Accounting 12412 Study guides, Class notes & Summaries

Managerial Accounting Concepts and Principles True / False Questions 1. Much of managerial accounting is directed at gathering useful information about costs for planning and control decisions. True False 2. Control is the process of setting goals and determining ways to achieve them. True False 3. Managerial accounting is an activity that provides financial and nonfinancial information to an organization's managers and other internal decision makers. True False 4. One of the usual di...

Chapter 1—The Role of Accounting in Business True/False No. Obj. Difficulty No. Obj. Difficulty No. Obj. Difficulty 1 1-1 Easy 8 1-1 Easy 15 1-1 Easy 2 1-1 Easy 9 1-1 Easy 16 1-2 Easy 3 1-1 Easy 10 1-1 Easy 17 1-2 Easy 4 1-1 Easy 11 1-1 Easy 18 1-2 Easy 5 1-1 Easy 12 1-1 Easy 19 1-2 Easy 6 1-1 Easy 13 1-1 Easy 20 1-4 Easy 7 1-1 Easy 14 1-1 Easy 21 1-5 Easy Multiple Choice No. Obj. Difficulty No. Obj. Difficulty No. Obj. Difficulty 1 1-1 Easy 20 1-2 Easy 39 1-4 Moderate 2 1-1 Easy ...

1. Accounting is an information and measurement system that identifies records and communicates financial information to users. True False 2. Bookkeeping is the sole purpose of accounting. True False 3. Bookkeeping is the recording of transactions and events and is only part of accounting. True False 4. Accounting is one way important information about businesses is reported to decision makers. True False