Managerial Accounting: The Cornerstone of Business Decision Making – Test Bank (8th Edition, Mowen, Hansen & Heitger) – Complete Chapters 1–15 with Answers

TEST BANK
Managerial Accounting: The Cornerstone of Business Decision Making,
8th Edition, Mowen, Hansen, Heitger Chapters 1 - 15




Page 1
jx

,TableofContents jx jx




WHY Is Managerial Accounting Important?
jx jx jx jx




1. Introduction to Managerial Accounting.
jx jx jx jx




2. Basic Managerial Accounting Concepts.
jx jx jx jx




WHAT Is Managerial Accounting?
jx jx jx




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




WHERE Does Managerial Accounting Come From? jx jx jx jx jx




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




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




6. Process Costing.
jx jx




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




7. Cost-Volume-Profit Analysis.
jx jx




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




9. Profit Planning and Flexible Budgets.
jx jx jx jx jx




10. Standard Costing and Variance Analysis.
jx jx jx jx jx




11. Performance Evaluation and Decentralization.
jx jx jx jx




12. Capital Investment Decisions.
jx jx jx




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




rnational Issues, Enterprise Risk Management, The Managerial Accountant in Forensic/Fraud Acc
jx jx jx jx jx jx jx jx jx jx




ounting
14. Statement of Cash Flows.
jx jx jx jx




15. Financial Statement Analysis.
jx jx jx




Page 2
jx

,Chap 01_8e_Mowen
j x




Answers at the end of each chapter jx jx jx jx jx jx




Indicate whether the statement is true or false.
j x j x j x j x j x j x j x




jx j x 1.Acostaccountantwouldnormallyoccupyastaffpositionwithinanorganization.
jx jx jx jx jx jx jx jx jx jx jx jx




a. True
b. False
jx




2. ThefouremphasizedareasoftheCMAexaminationreflecttheneedsofmanagerialaccountingandhighlight th
j x jx jx jx jx jx jx jx jx jx jx jx jx jx jx jx jx jx




atmanagerialaccountinghas moreofaninterdisciplinaryflavorthanotherareasofaccounting.
jx jx jx jx jx jx jx jx jx jx jx jx jx




a. True
b. False

jx j x 3.Managementaccountinginformationisusedonlybymanufacturingorganizations.
jx jx jx jx jx jx jx jx jx




a. True
b. False

jx j x 4. Positionsthathavedirectresponsibilityforthebasicobjectivesofanorganizationarereferredtoaslinepositions.
jx jx jx jx jx jx jx jx jx jx jx jx jx jx jx jx jx jx




a. True
b. False

jx j x 5.Virtuallyallmanagerialaccountingpracticesweredevelopedtoassistmanagersinmaximizingprofits.
jx jx jx jx jx jx jx jx jx jx jx jx jx




a. True
b. False

jx j x 6.Managerialaccountingisdesignedprimarilyforinternalusers.
jx jx jx jx jx jx jx jx




a. True
b. False

jx j x 7. Managerialaccountinginformationisnotimportantfornot-for-profitorganizations.
jx jx jx jx jx jx jx jx jx




a. True
b. False

jx j x 8. Timeisnotacrucialelementinallphasesofthevaluechain.
jx jx jx jx jx jx jx jx jx jx jx jx jx




a. True
b. False

jx j x 9.Activity-
jx




basedcostingisalessdetailedapproachtodeterminingthecostofgoodsandservicesthantraditionalcostaccounting.
jx jx jx jx jx jx jx jx jx jx jx jx jx jx jx jx jx jx




a. True
b. False
jx




10.Ameliacomparedthebudgetedspendingonlaborandmaterialsusedinproductiontotheactualspendingonlabor
j x jx jx jx jx jx jx jx jx jx jx jx jx jx jx jx jx jx jx jx




and materials used in production. Labor spending was higher than expected. Amelia emailed Robbie to discuss thisoutcom
jx jx jx jx jx jx jx jx jx jx jx jx jx jx jx jx jx




e.Thisisamanagerialaccounting-orientedissue.
jx jx jx jx jx jx




a. True
b. False




Page 3
jx

, Name: Class: Date: jx




Chap 01_8e_Mowen j x




jx j x 11.ThepurposeoftheCertificateinPublicAccountingistoprovideminimalprofessionalqualificationforexternalauditors.
jx jx jx jx jx jx jx jx jx jx jx jx jx jx jx jx jx




a. True
b. False

jx j x 12.Excellentcustomerserviceisanexampleofavalue-addedactivity.
jx jx jx jx jx jx jx jx jx jx




a. True
b. False

jx j x 13.GAAPgovernsfinancialaccounting.
jx jx jx jx




a. True
b. False

jx j x 14.Managerialaccountingemphasizesthefuture.
jx jx jx jx jx




a. True
b. False
jx




15.Thevaluechainisthesetofactivitiesrequiredtodesign,develop,produce,market,anddeliverproductsandse
j x jx jx jx jx jx jx jx jx jx jx jx jx jx jx jx jx jx jx jx




rvices to customers. jx jx




a. True
b. False

jx j x 16. Thebeliefthateachmemberofagroupbearsnoresponsibilityforthewell-
jx jx jx jx jx jx jx jx jx jx jx jx jx jx




beingofothermembersisacommonprincipleunderlyingallethicalsystems.jx jx jx jx jx jx jx jx jx jx jx




a. True
b. False

jx j x 17.Theprocessofchoosingamongcompetingalternativesiscalleddecisionmaking.
jx jx jx jx jx jx jx jx jx jx jx




a. True
b. False
jx




18.Themanagerialactivityofmonitoringa plan'simplementationandtakingcorrectiveactionasneededisreferredt
j x jx jx jx jx jx jx jx jx jx jx jx jx jx jx jx jx jx




oasdecisionmaking.
jx jx jx




a. True
b. False

Indicate the answer choice that best completes the statement or answers the question.
j x j x j x j x j x j x j x j x j x j x j x j x




jx j x 19. Whichofthefollowingwouldnormallyholdalineposition?
jx jx jx jx jx jx jx jx jx jx




a. Staff accountant jx




b. Purchasing manager jx




c. General manager jx




d. Cost accountant jx




Page 4 jx