ATI PN PHARMACOLOGY PROCTORED EXAM TEST BANK 2021/2022

TEST BANK
Test Bank for Managerial Accounting: Creating Value in a Dynamic Business Environment,



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TEST BANK

,Test Bank for Managerial Accounting: Creating Value in a Dynamic Business
Environment, 11th Edition, by Ronald W Hilton, David Platt, ISBN-10: 125956956X,
ISBN-13: 9781259569562


Table of Contents
1. The Changing Role of Managerial Accounting in a Dynamic Business Environment
2. Basic Cost Management Concepts
3. Product Costing and Cost Accumulation in a Batch Production Environment
4. Process Costing and Hybrid Product-Costing Systems
5. Activity-Based Costing and Management
6. Activity Analysis, Cost Behavior, and Cost Estimation
7. Cost-Volume-Profit Analysis
8. Variable Costing and the Costs of Quality and Sustainability
9. Financial Planning and Analysis: The Master Budget
10. Standard Costing and Analysis of Direct Costs
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11. Flexible Budgeting and Analysis of Overhead Costs
12. Responsibility Accounting, Operational Performance Measures, and the Balanced
Scorecard
13. Investment Centers and Transfer Pricing
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14. Decision Making: Relevant Costs and Benefits
15. Target Costing and Cost Analysis for Pricing Decisions
16. Capital Expenditure Decisions
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17. Allocation of Support Activity Costs and Joint Costs
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,Chapter 1 - The Changing Role of Managerial Accounting in a Dynamic Business Environment

Chapter 1
The Changing Role of Managerial Accounting in a Dynamic Business
Environment
Answer Key

True / False Questions



1. Two things that all organizations have in common are a set of goals and information needed
by managers.

TRUE



AACSB: Reflective Thinking
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AICPA: BB Critical Thinking
AICPA FN: Decision Making
Blooms: Remember
Difficulty: 1 Easy
Learning Objective: 01-01
Feedback True: Correct! All organizations have a set of goals and managers need information to accomplish these goals.
Feedback False: It is true that all organizations have a set of goals and managers need information to accomplish these goals.
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2. The role of managerial accounting in organizations is the same as it has been over many
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years.

FALSE



AACSB: Reflective Thinking
AICPA: BB Critical Thinking
AICPA FN: Decision Making
Blooms: Remember
Difficulty: 1 Easy
Learning Objective: 01-01
Feedback True: The role of managerial accounting has been changing in recent years.
Feedback False: Correct! The role of managerial accounting has been changing in recent years.




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, Chapter 1 - The Changing Role of Managerial Accounting in a Dynamic Business Environment




3. Controlling involves the coordination of daily business functions within an organization.

FALSE


AACSB: Reflective Thinking
AICPA: BB Critical Thinking
AICPA FN: Decision Making
Blooms: Remember
Difficulty: 1 Easy
Learning Objective: 01-02
Feedback True: This is actually the definition for directing operational activities, which is a managerial activity.
Feedback False: Correct! This is actually the definition for directing operational activities, which is a managerial activity.
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4. Decision making requires managers to choose among the available alternatives.

TRUE
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AACSB: Reflective Thinking
AICPA: BB Critical Thinking
AICPA FN: Decision Making
Blooms: Remember
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Difficulty: 1 Easy
Learning Objective: 01-02
Feedback True: Correct! This is the correct definition for decision making.
Feedback False: This is the correct definition for decision making.
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5. The balanced scorecard is an important managerial accounting tool for short-run
competitiveness.

FALSE

AACSB: Reflective Thinking
AICPA: BB Critical Thinking
AICPA FN: Decision Making
Blooms: Remember
Difficulty: 1 Easy
Learning Objective: 01-03
Feedback True: The balanced scorecard is an important managerial accounting tool for long-run competitiveness.
Feedback False: Correct! The balanced scorecard is an important managerial accounting tool for long-run competitiveness.




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