COST CH1 MC Test bank exam with ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
correct answers ||\\||\\ ||\\||\\
Cost Accounting, 14e (Horngren/Datar/Rajan)
||\\||\\ ||\\||\\ ||\\||\\
Chapter 1 The Accountant's Role in the Organization
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
Objective 1.1 - correct answers✔✔ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
1) Management accounting:
||\\||\\ ||\\||\\ ||\\||\\
A) focuses on estimating future revenues, costs, and other
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
measures to forecast activities and their results ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
B) provides information about the company as a whole
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
C) reports information that has occurred in the past that is
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
verifiable and reliable ||\\||\\ ||\\||\\ ||\\||\\
D) provides information that is generally available only on a
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
quarterly or annual basis ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
Answer: A ||\\||\\
Diff: 2 ||\\||\\
Terms: treasury ||\\||\\
,Objective: 1 ||\\||\\
AACSB: Reflective thinking - correct answers✔✔ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
2) Managers use management accounting information to
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
________ strategy. ||\\||\\
A) choose
||\\||\\
B) communicate
||\\||\\
C) implement
||\\||\\
D) All of these answers are correct.
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
Answer: D ||\\||\\
Diff: 1 ||\\||\\
Terms: total quality management (TQM) ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
Objective: 1 ||\\||\\
AACSB: Analytical skills - correct answers✔✔ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
3) Financial accounting:
||\\||\\ ||\\||\\ ||\\||\\
A) focuses on the future and includes activities such as
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
preparing next year's operating budget ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
B) must comply with GAAP (generally accepted accounting
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
principles) ||\\||\\
,C) reports include detailed information on the various operating
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
segments of the business such as product lines or departments ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
D) is prepared for the use of department heads and other
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
employees ||\\||\\
Answer: B ||\\||\\
Diff: 2 ||\\||\\
Terms: financial accounting ||\\||\\ ||\\||\\
Objective: 1 ||\\||\\
AACSB: Reflective thinking - correct answers✔✔ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
4) The person most likely to use ONLY financial accounting
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
information is a: ||\\||\\ ||\\||\\ ||\\||\\
A) factory shift supervisor
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
B) vice president of operations
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
C) current shareholder
||\\||\\ ||\\||\\ ||\\||\\
D) department manager
||\\||\\ ||\\||\\ ||\\||\\
Answer: C ||\\||\\
Diff: 1 ||\\||\\
Terms: financial accounting ||\\||\\ ||\\||\\
Objective: 1 ||\\||\\
, AACSB: Analytical skills - correct answers✔✔ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
5) Which of the following people is LEAST likely to use
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
management accounting information? ||\\||\\ ||\\||\\
A) the controller
||\\||\\ ||\\||\\
B) a shareholder evaluating a stock investment
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
C) the treasurer
||\\||\\ ||\\||\\
D) an assembly department supervisor
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
Answer: B ||\\||\\
Diff: 1 ||\\||\\
Terms: treasury ||\\||\\
Objective: 1 ||\\||\\
AACSB: Analytical skills - correct answers✔✔ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
6) Financial accounting provides the primary source of
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
information for: ||\\||\\ ||\\||\\
A) decision making in the finishing department
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
B) improving customer service
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
C) preparing the income statement for shareholders
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
D) planning next year's operating budget
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
correct answers ||\\||\\ ||\\||\\
Cost Accounting, 14e (Horngren/Datar/Rajan)
||\\||\\ ||\\||\\ ||\\||\\
Chapter 1 The Accountant's Role in the Organization
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
Objective 1.1 - correct answers✔✔ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
1) Management accounting:
||\\||\\ ||\\||\\ ||\\||\\
A) focuses on estimating future revenues, costs, and other
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
measures to forecast activities and their results ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
B) provides information about the company as a whole
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
C) reports information that has occurred in the past that is
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
verifiable and reliable ||\\||\\ ||\\||\\ ||\\||\\
D) provides information that is generally available only on a
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
quarterly or annual basis ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
Answer: A ||\\||\\
Diff: 2 ||\\||\\
Terms: treasury ||\\||\\
,Objective: 1 ||\\||\\
AACSB: Reflective thinking - correct answers✔✔ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
2) Managers use management accounting information to
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
________ strategy. ||\\||\\
A) choose
||\\||\\
B) communicate
||\\||\\
C) implement
||\\||\\
D) All of these answers are correct.
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
Answer: D ||\\||\\
Diff: 1 ||\\||\\
Terms: total quality management (TQM) ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
Objective: 1 ||\\||\\
AACSB: Analytical skills - correct answers✔✔ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
3) Financial accounting:
||\\||\\ ||\\||\\ ||\\||\\
A) focuses on the future and includes activities such as
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
preparing next year's operating budget ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
B) must comply with GAAP (generally accepted accounting
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
principles) ||\\||\\
,C) reports include detailed information on the various operating
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
segments of the business such as product lines or departments ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
D) is prepared for the use of department heads and other
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
employees ||\\||\\
Answer: B ||\\||\\
Diff: 2 ||\\||\\
Terms: financial accounting ||\\||\\ ||\\||\\
Objective: 1 ||\\||\\
AACSB: Reflective thinking - correct answers✔✔ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
4) The person most likely to use ONLY financial accounting
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
information is a: ||\\||\\ ||\\||\\ ||\\||\\
A) factory shift supervisor
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
B) vice president of operations
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
C) current shareholder
||\\||\\ ||\\||\\ ||\\||\\
D) department manager
||\\||\\ ||\\||\\ ||\\||\\
Answer: C ||\\||\\
Diff: 1 ||\\||\\
Terms: financial accounting ||\\||\\ ||\\||\\
Objective: 1 ||\\||\\
, AACSB: Analytical skills - correct answers✔✔ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
5) Which of the following people is LEAST likely to use
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
management accounting information? ||\\||\\ ||\\||\\
A) the controller
||\\||\\ ||\\||\\
B) a shareholder evaluating a stock investment
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
C) the treasurer
||\\||\\ ||\\||\\
D) an assembly department supervisor
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
Answer: B ||\\||\\
Diff: 1 ||\\||\\
Terms: treasury ||\\||\\
Objective: 1 ||\\||\\
AACSB: Analytical skills - correct answers✔✔ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
6) Financial accounting provides the primary source of
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
information for: ||\\||\\ ||\\||\\
A) decision making in the finishing department
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
B) improving customer service
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
C) preparing the income statement for shareholders
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
D) planning next year's operating budget
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
