Managerial Accounting Quiz Reviewer With Answers

Management Advisory Services (MAS) Quiz Reviewer#1 Basic Framework of Management and Cost Accounting.Costs that cannot be changed by any decision made now or in the future areSunk costsIndirect costsAvoidable costsFixed costsManagement accountants must satisfy their users; therefore, they should all do the following EXCEPTProvide them with quality informationProvide specialized information that specific managers can useFocus on preparing information for external financial reportingContinuously strive to provide better quality information faster and at a lower costThe drivers that explain changes in costs as units produced changed are called:Non-unit level driversActivity based cost driversUnit-level driversAll of theseA management information system should emphasize satisfying External demands for informationExternal and internal demands for informationInternal demands for informationThe accounting department’s demands for informationIn comparing financial and management accounting, which of the following more accurately describes management accounting information?Historical, precise, usefulRequired, estimated, internalBudgeted, informative, adaptableComparable, verifiable, monetaryManagement accountingIs more concerned with the future than is financial accountingIs less concerned with segments of a company than is financial