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Exam 1: Introduction to Managerial Accounting

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Question 31

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Positions that are supportive in nature and have only indirect responsibility for an organization's basic objectives are called ________________________.

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Question 32

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Which of the following is true of managerial accounting?

A) Managerial accounting is the provision of accounting information for a company's external users.
B) Managerial accounting aims at providing information for controlling the organization's actions.
C) Managerial accounting provides historical information.
D) Managerial accounting is subject to rules for external financial reporting.

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Question 33

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Managerial accounting strongly emphasizes providing information about _________________.

____________________ is primarily concerned with producing information for external users.

The________________supervises all accounting functions and reports directly to the general manager and chief operating officer (COO).

Activity-based costing

The primary objective of managerial accounting is:

The detailed formulation of action to achieve a particular end is the management activity called_____________.

The managerial activity of monitoring a plan's implementation and taking corrective action as needed is referred to as ______________.

Managerial Accounting is designed primarily for internal users.

Persons in the United States who provide assurance service are designated as

_____________________________ is the continual search for ways to increase the overall efficiency and productivity of activities by reducing waste, increasing quality and managing costs.

Investigating production variances and adjusting the production process is an example of

__________________________________________ is a management philosophy in which manufacturers strive to create an environment that will enable workers to manufacture perfect (zero-defect) products.

The _____________________ is the set of activities required to design, develop, produce, market and deliver products and services as well as provide support services to customers.

The managerial accounting system produces information for __________ users.

Excellent customer service is an example of a value-added activity.