100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Test bank For Horngren's Financial & Managerial Accounting The Managerial Chapters, 7th edition Nobles A+ $11.99
Add to cart
Quickly navigate to
Preview
  2.  
  3. Horngren\'s Financial & Managerial Accounting
  4.  
  5. Horngren\'s Financial & Managerial Accounting

Exam (elaborations)

Test bank For Horngren's Financial & Managerial Accounting The Managerial Chapters, 7th edition Nobles A+

 0 purchase
  • Course
  • Horngren\'s Financial & Managerial Accounting
  • Institution
  • Horngren\'s Financial & Managerial Accounting
  • Book
  • Horngren\'s Accounting, The Financial Chapters, Global Edition

Test bank For Horngren's Financial & Managerial Accounting The Managerial Chapters, 7th edition Nobles A+ 2024

Preview 4 out of 1522  pages

Document information

  • May 9, 2024
  • 1522
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

  • test bank for horngrens
  • test bank for horngrens financial managerial ac
  • test bank for horngrens financial managerial
  • test bank for horngrens financial
  • test bank for horngrens financial
  • test bank
  • a

Connected book

book image

Book Title:

Author(s):

  • Edition:
  • ISBN:
  • Edition:

Written for

  • Horngren's Financial & Managerial Accounting
All documents for this subject (27)

Seller

avatar-seller
a_plus_work

Reviews received

Content preview

Test bank For
Horngren's Financial & Managerial Accounting The Managerial
Chapters, 7th edition Nobles
Chapter 1-11

Financial and Managerial Accounting: Managerial Chapters, 7e (Miller-Nobles)
Chapter M:1 Introduction to Managerial Accounting

Learning Objective M:1-1
1) Managerial accounting focuses on providing information for internal planning and control.
Answer: TRUE
Diff: 1
LO: M:1-1
AACSB: Application of knowledge
AICPA Functional: Reporting
PE Question Type: Concept
H2: Why Is Managerial Accounting Important? (H1)

2) Financial accounting prepares reports for internal purposes, whereas managerial accounting provides
information to external stakeholders.
Answer: FALSE
Explanation: The reverse is true. Financial accounting serves external stakeholder information needs
while managerial accounting serves the needs of managers and internal staff.
Diff: 1
LO: M:1-1
AACSB: Application of knowledge
AICPA Functional: Reporting
PE Question Type: Concept
H2: Why Is Managerial Accounting Important? (H1)

3) Financial statements prepared for investors and creditors often include forward-looking information
because they make decisions based on a company's future prospects.
Answer: FALSE
Explanation: Financial statements provide mostly historical information; relevant and faithfully
representative information and focused on the past.
Diff: 1
LO: M:1-1
AACSB: Application of knowledge
AICPA Functional: Reporting
PE Question Type: Concept
H2: Why Is Managerial Accounting Important? (H1)

4) Managerial accounting reporting by a public firm is required to follow the rules of GAAP.
Answer: FALSE
Explanation: Managerial accounting information is not guided by GAAP but rather by the concept of
usefulness to management for decision making purposes.
Diff: 1
LO: M:1-1
1
Copyright © 2021 Pearson Education, Inc.

,AACSB: Application of knowledge
AICPA Functional: Reporting
PE Question Type: Concept
H2: Why Is Managerial Accounting Important? (H1)




2
Copyright © 2021 Pearson Education, Inc.

,5) Financial reporting is typically much more detailed than managerial accounting.
Answer: FALSE
Explanation: Financial reporting is typically less detailed than managerial accounting information.
Financial accounting reporting is usually summary reports, prepared primarily on the company as a
whole, usually on a quarterly or annual basis.
Diff: 1
LO: M:1-1
AACSB: Application of knowledge
AICPA Functional: Reporting
PE Question Type: Concept
H2: Why Is Managerial Accounting Important? (H1)

6) Managerial accounting provides financial statements that report results of operations, financial
position, and cash flows both to managers and to external stockholders.
Answer: FALSE
Explanation: Managerial accounting provides the information needed to plan and control operations and
therefore serves the information needs of internal parties such as managers and staff.
Diff: 1
LO: M:1-1
AACSB: Application of knowledge
AICPA Functional: Reporting
PE Question Type: Concept
H2: Why Is Managerial Accounting Important? (H1)

7) Which of the following is a focus of managerial accounting?
A) to generate a company's financial statements for tax reporting
B) to provide information to business managers to assist them in controlling their businesses
C) to provide information to shareholders to assist them with their investment decisions
D) to ensure that the reports produced for internal and external business purposes are GAAP compliant
Answer: B
Diff: 1
LO: M:1-1
AACSB: Application of knowledge
AICPA Functional: Reporting
PE Question Type: Concept
H2: Why Is Managerial Accounting Important? (H1)

8) Which of the following statements is true of managerial accounting?
A) The external stakeholders of a company are the primary users of managerial accounting.
B) Managerial accounting information is used to help managers plan, direct and control their operations.
C) An external audit by an independent CPA is required for managerial accounting information.
D) Managerial accounting information must comply with Generally Accepted Accounting Principles.
Answer: B
Diff: 1
LO: M:1-1
AACSB: Application of knowledge
AICPA Functional: Reporting
PE Question Type: Concept
H2: Why Is Managerial Accounting Important? (H1)




3
Copyright © 2021 Pearson Education, Inc.

, 9) Managerial accounting information for a company is primarily used by ________.
A) its customers to understand the pricing of the product
B) its creditors to understand the credibility of the business
C) its employees to plan, direct and control operations
D) its investors to make their investment decisions
Answer: C
Diff: 1
LO: M:1-1
AACSB: Application of knowledge
AICPA Functional: Reporting
PE Question Type: Concept
H2: Why Is Managerial Accounting Important? (H1)

10) Which of the following statements is true of financial accounting?
A) It provides information to investors needed for their investment decisions.
B) It provides future focused information needed for managing and delegating operations.
C) It focuses on detailed reports for parts of the company rather than the whole company.
D) It focuses on planning, directing and controlling day-to-day operations.
Answer: A
Diff: 1
LO: M:1-1
AACSB: Application of knowledge
AICPA Functional: Reporting
PE Question Type: Concept
H2: Why Is Managerial Accounting Important? (H1)

11) Which of the following is the primary focus of managerial accounting?
A) providing information that managers need to make operational decisions
B) providing historical data to investors and creditors
C) providing summarized results of operations
D) providing information to comply with laws and regulations of government bodies
Answer: A
Diff: 1
LO: M:1-1
AACSB: Application of knowledge
AICPA Functional: Reporting
PE Question Type: Concept
H2: Why Is Managerial Accounting Important? (H1)

12) Which of the following is the primary focus of financial accounting?
A) providing information that managers need to make operational decisions
B) providing summarized information on operational results to investors and creditors
C) providing information to managers to assist in planning, directing and controlling operations
D) providing highly detailed information on product lines, regions, and divisions
Answer: B
Diff: 1
LO: M:1-1
AACSB: Application of knowledge
AICPA Functional: Reporting
PE Question Type: Concept
H2: Why Is Managerial Accounting Important? (H1)

4
Copyright © 2021 Pearson Education, Inc.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

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 a_plus_work. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $11.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

63950 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling

Recently viewed by you

Exam (elaborations) ·

(0)

APEA 3 P'S EXAM NEWEST AND LATEST UPDATE; QUESTIONS WITH CORRECT ANSWERS ALREADY GRADED A+ |VERIFIED FOR LEARNERS

Exam (elaborations) ·

(0)

ATI Med-Surg Test Banks MORE THAN 650 PAGES WITH ALL Question & Answers (New, 2021-2022)(Download for Exam)

Exam (elaborations) ·

(0)

TNCC FULL SOLUTION PACK (ALL TNCC EXAMS AND STUDY QUESTIONS ARE HERE, ALL ANSWERED CORRECTLY) (UPDATED 2024)

Exam (elaborations) ·

(0)

Test Bank for Chapter 13 Monopoly Economics: Canada in the Global Environment, 7e (Parkin) [Verified Answers]

Exam (elaborations) ·

(0)

MSN-FNP MSN 560 Chapter 2: Emerging Roles of the Advanced Practice Nurse Joel Quiz -with 100% verified solutions

Exam (elaborations) ·

(0)

CAP Mitchell Award Leadership 280 Study Guide Questions with 100% Correct Answers | Verified | Latest Update

Exam (elaborations) ·

(1)

ATI COMPREHENSIVE EXIT 2024 WITH NGN/ 180 QUESTIONS AND ANSWERS WELL ELLABORATED/ RECENT EDITION GRADED A+

Exam (elaborations) ·

(0)

HESI CRITICAL CARE 2023 VERSION A AND B/ CRITICAL CARE HESI EXIT EXAM 2023 QUESTIONS AND CORRECT ANSWERS|AGRADE

Exam (elaborations) ·

(0)

Test Bank For Little and Falace's Dental Management of the Medically Compromised Patient 9th Edition by Little

$11.99
  • (0)
Add to cart
Added