Test Bank for Horngren's Cost Accounting, A Managerial Emphasis, 3rd Australian Edition Horngren (All Chapters included)
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Accounting
Institution
Accounting
Complete Test Bank for Horngren's Cost Accounting, A Managerial Emphasis, 3rd Australian Edition by Charles Horngren, Srikant M. Datar, Madhav V. Rajan, William Maguire, Rebecca Tan ; ISBN13: 9781488612640. (Full Chapters included Chapter 1 to 21)...Chapter 1. Management accounting in context.
Cha...
Horngren's Cost Accounting,
A Managerial Emphasis
3rd Australian Edition
by Charles Horngren
Complete Chapters Test Bank are
included (Ch 1 to 21)
** Immediate Download
** Swift Response
** All Chapters included
,Chapter 1
Management accounting in context
Choose the one alternative that best completes the statement or answers the question.
1) Management accounting:
A) focuses on estimating future revenues, costs, and other measures to forecast activities and their results.
B) reports information in accordance with relevant accounting standards.
C) provides information to external parties.
D) provides information that is generally available only on a quarterly or annual basis.
Answer: A
AACSB: Able to analyse and frame problems
Difficulty: Moderate
Topic: Management accounting and its role
Learning Objective: 1.1 Describe management accounting and explain its role.
2) Financial accounting:
A) reports include detailed information on the various operating segments of the business such as product
lines or departments.
B) focuses on the future and includes activities such as preparing next year’s operating budget.
C) is prepared for the use of department heads and other employees.
D) must comply with GAAP (generally accepted accounting principles).
Answer: D
AACSB: Able to analyse and frame problems
Difficulty: Moderate
Topic: Management accounting and its role
Learning Objective: 1.1 Describe management accounting and explain its role.
3) Which of the following is MOST likely to use ONLY financial accounting information?
A) Vice CEO of operations
B) Department manager
C) Current shareholder
D) Factory shift supervisor
Answer: C
AACSB: Able to analyse and frame problems
Difficulty: Moderate
Topic: Management accounting and its role
Learning Objective: 1.1 Describe management accounting and explain its role.
9781488612640/Horngren/Cost Accounting 3e
, 4) The person MOST likely to use management accounting information is a(n):
A) governmental taxing authority.
B) banker evaluating a credit application.
C) assembly department supervisor.
D) shareholder evaluating a share investment.
Answer: C
AACSB: Able to analyse and frame problems
Difficulty: Moderate
Topic: Management accounting and its role
Learning Objective: 1.1 Describe management accounting and explain its role.
5) Which of the following descriptors refers best to management accounting information?
A) It is verifiable and reliable.
B) It is prepared for shareholders.
C) It is driven by rules.
D) It provides reasonable and timely estimates.
Answer: D
AACSB: Able to analyse and frame problems
Difficulty: Moderate
Topic: Management accounting and its role
Learning Objective: 1.1 Describe management accounting and explain its role.
6) Which statement refers best to management accounting information?
A) It primarily measures and records business transactions.
B) The audience tends to be shareholders, creditors, and tax authorities.
C) There are no regulations governing the reports.
D) The reports are generally delayed and historical.
Answer: C
AACSB: Able to analyse and frame problems
Difficulty: Moderate
Topic: Management accounting and its role
Learning Objective: 1.1 Describe management accounting and explain its role.
7) Management accounting information includes:
A) the cost of producing a product.
B) tabulated results of customer satisfaction surveys.
C) the percentage of units produced that are defective.
D) All of these answers are correct.
Answer: D
AACSB: Able to analyse and frame problems
9781488612640/Horngren/Cost Accounting 3e
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