A) Information is used by internal parties.
B) Information is subjective, relevant, and future-oriented.
C) Reports are prepared as needed.
D) Reports are prepared according to GAAP.
10) Which of the following is not a characteristic of managerial accounting?
A) Information is used by external parties.
B) Information is subjective, relevant, and future-oriented.
C) Reports are prepared as needed.
D) Information is reported at the decision-making level.
11) Which of the following is not a characteristic of managerial accounting?
A) Information is used by internal parties.
B) Information is subjective, relevant, and future-oriented.
C) Reports are prepared as needed.
D) Information is reported for the company as a whole.
12) Which of the following types of reports is more characteristic of managerial accounting than financial accounting?
A) An internal report used by management
B) An external report used by investors
C) A report prepared according to GAAP
D) A report prepared periodically (monthly, quarterly, annually)
13) The controlling function is:
A) comparing actual with budgeted results and taking corrective action when needed.
B) arranging of the necessary resources to carry out the plan.
C) directing, leading, and motivating those necessary to carry out the plan.
D) drafting the goals and strategies to achieve long-term results.
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14) During the last fiscal year, XYZ Organization implemented managerial accounting to allocate program costs to its soup kitchen. The kitchen's manager is reviewing actual results from the prior month to compare the outcomes with the organization's objectives. Which function of the Plan-Implement-Control cycle is she conducting?
A) Plan
B) Implement
C) Control
D) Strategize
15) Which of the following types of organizations purchases raw materials from suppliers and uses them to create a finished product?
A) Manufacturing firms
B) Merchandising companies
C) Service companies
D) Retailers
16) Hair salons and law firms are examples of which of the following types of organizations?