1. Managerial accounting reports must be prepared according to generally accepted
accounting principles.
a. True
b. False
ANSWER: False
DIFFICULTY: Easy
Bloom’s: Remembering
LEARNING OBJECTIVES: ACCT.WARD.16.18-01 - 18-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.25 - Managerial
Characteristics/Terminology
ACCT.ACBSP.APC.27 - Managerial Accounting Features/Costs ACCT.IMA.07 - Cost
Management
BUSPROG: Analytic
2. Managerial accounting uses only past data in reports to aid management in the
decision making process.
a. True
b. False
ANSWER: False
DIFFICULTY: Easy
Bloom’s: Remembering
LEARNING OBJECTIVES: ACCT.WARD.16.18-01 - 18-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.25 - Managerial
Characteristics/Terminology
ACCT.ACBSP.APC.27 - Managerial Accounting Features/Costs ACCT.IMA.07 - Cost
Management
BUSPROG: Analytic
3. Managerial accounting information includes both historical and estimated data.
, a. True
b. False
ANSWER: True
DIFFICULTY: Easy
Bloom’s: Remembering
LEARNING OBJECTIVES: ACCT.WARD.16.18-01 - 18-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.25 - Managerial
Characteristics/Terminology
ACCT.ACBSP.APC.27 - Managerial Accounting Features/Costs ACCT.IMA.07 - Cost
Management
BUSPROG: Analytic
, 4. Since there are few rules to restrict how an organization chooses to arrange
its own internal data for decision making, managerial accounting provides
ample opportunity for creativity and change.
a. True
b. False
ANSWER: True
DIFFICULTY: Easy
Bloom’s: Remembering
LEARNING OBJECTIVES: ACCT.WARD.16.18-01 - 18-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.25 - Managerial
Characteristics/Terminology
ACCT.ACBSP.APC.27 - Managerial Accounting Features/Costs ACCT.IMA.07 - Cost
Management
BUSPROG: Analytic
5. A diagram of the operating structure of an organization is called an organization
chart.
a. True
b. False
ANSWER: True
DIFFICULTY: Easy
Bloom’s: Remembering
LEARNING OBJECTIVES: ACCT.WARD.16.18-01 - 18-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.25 - Managerial
Characteristics/Terminology
ACCT.ACBSP.APC.27 - Managerial Accounting Features/Costs ACCT.IMA.07 - Cost
Management
BUSPROG: Analytic
, 6. In most business organizations, the chief accountant is called the treasurer.
a. True
b. False
ANSWER: False
DIFFICULTY: Easy
Bloom’s: Remembering
LEARNING OBJECTIVES: ACCT.WARD.16.18-01 - 18-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.25 - Managerial
Characteristics/Terminology
ACCT.ACBSP.APC.27 - Managerial Accounting Features/Costs ACCT.IMA.07 - Cost
Management
BUSPROG: Analytic
accounting principles.
a. True
b. False
ANSWER: False
DIFFICULTY: Easy
Bloom’s: Remembering
LEARNING OBJECTIVES: ACCT.WARD.16.18-01 - 18-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.25 - Managerial
Characteristics/Terminology
ACCT.ACBSP.APC.27 - Managerial Accounting Features/Costs ACCT.IMA.07 - Cost
Management
BUSPROG: Analytic
2. Managerial accounting uses only past data in reports to aid management in the
decision making process.
a. True
b. False
ANSWER: False
DIFFICULTY: Easy
Bloom’s: Remembering
LEARNING OBJECTIVES: ACCT.WARD.16.18-01 - 18-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.25 - Managerial
Characteristics/Terminology
ACCT.ACBSP.APC.27 - Managerial Accounting Features/Costs ACCT.IMA.07 - Cost
Management
BUSPROG: Analytic
3. Managerial accounting information includes both historical and estimated data.
, a. True
b. False
ANSWER: True
DIFFICULTY: Easy
Bloom’s: Remembering
LEARNING OBJECTIVES: ACCT.WARD.16.18-01 - 18-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.25 - Managerial
Characteristics/Terminology
ACCT.ACBSP.APC.27 - Managerial Accounting Features/Costs ACCT.IMA.07 - Cost
Management
BUSPROG: Analytic
, 4. Since there are few rules to restrict how an organization chooses to arrange
its own internal data for decision making, managerial accounting provides
ample opportunity for creativity and change.
a. True
b. False
ANSWER: True
DIFFICULTY: Easy
Bloom’s: Remembering
LEARNING OBJECTIVES: ACCT.WARD.16.18-01 - 18-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.25 - Managerial
Characteristics/Terminology
ACCT.ACBSP.APC.27 - Managerial Accounting Features/Costs ACCT.IMA.07 - Cost
Management
BUSPROG: Analytic
5. A diagram of the operating structure of an organization is called an organization
chart.
a. True
b. False
ANSWER: True
DIFFICULTY: Easy
Bloom’s: Remembering
LEARNING OBJECTIVES: ACCT.WARD.16.18-01 - 18-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.25 - Managerial
Characteristics/Terminology
ACCT.ACBSP.APC.27 - Managerial Accounting Features/Costs ACCT.IMA.07 - Cost
Management
BUSPROG: Analytic
, 6. In most business organizations, the chief accountant is called the treasurer.
a. True
b. False
ANSWER: False
DIFFICULTY: Easy
Bloom’s: Remembering
LEARNING OBJECTIVES: ACCT.WARD.16.18-01 - 18-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.25 - Managerial
Characteristics/Terminology
ACCT.ACBSP.APC.27 - Managerial Accounting Features/Costs ACCT.IMA.07 - Cost
Management
BUSPROG: Analytic
