Question Bank, Managerial Accounting

In: Business and Management

Submitted By a2650641
Words 4053
Pages 17
Managerial Economics
Unit1 - 2 Mark Quiz Questions
1.Decision-making implies a. Giving judgement on a particular isuue b. Taking a final decision on a particular issue c. Selecting the best out of several alternative course of actions d. Selecting alternative solutions. 2.Forward Planning implies a. A plan to execute current programs b. A Plan prepared in advace for future c. A plan prepared in the background of certainties d. A Plan prepared for past and present 3.Managerial Economics deals with a. Provide alternative solutions to the problems b. Providing solutions to various business and management problems c. Providing tools and techniques to find answers for business and management problems d. Analyzing various business and managerial problems of a firm. 4.Managerial Economics helps a. To optimise abundant resources to maximise profits b. To find answers only for present problems in the background of past events c. To analyse present problems in the background of past d. To find solutions for present and future problems on the basis of past and present environment

Unit2 - 2 Mark Quiz Questions
1.A product can be considered as inferior in economics if increase in disposable income of the consumer causes a. Increase in demand b. No change in demand c. Less than proportionate change in demand. d. Decrease in demand 2.Demand Schedule of a firm shows quantities of a commodity a. Purchased at varying prices at different periods of time. b. That can be purchased at varying prices c. Purchased at varying prices at a given period of time d. Purchased at a price 3.In case of prestige goods, a fall in price lead to a. A very high rise in demand b. Decrease in demand c. A small rise in demand d. Increase in demand 4.In the long run, consumption habits of people become

a. Elastic b. Inelastic c. Perfectly elastic. d. Relatively elastic

5.Market Demand Schedule…...

Similar Documents

Managerial Accounting

...|Name of Course |Managerial Accounting | |Course Code |EBF 2043 | |Credit hours |3 | |Prerequisite |Accounting | |Synopsis |The course introduces the vital role played by management accounting and the information provided by management accounting information | | |systems (MAIS) in a firm or an organisation. Management accounting is used for decision making, learning, planning and controlling | | |activities that are supporting operational and strategic needs. It also supports continuous learning and improvement activities and | | |serves as a linkage between strategy and execution of that strategy. | |Learning outcomes |At the end of this course, students are able to: | | |Compare and explain......

Words: 2279 - Pages: 10

Managerial Accounting

...LEGAL AND ENVIRONMENTAL ISSUES. DEFINITION: “MANAGEMENT ACCOUNTING IS THE PROCESS OF PRODUCING FINANCIAL AND NON FINANCIAL INFORMATION TO ASSIST MANAGERS AT ALL LEVELS OF AN ORGANIZATION. MANAGEMENT ACCOUNTING INFORMATION SHOULD BE DESIGNED TO MEET MANAGER’S SPECIFIC NEEDS AS THEY CARRY OUT THEIR PLANNING AND CONTROL FUNCTIONS AND MAKE SHORT AND LONG TERM DECISIONS.” OR “THE PRIMARY GOAL OF MANAGERIAL ACCOUNTING IS TO PROVIDE INFORMATION THAT HELPS MANGERS PLAN AND EVALUATE COMPANY ACTIVITIES AND MAKE BUSINESS DECISION. PROVIDING INFORMATION FOR PLANNING, EVALUATION AND DECISION MAKING IS THE PRIMARY OBJECTIVE OF MANAGERIAL ACCOUNTING. MANAGEMENT ACCOUNTING vs. FINANCIAL ACCOUNTING USERS OF INFORMATION ➢ FINANCIAL ACCOUNTING IS AIMED PRIMARILY AT EXTERNAL USERS LIKE BANKS ,SHARE HOLDERS, CREDITORS, STOCK EXCHANGE ETC EXTERNAL USERS NEED INFORMATION TO MAKE INVESTMENT , LENDING AND REGULATION DECISON WHERE AS MANAGERIAL ACCOUNTING IS AIMED PRIMARILY AT INTERNAL USERS (MANAGERS AT ALL LEVELS) WHO NEED INFORMATION FOR ROUTINE PLANNING AND EVALUATION DECISION OF FIRM’S INTERNAL OPERATIONS AND FOR MAKING A NUMBER OF OTHER LESS ROUTINE DECISION. USE OF STANDARDS (REGULATIONS) ➢ FINANCIAL REPORTS ARE PREPARED ON THE BASIS OF ACCOUNTING STANDARDS (GAAP, IFRS) , WHEREAS NO ACCOUNTING STANDARDS OR EXTERNAL RULES ARE IMPOSED ,WHILE PREPARING MANAGERIAL ACCOUNTING REPORTS , IN FACT IT STRESSES INFORMATION THAT IS USEFUL TO......

Words: 597 - Pages: 3

Managerial Accounting

...1 Introduction to Financial Accounting Learning Outcome After reading this unit, you will be able to: • Explain succinctly financial accounting concepts • Elucidate on different principles of financial accounting • Explicate the importance and scope of financial accounting • Understand Generally Accepted Accounting Principles(GAAP) • Identify limitations of Financial Accounting Time Required to Complete the unit 1. 2. 1st Reading: It will need 3 Hrs for reading a unit 2nd Reading with understanding: It will need 4 Hrs for reading and understanding a unit 3. 4. 5. Self Assessment: It will need 3 Hrs for reading and understanding a unit Assignment: It will need 2 Hrs for completing an assignment Revision and Further Reading: It is a continuous process Content Map 1.1 1.2 1.3 1.4 1.5 1.6 Introduction Role of Financial Accounting Principles of Financial Accounting Importance of Financial Accounting Benefits of Financial Accounting Limitations of Financial Accounting 1 Accounting for Managers 1.7 1.8 1.9 1.10 1.11 1.12 Accounting Principles Accounting Concepts and Conventions Accounting Standards in India and International Accounting Standards Summary Self-Assessment Test Further Reading 2 Accounting for Managers 1.1 Introduction Financial accountancy (or financial accounting) is the field of accountancy concerned with the preparation of financial statements for decision makers, such as stockholders, suppliers, banks, employees, government......

Words: 48652 - Pages: 195

Managerial Accounting

...The work of Management & Need of Managerial Accounting Information as my topic are given by the course instructor as part of the course Managerial Accounting. This course is driven by major area of marketing. The broad objective of this report is to understand the Managerial Accounting and how The work of Management & Need of Managerial Accounting Information reaches at the most uses over the world and the specific objectives are To know A to Z about The work of Management & Need of Managerial Accounting Information to know the strategies of Managerial Accounting to know how use in corporate managerial area manages their Globally, To also know top Company’s global Accounting. To make this report I have given emphasis on secondary data. There are a number of criteria to management a marketing globally was Founded October 5, 1983by coordinating of Tech icon Steve Jobs from the period of beginning it showed their charisma by growing per year growing from their position by their creative and innovative products & service. They selected only few of strategy to keep their position those are Luxurious target customer, High quality products and creating brand value over the potential and actual customer. Abstract This paper analyses the relationship between the use of management accounting information by CEOs of German manufacturing companies, individual learning and organizational performance. Several hypotheses concerning the relationship between......

Words: 9582 - Pages: 39

Managerial Accounting Test Bank

...Chapter 1 Managerial Accounting and the Business Environment True/False Questions 1. Although financial and managerial accounting differ in many ways, they are similar in that both rely on the same underlying financial data. Answer: True Level: Medium LO: 1 2. Managerial accounting is a branch of financial accounting and serves essentially the same purposes as financial accounting. Answer: False Level: Medium LO: 1 3. Managerial accounting places greater emphasis on the future than financial accounting, which is primarily concerned with the past. Answer: True Level: Easy LO: 1 4. Managerial accounting is not needed in a non-profit or governmental organization. Answer: False Level: Easy LO: 1 5. When carrying out their planning activities, managers select a course of action and specify how the action will be implemented. Answer: True Level: Easy LO: 2 6. When carrying out their planning activities, managers obtain feedback to ensure that the plan is actually carried out and is appropriately modified as circumstances change. Answer: False Level: Medium LO: 2 7. The controller occupies a line position in an organization. Answer: False Level: Easy LO: 2 8. Decentralization means the delegation of decision-making authority throughout an organization by allowing managers at various operating levels to make key decisions relating to their own area of responsibility. Answer: True Level: Easy LO: 2 Garrison, Managerial Accounting, 12th Edition 3 Chapter 1 Managerial......

Words: 178876 - Pages: 716

Managerial Accounting 12th Edition Test Bank by Garrison

...Managerial Accounting 12th Edition Test Bank By Garrison Follow Link Below To Get Tutorial http://homeworklance.com/downloads/managerial-accounting-12th-edition-test-bank-garrison/ Description: Chapter 1 Managerial Accounting and the Business Environment Chapter 2 Cost Terms, Concepts, and Classifications Chapter 3 Systems Design: Job-Order Costing Chapter 4 Systems Design: Process Costing Chapter 5 Cost Behavior: Analysis and Use Chapter 6 Cost-Volume-Profit Relationships Chapter 7 Variable Costing: A Tool for Management Chapter 8 Activity Based Costing Chapter 9 Profit Planning Chapter 10 Standard Costs and the Balanced Scorecard Chapter 11 Flexible Budgets and Overhead Analysis Chapter 12 Segment Reporting and Decentralization Chapter 13 Relevant Costs for Decision Making Chapter 14 Capital Budgeting Decisions Chapter 15 “How Well Am I Doing?” Statement of Cash Flows Chapter 16 “How Well Am I Doing?” Statement of Cash Flows Chapter 17 Financial Statement Analysis Managerial Accounting 12th Edition Test Bank By Garrison Follow Link Below To Get Tutorial http://homeworklance.com/downloads/managerial-accounting-12th-edition-test-bank-garrison/ Description: Chapter 1 Managerial Accounting and the Business Environment Chapter 2 Cost Terms, Concepts, and Classifications Chapter 3 Systems Design: Job-Order Costing Chapter 4 Systems Design: Process Costing Chapter 5 Cost Behavior: Analysis and Use ......

Words: 720 - Pages: 3

Managerial Accounting 12th Edition Test Bank by Garrison

...Managerial Accounting 12th Edition Test Bank By Garrison Follow Link Below To Get Tutorial http://homeworklance.com/downloads/managerial-accounting-12th-edition-test-bank-garrison/ Description: Chapter 1 Managerial Accounting and the Business Environment Chapter 2 Cost Terms, Concepts, and Classifications Chapter 3 Systems Design: Job-Order Costing Chapter 4 Systems Design: Process Costing Chapter 5 Cost Behavior: Analysis and Use Chapter 6 Cost-Volume-Profit Relationships Chapter 7 Variable Costing: A Tool for Management Chapter 8 Activity Based Costing Chapter 9 Profit Planning Chapter 10 Standard Costs and the Balanced Scorecard Chapter 11 Flexible Budgets and Overhead Analysis Chapter 12 Segment Reporting and Decentralization Chapter 13 Relevant Costs for Decision Making Chapter 14 Capital Budgeting Decisions Chapter 15 “How Well Am I Doing?” Statement of Cash Flows Chapter 16 “How Well Am I Doing?” Statement of Cash Flows Chapter 17 Financial Statement Analysis Managerial Accounting 12th Edition Test Bank By Garrison Follow Link Below To Get Tutorial http://homeworklance.com/downloads/managerial-accounting-12th-edition-test-bank-garrison/ Description: Chapter 1 Managerial Accounting and the Business Environment Chapter 2 Cost Terms, Concepts, and Classifications Chapter 3 Systems Design: Job-Order Costing Chapter 4 Systems Design: Process Costing Chapter 5 Cost Behavior: Analysis and Use ......

Words: 1008 - Pages: 5

Managerial Accounting 12th Edition Test Bank by Garrison

...Managerial Accounting 12th Edition Test Bank By Garrison Follow Link Below To Get Tutorial http://homeworklance.com/downloads/managerial-accounting-12th-edition-test-bank-garrison/ Description: Chapter 1 Managerial Accounting and the Business Environment Chapter 2 Cost Terms, Concepts, and Classifications Chapter 3 Systems Design: Job-Order Costing Chapter 4 Systems Design: Process Costing Chapter 5 Cost Behavior: Analysis and Use Chapter 6 Cost-Volume-Profit Relationships Chapter 7 Variable Costing: A Tool for Management Chapter 8 Activity Based Costing Chapter 9 Profit Planning Chapter 10 Standard Costs and the Balanced Scorecard Chapter 11 Flexible Budgets and Overhead Analysis Chapter 12 Segment Reporting and Decentralization Chapter 13 Relevant Costs for Decision Making Chapter 14 Capital Budgeting Decisions Chapter 15 “How Well Am I Doing?” Statement of Cash Flows Chapter 16 “How Well Am I Doing?” Statement of Cash Flows Chapter 17 Financial Statement Analysis Managerial Accounting 12th Edition Test Bank By Garrison Follow Link Below To Get Tutorial http://homeworklance.com/downloads/managerial-accounting-12th-edition-test-bank-garrison/ Description: Chapter 1 Managerial Accounting and the Business Environment Chapter 2 Cost Terms, Concepts, and Classifications Chapter 3 Systems Design: Job-Order Costing Chapter 4 Systems Design: Process Costing Chapter 5 Cost Behavior: Analysis and Use ......

Words: 864 - Pages: 4

Managerial Accounting

...* Question 1 1 out of 1 points | | | Managerial accounting is primarily focused on | | | | | Selected Answer: | B. providing managers with relevant information to help achieve organizational goals. | Answers: | A. providing the Internal Revenue Service with information to determine the amount of taxes owed. | | B. providing creditors information on the status of their loans. | | C. providing managers with relevant information to help achieve organizational goals. | | D. providing investors with useful information for valuing securities. | Response Feedback: | Rationale: As the name implies, managerial accounting focuses on the information needs of managers internal to the business, unlike financial accounting, which addresses the information needs of investors, creditors, and other external stakeholders.LO: LO: 1Topic: Focus of Managerial Accounting | | | | | * Question 2 1 out of 1 points | | | In order to be useful to managers, management accounting reports | | | | | Selected Answer: | D. should be prepared to meet the specific needs of decision makers. | Answers: | A. should be prepared to meet the specific needs of decision makers. | | B. should be prepared according to Generally Accepted Accounting Principals. | | C. should not be prepared prior to the end of a fiscal reporting period. | | D. should be prepared according to the stated Institute of Management Accounting guidelines. | Response......

Words: 13491 - Pages: 54

Managerial Accounting

...THE BARCLAYS BANK Barclays bank is one of the British multinational financial and banking service business companies that have its headquarters in London. In connection to that, there are various duties or roles that the above bank’s manager does in ensuring that the daily activities of the bank run smoothly. The Barclays Bank manager is regarded as being the heart of the banking services offered by this organization. Typically, his or her responsibility entails managing the customers’ finances as well as saving time. As the manager of the bank, his or her role will be the management of workers to the point of increasing the general sale of the financial products and services (Downes et al, 2008). Such a manager also has the task of attracting new clients to their business organization. He or she will also be required to understand all the financial product rules. In connection to that, there is variety of roles that the Barclays Bank manger does. First is the general monitoring of sales targets and budgets generating figures and financial reports. Second, is the extensive promoting of his or her bank in the local society and attending conferences and meetings. Third, is the handling of their clients complaints and coming up with the rationale of solving them. In addition to that he has the responsibility of supervising the staff members and training, assessing any form of lending risk the bank might experience and motivating the bank’s staff to meet their targets......

Words: 696 - Pages: 3

Managerial Accounting

...Cost-Volume-Profit (CVP) analysis from the commonly used approach which simply teaches students how to use a series of equations to solve various questions related to CVP analysis, in which unit selling price, total fixed costs, and unit variable costs are assumed to remain constant (Garrison et al. 2010; Choo and Tan, 2010). I use a multi-disciplinary approach in the context of a realistic case-analysis. I believe this approach offers useful insights and provides a useful learning tool for students pursuing an advanced Master’s Degree. The case at hand requires students to: (a) make assumptions about costs in a dynamic and interactive way, and (b) research a variety of marketing issues for the proposed business that simulates a real life business situation. This paper’s approach also helps students see the interrelationships between several concepts learned in basic graduate courses taken in their Master Degree program, and how CVP analysis can be an extremely useful tool for determining the potential success of a business they might consider opening one day. Particular attention is given to important concepts such as break-even analysis and the effect of changing working assumptions on final results. Students are assumed to come into this course with a basic understanding of concepts learned in core courses such as Finance, Financial Accounting, Marketing and Management. In addition to being familiar with concepts of fixed versus variable costs, students are......

Words: 2825 - Pages: 12

Managerial Accounting

... Rev.Confirming Pages managers MANAGERIAL ACCOUNTING for Second Edition Eric W. Noreen, Ph.D., CMA Professor Emeritus University of Washington Peter C. Brewer, Ph.D., CPA Miami University—Oxford, Ohio Ray H. Garrison, D.B.A., CPA Professor Emeritus Brigham Young University nor27130_fm_i-xxviii.indd i 10/5/09 2:49:58 PM Rev.Confirming Pages Dedication To our families and to our many colleagues who use this book. MANAGERIAL ACCOUNTING FOR MANAGERS Published by McGraw-Hill/Irwin, a business unit of The McGraw-Hill Companies, Inc., 1221 Avenue of the Americas, New York, NY, 10020. Copyright © 2011, 2008 by The McGraw-Hill Companies, Inc. All rights reserved. No part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written consent of The McGraw-Hill Companies, Inc., including, but not limited to, in any network or other electronic storage or transmission, or broadcast for distance learning. Some ancillaries, including electronic and print components, may not be available to customers outside the United States. This book is printed on acid-free paper. 1 2 3 4 5 6 7 8 9 0 DOW/DOW 1 0 9 8 7 6 5 4 3 2 1 0 ISBN 978-0-07-352713-0 MHID 0-07-352713-0 Vice president and editor-in-chief: Brent Gordon Editorial director: Stewart Mattson Publisher: Tim Vertovec Director of development: Ann Torbert Development editor: Emily A. Hatteberg Vice......

Words: 334319 - Pages: 1338

Managerial Accounting

...Managerial Accounting 12/3/15 Managerial Accounting Accounting is a crucial part in running a business. There are various forms of accounting that can be used, it is very important to know which technique is best to use for what companies. Once you figure out a particular technique to use, it is important to keep an open mind if there are any changes that need to take place in the business. By keeping an open mind helps the business adjust and be able to make the right decisions. Every business wants to make a profit; accounting is an important part in helping understand how profits and expense amounts are derived. One form of accounting I will focus on is managerial accounting or also known as management accounting. Managerial accounting is the process of identifying, analyzing, recording and presenting financial information that is used for internally by the management for planning, decision making, and control. Managerial accounting provides economic and financial information for managers and other internal users (Managerial, 2005). When you tell people about managerial accounting, the first thing they ask is “What’s the difference between managerial and financial accounting?” There are both similarities and differences between managerial and financial accounting. The major similarity each field shares, is that they both deal with the economic events of a business. As an example, determining the unit cost of manufacturing a product is part of managerial......

Words: 1152 - Pages: 5

Managerial Accounting

...wiL1084x_fm_i-xxiv_1.indd Page i 1/10/11 7:53:00 PM user-f499 /Users/user-f499/Desktop/Temp Work/Don't Delete Job/MHBR231:Wild:203 Managerial Accounting John J. Wild University of Wisconsin at Madison Ken W. Shaw University of Missouri at Columbia 3 rd edition wiL1084x_fm_i-xxiv_1.indd Page ii 1/10/11 9:14:31 PM user-f499 /Users/user-f499/Desktop/Temp Work/Don't Delete Job/MHBR231:Wild:203 To my students and family, especially Kimberly, Jonathan, Stephanie, and Trevor. To my wife Linda and children, Erin, Emily, and Jacob. MANAGERIAL ACCOUNTING Published by McGraw-Hill/Irwin, a business unit of The McGraw-Hill Companies, Inc., 1221 Avenue of the Americas, New York, NY, 10020. Copyright 2012, 2010, 2007 by The McGraw-Hill Companies, Inc. All rights reserved. No part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written consent of The McGraw-Hill Companies, Inc., including, but not limited to, in any network or other electronic storage or transmission, or broadcast for distance learning. Some ancillaries, including electronic and print components, may not be available to customers outside the United States. This book is printed on acid-free paper. 1 2 3 4 5 6 7 8 9 0 DOW/DOW 1 0 9 8 7 6 5 4 3 2 1 ISBN 978-0-07-811084-9 MHID 0-07-811084-X Vice president and editor-in-chief: Brent Gordon Editorial director: Stewart Mattson Publisher: Tim...

Words: 10500 - Pages: 42

Managerial Accounting

...CHAPTER 1 DECISION MAKING AND THE ROLE OF ACCOUNTING TEXT REFERENCE: Hoggett, J.R., Edwards, L., & Medlin, J., Accounting in Australia, Fifth Edition, Chapter 1. OBJECTIVES: When you have studied this chapter, you should be able to: 1. understand the nature of decisions and the decision-making process. 2. appreciate the wide range of economic decisions made in the marketplace. 3. explain the nature of accounting and its main functions. 4. identify the potential users of accounting information. 5. use information to make simple economic decisions. 6. understand the role of accounting information in the decision-making process. 7. understand the differences between accounting for management and accounting for external users. 8. understand how the accounting profession is organised in Australia. 9. identify the different areas of the economy in which accountants work. 10. understand the importance of ethics in business and accounting and how to recognise and handle ethical dilemmas as part of the decision-making process. 1 Chapter 1 STUDY TIPS FOR CHAPTER 1 1. This is an important chapter because it lays the foundation for all topics that will follow. 2. Make sure that you understand each new term as it is introduced. 3. Pay particular attention to the significance of accounting information for decisionmaking processes. 4. Identify the types of activities that are carried......

Words: 2983 - Pages: 12