Question: Managerial accounting focuses on providing information for internal planning and control.True or False

Answer: TRUE

Question: Which of the following is a focus of managerial​ accounting?A.To provide information to shareholders to assist them with their investment decisionsB.To provide information to business managers to assist them in controlling their businessesC.To generate a​ company's financial statements for tax reportingD.To ensure that the reports produced for internal and external business purposes are GAAP compliant

Answer: B. To provide information to business managers to assist them in controlling their businesses.

Question: Which of the following statements is true of managerial​ accounting?A.An external audit by an independent CPA is required for managerial accounting information.B.Managerial accounting information must comply with Generally Accepted Accounting Principles.C.The external stakeholders of a company are the primary users of managerial accounting.D.Managerial accounting information is used to help managers​ plan, direct and control their operations.

Answer: D.Managerial accounting information is used to help managers​ plan, direct and control their operations.

Question: Managerial accounting information for a company is primarily used by​ ________.A.its customers to understand the pricing of the productB.its employees to​ plan, direct and control operationsC.its investors to make their investment decisionsD.its creditors to understand the credibility of the business

Answer: B.its employees to​ plan, direct and control operations

Question: ​________ is a philosophy of continuous improvement of products and processes.A.Enterprise Resource Planning​ (ERP)B.Supply Chain Management​ (SCM)C.Total Quality Management​ (TQM)D.Just-in-Time ​(JIT) Management

Answer: C.Total Quality Management​ (TQM)

Question: The entire sequence of activities that add value to a​ company's products and services is called​ ________.A.the value chainB.TQM production chainC.Enterprise Resource PlanningD.the planning process

Answer: A.the value chain