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Accounting 526 Midterm {Meyer} Questions & answers
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Accounting 526 Midterm {Meyer}True or False:
Managerial accounting is the provision of accounting for a company's external users. -
ANS-false
True or False:
Providing an analysis for a company regarding adding a particular product line,
retracting sales markets, or dealing with risks or opportunities are some of the
responsibilities of managerial accountants. - ANS-true
True or False:
Managerial accounting follows the same rules as financial accounting. - ANS-false
True or False:
Managerial accountants need to understand their company's strategy and key business
processes for accurate analysis of data which will result in smooth strategy execution by
business executives. - ANS-true
True or False:
Ethical behavior involves choosing actions that are right, proper, and just. - ANS-true
True or False:
Ethical failures no longer occur in businesses across the globe. - ANS-false
Which of the following is true of financial accounting?
a. it is primarily concerned with producing information for internal users
b. it does not follow any externally imposed rules
c. it strongly emphasizes providing information about future events
d. it focuses on overall firm performance, providing a more aggregated viewpoint -
ANS-D
Which of the following is a difference between financial and managerial accounting?
a. financial accounting focuses on providing information for internal users, while
managerial accounting focuses on providing information for external users
b. financial accounting has a historical orientation, while managerial accounting
emphasizes on the future
, c. financial accounting includes various disciplines and is broad in scope, while
managerial is more self-containing - ANS-B
Which of the following is referred to as controlling?
a. the provision of accounting information for a company's internal users
b. the process of choosing among competing alternatives
c. the managerial activity of monitoring a plan's implementation and taking corrective
action as needed
d. the detailed formulation of action to achieve a particular end - ANS-C
The detailed formulation of action to achieve a particular end is the management activity
called - ANS-planning
Which of the following is a standard of ethical conduct for managerial accountants as
per the Institute of Management Accountants? - ANS-competence
The statement of ethical professional practice is issued by ? - ANS-Institute of
Management Accountants
True or False:
Cost objects do not need to be considered for all business and personal decisions. -
ANS-false
True or False:
When providing cost estimates, it is essential to know the decision to which the cost
object is related. - ANS-true
True or False:
Product costs are recorded in inventory as an asset on the balance sheet and then are
recorded on the income statement in the form of cost of goods sold as inventory is sold.
- ANS-true
True or False:
Some period costs are immediately recorded on the income statement as expenses as
incurred, while other period costs are capitalized as assets and are recorded on the
income statement as depreciation expense as the asset is used up or generates
revenue over time. - ANS-true
True or False:
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