Question

In: Accounting

1. All of the following are examples of managerial accounting activities except a. making equipment repair...

1. All of the following are examples of managerial accounting activities except

a. making equipment repair or replacement decisions

b. preparing external financial statements in compliance with GAAP

c. deciding whether or not to use automation

d. deciding whether or not to use automation

2. The primary purpose of what type of business is to serve a particular need in the community?

a. for-profit

b. manufacturing

c. not-for-profit

d. retail

3. External users of financial accounting information include all of the following except

a. employees of a business

b. governmental agencies such as the IRS

c. potential investors

d. lenders such as bankers

4. Which of the following is typically required for entry-level positions in the accounting profession?

a. master’s degree

b. bachelor’s degree

c. Certified Public Accountant (CPA)

d. Certified Management Accountant (CMA)

5. Which of the following skills/attributes is not a primary skill for accountants to possess?

a. verbal communication

b. extensive computer programing background

c. written communication

d. analytical thinking

Expert Solution

Ans 1)
B. preparing external financial statements in compliance with GAAP
Explanation: Managerial accounting information need not conform with U.S. GAAP. In fact, conformance with U.S. GAAP may be a deterrent to getting useful information for internal decision-making purposes. Managerial accounting often focuses on making future projections for segments of a company.

Ans 2)
C. not-for-profit
Explanation: NPOs have no owners for surplus profits to go to and any surplus after operating expenses are used to further its goals Charitable organizations are nonprofits whose goal is to benefit the general public.

Ans 3)
A. employees of a business
Explanation: Because employees are internal to the business.

Ans 4)
B. bachelor’s degree
Explanation: A degree of B.Com from a recognize university is sufficient for entry-level positions in the accounting profession.

Ans 5)
B. extensive computer programming background
Explanation: Because they don't have to do anything with programming at least initially.

ekkarill92 answered 2 years ago

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