A) Retailers
B) Service companies
C) Manufacturing firms
D) Merchandising companies
17) Which of the following types of organizations sell goods to the general public?
A) Service companies
B) Manufacturing firms
C) Wholesalers
D) Retailers
18) Which of the following statements about the use of managerial accounting information in nonprofit organizations is true?
A) Universities do not exist strictly to earn profit for shareholders, so managerial accounting information is not vital to their operations.
B) Unlike other nonprofits, hospitals (which exist with a focus on financial results in addition to health metrics) make use of managerial accounting.
C) Because managers of nonprofit organizations need timely and relevant information to make decisions, managerial accounting is vital to these organizations.
D) Because nonprofit organizations—hospitals, educational institutions, charities—do not exist with a profit motive, they do not use managerial accounting principles.
19) Which of the following functions of management involves comparing actual results with budgeted results?
A) Planning
B) Implementing
C) Reviewing
D) Controlling
20) Which of the following functions of management involves setting goals or objectives and establishing the tactics to achieve them?
A) Planning
B) Implementing
C) Reviewing
D) Controlling
21) Which of the following functions of management involves arranging for the necessary resources to carry out the plan?
A) Planning
B) Implementing
C) Reviewing
D) Controlling
22) Which of the following functions of management involves providing motivation to achieve results?
A) Planning
B) Implementing
C) Reviewing
D) Controlling
23) Which of the following functions of management involves taking corrective action if needed?
A) Planning
B) Implementing
C) Reviewing
D) Controlling
24) Which of the following is the future-oriented part of the management cycle?