A number of terms that relate to organization, the work of

A number of terms that relate to organization, the work of management, and the role of managerial accounting are listed below:

Budgets                                             Controller

Decentralization                               Directing and motivating 

Feedback                                           Financial accounting

Line                                                     Managerial accounting

Nonmonetary data                           Performance report

Planning                                              Precision

Staff                                                      Chief Financial Officer

Choose the term or terms above that most appropriately complete the following statements:

1. A position on the organization chart that is directly related to achieving the basic objectives of an organization is called a _________________ position.          

2. When _________________managers oversee day-to-day activities and keep the organization functioning smoothly.

3. The plans of management are expressed formally in _________________

4. _________________ consists of identifying alternatives, selecting from among the alternatives the one that is best for the organization, and specifying what actions will be taken to implement the chosen alternative.

5. A _________________ position provides service or assistance to other parts of the organization and does not directly achieve the basic objectives of the organization.

6. The delegation of decision-making authority throughout an organization by allowing managers at various operating levels to make key decisions relating to their area of responsibility is called _________________

7. Managerial accounting places less emphasis on _________________ and more emphasis on _________________ than financial accounting.

8. _________________ is concerned with providing information for the use of those who are inside the organization, whereas _________________ is concerned with providing information for the use of those who are outside the organization.

9. The accounting and other reports coming to management that are used in controlling the organization are called _________________

10. The manager in charge of the accounting department is generally known as the _________________

11. A detailed report to management comparing budgeted data with actual data for a specific time period is called a _________________

12. The _________________ is the member of the top management team who is responsible for providing timely and relevant data to support planning and control activities and for preparing financial statements for external users.

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...

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