1.Which of the following phrases is most descriptive of managerial accounting?

A)Often used to state corporate goals

B)Never subjective

C)Typically prepared quarterly or annually

D)Keeps records of assets and liabilities

E)None of the above

2.Which of the following phrases is most descriptive of financial accounting?

A)May measure time or customer satisfaction

B)Could use subjective measurements

C)Subject to cost-benefit analysis

D)Highly segregated statements

3.Which of the following statements best defines the mission of an organization?

A)Increase next year's sales by 10 percent over current year sales

B)Become the world's largest provider of consumer goods

C)Adopt cost effective plan for providing new products and services to customers

D)Providing high quality products and services to customers

4.Which of the following statements best defines a goal for an organization?

A)Increase next year's sales by 10 percent over current year sales

B)Providing high quality products and services to customers

C)Adopt a cost effective plan for providing new products and services to customers

D)Become the world's largest provider of consumer goods

5.Which of the following statements best defines a strategy for an organization?

A)Increase next year's sales by 10 percent over current year sales

B)Providing high quality products and services to customers

C)Adopt a cost effective plan for providing new products and services to customers

D)Become the world's largest provider of consumer goods