Test Bank for Managerial Accounting ISE 5th Edition by Fred Phillips, Robert Libby, and Stacey Whitecotton

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,TestXBankXforXManagerialXAccounting,X5thXEditionXbyXStaceyXWhitecotton


AnswersXIncluded
ChapterX01X5
e
TRUE/FALSEX-XWriteX'T'XifXtheXstatementXisXtrueXandX'F'XifXtheXstatementXisXfalse.
1) FinancialXaccountingXinformationXisXgenerallyXusedXexclusivelyXbyXinternalXpartiesXs
uchXasXmanagers.
⊚ true
⊚ false


2) FinancialXaccountingXinformationXisXreportedXforXtheXcompanyXasXaXwhole.
⊚ true
⊚ false


3) ManagersXmustXdirect,Xlead,XandXmotivateXduringXtheXimplementationXfunction.
⊚ true
⊚ false


4) ManagersXofXsmall,XprivateXcorporationsXuseXmanagerialXaccountingXinformation,Xwh
ereasXmanagersXofXlarge,XpublicXcorporationsXuseXfinancialXaccountingXinformation.
⊚ true
⊚ false


5) TheXSarbanes-
OxleyXActXofX2002XplacesXfullXresponsibilityXonXtheXboardXofXdirectorsXforXtheXaccuracy
XofXtheXreportingXsystem.
⊚ true
⊚ false


6) TheXSarbanes-
OxleyXActXofX2002XfocusesXonXthreeXfactorsXthatXaffectXtheXaccountingXreportingXenvi
ronment:Xethics,Xfraud,XandXmanagement.
⊚ true
⊚ false


7) AXsustainableXbusinessXisXoneXwithXtheXabilityXtoXmeetXtheXneedsXofXtodayX
withoutXsacrificingXtheXabilityXofXfutureXgenerationsXtoXmeetXtheirXownXneeds.
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, ⊚ true
⊚ false


8) TheXtermX"bigXdata"XrefersXtoXtheXvolume,Xvelocity,XandXveracityXofXdata.
⊚ true
⊚ false


9) PredictiveXanalyticsXisXtheXprocessXofXrecommendingXaXcourseXofXactionXbase
dXuponXmeaningfulXpatternsXandXinsightsXfromXcollectedXdata.
⊚ true
⊚ false


10) DescriptiveXanalyticsXusesXpatternsXandXinsightsXfromXcollectedXdataXtoXshowXw
hatXhasXhappened.
⊚ true
⊚ false


11) AnXopportunityXcostXisXtheXcostXofXnotXdoingXsomething.
⊚ true
⊚ false


12) WhetherXaXcostXisXtreatedXasXdirectXorXindirectXdependsXonXwhetherXtracingXtheXcos
tXisXbothXpossibleXandXpractical.
⊚ true
⊚ false


13) VariableXcostsXareXalwaysXdirectXcosts.
⊚ true
⊚ false


14) FixedXcostsXstayXtheXsame,XonXaXper-unitXbasis,XasXactivityXlevelXchanges.
⊚ true
⊚ false


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, 15) PrimeXcostsXincludeXdirectXmaterials,XdirectXlabor,XandXmanufacturingXoverhead.
⊚ true
⊚ false


16) AllXmanufacturingXcostsXareXtreatedXasXproductXcosts.
⊚ true
⊚ false


17) AllXmanufacturingXcostsXareXinventoriableXcosts.
⊚ true
⊚ false


18) AXcostXthatXwillXoccurXinXtheXfutureXandXdiffersXbetweenXvariousXalternative
sXunderXconsiderationXisXaXrelevantXcost.
⊚ true
⊚ false


19) ManagerialXaccountingXinformationXisXmandatedXbyXtheXSECXandXotherXregu
latoryXagencies.
⊚ true
⊚ false


20) ManagerialXaccountingXinformationXisXconsideredXproprietaryXinXnature.
⊚ true
⊚ false


21) OpportunityXcostsXoccurXinXbusinessXwhenXresourcesXareXconstrained.
⊚ true
⊚ false




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