Question

Match each term with its correct definition.

Column A

1. The Board of Directors is shown at the top of this diagram.

2. Job that is directly involved in providing goods or services to customers.

3. An accounting field that is required to follow Generally Accepted Accounting Principles.

4. The role managers play when they are motivating employees.

5. An accounting field that helps managers plan and control operations.

6. This role requires managers to look to the future.

7. The role managers play when they evaluate why results were different from expectations.

Column B

a.Directing/leading

b.Controlling

c.Line position

d.Planning

e.Financial accounting

f.Organizational chart

g.Managerial accounting

Answer 1

Correct match is as follows:

1. The Board of Directors is shown at the top of this diagram. - f.Organizational chart

2. Job that is directly involved in providing goods or services to customers.- c.Line position

3. An accounting field that is required to follow Generally Accepted Accounting Principles.- e.Financial accounting

4. The role managers play when they are motivating employees.- a.Directing/leading

5. An accounting field that helps managers plan and control operations.- g.Managerial accounting

6. This role requires managers to look to the future.- d.Planning

7. The role managers play when they evaluate why results were different from expectations.- b.Controlling

Note: GAAP is required to be applied in financial accounting but not in management accounting as it is for internal purposes.

The Board of Directors have the highest authority in the organization