Test Bank for Managerial Accounting: Tools for Business Decision Making, 10th Edition by Jerry J. Weygandt
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Course
Managerial Accounting
Institution
Managerial Accounting
Test Bank for Managerial Accounting: Tools for Business Decision Making, 10e 10th Edition by Jerry J. Weygandt, Paul D. Kimmel, Jill E. Mitchell. Full Chapters (Chap 1 to 14) test bank are included with answers.
Chapter 1: Managerial Accounting
Chapter 2: Job Order Costing
Chapter 2A: Job...
Managerial Accounting, 10e (Weygandt)
Chapter 1 Managerial Accounting
1) Reports prepared in financial accounting are general-purpose reports while reports prepared in
managerial accounting are usually special-purpose reports.
Answer: TRUE
Diff: 1
LO: 1. Identify the features of managerial accounting and the functions of management.
Bloom: C
AACSB / IMA: None / Reporting
AICPA: BB: None; FC: Reporting; PC: Communication
Min.: 1
2) Managerial accounting information generally pertains to an entity as a whole and is highly
aggregated.
Answer: FALSE
Diff: 1
LO: 1. Identify the features of managerial accounting and the functions of management.
Bloom: K
AACSB / IMA: None / Reporting
AICPA: BB: None; FC: Reporting; PC: Communication
Min.: 1
3) All forms of business organizations need managerial accounting information.
Answer: TRUE
Diff: 1
LO: 1. Identify the features of managerial accounting and the functions of management.
Bloom: K
AACSB / IMA: None / Reporting
AICPA: BB: None; FC: Reporting; PC: Communication
Min.: 1
4) Determining the unit cost of manufacturing a product is an output of financial accounting.
Answer: FALSE
Diff: 1
LO: 1. Identify the features of managerial accounting and the functions of management.
Bloom: K
AACSB / IMA: None / FSA
AICPA: BB: None; FC: Measurement Analysis and Interpretation; PC: None
Min.: 1
1
,5) Managerial accounting internal reports are prepared more frequently than financial statements
that are distributed externally.
Answer: TRUE
Diff: 1
LO: 1. Identify the features of managerial accounting and the functions of management.
Bloom: K
AACSB / IMA: None / Reporting
AICPA: BB: None; FC: Reporting; PC: Communication
Min.: 1
6) The management function of organizing and directing is mainly concerned with setting goals
and objectives for the entity.
Answer: FALSE
Diff: 1
LO: 1. Identify the features of managerial accounting and the functions of management.
Bloom: K
AACSB / IMA: None / Decision Analysis
AICPA: BB: Process and Resource Management Perspectives; FC: None; PC: Leadership
Min.: 1
7) The controller of a company is responsible for all of the accounting and finance issues a
company faces.
Answer: FALSE
Diff: 1
LO: 1. Identify the features of managerial accounting and the functions of management.
Bloom: K
AACSB / IMA: Ethics / Reporting
AICPA: BB: None; FC: Reporting; PC: None
Min.: 1
8) Controlling is the process of determining whether planned goals are being met.
Answer: TRUE
Diff: 1
LO: 1. Identify the features of managerial accounting and the functions of management.
Bloom: K
AACSB / IMA: None / Internal Controls
AICPA: BB: Process and Resource Management Perspectives; FC: None; PC: Leadership
Min.: 1
9) Decision-making is an integral part of the planning, directing, and controlling functions.
Answer: TRUE
Diff: 1
LO: 1. Identify the features of managerial accounting and the functions of management.
Bloom: K
AACSB / IMA: None / Decision Analysis
AICPA: BB: Strategic Perspective; FC: None; PC: Leadership
Min.: 1
2
,10) Direct materials costs and indirect materials costs are both included in manufacturing
overhead.
Answer: FALSE
Diff: 1
LO: 2. Describe the classes of manufacturing costs and the differences between product and
period costs.
Bloom: K
AACSB / IMA: None / Cost Management
AICPA: BB: None; FC: Measurement Analysis and Interpretation; PC: None
Min.: 1
11) Manufacturing costs that cannot be classified as direct materials or direct labor are classified
as manufacturing overhead.
Answer: TRUE
Diff: 1
LO: 2. Describe the classes of manufacturing costs and the differences between product and
period costs.
Bloom: K
AACSB / IMA: None / Cost Management
AICPA: BB: None; FC: Measurement Analysis and Interpretation; PC: None
Min.: 1
12) The balance in the raw materials inventory account is equal to total direct materials minus
total indirect materials.
Answer: FALSE
Diff: 1
LO: 2. Describe the classes of manufacturing costs and the differences between product and
period costs.
Bloom: K
AACSB / IMA: None / Cost Management
AICPA: BB: None; FC: Measurement Analysis and Interpretation; PC: None
Min.: 1
13) Raw materials that can be conveniently and directly associated with a finished product are
called materials overhead.
Answer: FALSE
Diff: 1
LO: 2. Describe the classes of manufacturing costs and the differences between product and
period costs.
Bloom: K
AACSB / IMA: None / Cost Management
AICPA: BB: None; FC: Measurement Analysis and Interpretation; PC: None
Min.: 1
3
, 14) The total cost of a finished product does not generally include equal amounts of materials,
labor, and overhead costs.
Answer: TRUE
Diff: 1
LO: 2. Describe the classes of manufacturing costs and the differences between product and
period costs.
Bloom: C
AACSB / IMA: None / Cost Management
AICPA: BB: None; FC: Measurement Analysis and Interpretation; PC: None
Min.: 1
15) Both direct labor cost and indirect labor cost are product costs.
Answer: TRUE
Diff: 1
LO: 2. Describe the classes of manufacturing costs and the differences between product and
period costs.
Bloom: C
AACSB / IMA: None / Cost Management
AICPA: BB: None; FC: Measurement Analysis and Interpretation; PC: None
Min.: 1
16) Period costs include selling and administrative expenses.
Answer: TRUE
Diff: 1
LO: 2. Describe the classes of manufacturing costs and the differences between product and
period costs.
Bloom: K
AACSB / IMA: None / Cost Management
AICPA: BB: None; FC: Measurement Analysis and Interpretation; PC: None
Min.: 1
17) Indirect materials and indirect labor are both inventoriable costs.
Answer: TRUE
Diff: 1
LO: 2. Describe the classes of manufacturing costs and the differences between product and
period costs.
Bloom: C
AACSB / IMA: None / Cost Management
AICPA: BB: None; FC: Measurement Analysis and Interpretation; PC: None
Min.: 1
4
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