Solution Manual for Introduction to Managerial Accounting,
7th Canadian Edition 2024, by Peter C. Brewer, Ray H.
Garrison, Verified Chapters 1 - 14, Complete Newest Version
Managers' three primary responsibilities are planning, direction, and controlling. -
ANSWER: True
Management accounting is geared toward external stakeholders, such as investors
and creditors. - ANSWER: False
Management accountants often work in cross-functional teams throughout the
organization. - ANSWER: True
The internal audit function reports to the audit committee of the board of directors.
- ANSWER: True
Management accountants are now more often looked upon as internal business
advisors, rather than "bean counters" recording historical transactions. - ANSWER:
True
Management accountants should be technically proficient, but they don't need
strong oral and written communication skills. - ANSWER: False
Management accountants should be proficient in Excel. - ANSWER: True
The AICPA (American Institute of Certified Public Accountants) issues the CMA
(Certified Management Accountant) certification. - ANSWER: False
The Sarbanes-Oxley Act of 2002 (SOX) imposes stricter requirements over financial
reporting and internal controls and stricter consequences for those who engage in
financial statement
misconduct and other white-collar crimes. - ANSWER: True
U.S. companies that have operations overseas must use the International Financial
Reporting Standards (IFRS) to issue their financial statements. - ANSWER: False
Extensible Business Reporting Language (XBRL) is a standardized coding system that
allows financial information to be "tagged" so that it can be read by computer
programs. - ANSWER: True
The triple bottom line assesses company performance on three factors: people
(social impact), planet (environmental impact), and profit (economic impact). -
ANSWER: True
Manufacturing makes up the largest sector of the U.S. economy. - ANSWER: False
, The globalization of business has little bearing on management accounting. -
ANSWER: False
Computer systems that integrate all of a company's worldwide functions into one
database are known as Integrated Worldwide Systems (IWSs). - ANSWER: False
Lean thinking focuses on eliminating waste from operations in an effort to reduce
costs. - ANSWER: True
The ISO 9001:2008 certification focuses on environmental management. - ANSWER:
False
Identifying alternative courses of action and choosing among them - ANSWER:
Decision Making
Running the company on a day-to-day basis - ANSWER: Directing
Determining whether the company's units are operating according to plan -
ANSWER: Controlling
Setting goals and objectives for the company and determining strategies to achieve
them - ANSWER: Planning
Describes historical transactions with external parties - ANSWER: Financial
Accounting
Is not required by any authoritative body, such as the SEC - ANSWER: Managerial
Accounting
Reports on the company's subunits, such as products, geographical areas, and
departments - ANSWER: Managerial Accounting
Is intended to be used by creditors and investors - ANSWER: Financial Accounting
Is formatted in accordance with GAAP - ANSWER: Financial Accounting
Do not disclose company information unless authorized to do so. - ANSWER:
Confidentiality
Continue to develop skills and knowledge. - ANSWER: Competence
Don't bias the information and reports presented to management. - ANSWER:
Credibility
If you do not have the skills to complete a task correctly, do not pretend you do. -
ANSWER: Competence
7th Canadian Edition 2024, by Peter C. Brewer, Ray H.
Garrison, Verified Chapters 1 - 14, Complete Newest Version
Managers' three primary responsibilities are planning, direction, and controlling. -
ANSWER: True
Management accounting is geared toward external stakeholders, such as investors
and creditors. - ANSWER: False
Management accountants often work in cross-functional teams throughout the
organization. - ANSWER: True
The internal audit function reports to the audit committee of the board of directors.
- ANSWER: True
Management accountants are now more often looked upon as internal business
advisors, rather than "bean counters" recording historical transactions. - ANSWER:
True
Management accountants should be technically proficient, but they don't need
strong oral and written communication skills. - ANSWER: False
Management accountants should be proficient in Excel. - ANSWER: True
The AICPA (American Institute of Certified Public Accountants) issues the CMA
(Certified Management Accountant) certification. - ANSWER: False
The Sarbanes-Oxley Act of 2002 (SOX) imposes stricter requirements over financial
reporting and internal controls and stricter consequences for those who engage in
financial statement
misconduct and other white-collar crimes. - ANSWER: True
U.S. companies that have operations overseas must use the International Financial
Reporting Standards (IFRS) to issue their financial statements. - ANSWER: False
Extensible Business Reporting Language (XBRL) is a standardized coding system that
allows financial information to be "tagged" so that it can be read by computer
programs. - ANSWER: True
The triple bottom line assesses company performance on three factors: people
(social impact), planet (environmental impact), and profit (economic impact). -
ANSWER: True
Manufacturing makes up the largest sector of the U.S. economy. - ANSWER: False
, The globalization of business has little bearing on management accounting. -
ANSWER: False
Computer systems that integrate all of a company's worldwide functions into one
database are known as Integrated Worldwide Systems (IWSs). - ANSWER: False
Lean thinking focuses on eliminating waste from operations in an effort to reduce
costs. - ANSWER: True
The ISO 9001:2008 certification focuses on environmental management. - ANSWER:
False
Identifying alternative courses of action and choosing among them - ANSWER:
Decision Making
Running the company on a day-to-day basis - ANSWER: Directing
Determining whether the company's units are operating according to plan -
ANSWER: Controlling
Setting goals and objectives for the company and determining strategies to achieve
them - ANSWER: Planning
Describes historical transactions with external parties - ANSWER: Financial
Accounting
Is not required by any authoritative body, such as the SEC - ANSWER: Managerial
Accounting
Reports on the company's subunits, such as products, geographical areas, and
departments - ANSWER: Managerial Accounting
Is intended to be used by creditors and investors - ANSWER: Financial Accounting
Is formatted in accordance with GAAP - ANSWER: Financial Accounting
Do not disclose company information unless authorized to do so. - ANSWER:
Confidentiality
Continue to develop skills and knowledge. - ANSWER: Competence
Don't bias the information and reports presented to management. - ANSWER:
Credibility
If you do not have the skills to complete a task correctly, do not pretend you do. -
ANSWER: Competence
