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Test Bank for Fundamental Managerial Accounting Concepts 8th Edition By Edmonds Tsay Philip Olds (All Chapters, 100% Original Verified, A+ Grade)$23.49
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Test Bank for Fundamental Managerial Accounting Concepts 8th Edition By Edmonds Tsay Philip Olds (All Chapters, 100% Original Verified, A+ Grade)
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Fundamental Managerial Accounting Co
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Fundamental Managerial Accounting Co
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Test Bank for Fundamental Managerial Accounting Concepts 8th Edition By Edmonds Tsay Philip Ol...
Fundamental Managerial Accounting Concepts, 8e Thomas Edmonds
Christopher Edmonds Bor-Yi Tsay Philip Olds (Test Bank All
Chapters, 100% Original Verified, A+ Grade)
Chapter 01
Management Accounting and Corporate Governance
Answer Key
Multiple Choice Questions
1. Ashley Bradshaw is the manager of one department in a large store. In this capacity,
which of the following kinds of information would she be interested in?
A. Economic data
B. Financial data
C. Nonfinancial data
D. Both financial data and nonfinancial data
Answer: D
Learning Objective: 01-01 Distinguish between managerial and financial accounting.
Topic: Users and Types of Information
Blooms: Remember
AACSB: Knowledge Application
AICPA: BB Industry
AICPA: FN Decision Making
Difficulty: 1 Easy
2. All of the following are features of managerial accounting except:
A. information is provided primarily to insiders such as managers.
B. information includes economic and non-financial data as well as financial data.
C. information is characterized by objectivity, reliability, consistency, and accuracy.
D. information is reported continuously with a present or future orientation.
Answer: C
Learning Objective: 01-01 Distinguish between managerial and financial accounting.
Topic: Information Characteristics
Blooms: Remember
,AACSB: Knowledge Application
AICPA: BB Industry
AICPA: FN Decision Making
Difficulty: 1 Easy
3. Choose the answer that is not a distinguishing characteristic of financial accounting
information.
A. It is global information that reflects the performance of the whole company.
B. It is focused primarily on the future.
C. It is more concerned with financial data than physical or economic data.
D. It is more highly regulated than managerial accounting information.
Answer: B
Learning Objective: 01-01 Distinguish between managerial and financial accounting.
Topic: Information Characteristics
Blooms: Remember
AACSB: Knowledge Application
AICPA: BB Industry
AICPA: FN Decision Making
Difficulty: 1 Easy
4. Managerial accounting information is limited or restricted by which of the following
authorities or principles?
A. Securities and Exchange Commission
B. Generally Accepted Accounting Principles
C. Managerial Accounting Standards Board
D. Value-Added Principle
Answer: C
Learning Objective: 01-01 Distinguish between managerial and financial accounting.
Topic: Regulation
Blooms: Remember
AACSB: Knowledge Application
AICPA: BB Industry
AICPA: FN Decision Making
Difficulty: 1 Easy
,5. Select the incorrect statement regarding the relationship between type of user and type
of information.
A. Middle managers need more nonfinancial, or operational data than do senior
executives.
B. Assembly line supervisors need more immediate feedback on performance than do
senior executives.
C. Senior executives need less aggregated information than do lower-level managers.
D. Senior executives use general economic information as well as financial
information.
Answer: C
Learning Objective: 01-01 Distinguish between managerial and financial accounting.
Topic: Users and Types of Information
Blooms: Remember
AACSB: Knowledge Application
AICPA: BB Industry
AICPA: FN Decision Making
Difficulty: 1 Easy
6. Select the correct statement regarding managerial and financial accounting.
A. Users of managerial accounting information desire greater aggregation than do users
of financial accounting information.
B. Both managerial and financial accounting use economic and physical data in
addition to financial data.
C. Financial accounting is more highly regulated than managerial accounting.
D. Timeliness is more important in financial accounting than in managerial accounting.
Answer: C
Learning Objective: 01-01 Distinguish between managerial and financial accounting.
Topic: Regulation
Blooms: Remember
AACSB: Knowledge Application
AICPA: BB Industry
AICPA: FN Decision Making
Difficulty: 1 Easy
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