Managerial Accounting: Creating Value in a Dynamic Business Environment 12th Edition by Ronald Hilto
companies.
The managerial accountant has been transformed into a financial historian in progressive
companies.
Managerial accountants are typically isolated in separate departments.
Forward-looking goals have transformed managerial accountants into business advisors.
Managerial accountants rarely have the title of analyst or take on leadership roles.
The role of managerial accountants is to become more like business advisors and incorporate
forward-looking goals.
References
Multiple Choice Difficulty: 1 Easy Learning Objective: 01-01 Define
managerial accounting and describe its
role in the management process.
27.
Award: 1.00 point
28.
Award: 1.00 point
Which of the following statements best characterizes managerial accountants of the past?
They carried the job title of ‘analysts’.
They were isolated into separate departments.
They were located in operating departments and worked with other managers.
They often took on leadership roles.
They worked in teams.
Managerial accountants of the past were isolated into separate departments.
References
Multiple Choice Difficulty: 1 Easy Learning Objective: 01-01 Define
managerial accounting and describe its
role in the management process.
Transformation of the role of the managerial accountant within leading-edge companies has been
from analyst to number cruncher.
from number cruncher to trusted advisor.
from team leader to support department employee.
from business partner to financial historian.
from value creator to number cruncher.
Managerial accountants in leading-edge companies have been transformed from number cruncher
to trusted advisor.
References
Multiple Choice Difficulty: 1 Easy Learning Objective: 01-01 Define
managerial accounting and describe its
role in the management process.
29.
Award: 1.00 point
30.
Award: 1.00 point
The day-to-day work of management teams will typically comprise all of the following activities
except:
decision making.
planning.
cost minimizing.
directing operational activities.
controlling.
Cost minimizing is not a typical activity for operational management teams.
References
Multiple Choice Difficulty: 2 Medium Learning Objective: 01-02 Explain four
fundamental management processes that
help organizations attain their goals.
Which of the following functions is best described as choosing among available alternatives?
Decision making.
Planning.
Directing operational activities.
Controlling.
Budgeting.
This is a definition of decision making.
References
Multiple Choice Difficulty: 1 Easy Learning Objective: 01-02 Explain four
fundamental management processes that
help organizations attain their goals.
31.
Award: 1.00 point
32.
Award: 1.00 point
Which of the following managerial functions involves a detailed financial and operational description
of anticipated operations?
Decision making.
Planning.
Directing operational activities.
Controlling.
Measuring.
This is a definition for planning.
References
Multiple Choice Difficulty: 1 Easy Learning Objective: 01-02 Explain four
fundamental management processes that
help organizations attain their goals.
Which of the following involves the coordination of daily business functions within an organization?
Decision making.
Planning.
Directing operational activities.
Controlling.
Motivating.
This is a definition for directing operational activities.
References
Multiple Choice Difficulty: 1 Easy Learning Objective: 01-02 Explain four
fundamental management processes that
help organizations attain their goals.
33.
Award: 1.00 point
34.
Award: 1.00 point
Wembley Company has set various goals, and management is now taking appropriate action to
ensure that the firm achieves these goals. One such action is to reduce outlays for overhead, which
have exceeded budgeted amounts. Which of the following functions best describes this process?
Decision making.
Planning.
Coordinating.
Controlling.
Organizing.
This function is controlling.
References
Multiple Choice Difficulty: 1 Easy Learning Objective: 01-02 Explain four
fundamental management processes that
help organizations attain their goals.