1. Each of the following statements describes a responsibility of management. Match each statement to the management responsibility being fulfilled.

2. Are the following statements more descriptive of managerial accounting or financial accounting information?

a. Describes historical transactions with external parties

b. Is not required by any authoritative body, such as the SEC

c. Reports on the company’s subunits, such as products, geographical areas, and departments

d. Is intended to be used by creditors and investors

e. Is formatted in accordance with GAAP 3. Each of the following statements paraphrases an ethical responsibility. Match each statement to the standard of ethical professional practice being fulfilled. Each standard may be used more than once or not at all.

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Statement 1. Identifying alternative courses of action and choosing among them 2. Running the company on a day-to-day basis 3. Determining whether the company's units are operating according to plan Management Responsibility a. Planning b. Decision making c. Directing 4. Setting goals and objectives for the company and d. Controlling determining strategies to achieve them