Question 1

Managers are responsible for numerous activities including planning, operating, and controlling.
Define these three types of activities and provide at least one example of each.

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Question 2

How has the automation of accounting information altered the role of the managerial accountant?

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Question 3

Select one of the following functional managers and discuss how they might use accounting information in their managerial role: marketing manager, operations/production manager, human resource manager, or finance manager.

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Question 4

A friend has informed you of a part-time job for which you are well-qualified. It would begin next semester and require working 20 hours a week at a rate of $35 per hour. You would have to commute 2 hours round trip four days a week to work. You have already registered for 18 credit hours (6 classes) next semester, and you have been told that each of the classes is very demanding, requiring projects and extensive study time. If you complete these 18 hours, you will graduate. You are only taking 12 credit hours this semester. You have enough money for tuition ($100 per credit hour) and room and board but would love some extra spending money.
Required:

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Question 5

You are trying to decide what to do during your next school break. One campus group is planning a trip to Jacksonville Beach. Another is planning a ski trip to Snowmass. Many students will be going home to see family, and others will remain on campus. List three factors that you might consider in making your decision.

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Question 6

Select one of the following functional managers and provide an example of the type of accounting information that they might request from the managerial accountant: marketing manager, operations/production manager, human resource manager, or finance manager.

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Question 7

Accounting information systems generate both monetary and non-monetary accounting information. List two examples of eachtype of accounting information.

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Question 8

Identify four internaland external users of accounting information. Provide a specific example of how accounting information might be used by each.

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Question 9

Discuss how a managerial accounting report prepared for an internal user might differ from a financial accounting report prepared for an external user.

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Question 10

Grant Enterprises is considering the introduction of a new product. The marketing and production departments have begun informal discussions about its design, production, and sales. List three examples of accounting information that the marketing and production managers would find useful in their meeting.

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Question 11

You and your roommate would like to purchase a projection TV for your apartment. You have gathered the following information about the two leading models:
  You paid $150 for your current TV two years ago.
Required:

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Question 12

Describe the role of the managerial accountant within an organization.

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Quiz 1: Introduction to Managerial Accounting

Managers are responsible for numerous activities including planning, operating, and controlling. Define these three types of activities and provide at least one example of each.