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Test Bank for Managerial Accounting, Fourth Canadian Edition, 4th E by Karen W. Braun
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Test Bank for Managerial Accounting, Fourth Canadian Edition, 4th E by Karen W. Braun, Wendy M. Tietz, Louis Beaubien. ISBN-13: 2157 and ISBN-10: X Full chapters test bank PDF 1 Introduction to Managerial Accounting ...

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  • July 23, 2022
  • 1634
  • 2021/2022
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Test Bank for Managerial Accounting, 4ce (Braun)
Chapter 1 Introduction to Managerial Accounting

1.1 Identify managers' four primary responsibilities.

1) Controlling means overseeing the company's day-to-day operations.
Answer: FALSE
Diff: 1 Type: TF
LO: 1-1
Bloom's Taxonomy: Remember

2) Managerial accounting gathers, summarizes, and reports the cost and revenue data relevant to
decisions.
Answer: TRUE
Diff: 1 Type: TF
LO: 1-1
Bloom's Taxonomy: Remember

3) Managerial accounting focuses on providing shareholders and creditors with the information they
need to make investment and lending decisions.
Answer: FALSE
Diff: 1 Type: TF
LO: 1-1
Bloom's Taxonomy: Remember

4) Financial accounting focuses on providing internal management with the information it needs to run
an organization efficiently and effectively.
Answer: FALSE
Diff: 1 Type: TF
LO: 1-1
Bloom's Taxonomy: Remember

5) Evaluating the results of business operations against a plan and then making adjustments to that plan
is called budgeting.
Answer: FALSE
Diff: 1 Type: TF
LO: 1-1
Bloom's Taxonomy: Remember

6) The four primary responsibilities of managers are planning, directing, controlling, and decision
making.
Answer: TRUE
Diff: 1 Type: TF
LO: 1-1
Bloom's Taxonomy: Remember

, 7) Managerial accounting develops reports that help internal parties effectively and efficiently run the
company.
Answer: TRUE
Diff: 1 Type: TF
LO: 1-1
Bloom's Taxonomy: Remember

8) Directing means setting goals and objectives for the company and determining how to achieve them.
Answer: FALSE
Diff: 1 Type: TF
LO: 1-1
Bloom's Taxonomy: Remember

9) Budgets are the quantitative expression of management's plans.
Answer: TRUE
Diff: 1 Type: TF
LO: 1-1
Bloom's Taxonomy: Remember

10) Making adjustments to keep the company moving forward is related to the management
responsibility of controlling.
Answer: TRUE
Diff: 1 Type: TF
LO: 1-1
Bloom's Taxonomy: Remember

11) Planning involves which of the following activities?
A) Setting goals and objectives for the company
B) Overseeing the company's day-to-day operations
C) Evaluating the results of operations
D) Getting feedback on results
Answer: A
Diff: 2 Type: MC
LO: 1-1
Bloom's Taxonomy: Understand

12) When management compares the budget to actual results, which of the following is being fulfilled?
A) Directing
B) Controlling
C) Decision-making
D) Planning
Answer: B
Diff: 1 Type: MC
LO: 1-1
Bloom's Taxonomy: Remember

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