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Test Bank for Cornerstones of Managerial Accounting, 4th Canadian Edition by Mowen
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Test Bank for Cornerstones of Managerial Accounting 4ce 4th Canadian Edition by Maryanne M. Mowen/Don R. Hansen/David J. McConomy/Bradley D. Witt. ISBN-13: 5261 Full Chapters test banks are included. Chapter 1: Introduction to Managerial Accounting What Is Managerial Accounting? Comparison ...

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  • July 21, 2023
  • 674
  • 2022/2023
  • Exam (elaborations)
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Name: Class: Date:

Chapter 01 4ce

Indicate whether the statement is true or false.
1. Positions that have direct responsibility for the basic objectives of an organization are normally referred to as
staff positions.
a. True
b. False

2. The Triple Bottom Line refers to management putting triple the focus on profits.
a. True
b. False

3. Managerial accounting is designed primarily for external users.
a. True
b. False

4. Managerial accounting information is important for both for-profit and not-for-profit organizations.
a. True
b. False

5. Financial accounting has its emphasis primarily on the future.
a. True
b. False

6. Virtually all managerial accounting practices were developed to assist managers in maximizing profits.
a. True
b. False

7. The managerial activity of monitoring a plan’s implementation and taking corrective action as needed is referred
to as controlling.
a. True
b. False

8. The belief that each member of a group bears some responsibility for the well-being of other members is a
common principle underlying all ethical systems.
a. True
b. False

9. Activity-based costing is a detailed approach to determining the cost of goods and services.
a. True
b. False

10. Managerial accounting information is used only by manufacturing organizations.
a. True
b. False




. Page 1

,Name: Class: Date:

Chapter 01 4ce

11. In larger organizations, the controller is typically also the chief executive officer (CEO) of a company.
a. True
b. False

12. Managerial accounting is internally focused.
a. True
b. False

13. Customer value is the difference between what a customer receives and what they give up when buying a
product or service.
a. True
b. False

14. A cost accountant would normally occupy a line position within an organization.
a. True
b. False

15. The process of choosing among competing alternatives is called decision making.
a. True
b. False

16. The value chain refers to the set of activities required to design, develop, produce, market, and deliver products
and services to customers.
a. True
b. False

17. Professional accountants in Canada now operate as Chartered Professional Accountants (CPAs).
a. True
b. False

18. In Canada, both financial and managerial accounting are governed by the Accounting Standards Board (AcSB)
of CPA Canada.
a. True
b. False

19. Value chain analysis is a useful way of examining a firm’s competitive advantage.
a. True
b. False

20. The CPA designation in Canada refers to Certified Professional Accountant.
a. True
b. False




. Page 2

,Name: Class: Date:

Chapter 01 4ce

21. Because service organizations do not make or sell tangible products, they have no need for managerial
accounting.
a. True
b. False

Indicate the answer choice that best completes the statement or answers the question.
22. What is an objective of managerial accounting?
a. to comply with international reporting standards
b. to provide tax information for planning, controlling, evaluating, and continuous improvement
c. to prepare reports for investors, creditors, government agencies, and other outside users
d. to provide information for the costing of services, products, and other objects of interest to management

23. According to M. E. Porter, which of the following reflects support activities in the value chain?
a. inbound logistics, operations, outbound logistics, marketing and sales, service
b. procurement, inbound logistics, operations, outbound logistics, marketing and sales, service
c. procurement, technology development, human resources management, developing infrastructure
d. technology development, human resources management, operations, developing infrastructure

24. Which term refers to the progress of new products through the stages of conception, introduction into the market,
growth, maturity, decline, and eventual withdrawal from a market?
a. product life cycle b. value chain analysis
c. strategic positioning d. continuous improvement

25. Which of the following is a characteristic of customer value?
a. the establishment of a competitive advantage by creating better customer value for the same cost
b. the improvement of costing accuracy by emphasizing the activities and tasks that must be performed
c. the efficient performance of necessary activities and elimination of activities that do not create customer
value
d. the difference between what a customer receives and what the customer gives up when buying a product
or service

26. According to the CPA Code of Professional Conduct, what are the fundamental principles of ethics?
a. reputation, professionalism, authority, judgement, conflict of interest
b. professionalism, public interest, integrity and due care, confidentiality, conflict of interest
c. professional behaviour, integrity and due care, professional competence, confidentiality, objectivity
d. professional behaviour, integrity and due care, professional competence, confidentiality, subjectivity

27. Which of the following reflects all three of the key aspects of the Triple Bottom Line?
a. measures of employees, customers, and suppliers
b. measures of social, financial, and environmental impact
c. measures of assets, liabilities, and equity of the organization
d. measures of revenues, expenses, and profit of the organization


. Page 3

, Name: Class: Date:

Chapter 01 4ce

28. What is developing a company strategy for responding to anticipated new markets an example of?
a. planning b. delegating
c. controlling d. decision making

29. Which statement best describes the controller of an organization?
a. They generally have no influence in policies and decisions.
b. They can have significant input into policies and decisions.
c. They typically set operating policy within the organization.
d. They typically have authority over managers in the production area.

30. What is investigating production variances and adjusting the production process an example of?
a. planning b. delegating
c. controlling d. decision making

31. Which employee would normally occupy a line position?
a. the treasurer b. the controller
c. the purchasing manager d. the vice-president of marketing

32. Which of the following is a characteristic of managerial accounting?
a. It has no mandatory rules.
b. It must adhere to mandatory rules.
c. Its main users are outside of the organization.
d. It provides only objective financial information.

33. Which employee would normally occupy a line position in a hospital?
a. a staff nurse b. the chief of surgery
c. a hospital administrator d. the manager of the cafeteria

34. Which employee would normally occupy a staff position?
a. an assembly worker b. the factory manager
c. the cost accounting manager d. the vice-president of operations

35. Which term refers to establishing objectives within an organization to include its social and environmental impact?
a. triple impact b. triple accounting
c. triple bottom line d. triple cost analysis

36. According to M. E. Porter, which of the following reflects primary activities in the value chain?
a. inbound logistics, operations, outbound logistics, marketing and sales, service
b. procurement, inbound logistics, operations, outbound logistics, marketing and sales, service
c. procurement, technology development, human resources management, developing infrastructure
d. technology development, human resources management, operations, developing infrastructure

37. Virtually all managerial accounting practices were developed to assist managers with which of the following?
a. determining costs b. maximizing profits
c. generating tax reports d. creating annual reports

. Page 4

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