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Managerial and Financial Accounting Principles: A Comprehensive Review

An assignment comparing managerial and financial accounting concepts, decision-making applications, and financial reporting standards.

Michael Davis
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Managerial and Financial Accounting Principles: A Comprehensive Review1.____ refers to accounting information developed for managerswithin an organization.a.Internal auditingb.Managerial accountingc.Financial accountingd.Tax accounting2.Ethical accountants are important to society because _____.a.they pay their taxesb.the information produced is reliablec.they will not go to prison and waste taxpayers’ moneyd.none of these answers is correct3.Performance reports _____.a.are quantitative expressions of action plansb.provide feedback by comparing results with plans and by highlighting deviations fromplansc.are deviations from a pland.ignore areas that are presumed to be running smoothly4.Output measures of both resources and activities are _____.a.cost driversb.stages of productionc.fixed activitiesd.variable activities5.An accountant may have difficulty classifying costs as fixed or variable because _____.a.costs may behavein a nonlinear wayb.costs may be affected by more than one cost driverc.the decision situation may cause the costs to be fixed in the short termd.all of these answers are correct6.If the proportions in a sales mix change, the _____.a.contribution margin per unit increasesb.break even point will remain the samec.cost volume profit relationship also changesd.net income will not be altered7._____ will decrease a company's break-even point.

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Accounting

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