Test Bank for Managerial Accounting 5th Edition by Stacey Whitecotton, Robert Libby and Fred Phillips All Chapters Complete Newest Version

Test Bank for Managerial Accounting, 5th Edition by Stacey
Whitecotton All Chapters Completed

,Chapter 01 5e RD RD




TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false.
RD RD RD RD RD RD RD RD RD RD RD RD RD RD RD




1) Financial accounting information is generally used exclusively by internal parti
RD RD RD RD RD RD RD RD RD




es such as managers.
R D RD RD



⊚ true


⊚ false
2) Financial accounting information is reported for the company as a whole.
RD RD RD RD RD RD RD RD RD RD




⊚ true


⊚ false
3) Managers must direct, lead, and motivate during the implementation function.
RD RD RD RD RD RD RD RD RD




⊚ true


⊚ false

4) Managers of small, private corporations use managerial accounting information
RD RD RD RD RD RD RD RD




, whereas managers of large, public corporations use financial accounting informatio
R D RD RD RD RD RD RD RD RD RD




n.
⊚ true


⊚ false

5) The Sarbanes- RD




Oxley Act of 2002 places full responsibility on the board of directors for the
RD RD RD RD RD RD RD RD RD RD R D RD RD RD




accuracy of the reporting system.
RD RD RD RD



⊚ true


⊚ false

6) The Sarbanes- RD




Oxley Act of 2002 focuses on three factors that affect the accounting report
RD RD RD RD RD RD RD RD RD RD R D RD




ing environment: ethics, fraud, and management.
RD RD RD RD RD



⊚ true


⊚ false

7) A sustainable business is one with the ability to meet the needs of tod
RD RD RD RD RD RD RD RD RD RD RD RD RD




ay without sacrificing the ability of future generations to meet their own nee
R D RD RD RD RD RD RD RD RD RD RD RD




ds.

, ⊚ true


⊚ false
8) The term "big data" refers to the volume, velocity, and veracity of data.
RD RD RD RD RD RD RD RD RD RD RD RD




⊚ true


⊚ false

9) Predictive analytics is the process of recommending a course of action base
RD RD RD RD RD RD RD RD RD RD RD




d upon meaningful patterns and insights from collected data.
R D RD RD RD RD RD RD RD



⊚ true


⊚ false

10) Descriptive analytics uses patterns and insights from collected data to sho
RD RD RD RD RD RD RD RD RD RD




w what has happened.
R D RD RD



⊚ true


⊚ false
11) An opportunity cost is the cost of not doing something.
RD RD RD RD RD RD RD RD RD




⊚ true


⊚ false

12) Whether a cost is treated as direct or indirect depends on whether tracing the cos
RD RD RD RD RD RD RD RD RD RD RD RD RD RD



t is both possible and practical.
R D RD RD RD RD



⊚ true


⊚ false
13) Variable costs are always direct costs.
RD RD RD RD RD




⊚ true


⊚ false
14) Fixed costs stay the same, on a per-unit basis, as activity level changes.
RD RD RD RD RD RD RD RD RD RD RD RD




⊚ true


⊚ false

, 15) Prime costs include direct materials, direct labor, and manufacturing overhead.
RD RD RD RD RD RD RD RD RD




⊚ true


⊚ false
16) All manufacturing costs are treated as product costs.
RD RD RD RD RD RD RD




⊚ true


⊚ false
17) All manufacturing costs are inventoriable costs.
RD RD RD RD RD




⊚ true


⊚ false

18) A cost that will occur in the future and differs between various alternative
RD RD RD RD RD RD RD RD RD RD RD RD




s under consideration is a relevant cost.
R D RD RD RD RD RD



⊚ true


⊚ false

19) Managerial accounting information is mandated by the SEC and oth
RD RD RD RD RD RD RD RD RD




er regulatory agencies.
R D RD



⊚ true


⊚ false
20) Managerial accounting information is considered proprietary in nature.
RD RD RD RD RD RD RD




⊚ true


⊚ false
21) Opportunity costs occur in business when resources are constrained.
RD RD RD RD RD RD RD RD




⊚ true


⊚ false