Question

Midterm Name Date MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answer uestion. I) Which of the following items does not represent a difference between financial and managerial accounting? A) Managerial accounting does not use the financial information from the financial accounting system. B) Users of the information. C) Flexibility of reporting. D) Timeliness of information E) Focus of the information. 2) Continuous improvement: A) Strives to preserve acceptable levels of performance. B) Is possible only in service businesses. C) Encourages employees to maintain established business practices D) Is not applicable to most businesses. E) Rejects the notion of "good enough." 3) An approach to managing inventories and production operations such that uni A) Customer orientation. B) Just-in-time manufacturing. C) Theory of constraints. D) Continuous improvement E) Total quality management Vhich of the following is not part of the materials activity in the flow o ctivities? A) Beginning raw materials

Answer 1

Answer:1)A)

Managerial accounting does not use the financial information from the financial accounting system.

2)E) Rejects the notion of "good enough

3)c) Theory of constraints.

I believe the answer to your last question would be : Beginning work in process.

Explanation:1) Managerial accounting is the practice of identifying, measuring, analyzing, interpreting, and communicating financial information to managers for the pursuit of an organization's goals. Therefore , it is safe to say managerial accounting does not use the financial information from the financial accounting system.

Answer 2

The question is not complete! Here is the complete question and its answer!

Choose the one alternative that best completes the statement or answer Question.

1) Which of the following items does not represent a difference between financial and managerial accounting?

A) Managerial accounting does not use the financial information from the financial accounting system (Answer)

B) Users of the information.

C)Flexibility of reporting.

D) Timeliness of information

E) Focus of the information.

Explanation:

Managerial accounting focuses on internal works like strategic planning, setting goals, managing resources etc. on the other hand, financial accounting is more focused on disclosing firm's performance and financial data for investors that's why managers does not use this financial information from the financial accounting system.

2) Continuous improvement:

A) Strives to preserve acceptable levels of performance.

B) Is possible only in service businesses.

C) Encourages employees to maintain established business practices

D) Is not applicable to most businesses.

E) Rejects the notion of "good enough " (Answer)

Explanation:

Continuous improvement is a process of gradual, consistent and ongoing improvement of processes, products, or services. Nothing is good enough because there is always room for improvement!

3) An approach to managing inventories and production operations such that units of materials and products are obtained and provided only as they are needed is called:

A. Continuous improvement.

B. Customer orientation.

C. Just-in-time manufacturing (Answer)

D. Theory of constraints.

E. Total quality management.

Explanation:

Just-in-time manufacturing is used to meet the current demand just at the moment when its needed which results in increased productivity and lower cost.

4) Which of the following is not part of the materials activity in the flow of manufacturing activities?

A. Beginning work in process (Answer)

B. Beginning raw materials.

C. Raw materials purchases.

D. Ending raw materials.

E. Raw materials available for us

Explanation:

Raw Materials Available for Use =Beginning Raw Materials Inventory+Raw Materials Purchases  

Raw Materials Used =Raw Materials Available for Use - Ending Raw Materials Inventory

As you can see in the above equations 'Beginning work in process' is not the part of materials activity.