Cost Accounting
A Managerial Emphasis
Ninth Canadian Edition
, Cost Accounting: A Managerial Emphasis - Cdn. Ed., 9e (Datar)
Chapter 1 The Accountant's Vital Role in Decision Making
1.1 Explain how management accounting data are essential to the process of rational operating
and strategic decision making.
1) Cost accounting is guided by generally accepted accounting principles.
Answer: FALSE
Diff: 1 Type: TF
CPA Competencies: Chapter 1 -
3.1.1 Evaluates management information requirements,
3.1.2 Evaluates the types of information systems used and the role they play in an organization,
3.1.4 Identifies ethical and privacy issues related to information technology
Skill: Remembering
Objective: LO 1-1
2) Managerial accounting and financial accounting both measure and report financial and non-financial
information related to the cost of acquiring or utilizing resources.
Answer: FALSE
Diff: 1 Type: TF
CPA Competencies: Chapter 1 -
3.1.1 Evaluates management information requirements,
3.1.2 Evaluates the types of information systems used and the role they play in an organization,
3.1.4 Identifies ethical and privacy issues related to information technology
Skill: Remembering
Objective: LO 1-1
3) Cost accounting provides information only for financial accounting.
Answer: FALSE
Diff: 1 Type: TF
CPA Competencies: Chapter 1 -
3.1.1 Evaluates management information requirements,
3.1.2 Evaluates the types of information systems used and the role they play in an organization,
3.1.4 Identifies ethical and privacy issues related to information technology
Skill: Remembering
Objective: LO 1-1
4) Financial accountants are required to follow the generally accepted accounting principles that are used
for external financial reporting when preparing reports for internal users.
Answer: TRUE
Diff: 2 Type: TF
CPA Competencies: Chapter 1 -
3.1.1 Evaluates management information requirements,
3.1.2 Evaluates the types of information systems used and the role they play in an organization,
3.1.4 Identifies ethical and privacy issues related to information technology
Skill: Remembering
Objective: LO 1-1
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