Question : Multiple Choice Questions 55.Managerial accounting information: A.Is used mainly by external users. B.Involves : 1236593

Multiple Choice Questions 

55.Managerial accounting information:   

A.Is used mainly by external users.

B.Involves gathering information about costs for planning and control decisions.

C.Is generally the only accounting information available to managers.

D.Can be used for control purposes but not for planning purposes.

E.Has little to do with controlling costs.

56.Managerial accounting is different from financial accounting in that:   

A.Managerial accounting is more focused on the organization as a whole and financial accounting is more focused on subdivisions of the organization.

B.Managerial accounting never includes nonmonetary information.

C.Managerial accounting includes many projections and estimates whereas financial accounting has a minimum of predictions.

D.Managerial accounting is used extensively by investors, whereas financial accounting is used only by creditors.

E.Managerial accounting is mainly used to set stock prices.

57.Flexibility of practice when applied to managerial accounting means that   

A.The information must be presented in electronic format so that it is easily changed.

B.Managers must be willing to accept the information as the accountants present it to them, rather than in the format they ask for.

C.The managerial accountants need to be on call twenty-four hours a day.

D.Managerial accounting system differ across companies depending on the nature of the business and the arrangement of its internal operations.

E.Managers must be flexible with information provided in varying forms and using inconsistent measures.

58.Which of the following items does not represent a difference between financial and managerial accounting?   

A.Users of the information.

B.Flexibility of reporting.

C.Timeliness of information.

D.Focus of the information.

E.Managerial accounting does not use the financial information from the financial accounting system.

59.Which of the following items is not a management concept that was created to improve companies’ performances?    

A.Just-in-time manufacturing.

B.GAAP constraints and guidelines.

C.Total quality management.

D.Continuous improvement.

E.Customer orientation.

60.The Malcolm Baldrige National Quality Award that encourages an emphasis on quality was established by   

A.The United Nations.

B.The U.S. Chamber of Commerce.

C.The Malcolm Baldrige Foundation.

D.The U.S. Congress.

E.The SEC.

61.Continuous improvement:   

A.Encourages employees to maintain established business practices.

B.Strives to preserve acceptable levels of performance.

C.Rejects the notion of “good enough.”

D.Is not applicable to most businesses.

E.Is possible only in service businesses.

62.An attitude of constantly seeking ways to improve company operations, including customer service, product quality, product features, the production process, and employee interactions, is called:   

A.Continuous improvement.

B.Customer orientation.

C.Just-in-time.

D.Theory of constraints.

E.Total quality measurement.

63.A management concept based on an understanding of the changing wants and needs of customers, and which leads to flexible product designs and production processes, is called:   

A.Continuous improvement.

B.Customer orientation.

C.Just-in-time.

D.Theory of constraints.

E.Total quality management.

64.An approach to managing inventories and production operations such that units of materials and products are obtained and provided only as they are needed is called:   

A.Continuous improvement.

B.Customer orientation.

C.Just-in-time manufacturing.

D.Theory of constraints.

E.Total quality management.