Managerial Functions Quiz

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Questions and Answers

Which of the following is false regarding strategic planning?

  • It is the sole responsibility of supervisors (correct)
  • Strategic objectives will be diverse and vary from company to company
  • It will span many years
  • It should include both short-term and long-term goals

Which of the following is true about management accounting?

  • It relates to the company
  • It is used only by supervisors
  • It emphasizes special-purpose information (correct)
  • It focuses on short-term goals

Which of the following is true regarding strategic planning?

  • It is the sole responsibility of supervisors
  • It spans only a few months
  • Strategic objectives will be diverse and vary from company to company (correct)
  • It should only include short-term goals

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

<p>Comparing actual results against expected results (B)</p> Signup and view all the answers

Which of the following is false regarding strategic planning?

<p>It is the sole responsibility of supervisors (D)</p> Signup and view all the answers

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Study Notes

Strategic Planning

  • Strategic planning involves setting long-term goals and determining actions to achieve them.
  • A common misconception is that strategic planning is a one-time process; it should be dynamic and reviewed regularly.
  • Strategic planning should align with the organization’s vision and mission for effectiveness.
  • It often includes SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) to assess the internal and external environment.

Management Accounting

  • Management accounting focuses on providing financial data and analysis to managers for decision-making.
  • It aids in budgeting, forecasting, and performance evaluation within organizations.
  • Management accounting differs from financial accounting, which is aimed at external stakeholders and compliance.
  • It plays a crucial role in strategic planning by providing relevant financial information.

Evaluating Function

  • The evaluating function within an organization assesses the performance of various units against set objectives.
  • This aspect includes generating feedback, measuring outcomes, and making necessary adjustments.
  • It ensures that the strategic plan remains on track and relevant to changing conditions.
  • Continuous evaluation promotes accountability and supports informed decision-making.

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