Question

- are only finished goods and nerally maintained by a manufacturing firm are only finished goods mvee acc materials Tree False Job order costa True b. False 10. ring systems may be used to evaluate a company's efficiency Multiple Choice Kend each statement question carefully and indicate the BEST answer by writing the corresponding "letter on the Answer Sheet provided. Managerial accounting reports are a prepared according to GAAP b. prepared according to management needs c. prepared periodically only d. related to the entire business entity only Who are the individuals charged with the responsibility for directing the day-to-day operations business? a investors b. managers c. shareholders d. customers 13. What term is used to describe the process of monitoring operating results and comparing actual results with the expected results? a improving b. controlling c. directing d. planning 14. Accounting designed to meet the needs of decision makers inside the business is a general accounting b. financial accounting c. managerial accounting dexternal accounting 15. What term is used to describe the process of developing the organization's objectives and translating those into courses of action? a. supervising b. planning c. improving d. decision making

Answer 1

Answer is given below

FALSE The inventory accounts maintained by a manufacturing firm includes Raw material Work in process Finished goods 10 TRUE Job order costing system traces the actual cost incurred in job and helps in calculating cost at each job level Profit or loss can be determined for each job and hence it will help in improving the efficiency 11 b Management Accounting reports are prepared accordingly to the needs of management It is for interlay purpose only and helps in decision making 12b Managers are the individuals who are charged with day to day responsibility of decision making in an organisation 13 Controlling involves monitoring of the actual results Controlling also involves comparison of actual results with the expected results 14 Managerial Accounting is the Accounting which is used to meet the requirements of internal decision ma It is purely for internal use and needed for day to day decision taken by managers 15 b Planning is the activity which involves developing the organisation objectives and translating those into course of actions