Exam 1: Managerial Accounting and the Business Environment

Which of the following is NOT a topic relating to managing and improving business processes?

Managerial accounting places less emphasis on precision and more emphasis on timeliness of data than financial accounting does.

An important part of planning is to identify alternatives and then to select from among the alternatives the one that best meets the organization's objectives.

Which of the following is NOT an example of a business risk?

For internal uses,managers are more concerned with receiving information that achieves which of the following standards?

Companies should identify foreseeable risks before they occur rather than react to unfortunate events that have already happened.

How much it costs a company to manufacture a particular product is one of the many questions that reports typically provided by managerial accountants help to answer. Required: Comment on the usefulness of a unit product cost information in the preparation of a set of financial statements?

In general,accounting data serve both financial accounting and managerial accounting purposes.

Managerial accounting plays a critical role in providing information to management to facilitate implementing and monitoring strategy.