Chapter 1 additional

Question 1

Which of the following involves coordinating a company's activities to produce  a smooth running operation? 
A.  auditing
B.  controlling
C.  Planning
D.  Directing

Answer 1

B controlling

Question 2

What are the 3 broad managerial functions

Answer 2

1. Planning, 2. Directing and motivating, 3. controlling

Question 3

Exercising good judgement in performing the managerial functions and choosing among alternative courses of action is called

Answer 3

decision making

Question 4

Primary users of Financial accounting

Answer 4

external

Question 5

Primary users of Managerial accounting

Answer 5

Internal users

Question 6

Type of reports of Financial accounting

Answer 6

Financial Statements

Question 7

Type of reports for Managerial accounting

Answer 7

internal reports

Question 8

Frequency of reports for financial accounting

Answer 8

annually, quarterly, monthly

Question 9

Frequency of reports for managerial accounting

Answer 9

as frequently as needed

Question 10

purpose of reports for financial accounting

Answer 10

general purpose

Question 11

purpose of reports for managerial accounting

Answer 11

specific purpose

Question 12

Contents of reports finaical accounting

Answer 12

GAAP, limited double entry and cost data

Question 13

Contents of reports for managerial accounting

Answer 13

relevance to decisions

Question 14

Verification of financial accounting

Answer 14

annual audit by CA

Question 15

Verification of managerial accounting

Answer 15

no independent audits

Question 16

requires management to look ahead and to establish objectives. a key objective of management is to add value to the business

Answer 16

planning

Question 17

involves coordinating the company’s diverse activities and human resources to produce a smooth running operation. this function relates to the implementation of planned objectives

Answer 17

directing and motivating

Question 18

the process of keeping the activities on track. Management must determine whether goals are being met and what changes are necessary when there are deviations.

Answer 18

controlling