Managerial Accounting Functions


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In managerial accounting, what is the function of planning?

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1. What type of decision is NOT part of the decision-making function?

2. In the monitoring and controls function, which of the following is used to compare anticipated to actual revenues and expenses?

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About This Quiz & Worksheet

Test yourself with this quiz and worksheet based on the functions of managerial accounting. You will address topics like the function of planning and types of decisions.

Quiz & Worksheet Goals

Determine what you know about how to:

  • Identify the tool used to measure performance in the monitoring and controls function
  • Recognize the financial statement that compares projected and actual revenue
  • Understand a profit and loss statement
  • Measure the outcome of an investment appraisal

Skills Practiced

Review this quiz and worksheet and practice the following:

  • Reading comprehension - ensure that you draw the most important information from the related lesson on the functions of managerial accounting
  • Making connections - use understanding of the monitoring and controls function and how it is connected to measuring performance
  • Critical thinking - apply relevant concepts to examine information about what accounting managers do in a different light
  • Interpreting information - verify that you can read information regarding financial statements and interpret it correctly

Additional Learning

Review this lesson to learn more about this particular accounting field. The lesson is named Managerial Accounting Functions, and it will cover the following study objectives:

  • Define managerial accounting
  • Assess the four major managerial accounting functions
  • Understand accounting procedures