Response to the following multiple choice questions:
1. The provision of accounting information for internal users is known as
a. Managerial accounting.
b. Accounting.
c. Financial accounting.
d. Information provision.
e. Accounting for planning and control.
2. The users of managerial accounting information include
a. For-profit companies.
b. Not-for-profit organizations.
c. City governments.
d. Educational institutions.
e. All of the above.
3. Setting objectives and identifying methods to achieve those objectives is called
a. Controlling.
b. Decision making.
c. Planning.
d. Performance evaluation.
e. None of the above.
4. The process of choosing among competing alternatives is called
a. Controlling.
b. Decision making.
c. Planning.
d. Performance evaluation.
e. None of the above.
5. Which of the following is a characteristic of managerial accounting?
a. There is an internal focus.
b. Subjective information may be used.
c. There is an emphasis on the future.
d. It is broad-based and multidisciplinary.
e. All of the above.
6. Which of the following is a characteristic of financial accounting?
a. There is an internal focus.
b. Subjective information may be used.
c. There is a historical orientation.
d. It is broad-based and multidisciplinary.
e. None of the above.
7. In terms of strategic positioning, which two general strategies may be chosen by a company?
a. Activity-based costing and value chain emphasis
b. Revenue production and cost enhancement
c. Cost leadership and product differentiation
d. Increasing customer value and decreasing supplier orientation
e. Product differentiation and cost enhancement
8. Managerial accountants in an organization are typically
a. Line positions.
b. Marketing positions.
c. Staff positions.
d. Production positions.
e. Selling positions.
9. The chief accounting officer for a firm is the
a. Chief executive officer.
b. Chief operating officer.
c. Vice president of sales.
d. Production head.
e. Controller.
10. Which of the following is typically found in a corporation's code of ethics?
a. Respect for others
b. Integrity
c. Honesty
d. Competence
e. All of the above