Changing Role of Managerial Accounting in a Dynamic Business Environment
Managerial accountants more and more are considered “business partners. ” B. Managerial accountants often are part of cross-functional teams. C. An increasing number of organizations are segregating managerial accountants in separate managerial-accounting departments. D. In a number of companies, managerial accountants make significant business decisions and resolve operating problems. E. The role of managerial accountants has changed considerably over the past decade.
The day-to-day work of management teams will typically comprise all of the following activities except: A. decision making. B. planning. C. cost minimizing. D. directing operational activities. E. controlling. Answer: C LO: 2 Type: RC 3. Which of the following functions is best described as choosing among available alternatives?
Which of the following functions best describes this process? A. Decision making. B. Planning. C. Coordinating. D. Controlling. E. Organizing. Answer: D LO: 2 Type: N 7. Which of the following is not an objective of managerial accounting? A. Providing information for decision making and planning. B. Assisting in directing and controlling operations. C. Maximizing profits and minimizing costs. D. Measuring the performance of managers and subunits. E. Motivating managers toward the organization’s goals. Answer: C LO: 3 Type: RC 8.
The role of managerial accounting information in assisting management is a(n): A. inancial-directing role. B. attention-directing role. C. planning and controlling role. D. organizational role. E. problem-solving role. Answer: B LO: 3 Type: RC 9. Employee empowerment involves encouraging and authorizing workers to take initiatives to: A. improve operations. B. reduce costs. C. improve product quality. D. improve customer service. E. all of the above. Answer: E LO: 3 Type: RC 10. The process of encouraging and authorizing workers to take appropriate initiatives to improve the overall firm is commonly known as: A. planning and control. B. employee empowerment.