1.________ is the field of accounting that develops information for external parties such as stockholders, suppliers, banks and governmental regulatory bodies.

A) Auditing

B) Internal auditing

C) Management accounting

D) Financial accounting

Answer:

Financial reports prepared by financial accountants focus on ________. Financial reports prepared by management accountants focus on ________

A) segments of the organization such as departments and divisions; segments of the organization such as departments and divisions

B) the organization as a whole; the organization as a whole

C) the organization as a whole; segments of the organization such as departments and divisions

D) segments of the organization such as departments and divisions; the organization as a whole

Answer:

What are accounting systems?

A) The process used to streamline production processes

B) The process used to generate performance measures

C) Formal mechanisms for gathering, organizing and communicating information about an organization's activities

D) none of the above

Answer:

A(n) ________ is a review to determine whether the policies and procedures specified by top management have been implemented by lower managers.

A) management audit

B) internal audit

C) internal control

D) internal accounting control

Answer:

A budget ________.

A) is a quantitative expression of a plan of action

B) provides feedback by comparing actual results with planned results

C) includes deviations from planned results

D) ignores areas that are presumed to be running smoothly