In managerial decision-making, a company should analyze and assess decisions made at a later date. What is the major reason for performing such a review?Multiple ChoiceTo cover-up any poorly made decisions.To determine if anyone should be fired.To hold relevant employees involved accountable.To improve the decision-making process in the future.To comply with generally accepted accounting principles. In managerial decision-making, a company must collect relevant information to use in the evaluation process. Some of this information may relate to non-financial issues. All the followingrelate to non-financial information, except for:Multiple ChoiceEnvironmental effects.Potential sales.Competition with a customer.Compliance with the law.Availability of credit.

Managerial decision-making is a process aimed at resolving identified problems and enabling…

Answered: In managerial decision-making, a…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Evaluating employee performance and making strategic decisions are two examples of how managerial accounting information is used. True False
The major reporting standards and principles for presenting managerial accounting information are the generally accepted accounting principles. O True O False
Define the difference in managerial accounting from financial accounting. Plus give an example
The term strategic management accounting involves: Select one: O A. The identification, measurement and communication of cost data in all those situations where the organisation is being judged against the performance of competitors OB. The identification of inefficient internal operations O C. The preparation of historic financial accounts O D. a) and b) above
Managerial decision making in accounting requires careful analysis of quantitative data on areas such as relevant and irrelevant costs. However, qualitative factors also play a role in making such decisions. For this forum, identify some qualitative factors that should be considered when making managerial decisions. Explain why and how these qualitative factors impact the managerial decision making process.
Choose whether the following characteristics are most often associated with managerial accounting or financial accounting. Managerial Accounting Financial Accounting Primarily used for internal decision making Generally Accepted Accounting Principles (GAAP) must be used Prepared statements usually pertain to the company as a whole rather than individual departments or products Information provided will often be subjective, such as estimated future results Often prepared on an as-needed basis rather than at fixed intervals Use principles of the Sustainability Accounting Standards Board (SASB) to provide sustainability, information to external financial statement users Consideration of sustainability practices to contribute to the company's long-term success Using eco-efficiency measures to reduce expenses OOOO
Which of the following is not a characteristic of an effective responsibility accounting system? a) Reports that set goals for long-term strategic performance b) Reports that show revenue and/or expense items under a manager's control c) Reports that show budgeted and actual amounts of controllable revenue and expense items d) Reports that highlight areas that need corrective action

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In managerial decision-making, a company must collect relevant information to use in the evaluation process. Some of this information may relate to non-financial issues. All the following relate to non-financial information, except for: