A number of terms that relate to organizations, the work of management, and the role of managerial accounting are listed below:
Budgets.......................................... Controller
Directing and motivating......................... Feedback
Financial accounting............ Managerial accounting
Performance report.............................. Planning
Precision......................................... Timeliness
Required:
Choose the term or terms above that most appropriately complete the following statements. A term may be used more than once or not at all.
1. When________________ , managers mobilize people to carry out plans and run routine
operations.
2. The plans of management are expressed formally in_______________ .
3._____________ consists of identifying alternatives, selecting from among the alternatives
the one that is best for the organization, and specifying what actions will be taken to implement the chosen alternative.
4. Managerial accounting places less emphasis on________ and more emphasis_________ on than financial accounting.
5.___________ is concerned with providing information for the use of those who are
inside the organization, whereas___________ is concerned with providing information for the use of those who are outside the organization.
6. _________emphasizes detailed segment reports about departments, customers, products, and customers.
7. ____________must follow GAAP, whereas__________ need not follow GAAP.
8. The accounting and other reports that help managers monitor performance and focus on problems and/or opportunities are a form of _______________.
9. The manager in charge of the accounting department is usually known as the________.
10. A detailed report to management comparing budgeted data with actual data for a specific time period is a___________ .