Test Bank for Managerial Accounting 5th Edition by Stacey Whitecotton, Robert Libby and Fred Phillips All Chapters Complete Newest Version

Test Bank for Managerial Accounting, 5th Edition by
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Stacey Whitecotton All Chapters Completed
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,Chapter 01 5e bg bg




TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is
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false.
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1) Financial accounting information is generally used exclusively by internal
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parties such as managers.
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⊚ true


⊚ false
2) Financial accounting information is reported for the company as a whole.
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⊚ true


⊚ false
3) Managers must direct, lead, and motivate during the implementation function.
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⊚ true


⊚ false

4) Managers of small, private corporations use managerial accounting
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information, whereas managers of large, public corporations use financial
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accounting information.
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⊚ true


⊚ false

5) The Sarbanes-Oxley Act of 2002 places full responsibility on the board
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of
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⊚ true


⊚ false

6) The Sarbanes-Oxley Act of 2002 focuses on three factors that affect
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the accounting reporting environment: ethics, fraud, and management.
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⊚ true


⊚ false

7) A sustainable business is one with the ability to meet the needs of
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today without sacrificing the ability of future generations to meet their
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own needs.
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, ⊚ true


⊚ false
8) The term "big data" refers to the volume, velocity, and veracity of data.
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⊚ true


⊚ false

9) Predictive analytics is the process of recommending a course of action
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based upon meaningful patterns and insights from collected data.
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⊚ true


⊚ false

10) Descriptive analytics uses patterns and insights from collected data to
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show what has happened.
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⊚ true


⊚ false
11) An opportunity cost is the cost of not doing something.
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⊚ true


⊚ false

12) Whether a cost is treated as direct or indirect depends on whether tracing the
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cost is both possible and practical.
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⊚ true


⊚ false
13) Variable costs are always direct costs.
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⊚ true


⊚ false
14) Fixed costs stay the same, on a per-unit basis, as activity level changes.
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⊚ true


⊚ false

, 15) Prime costs include direct materials, direct labor, and manufacturing overhead.
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⊚ true


⊚ false
16) All manufacturing costs are treated as product costs.
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⊚ true


⊚ false
17) All manufacturing costs are inventoriable costs.
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⊚ true


⊚ false

18) A cost that will occur in the future and differs between various
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alternatives under consideration is a relevant cost.
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⊚ true


⊚ false

19) Managerial accounting information is mandated by the SEC and
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other regulatory agencies.
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⊚ true


⊚ false
20) Managerial accounting information is considered proprietary in nature.
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⊚ true


⊚ false
21) Opportunity costs occur in business when resources are constrained.
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⊚ true


⊚ false