Question 1 (Mandatory) (7 points} Financial and Managerial accounting differ in some significant ways. Looking at the following areasI MATCH the best answers to the questions provided below regarding those differences. What is the time orientation for managerial accounting information? The constraints on managerial accounting are what regarding inputs and processes? Which type of accounting, financial or managerial, provides greater breadth of information? Managerial accounting uses what accounting system to provide information? Who are the targeted users of financial accounting? What is the degree of summarization for managerial accounting? What types of information are provided by financial accountants? 10. 11. 12. 13. 14. Internal users. External users. Detailed reports which may be subjective in nature. Summary reports which concern the company as a whole. Subjective information. Objective information. Future orientation as well as historical information. Past orientation, historical evaluation only. Financial accounting. Managerial accounting. Freedom of choice is total: there are no constraints. Freeddom of choice is constrained by (3MP. An accounting system that is separate from the system that produces financial accounting information. A flexible accounting system that provides information for both managerial and financial accounting. Question 2 (Mandatory) (1 point} Which of the following is an example of the management activity referred to as planning? 0 Developing a strategy of disposing of hazardous waste. 0 The decision to eliminate an unprofitable segment of an organization. 0 The decision to outsource an organization's payroll processing. 0 All of the above. Question 3 (Mandatory) (1 point} Which of the following would NOT be an example of a value-added activity? 0 timely delivery of products. 0 offering the customer a variety of products. 0 storage of finished goods at a factory. 0 excellent customer services. Question 4 (Mandatory) (1 point} Which of the following would normally occupy a line position? 0 vice-president of marketing 0 controller 0 treasurer O purchasing manager Question 5 (Mandatory) (1 point} Which of the following would occupy a line position in a hospital? 0 manager of the cafeteria 0 hospital administrator O chief of surgery 0 floor nurse Question 6 (Mandatory) (1 point} The objective of profit maximization 0 should be the only goal of a management accountant. is an objective of Financial accounting but not Management accounting. 0 should be achieved through ethical means. should outweigh the ogal of product quality. Question 7 (Mandatory) (1 point} Which of the following areas are NOT emphasized for the CMA designation? 0 external auditing and business law 0 economics, finance' and management 0 decision analysis and information systems 0 financial accounting and reporting Question 8 (Mandatory) (1 point} Developing a company strategy for responding to anticipated new markets is an example of what: planning. controlling, or decision making? :w Question 9 (Mandatory) (1 point} Investigating production variances and adjusting the production process is an example of what: planning, controlling, or decision making? :w Question 10 (Mandatory) [1 point) The standards of ethical conduct for management accountants includes 0 competence and performance. 0 integrity and respect for others. 0 confidentialityI confidence, integrity, and observance. O competence, confidentiality, integrity, and objectivity