Managerial Accounting True-False Statements

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Managerial Accounting True-False Statements in $3.50 only

1. Reports prepared in financial accounting are general-purpose reports, whereas reports

prepared in managerial accounting are usually special-purpose reports.

2. Managerial accounting information generally pertains to an entity as a whole and is highly aggregated.

3. Managerial accounting applies to all forms of business organizations.

4. Determining the unit cost of manufacturing a product is an output of financial accounting.

5. Managerial accounting internal reports are prepared more frequently than are classified financial statements.

6. The management function of directing and motivating is mainly concerned with setting goals and objectives for the entity.

7. An organization chart in a manufacturing company replaces the chart of accounts.

8. Controlling is the process of determining whether planned goals are being met.

9. Decision-making is an integral part of the planning, directing and motivating, and controlling functions.

10. Both direct labor cost and indirect labor cost are product costs.