49. Managerial accounting stresses accounting concepts and procedures that are relevant to preparing

49. Managerial accounting stresses accounting concepts and procedures that are relevant to preparing

49. Managerial
accounting stresses accounting concepts and procedures that are relevant to
preparing reports for
A. taxing
authorities.
B. internal
users of accounting information.
C. external
users of accounting information.
D. the
Securities and Exchange Commission (SEC).

50. The
goal of managerial accounting is to provide information that managers need for
A. planning.
B. control.
C. decision
making.
D. All
of the above answers are correct.

51. The
financial plans prepared by managerial accountants are referred to as
A. budgets.
B. financial
statements.
C. treasurer’s
reports.
D. controller’s
opinions.

52. Which
of the following is not a reason
that actual results may differ from the company’s plan?
A. The
plan may not have been followed properly.
B. The
plan may not have been well thought-out.
C. Changing
circumstances may have made the plan out of date.
D. All
of the above are reasons that actual results may differ from the company’s
plan.

53. It
is possible for a manager to receive a positive evaluation when the operation
receives a(n)
A. favorable
evaluation.
B. neutral
or mixed evaluation.
C. unfavorable
evaluation.
D. All
of the above answers are correct.

54. The
last step in the planning and control process is to
A. implement
the plan.
B. construct
the plan.
C. make
decisions based on the evaluation of the results.
D. compare
actual results to the planned results.

55. Performance
reports often compare current period performance with
A. performance
in a prior period.
B. planned
(budgeted) performance.
C. Both
A and B are correct.
D. Neither
A nor B is correct.

56. A
difference between actual costs and planned costs
A. should
be investigated if the amount is exceptional.
B. indicates
that the planned cost was poorly estimated.
C. indicates
that the manager is doing a poor job.
D. should
be ignored unless it involves the cost of ingredients.

57. The
principle that managers follow when they only investigate departures from the
plan that appear to be significant is commonly known as
A. small
amounts don’t matter.
B. management
by exception.
C. only
labor and materials deserve attention.
D. exceptional
costs yield exceptional results.

58. Below is a performance report that compares budgeted and
actual profit of Mandarin Smoothie for the month of June:

Budget

Actual

Difference

Sales

$180,000

$182,000

$2,000

Less:

Cost of ingredients

142,000

146,000

(4,000)

Salaries

11,000

11,200

(200)

Controllable profit

$27,000

$24,800

($2,200)

In
evaluating the department in terms of its increases in sales and expenses, what
will be most important to investigate?
A. Sales
B. Cost
of ingredients
C. Salaries
D. All
three components have equal importance.

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