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Managerial accounting adds value to the organization through provides managers with financial information only.

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter1: Introduction To Managerial Accounting

Section: Chapter Questions

Problem 4DQ: Should a managerial accounting system provide both financial and nonfinancial information? Explain.

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Managerial accounting adds value to the organization through provides managers with financial information only.

Select one: O True O False

Definition Definition Process by which financial information is analyzed, interpreted, and communicated to managers to support the achievement of an organization's goals. The main objective of managerial accounting is to maximize profits and minimize losses.

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Which of the following does not describe a management control system? A. establishes a companys strategic goals B. implements a companys strategic goals C. monitors a companys strategic goals D. a system that only measures profitability
Should a managerial accounting system provide both financial and nonfinancial information? Explain.
Managerial accounting produces information: to meet the needs of external users that is often focused on the future to meet the needs of investors that follows the rules of GAAP
When managerial accountants design an evaluation system that is based on criteria for which a manager is responsible, and it is structured to encourage managers to make decisions that will meet the goals of the company as well as their own personal job goals, the framework used is _______. A. a controllable factors framework B. an uncontrollable factors framework C. a strategic plan framework D. a responsibility accounting framework
Components of the organization that are demotivating for purposes of performance management are known as ______. A. business goals B. strategic plans C. uncontrollable factors D. incentives
Explain how managerial accountants help managers plan, control, and evaluate.
An important goal of a responsibility accounting framework is to help ensure which of the following? A. decision-making is made by the top executives. B. investments made by each segment are minimized. C. identification of operating segments that should be closed. D. segment and company financial goals are congruent.
What is the purpose of management accounting?
Which of the following groups would have access to managerial accounting information? A. bankers B. investors C. competitors of the business D. managers
Performance measures are only useful if _______. A. there are both controllable and uncontrollable factors to evaluate managers B. manager reward systems are designed by the chief financial officer prior to implementation C. all of the measures used are accounting numbers D. there is a baseline against which to compare the measured results
An effective managerial accounting system should track information about an organizations activities in which of the following areas? a. Development b. Marketing c. Production d. Design e. All of these.
What statement about management accounting is FALSE? O A Management accounting helps managers fulfill organizational objectives. Management accounting is the process of identifying, measuring, B) accumulating, analyzing, preparing, interpreting and communicating information. C Management accounting is used by managerial accountants to make strategic and operational decisions. OD) Management accounting produces information for managers in an organization.