Managerial accounting and cost accounting both measure and report financial and non-financial information relating to the cost of acquiring or utilizing resources.

Question 1 options:

	True
	False

Question 2 (1 point)

 

Financial accounting is concerned primarily with

Question 2 options:

	cost planning and cost controls.
	profitability analysis.
	external reporting to investors, government authorities, etc.
	providing information for strategic and tactical decisions.
	providing analysis to facilitate long term decision making.

Question 3 (1 point)

 

Financial accounting

Question 3 options:

	focuses on the future and includes activities such as preparing next year's operating budget.
	must comply with IFRS/ASPE.
	reports include detailed information on the various operating segments of the business such as product lines or departments.
	is prepared for the use of department heads and other employees.
	is primarily concerned with profitability analysis.

Question 4 (1 point)

 

Strategy specifies

Question 4 options:

	how an organization matches its own capabilities with the opportunities in the marketplace.
	standard procedures to ensure quality products.
	that a company's financial procedures are in compliance with IFRS/ASPE.
	the demand created for products and services.
	incremental changes for improved performance.

Question 5 (1 point)

 

The text identifies six ways to classify the major differences between Management and Financial Accounting. The statement "Varies from hourly to 15 to 20 years" is an example of which of the following classes of differences?

Question 5 options:

	focus and emphasis
	purpose of information
	primary users
	time span and type of reports
	rules of measurement and reporting