TEST BANK for Managerial Accounting 1st Edition by Jennifer, Jozsi, Richmond Pope Kelly. | Complete 12 Chapters)
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Managerial Accounting 1st Edition By Cainas
TEST BANK for Managerial Accounting 1st Edition by Cainas Jennifer, Jozsi Celina, Richmond Pope Kelly. ISBN 9780137689453, ISBN-13: 9780137689422._TABLE OF CONTENTS_ Chapter 1 Managerial Accounting: An Information System Chapter 2 Understanding Product Costs Chapter 3 Job Costing Chapter 4 Activity...
,Managerial Accounting, 1e (Cainas, Pope, Joszi)
Chapter 1 Managerial Accounting: An Information System
Learning Objective 1.1
1) Financial accounting emphasizes relevant, detailed information that may be used to forecast
future performance.
Answer: FALSE
Objective: 1
AACSB: Application of knowledge
2) Managerial accounting requires accountants to follow generally accepted accounting
principles (GAAP) when producing operational reports.
Answer: FALSE
Objective: 1
AACSB: Application of knowledge
3) The annual tax return filed with the Internal Revenue Service (IRS) is an example of a report
generated from a financial accounting system.
Answer: TRUE
Objective: 1
AACSB: Application of knowledge
4) The number of defective materials received from vendors could be directly reported for
managerial accounting but not financial accounting.
Answer: TRUE
Objective: 1
AACSB: Reflective thinking
5) Financial accounting and managerial accounting differ in that:
A) financial reporting is focused on forecasted future performance.
B) managerial accounting reporting requirements are based on the needs of management.
C) managerial accounting information is primarily used by individuals external to the business.
D) financial reporting provides relevant and detailed information.
Answer: B
Objective: 1
AACSB: Application of knowledge
6) The objective of financial accounting is to:
A) provide summarized reports to external stakeholders for decision making.
B) provide detailed information to operational and upper-level managers for decision making.
C) generate reports that meet the needs of management.
D) emphasize current, relevant performance.
Answer: A
Objective: 1
AACSB: Application of knowledge
,7) A report detailing the number of on-time deliveries by geographic area is most likely used by
a(n):
A) investor.
B) upper-level manager.
C) vendor.
D) operations manager.
Answer: D
Objective: 1
AACSB: Reflective thinking
8) A staff accountant is provided with information about the projected profitability of a
company's three product lines for the upcoming year.
What is NOT a reason this represents a managerial report?
A) The information was provided to an external user.
B) The report's focus is on forecasted future performance.
C) The information is detailed.
D) The data is related to both financial and operational functions.
Answer: A
Objective: 1
AACSB: Reflective thinking
9) Which of the following uses managerial accounting information?
A) City governments and universities.
B) An International consulting firm.
C) Small, individually owned business.
D) All of the above.
Answer: D
Objective: 1
AACSB: Reflective thinking
Learning Objective 1.2
1) Planning is a more important function than control because it is done first.
Answer: FALSE
Objective: 2
AACSB: Reflective thinking
2) Identify the appropriate order in which the specified managerial functions should be
performed.
A) Implementing & Controlling; Planning; Decision Making
B) Decision Making; Implementing & Controlling; Planning
C) Planning; Implementing & Controlling; Decision Making
D) Implementing & Controlling; Decision Making; Planning
Answer: C
Objective: 2
AACSB: Application of knowledge
, 3) Decreasing costs by 5% this year is an example of a long-term goal.
Answer: FALSE
Objective: 2
AACSB: Application of knowledge
4) Which is NOT an example of an activity performed in the planning stage?
A) Compare the results of current year activities against the plan and investigate all significant
deviations.
B) Review historical sales data for the business and its competitors.
C) Consider new products under development.
D) Obtain certain economic and industry data to understand the current marketplace conditions.
Answer: A
Objective: 2
AACSB: Reflective thinking
5) Control involves comparing the company's plan (budget) to the actual results achieved and
investigating unusual differences.
Answer: TRUE
Objective: 2
AACSB: Application of knowledge
6) Operational decisions relate to which markets, customers, services, or products to provide.
Answer: FALSE
Objective: 2
AACSB: Application of knowledge
7) The current challenge with obtaining data for decision making is identifying both relevant and
useful data.
Answer: TRUE
Objective: 2
AACSB: Application of knowledge
8) Information must be presented in the form of a report to be useful for decision making.
Answer: FALSE
Objective: 2
AACSB: Application of knowledge
9) Planning is to setting goals and objectives as Decision Making is to:
A) turning a business plan into action.
B) selecting a course of action for the business.
C) monitoring actual results against the plan.
D) identifying a strategic vision for the business.
Answer: B
Objective: 2
AACSB: Application of knowledge
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