TestjBankjforjManagerialjAccounting,j5thjEditionjbyjStaceyjWhitecotton
AnswersjIncluded
Chapterj01j5e
TRUE/FALSEj-jWritej'T'jifjthejstatementjisjtruejandj'F'jifjthejstatementjisjfalse.
1) Financialjaccountingjinformationjisjgenerallyjusedjexclusivelyjbyjinternaljpartiesjsuchjasjm
anagers.
⊚ true
⊚ false
2) Financialjaccountingjinformationjisjreportedjforjthejcompanyjasjajwhole.
⊚ true
⊚ false
3) Managersjmustjdirect,jlead,jandjmotivatejduringjthejimplementationjfunction.
⊚ true
⊚ false
4) Managersjofjsmall,jprivatejcorporationsjusejmanagerialjaccountingjinformation,jwhereasjm
anagersjofjlarge,jpublicjcorporationsjusejfinancialjaccountingjinformation.
⊚ true
⊚ false
5) ThejSarbanes-
OxleyjActjofj2002jplacesjfulljresponsibilityjonjthejboardjofjdirectorsjforjthejaccuracyjofjthejrepor
tingjsystem.
⊚ true
⊚ false
6) ThejSarbanes-
OxleyjActjofj2002jfocusesjonjthreejfactorsjthatjaffectjthejaccountingjreportingjenvironment:j
ethics,jfraud,jandjmanagement.
⊚ true
⊚ false
7) Ajsustainablejbusinessjisjonejwithjthejabilityjtojmeetjthejneedsjofjtodayjwithoutjsac
rificingjthejabilityjofjfuturejgenerationsjtojmeetjtheirjownjneeds.
1
, ⊚ true
⊚ false
8) Thejtermj"bigjdata"jrefersjtojthejvolume,jvelocity,jandjveracityjofjdata.
⊚ true
⊚ false
9) Predictivejanalyticsjisjthejprocessjofjrecommendingjajcoursejofjactionjbasedjuponjm
eaningfuljpatternsjandjinsightsjfromjcollectedjdata.
⊚ true
⊚ false
10) Descriptivejanalyticsjusesjpatternsjandjinsightsjfromjcollectedjdatajtojshowjwhatjhasjha
ppened.
⊚ true
⊚ false
11) Anjopportunityjcostjisjthejcostjofjnotjdoingjsomething.
⊚ true
⊚ false
12) Whetherjajcostjisjtreatedjasjdirectjorjindirectjdependsjonjwhetherjtracingjthejcostjisjbothjpos
siblejandjpractical.
⊚ true
⊚ false
13) Variablejcostsjarejalwaysjdirectjcosts.
⊚ true
⊚ false
14) Fixedjcostsjstayjthejsame,jonjajper-unitjbasis,jasjactivityjleveljchanges.
⊚ true
⊚ false
2
,15) Primejcostsjincludejdirectjmaterials,jdirectjlabor,jandjmanufacturingjoverhead.
⊚ true
⊚ false
16) Alljmanufacturingjcostsjarejtreatedjasjproductjcosts.
⊚ true
⊚ false
17) Alljmanufacturingjcostsjarejinventoriablejcosts.
⊚ true
⊚ false
18) Ajcostjthatjwilljoccurjinjthejfuturejandjdiffersjbetweenjvariousjalternativesjunderjco
nsiderationjisjajrelevantjcost.
⊚ true
⊚ false
19) ManagerialjaccountingjinformationjisjmandatedjbyjthejSECjandjotherjregulatoryja
gencies.
⊚ true
⊚ false
20) Managerialjaccountingjinformationjisjconsideredjproprietaryjinjnature.
⊚ true
⊚ false
21) Opportunityjcostsjoccurjinjbusinessjwhenjresourcesjarejconstrained.
⊚ true
⊚ false
3
, MULTIPLEjCHOICEj-
jChoosejthejonejalternativejthatjbestjcompletesjthejstatementjorjanswersjthejquestion.
22) Whatjisjthejprimaryjgoaljofjaccounting?
A) Tojsetjlong-termjgoalsjandjobjectives
B) Tojarrangejforjthejnecessaryjresourcesjtojachievejajplan
C) Tojprovidejinformationjforjdecision-making
D) Tojmotivatejothersjtojworkjtowardsjajplan'sjsuccess
23) Ofjthejfollowingjgroups,jwhichjisjthejprimaryjuserjofjmanagerialjaccountingjin
formation?
A) Investors
B) Creditors
C) Regulators
D) Managers
24) Managerialjaccounting,jasjcomparedjtojfinancialjaccounting,jisjprimarilyjintendedjtojfa
cilitate:
A) understandingjthejGAAP.
B) makingjdecisionsjwithjtimely,jrelevantjinformation.
C) conductingjethicsjinvestigationsjunderjSOX.
D) reportingjresultsjtojshareholders.
25) Managerialjaccountingjinformationjincludesjalljofjthejfollowingjexcept:
A) budgets.
B) performancejevaluations,jforjexample,jbudget-to-actualjreports.
C) costjreports.
D) financialjstatementsjpreparedjinjaccordancejwithjgenerallyjacceptedjaccountingjp
rinciples.
26) Whichjofjthejfollowingjisjnotjajcharacteristicjofjfinancialjaccounting?
4
AnswersjIncluded
Chapterj01j5e
TRUE/FALSEj-jWritej'T'jifjthejstatementjisjtruejandj'F'jifjthejstatementjisjfalse.
1) Financialjaccountingjinformationjisjgenerallyjusedjexclusivelyjbyjinternaljpartiesjsuchjasjm
anagers.
⊚ true
⊚ false
2) Financialjaccountingjinformationjisjreportedjforjthejcompanyjasjajwhole.
⊚ true
⊚ false
3) Managersjmustjdirect,jlead,jandjmotivatejduringjthejimplementationjfunction.
⊚ true
⊚ false
4) Managersjofjsmall,jprivatejcorporationsjusejmanagerialjaccountingjinformation,jwhereasjm
anagersjofjlarge,jpublicjcorporationsjusejfinancialjaccountingjinformation.
⊚ true
⊚ false
5) ThejSarbanes-
OxleyjActjofj2002jplacesjfulljresponsibilityjonjthejboardjofjdirectorsjforjthejaccuracyjofjthejrepor
tingjsystem.
⊚ true
⊚ false
6) ThejSarbanes-
OxleyjActjofj2002jfocusesjonjthreejfactorsjthatjaffectjthejaccountingjreportingjenvironment:j
ethics,jfraud,jandjmanagement.
⊚ true
⊚ false
7) Ajsustainablejbusinessjisjonejwithjthejabilityjtojmeetjthejneedsjofjtodayjwithoutjsac
rificingjthejabilityjofjfuturejgenerationsjtojmeetjtheirjownjneeds.
1
, ⊚ true
⊚ false
8) Thejtermj"bigjdata"jrefersjtojthejvolume,jvelocity,jandjveracityjofjdata.
⊚ true
⊚ false
9) Predictivejanalyticsjisjthejprocessjofjrecommendingjajcoursejofjactionjbasedjuponjm
eaningfuljpatternsjandjinsightsjfromjcollectedjdata.
⊚ true
⊚ false
10) Descriptivejanalyticsjusesjpatternsjandjinsightsjfromjcollectedjdatajtojshowjwhatjhasjha
ppened.
⊚ true
⊚ false
11) Anjopportunityjcostjisjthejcostjofjnotjdoingjsomething.
⊚ true
⊚ false
12) Whetherjajcostjisjtreatedjasjdirectjorjindirectjdependsjonjwhetherjtracingjthejcostjisjbothjpos
siblejandjpractical.
⊚ true
⊚ false
13) Variablejcostsjarejalwaysjdirectjcosts.
⊚ true
⊚ false
14) Fixedjcostsjstayjthejsame,jonjajper-unitjbasis,jasjactivityjleveljchanges.
⊚ true
⊚ false
2
,15) Primejcostsjincludejdirectjmaterials,jdirectjlabor,jandjmanufacturingjoverhead.
⊚ true
⊚ false
16) Alljmanufacturingjcostsjarejtreatedjasjproductjcosts.
⊚ true
⊚ false
17) Alljmanufacturingjcostsjarejinventoriablejcosts.
⊚ true
⊚ false
18) Ajcostjthatjwilljoccurjinjthejfuturejandjdiffersjbetweenjvariousjalternativesjunderjco
nsiderationjisjajrelevantjcost.
⊚ true
⊚ false
19) ManagerialjaccountingjinformationjisjmandatedjbyjthejSECjandjotherjregulatoryja
gencies.
⊚ true
⊚ false
20) Managerialjaccountingjinformationjisjconsideredjproprietaryjinjnature.
⊚ true
⊚ false
21) Opportunityjcostsjoccurjinjbusinessjwhenjresourcesjarejconstrained.
⊚ true
⊚ false
3
, MULTIPLEjCHOICEj-
jChoosejthejonejalternativejthatjbestjcompletesjthejstatementjorjanswersjthejquestion.
22) Whatjisjthejprimaryjgoaljofjaccounting?
A) Tojsetjlong-termjgoalsjandjobjectives
B) Tojarrangejforjthejnecessaryjresourcesjtojachievejajplan
C) Tojprovidejinformationjforjdecision-making
D) Tojmotivatejothersjtojworkjtowardsjajplan'sjsuccess
23) Ofjthejfollowingjgroups,jwhichjisjthejprimaryjuserjofjmanagerialjaccountingjin
formation?
A) Investors
B) Creditors
C) Regulators
D) Managers
24) Managerialjaccounting,jasjcomparedjtojfinancialjaccounting,jisjprimarilyjintendedjtojfa
cilitate:
A) understandingjthejGAAP.
B) makingjdecisionsjwithjtimely,jrelevantjinformation.
C) conductingjethicsjinvestigationsjunderjSOX.
D) reportingjresultsjtojshareholders.
25) Managerialjaccountingjinformationjincludesjalljofjthejfollowingjexcept:
A) budgets.
B) performancejevaluations,jforjexample,jbudget-to-actualjreports.
C) costjreports.
D) financialjstatementsjpreparedjinjaccordancejwithjgenerallyjacceptedjaccountingjp
rinciples.
26) Whichjofjthejfollowingjisjnotjajcharacteristicjofjfinancialjaccounting?
4
