Test Bank for Managerial Accounting: The Cornerstone of Business Decision Making, 8th Edition by (Mowen/Hansen/Heitger), ISBN: 9780357715345, All 15 Chapters Covered, Verified Latest Edition

TEST BANK
Managerial Accounting: The Cornerstone of Business Decision Making,

8th Edition, Mowen, Hansen, Heitger Chapters 1 - 15




Page 1
BV

,Table of Contents BV BV




WHY Is Managerial Accounting Important?
BV BV BV BV




1. Introduction to Managerial Accounting.
BV BV BV BV




2. Basic Managerial Accounting Concepts.
BV BV BV BV




WHAT Is Managerial Accounting?
BV BV BV




3. Cost Behavior, Cost Forecasting, and Segmented Income Statements.
BV BV BV BV BV BV BV BV




WHERE Does Managerial Accounting Come From?
BV BV BV BV BV




4. Job-Order Costing and Normal Cost (Overhead Application).
BV BV BV BV BV BV BV




5. Activity-Based Costing and Management
BV BV BV BV




6. Process Costing.
BV BV




HOW Is Managerial Accounting USED for Decision Making?
BV BV BV BV BV BV BV




7. Cost-Volume-Profit Analysis.
BV BV




8. Tactical Decision Making and Relevant Costing.
BV BV BV BV BV BV




9. Profit Planning and Flexible Budgets.
BV BV BV BV BV




10. Standard Costing and Variance Analysis.
BV BV BV BV BV




11. Performance Evaluation and Decentralization.
BV BV BV BV




12. Capital Investment Decisions.
BV BV BV




13. Emerging Topics in Managerial Accounting: Sustainability, Quality Cost, Lean Accounting
BV BV BV BV BV BV BV BV BV BV




, International Issues, Enterprise Risk Management, The Managerial Accountant in Forensic/Fr
BV BV BV BV BV BV BV BV BV BV




aud Accounting BV




14. Statement of Cash Flows.
BV BV BV BV




15. Financial Statement Analysis.
BV BV BV




Page 2
BV

,Chap 01_8e_Mowen
B V




Answers at the end of each chapter
BV BV BV BV BV BV




Indicate whether the statement is true or false.
B V B V B V B V B V B V B V




BV B V 1. A cost accountant would normally occupy a staff position within an organization.
BV BV BV BV BV BV BV BV BV BV BV BV



a. True
b. False

BV


2. The four emphasized areas of the CMA examination reflect the needs of managerial accounting and hi
B V BV BV BV BV BV BV BV BV BV BV BV BV BV BV BV BV



ghlight that managerial accounting has more of an interdisciplinary flavor than other areas of accounting.
BV BV BV BV BV BV BV BV BV BV BV BV BV BV



a. True
b. False

BV B V 3. Management accounting information is used only by manufacturing organizations.
BV BV BV BV BV BV BV BV BV



a. True
b. False

BV B V 4. Positions that have direct responsibility for the basic objectives of an organization are referred to as line positions.
BV BV BV BV BV BV BV BV BV BV BV BV BV BV BV BV BV BV



a. True
b. False

BV B V 5. Virtually all managerial accounting practices were developed to assist managers in maximizing profits.
BV BV BV BV BV BV BV BV BV BV BV BV BV



a. True
b. False

BV B V 6. Managerial accounting is designed primarily for internal users.
BV BV BV BV BV BV BV BV



a. True
b. False

BV B V 7. Managerial accounting information is not important for not-for-profit organizations.
BV BV BV BV BV BV BV BV BV



a. True
b. False

BV B V 8. Time is not a crucial element in all phases of the value chain.
BV BV BV BV BV BV BV BV BV BV BV BV BV



a. True
b. False

BV B V 9. Activity-
BV



based costing is a less detailed approach to determining the cost of goods and services than traditionalcost acc
BV BV BV BV BV BV BV BV BV BV BV BV BV BV BV BV BV BV



ounting.
a. True
b. False
BV


10. Amelia compared the budgeted spending on labor and materials used in production to the actual spendin
B V BV BV BV BV BV BV BV BV BV BV BV BV BV BV BV BV



g on labor and materials used in production. Labor spending was higher than expected. Amelia emailed Robbie
BV BV BV BV BV BV BV BV BV BV BV BV BV BV BV BV B



to discuss this outcome. This is a managerial accounting-oriented issue.
V BV BV BV BV BV BV BV BV BV



a. True
b. False


Page 3
BV

, Name: Class: Date: BV




Chap B V 01_8e_Mowe
n
BV


11. The purpose of the Certificate in Public Accounting is to provide minimal professional qualification for ext
B V BV BV BV BV BV BV BV BV BV BV BV BV BV BV BV BV



ernalauditors. V
B



a. True
b. False

BV B V 12. Excellent customer service is an example of a value-added activity.
BV BV BV BV BV BV BV BV BV BV



a. True
b. False

BV B V 13. GAAP governs financial accounting.
BV BV BV BV



a. True
b. False

BV B V 14. Managerial accounting emphasizes the future.
BV BV BV BV BV



a. True
b. False
BV


15. The value chain is the set of activities required to design, develop, produce, market, and deliver pro
B V BV BV BV BV BV BV BV BV BV BV BV BV BV BV BV BV BV



ducts andservices to customers.
BV V
B BV BV



a. True
b. False

BV B V 16. The belief that each member of a group bears no responsibility for the well-
BV BV BV BV BV BV BV BV BV BV BV BV BV BV



being of other members is a commonprinciple underlying all ethical systems.
BV BV BV BV BV BV V
B BV BV BV BV



a. True
b. False

BV B V 17. The process of choosing among competing alternatives is called decision making.
BV BV BV BV BV BV BV BV BV BV BV



a. True
b. False
BV


18. The managerial activity of monitoring a plan's implementation and taking corrective action as needed is
B V BV BV BV BV BV BV BV BV BV BV BV BV BV BV BV BV



referredto as decision making. V
B BV BV BV



a. True
b. False

Indicate the answer choice that best completes the statement or answers the question.
B V B V B V B V B V B V B V B V B V B V B V B V




BV B V 19. Which of the following would normally hold a line position?
BV BV BV BV BV BV BV BV BV BV



a. Staff accountant BV




b. Purchasing manager BV




c. General manager BV




d. Cost accountant BV




Page 4 BV