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Chapter 18 Managerial Accounting Concepts And Principles
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Chapter 18 Managerial Accounting Concepts And Principles Accounting 26th Ed by Warren -Test Bank
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CHAPTER 18: MANAGERIAL ACCOUNTING CONCEPTS AND PRINCIPLES1. Managerial accounting reports must be prepared according to generally accepted accounting principles.
a. True
b. False
ANSWER: False
DIFFICULTY: Easy
Bloom’s: Remembering
LEARNING OBJECTIVES: ACCT.WARD.16.18-01 - 18-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.25 - Managerial Characteristics/Terminology
ACCT.ACBSP.APC.27 - Managerial Accounting Features/Costs
ACCT.IMA.07 - Cost Management
BUSPROG: Analytic
2. Managerial accounting uses only past data in reports to aid management in the decision making process.
a. True
b. False
ANSWER: False
DIFFICULTY: Easy
Bloom’s: Remembering
LEARNING OBJECTIVES: ACCT.WARD.16.18-01 - 18-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.25 - Managerial Characteristics/Terminology
ACCT.ACBSP.APC.27 - Managerial Accounting Features/Costs
ACCT.IMA.07 - Cost Management
BUSPROG: Analytic
3. Managerial accounting information includes both historical and estimated data.
a. True
b. False
ANSWER: True
DIFFICULTY: Easy
Bloom’s: Remembering
LEARNING OBJECTIVES: ACCT.WARD.16.18-01 - 18-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.25 - Managerial Characteristics/Terminology
ACCT.ACBSP.APC.27 - Managerial Accounting Features/Costs
ACCT.IMA.07 - Cost Management
BUSPROG: Analytic
© 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
,Chapter 18: Managerial Accounting Concepts and Principles
4. Since there are few rules to restrict how an organization chooses to arrange its own internal data for decision
making, managerial accounting provides ample opportunity for creativity and change.
a. True
b. False
ANSWER: True
DIFFICULTY: Easy
Bloom’s: Remembering
LEARNING OBJECTIVES: ACCT.WARD.16.18-01 - 18-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.25 - Managerial Characteristics/Terminology
ACCT.ACBSP.APC.27 - Managerial Accounting Features/Costs
ACCT.IMA.07 - Cost Management
BUSPROG: Analytic
5. A diagram of the operating structure of an organization is called an organization chart.
a. True
b. False
ANSWER: True
DIFFICULTY: Easy
Bloom’s: Remembering
LEARNING OBJECTIVES: ACCT.WARD.16.18-01 - 18-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.25 - Managerial Characteristics/Terminology
ACCT.ACBSP.APC.27 - Managerial Accounting Features/Costs
ACCT.IMA.07 - Cost Management
BUSPROG: Analytic
6. In most business organizations, the chief accountant is called the treasurer.
a. True
b. False
ANSWER: False
DIFFICULTY: Easy
Bloom’s: Remembering
LEARNING OBJECTIVES: ACCT.WARD.16.18-01 - 18-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.25 - Managerial Characteristics/Terminology
ACCT.ACBSP.APC.27 - Managerial Accounting Features/Costs
ACCT.IMA.07 - Cost Management
BUSPROG: Analytic
© 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
,Chapter 18: Managerial Accounting Concepts and Principles
7. In most business organizations, the chief management accountant is called the controller.
a. True
b. False
ANSWER: True
DIFFICULTY: Easy
Bloom’s: Remembering
LEARNING OBJECTIVES: ACCT.WARD.16.18-01 - 18-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.25 - Managerial Characteristics/Terminology
ACCT.ACBSP.APC.27 - Managerial Accounting Features/Costs
ACCT.IMA.07 - Cost Management
BUSPROG: Analytic
8. A staff department or unit is one that provides services, assistance, and advice to the departments with line or other
staff responsibilities.
a. True
b. False
ANSWER: True
DIFFICULTY: Easy
Bloom’s: Remembering
LEARNING OBJECTIVES: ACCT.WARD.16.18-01 - 18-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.25 - Managerial Characteristics/Terminology
ACCT.ACBSP.APC.27 - Managerial Accounting Features/Costs
ACCT.IMA.07 - Cost Management
BUSPROG: Analytic
9. The vice presidents of production and sales and the controller hold line positions in most large organizations.
a. True
b. False
ANSWER: False
DIFFICULTY: Easy
Bloom’s: Remembering
LEARNING OBJECTIVES: ACCT.WARD.16.18-01 - 18-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.25 - Managerial Characteristics/Terminology
ACCT.ACBSP.APC.27 - Managerial Accounting Features/Costs
ACCT.IMA.07 - Cost Management
BUSPROG: Analytic
© 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
, Chapter 18: Managerial Accounting Concepts and Principles
10. A staff department has no direct authority over a line department.
a. True
b. False
ANSWER: True
DIFFICULTY: Easy
Bloom’s: Remembering
LEARNING OBJECTIVES: ACCT.WARD.16.18-01 - 18-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.25 - Managerial Characteristics/Terminology
ACCT.ACBSP.APC.27 - Managerial Accounting Features/Costs
ACCT.IMA.07 - Cost Management
BUSPROG: Analytic
11. The controller's staff consists of management accountants responsible for systems and procedures,
general accounting, budgets, taxes, and cost accounting.
a. True
b. False
ANSWER: True
DIFFICULTY: Easy
Bloom’s: Remembering
LEARNING OBJECTIVES: ACCT.WARD.16.18-01 - 18-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.25 - Managerial Characteristics/Terminology
ACCT.ACBSP.APC.27 - Managerial Accounting Features/Costs
ACCT.IMA.07 - Cost Management
BUSPROG: Analytic
12. Managerial accounting reports must be useful to the user of the information.
a. True
b. False
ANSWER: True
DIFFICULTY: Easy
Bloom’s: Remembering
LEARNING OBJECTIVES: ACCT.WARD.16.18-01 - 18-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.25 - Managerial Characteristics/Terminology
ACCT.ACBSP.APC.27 - Managerial Accounting Features/Costs
ACCT.IMA.07 - Cost Management
BUSPROG: Analytic
© 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
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