 Question 1

The fundamental difference between managerial and financial accounting is that

Selected c. 
Answer: managerial accounting provides information for decision-makers within the organization, whereas
financial accounting provides information for individuals and institutions external to the
organization.
 Question 2
1 out of 1 points
Managerial accounting stresses accounting concepts and procedures that are relevant to preparing reports
for
Selected Answer: b. 
internal users of accounting information.
 Question 3
1 out of 1 points
Budgets can be used to communicate a company's goals to employees.
Selected Answer:
True
 Question 4
1 out of 1 points
The goal of managerial accounting is to provide information that managers need for
Selected Answer: c. 
planning, control, and decision making.
 Question 5
1 out of 1 points
Which one of the following is true as it relates to the management function of control?
Selected d. 
Answer: It is achieved by evaluating the performance of managers and the operations for which
they are responsible.
 Question 6
1 out of 1 points
Financial accounting stresses accounting concepts and procedures that are relevant to preparing reports for
internal users of accounting information.
Selected Answer:
False
 Question 7
1 out of 1 points
Which one of the following is the last step in the planning and control process?
Selected Answer: c. 
Make decisions based on the evaluation of the results.
 Question 8
1 out of 1 points
A good code of ethics eliminates potential unethical behavior.
Selected Answer:
False
 Question 9
1 out of 1 points
Performance reports often compare current performance with
Selected Answer: d. 
performance in a prior period or budgeted performance.
 Question 10
1 out of 1 points
Managerial accounting
d. focuses on future performance.