Managerial Accounting Includes the Planning Function

question 23

Multiple Choice

Managerial accounting includes the planning function.Which of the following items would be part of the planning function of a business's managerial accounting?

• A) comparing actual to expected results
• B) choosing goals and deciding how to achieve them
• C) monitoring operations to keep the company on track
• D) monitoring and evaluating the results of operations

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Definitions:

Price Inelastic

A characteristic of goods for which demand does not significantly change with a change in price.

Demand

The desire and ability of consumers to purchase goods and services at different prices, reflecting the relationship between price levels and quantity demanded.

Rising Health Care Costs

The increasing expense associated with medical services and products, affecting individuals, families, businesses, and governments.

Budgets

Financial plans detailing projected income versus expenditures over a specific period.