3. Which of the following is most associated withmanagerial accounting?

	a.	must follow GAAP
	b.	may rely on estimates and forecasts
	c.	is prepared for users outside the organization
	d.	always reports on the entire entity

4. Which of the following is most associated with financialaccounting?

	a.	can have both objective and subjective information
	b.	can be prepared periodically, or as needed
	c.	prepared in accordance with GAAP
	d.	can be prepared for the entity or segment

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5. Which of the following statements is false?

	a.	There is no overlap between financial and managerialaccounting.
	b.	Managerial accounting sometimes relies on past information.
	c.	Managerial accounting does not need to conform to GAAP.
	d.	Financial accounting must conform to GAAP.

6. In most business organizations, the chief managementaccountant is called the

	a.	chief accounting officer
	b.	controller
	c.	chairman of the board
	d.	chief executive officer

7. All of the following employees hold line positions inFacebook except

	a.	vice president of production
	b.	vice president of finance
	c.	manager of the web design
	d.	vice president of sales

8. The controller's staff often consists of severalmanagement accountants. All of the following would most likely beon the controller's staff except

	a.	general accountants
	b.	budgets and budget analysts
	c.	investments and shareholder relations managers
	d.	cost accountants

9. Managerial accounting reports are

	a.	prepared according to GAAP
	b.	prepared according to management needs
	c.	prepared periodically only
	d.	related to the entire business entity only

10. Who are the individuals charged with the responsibilityfor directing the day-to-day operations of a business?

	a.	investors
	b.	managers
	c.	shareholders
	d.	customers

11. Which of the following are basic phases of themanagement process?

	a.	supervising and directing
	b.	decision making and supervising
	c.	organizing and directing
	d.	planning and controlling

12. What term is used to describe the process of monitoringoperating results and comparing actual results with the expectedresults?

	a.	improving
	b.	controlling
	c.	directing
	d.	planning

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