Managerial Accounting 12th edition 2024/25 UPDATE BY GARRISSON
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Course
Managerial Accounting
Institution
Managerial Accounting
1. Although financial and managerial accounting differ in many ways,
they are similar inthat both rely on the same underlying financial
data.
Answer: True Level: Medium LO: 1
2. Managerial accounting is a branch of financial accounting and
serves essentially thesame purposes as financial acco...
managerial accounting is a branch of financial acc
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Managerial Accounting 12th edition
Chapter 1 Managerial Accounting and the Business Environment
True/False Questions
1. Although financial and managerial accounting differ in many ways,
they are similar in that both rely on the same underlying financial
data.
Answer: True Level: Medium LO: 1
2. Managerial accounting is a branch of financial accounting and
serves essentially thesame purposes as financial accounting.
Answer: False Level: Medium LO: 1
3. Managerial accounting places greater emphasis on the
future than financialaccounting, which is primarily
concerned with the past.
Answer: True Level: Easy LO: 1
4. Managerial accounting is not needed in a non-profit or governmental
organization.
Answer: False Level: Easy LO: 1
5. When carrying out their planning activities, managers select a
course of action and specify how the action will be implemented.
Answer: True Level: Easy LO: 2
6. When carrying out their planning activities, managers obtain
feedback to ensure that the plan is actually carried out and is
appropriately modified as circumstances change.
Answer: False Level: Medium LO: 2
,Chapter 1 Managerial Accounting and the Business Environment
7. The controller occupies a line position in an organization.
Answer: False Level: Easy LO: 2
8. Decentralization means the delegation of decision-making authority
throughout an organization by allowing managers at various
operating levels to make key decisions relating to their own area of
responsibility.
Answer: True Level: Easy LO: 2
4
, 9. A firm's organization chart will normally show both the formal and
informal lines ofreporting and communication.
Answer: False Level: Easy LO: 2
10. The Chief Financial Officer of an organization is responsible for
ensuring that lineoperations run smoothly.
Answer: False Level: Medium LO: 2
11. Traditionally, companies have maintained large amounts of raw
materials, work in process, and finished goods inventories to act as
buffers so that operations can proceed smoothly even if there are
unanticipated disruptions.
Answer: True Level: Medium LO: 3
12. Process Reengineering is generally considered to be a more
radical approach toimprovement than Total Quality
Management.
Answer: True Level: Easy LO: 3
13. Process Reengineering emphasizes a team approach involving
front-line workers, whereas Total Quality Management is usually
implemented using outside specialists and is imposed from above.
Answer: False Level: Medium LO: 3
14. If ethical standards were not generally followed, one of the results
would probably befewer goods and services available in the
marketplace.
Answer: True Level: Medium LO: 4
, Chapter 1 Managerial Accounting and the Business Environment
15. The Standards of Ethical Conduct for Management Accountants
promulgated by the Institute of Management Accountants
specifically state that management accountants' sole ethical
responsibility is to not break any laws.
Answer: False Level: Easy LO: 4
6
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