Test Bank for Garrison, Managerial Accounting, 12th Edition Latest Verified Review 2024 Practice Questions and Answers for Exam Preparation, 100% Correct with Explanations, Highly Recommended, Download to Score A+

Test Bank for Garrison, Managerial Accounting, 12th Edition Latest Verified Review 2024 Practice Questions and Answers for Exam Preparation, 100% Correct with Explanations, Highly Recommended, Download to Score A+ TEST BANK Chapter 1 Managerial Accounting and the Business Environment Garrison, Managerial Accounting, 12th Edition 3 True/False Questions 1. Although financial and managerial accounting differ in many ways, they are similar in that both rely on the same underlying financial data. Answer: True Level: Medium LO: 1 2. Managerial accounting is a branch of financial accounting and serves essentially the same purposes as financial accounting. Answer: False Level: Medium LO: 1 3. Managerial accounting places greater emphasis on the future than financial accounting, which is primarily concerned with the past. Answer: True Level: Easy LO: 1 4. Managerial accounting is not needed in a non-profit or governmental organization. Answer: False Level: Easy LO: 1 5. When carrying out their planning activities, managers select a course of action and specify how the action will be implemented. Answer: True Level: Easy LO: 2 6. When carrying out their planning activities, managers obtain feedback to ensure that the plan is actually carried out and is appropriately modified as circumstances change. Answer: False Level: Medium LO: 2 7. The controller occupies a line position in an organization. Answer: False Level: Easy LO: 2 8. Decentralization means the delegation of decision-making authority throughout an organization by allowing managers at various operating levels to make key decisions relating to their own area of responsibility. Answer: True Level: Easy LO: 2