ch 1 test 1 Flashcards
What are the three primary responsibilities of managers?
- Decision making
- Planning
- Directing
- Controlling
These responsibilities help managers effectively oversee organizational operations.
What is the main difference between managerial accounting and financial accounting?
Managerial accounting focuses on internal decision-making processes, while financial accounting is concerned with external reporting to stakeholders.
Managerial accounting provides information for managers to plan and control operations.
What are examples of small business accounting software?
- QuickBooks
- Sage 50
These tools help small businesses manage their financial records efficiently.
What do enterprise resource planning (ERP) systems do?
Integrate all of a company’s worldwide functions, departments, and data.
Examples include SAP and Oracle.
True or False: Data can stand on its own without the need for critical thinking.
False
Data requires analysis and interpretation to derive meaningful insights.
Define sustainability in the context of managerial accounting.
The ability to meet the needs of the present without compromising the ability of future generations to meet their own needs.
Sustainability encompasses social, environmental, and economic dimensions.
What is the Triple Bottom Line?
A framework for measuring a company’s performance in terms of people, planet, and profit.
This approach emphasizes the importance of social and environmental responsibility in business.
What is the first step in the data analytics process?
Identify the business issue that needs to be solved.
This step sets the foundation for effective data analysis.
Fill in the blank: To select a whole column of data in Excel, place the cursor on the _______ of the column.
Top cell
Use Ctrl + Shift + arrow down key to select.
What do you type in Excel before applying formatting to numbers?
Type in numbers without formatting.
After entering numbers, formatting icons can be used to change their appearance.
What mathematical operation symbol is used for multiplication in Excel?
Star symbol (*)
Example: =20*2 results in 40.
How does Excel treat relative cell references when copying formulas?
Excel shifts cell references according to the distance from the original cell.
This means that references will change based on the new location of the formula.
What is an absolute reference in Excel?
A reference that does not change when a formula is copied to another cell.
It is denoted by placing a dollar sign ($) before the column letter and/or row number.
What are the keyboard shortcuts for copy, cut, and paste in Excel?
- Copy: Ctrl + C
- Cut: Ctrl + X
- Paste: Ctrl + V
These shortcuts enhance efficiency in data management.
What is the function of the fill handle in Excel?
Allows users to drag and fill the same formula to adjacent cells.
This feature simplifies the process of applying formulas across a range.
What might a dialog box in Excel require when specifying data ranges?
A range of data rather than a single cell.
This is often necessary for functions and operations that involve multiple data points.
