TEST BANK
TEST BANK
, Chapter 01
Managerial Accounting and the Business Environment
Multiple Choice Questions
1. Day-to-day decision making is most common to which of the following activities managers
are expected to carry on in organizations?
A. Strategy formulation.
B. Directing and motivating.
C. Planning.
D. Budgeting.
Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: Medium
Learning Objective: 01-01 Describe the functions performed by managers.
Topic: 01-02 The Work of Managers and their Need for Managerial Accounting Information
2. Identifying alternatives and selecting the best among them is part of which of the following
activities managers carry out in organizations?
A. Controlling.
B. Directing.
C. Decision making.
D. Motivating.
Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: Medium
Learning Objective: 01-01 Describe the functions performed by managers.
Topic: 01-06 Decision Making
,3. Budgeting is part of which of the following activities managers perform in organizations?
A. Controlling.
B. Directing.
C. Planning.
D. Motivating.
Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: Easy
Learning Objective: 01-01 Describe the functions performed by managers.
Topic: 01-03 Planning
4. Obtaining feedback is generally identified most directly with which of these functions of
management?
A. Planning.
B. Directing and motivating.
C. Controlling.
D. Decision making.
Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: Easy
Learning Objective: 01-01 Describe the functions performed by managers.
Topic: 01-05 Controlling
5. Unstructured forms of big data include all of the following except:
A. videos.
B. memos.
C. pictures.
D. audios.
Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: Easy
Learning Objective: 01-01 Describe the functions performed by managers.
Topic: 01-07 Big Data
, 6. Five V's of big data include all of the following except:
A. variety.
B. value.
C. volume.
D. variable.
Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: Easy
Learning Objective: 01-01 Describe the functions performed by managers.
Topic: 01-07 Big Data
7. Which is the most common risk management tactic?
A. Accept the risk.
B. Avoid the risk.
C. Reduce the risk.
D. Share the risk.
Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: Easy
Learning Objective: 01-03 Explain the basic concept of enterprise risk management.
Topic: 01-18 Enterprise Risk Management
8. Which of the following best describes the function of managerial accounting within an
organization?
A. It has its primary emphasis on the future.
B. It is required by regulatory bodies such as the Ontario Securities Commission.
C. It focuses on the organization as a whole, rather than on the organization's segments.
D. It places more emphasis on precision of data than financial accounting does.
Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: Easy
Learning Objective: 01-02 Identify the major differences and similarities between financial and managerial accounting.
Topic: 01-10 Comparison of Financial and Managerial Accounting
TEST BANK
, Chapter 01
Managerial Accounting and the Business Environment
Multiple Choice Questions
1. Day-to-day decision making is most common to which of the following activities managers
are expected to carry on in organizations?
A. Strategy formulation.
B. Directing and motivating.
C. Planning.
D. Budgeting.
Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: Medium
Learning Objective: 01-01 Describe the functions performed by managers.
Topic: 01-02 The Work of Managers and their Need for Managerial Accounting Information
2. Identifying alternatives and selecting the best among them is part of which of the following
activities managers carry out in organizations?
A. Controlling.
B. Directing.
C. Decision making.
D. Motivating.
Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: Medium
Learning Objective: 01-01 Describe the functions performed by managers.
Topic: 01-06 Decision Making
,3. Budgeting is part of which of the following activities managers perform in organizations?
A. Controlling.
B. Directing.
C. Planning.
D. Motivating.
Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: Easy
Learning Objective: 01-01 Describe the functions performed by managers.
Topic: 01-03 Planning
4. Obtaining feedback is generally identified most directly with which of these functions of
management?
A. Planning.
B. Directing and motivating.
C. Controlling.
D. Decision making.
Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: Easy
Learning Objective: 01-01 Describe the functions performed by managers.
Topic: 01-05 Controlling
5. Unstructured forms of big data include all of the following except:
A. videos.
B. memos.
C. pictures.
D. audios.
Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: Easy
Learning Objective: 01-01 Describe the functions performed by managers.
Topic: 01-07 Big Data
, 6. Five V's of big data include all of the following except:
A. variety.
B. value.
C. volume.
D. variable.
Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: Easy
Learning Objective: 01-01 Describe the functions performed by managers.
Topic: 01-07 Big Data
7. Which is the most common risk management tactic?
A. Accept the risk.
B. Avoid the risk.
C. Reduce the risk.
D. Share the risk.
Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: Easy
Learning Objective: 01-03 Explain the basic concept of enterprise risk management.
Topic: 01-18 Enterprise Risk Management
8. Which of the following best describes the function of managerial accounting within an
organization?
A. It has its primary emphasis on the future.
B. It is required by regulatory bodies such as the Ontario Securities Commission.
C. It focuses on the organization as a whole, rather than on the organization's segments.
D. It places more emphasis on precision of data than financial accounting does.
Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: Easy
Learning Objective: 01-02 Identify the major differences and similarities between financial and managerial accounting.
Topic: 01-10 Comparison of Financial and Managerial Accounting
