Ch 1

Question 1

Decision Making Cycle

Answer 1

Planning, Leading, controlling, repeat.

Question 2

Controlling

Answer 2

Monitoring results to see if plan is being achieved.

Question 3

Managerial Accounting

Answer 3

• Internal users
• no mandatory rules
• financial and nonfinancial information
• emphasis on future
• internal evaluation and decisions based on detailed information
• broad, multidisciplinary

Question 4

Financial Accounting

Answer 4

• external users
• GAAP
• objective financial information
• historical orientation
• information on the firm as a whole
• self-contained