Solved by verified expert :1. Managerial
accounting stresses accounting concepts and procedures that are relevant to
preparing reports for internal users of accounting information.
2. The
goal of managerial accounting is to provide information for planning,
controlling and decision making.
3. A
thorough understanding of managerial accounting is essential for an effective
manager.
4. A
budget informs managers of planned production amounts and the cost of resources
needed for production.
5. Budgets are financial plans prepared by
managerial accountants.
6. Only
amounts that can be expressed in dollars and cents can be used in preparing
budgets.
7. An
unfavorable evaluation of an operation indicates that the manager of that
operation is not performing adequately.
8. Performance reports are used for
control purposes.
9. Performance
reports, like other managerial accounting reports, must follow GAAP.
10. Performance
reports may show comparisons of current period performance to the planned, or
budgeted, performance.
11. Managers
need to investigate every difference between actual and budgeted costs in a
performance report.
12. Decisions
to reward or punish managers are not part of the planning and control
process.
13. Managerial
accounting is directed at external users of accounting information.
14. Managerial
accounting must follow generally accepted accounting principles.
15 Managerial
accounting may present more detailed information than financial accounting.
16. Managerial
accounting is optional and stresses that the information provided should be
useful to managers.
