Question 1 In order to be useful to managers, management accounting reports should possess all of the following characteristics EXCEPT:   provide objective measures of past operations and subjective e

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Question 1

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In order to be useful to managers, management accounting reports should possess all of the following characteristics EXCEPT:

provide objective measures of past operations and subjective estimates about future decisions

be prepared in accordance with generally accepted accounting principles

be provided at any time management needs information

be prepared to report information for any unit of the business to support decision making

Question 2

Who are the individuals charged with the responsibility for directing the day-to-day operations of a business?

Investors

Managers

Employees

Customers

Question 3

What is the primary criterion for the preparation of managerial accounting reports?

Relevance of the reports

Meet the manager needs

Timing of the reports

Cost of the reports

Question 4

Which of the following is most associated with financial accounting?

Can have both objective and subjective information.

Can be prepared periodically, or as needed.

Prepared in accordance with GAAP

Can be prepared for the entity or segment.

Question 5

Managerial accounting reports must be useful to the user of the information.

True

False

Question 6

Planning is the process of setting goals for the use of an organization’s resources and of developing ways to achieve these goals.

True

False

Question 7

Managerial accounting provides useful information to managers on product costs.

True

False

Question 8

Since there are few rules to restrict how an organization chooses to arrange its own internal data for decision making, managerial accounting provides ample opportunity for creativity and change.

True

False

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