MAS 3301

Managerial accounting places considerable weight on

• generally accepted accounting principles

• the financial history of the entity.

• ensuring that all transactions are properly recorded

• detailed segment reports about departments, products, and customers

The plans of management are often expressed formally in:

• financial statements

• performance reports

• budgets

• ledgers

The phase of accounting concerned with providing information to managersfor use in planning and controlling operations and in decision making iscalled

• throughput time

• managerial accounting

• financial accounting

• controlling

Obtaining feedback is generally identified most directly with the management function of

• Planning

• Directing and motivating

• Controlling

• Decision making

Which of the following characterizes management accounting?

I. Uses heavily of historical data.

III. Preparation of user-specific reports

II. Used for internal decision making.

IV. Aggregated reports

• I and II

• II and III

• I and IV

• II, III and IV

Which of the following statement is FALSE?

• Managerial accounting need not mostly conform to PFRS

• Financial accounting reports focus on subunits of the organization.

• Managerial accounting is not required

• Managerial accounting focuses on the needs of internal users

All of the following is not a function of a controller, except

I. Investor relations

II. Credit and collection

• I only

• II only

• Both I and II

• Neither I nor II

Directing includes

• providing a framework for management to have criteria to terminate employees

  when needed

• running a department under quality control standards universally accepted.

• coordinating a company's diverse activities and human resources to produce a

  smooth-running operation.

• developing a complex performance ranking system to give certain high

  performers good raises.

Managerial accounting information

• pertains to the entity as a whole and is highly aggregated.

• pertains to subunits of the entity and may be very detailed.

• is prepared only once a year.

• is constrained by the requirements of generally accepted accounting principles.

Which of the following statements about internal reports is not true?

• The content of internal reports may extend beyond the double-entry accounting

  system.

• Internal reports may show all amounts at market values.

• Internal reports may discuss prospective events.

• Most internal reports are summarized rather than detailed.