public accounting.
False
Certified public accountant (CPA) is a professional standing denoted by a degree.
False
Ethics are beliefs that distinguish right from wrong.
True
GAAP aims to make accounting information irrelevant, unreliable and incomparable.
False
The AICPA and IMA have not set up ethical codes of conduct.
False
Most accounting opportunities are in public accounting.
False
Certified public accountant (CPA) is a professional standing denoted by a certificate.
True
Ethics are only important in accounting organizations.
False
GAAP aims to make accounting information relevant, reliable, and comparable.
True
The majority of accounting opportunities are in government agencies.
False
Managerial accounting is the area of accounting that serves the ______ needs of internal users.
decision-making
Internal users require data to ______ the efficiency and effectiveness of an organization.
improve
Internal controls are procedures designed to ______ company property, ensure reliable reports, and promote efficiency.
protect
Servicing managers need data on ______ and maintenance information to provide a valuable product to its customers.
warranties
Internal controls are designed to ______ adherence to company policies.
encourage
What is the primary purpose of managerial accounting in an organization?
To help improve the efficiency and effectiveness of the organization.
What type of data do research and development managers need to decide whether to pursue or continue projects?
Data on current and projected costs and revenues.
What is the main objective of internal controls in an organization?
To protect company property, ensure reliable reports, promote efficiency, and encourage adherence to company policies.
What information do marketing managers need to effectively target consumers and set prices?
Data on sales and costs.
Why do both internal and external users rely on internal controls?
To monitor and control company activities.
Understand the purpose and importance of accounting in the information age. Learn how accounting identifies, records, and communicates relevant information about an organization's business activities. Identify users and uses of accounting.
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