Exam (elaborations)
Managerial Accounting John Wild 7th Edition- Test Bank
- Module
- Managerial Accounting
- Institution
- Managerial Accounting
Managerial Accounting John Wild 7th Edition- Test Bank
[Show more]
Content preview
,Managerial Accounting, 7e (Wild)Chapter 1 Managerial Accounting Concepts and Principles
1) Managerial accounting is an activity that helps managers determine costs of products and
services, plan future activities, and compare actual to planned results.
Answer: TRUE
Difficulty: 1 Easy
Topic: Purpose of Managerial Accounting
Learning Objective: 01-C1 Explain the purpose and nature of, and the role of ethics in,
managerial accounting.
Bloom's: Remember
AACSB/Accessibility: Communication / Keyboard Navigation
AICPA: BB Industry; FN Decision Making
2) Control is the process of setting goals and determining ways to achieve them.
Answer: FALSE
Difficulty: 1 Easy
Topic: Purpose of Managerial Accounting
Learning Objective: 01-C1 Explain the purpose and nature of, and the role of ethics in,
managerial accounting.
Bloom's: Remember
AACSB/Accessibility: Communication / Keyboard Navigation
AICPA: BB Industry; FN Decision Making
3) Control is the process of monitoring planning decisions and evaluating an organization's
activities and employees.
Answer: TRUE
Difficulty: 1 Easy
Topic: Purpose of Managerial Accounting
Learning Objective: 01-C1 Explain the purpose and nature of, and the role of ethics in,
managerial accounting.
Bloom's: Remember
AACSB/Accessibility: Communication / Keyboard Navigation
AICPA: BB Industry; FN Decision Making
1
Copyright 2019 © McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior
written consent of McGraw-Hill Education.
,4) Managerial accounting provides financial and nonfinancial information to an organization's
managers and other internal decision makers.
Answer: TRUE
Difficulty: 1 Easy
Topic: Purpose of Managerial Accounting
Learning Objective: 01-C1 Explain the purpose and nature of, and the role of ethics in,
managerial accounting.
Bloom's: Remember
AACSB/Accessibility: Communication / Keyboard Navigation
AICPA: BB Industry; FN Decision Making
5) One of the usual differences between financial and managerial accounting is the timeliness of
the information reported.
Answer: TRUE
Difficulty: 1 Easy
Topic: Purpose of Managerial Accounting
Learning Objective: 01-C1 Explain the purpose and nature of, and the role of ethics in,
managerial accounting.
Bloom's: Remember
AACSB/Accessibility: Communication / Keyboard Navigation
AICPA: BB Industry; FN Decision Making
6) Managerial accounting information can be forwarded to the managers of a company quickly
since external auditors do not have to review it, and estimates and projections are acceptable.
Answer: TRUE
Difficulty: 1 Easy
Topic: Purpose of Managerial Accounting
Learning Objective: 01-C1 Explain the purpose and nature of, and the role of ethics in,
managerial accounting.
Bloom's: Remember
AACSB/Accessibility: Communication / Keyboard Navigation
AICPA: BB Industry; FN Reporting
2
Copyright 2019 © McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior
written consent of McGraw-Hill Education.
, 7) Marketing managers can use managerial accounting information to decide whether to
advertise on social media.
Answer: TRUE
Difficulty: 1 Easy
Topic: Purpose of Managerial Accounting
Learning Objective: 01-C1 Explain the purpose and nature of, and the role of ethics in,
managerial accounting.
Bloom's: Remember
AACSB/Accessibility: Communication / Keyboard Navigation
AICPA: BB Industry; FN Reporting
8) Managerial accounting reports and information are used by external users and financial
accounting by internal users.
Answer: FALSE
Difficulty: 1 Easy
Topic: Purpose of Managerial Accounting
Learning Objective: 01-C1 Explain the purpose and nature of, and the role of ethics in,
managerial accounting.
Bloom's: Remember
AACSB/Accessibility: Communication / Keyboard Navigation
AICPA: BB Industry; FN Decision Making
9) Both financial and managerial accounting rely on accepted principles that are enforced
through an extensive set of rules and guidelines.
Answer: FALSE
Difficulty: 1 Easy
Topic: Purpose of Managerial Accounting
Learning Objective: 01-C1 Explain the purpose and nature of, and the role of ethics in,
managerial accounting.
Bloom's: Remember
AACSB/Accessibility: Communication / Keyboard Navigation
AICPA: BB Industry; FN Decision Making
3
Copyright 2019 © McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior
written consent of McGraw-Hill Education.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller evileye251. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £20.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67866 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now