Managerial Accounting
Midterm Exam
Course Introduction
Managerial Accounting focuses on the internal use of accounting information by managers to plan, control, and evaluate business operations. This course introduces students to key concepts such as cost behavior, budgeting, performance measurement, and decision-making processes relevant to operational and strategic management. Emphasis is placed on analyzing financial data, interpreting reports, and applying accounting techniques to support effective management decisions, improve organizational efficiency, and drive business success.
Recommended Textbook
Financial and Managerial Accounting 6th Edition by John Wild
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2 Chapters
485 Verified Questions
485 Flashcards
Source URL: https://quizplus.com/study-set/2876 Page 2
Chapter 1: Accounting in Business
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254 Verified Questions
254 Flashcards
Source URL: https://quizplus.com/quiz/57259
Sample Questions
Q1) There are three major types of business activities. ______________ activities involve using resources to research, develop, purchase, produce, distribute, and market products and services and receiving amounts from selling products and services.
Answer: Operating
Q2) The difference between a company's assets and its liabilities, or net assets is:
A) Net income.
B) Expense.
C) Equity.
D) Revenue.
E) Net loss.
Answer: C
Q3) Operating activities include long-term borrowing and repaying cash from lenders, and cash investments or dividends to stockholders.
A)True
B)False
Answer: False
Q4) ______________ users of accounting information are not directly involved in running the organization.
Answer: External
To view all questions and flashcards with answers, click on the resource link above. Page 3
Chapter 2: Analyzing for Business Transactions
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217 Verified Questions
217 Flashcards
Source URL: https://quizplus.com/quiz/57258
Sample Questions
Q1) The chronological record of each complete transaction that has occurred is called the:
A) Account balance.
B) Ledger.
C) Journal.
D) Trial balance.
E) Cash account.
Answer: C
Q2) A debit entry is always an increase in the account.
A)True
B)False
Answer: False
Q3) At a given point in time, a business's trial balance is a list of all of its general ledger accounts and their balances
A)True
B)False
Answer: True
Q4) Unearned revenue is classified as a(an) _______________ on a business's balance sheet.
Answer: liability
To view all questions and flashcards with answers, click on the resource link above. Page 4