Test Bank for Fundamental Managerial Accounting Concepts, 2025 Evergreen Release by Christopher T. Edmonds

Answers Included ✅
Chap 01 2025 Release - Edmonds
TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false.
1) Managerial accounting systems consider economic and non-financial data as well as financial
statement data.
1) ______
⊚ true
⊚ false

Question Details
AICPA : FN Decision Making
AICPA : BB Industry
Accessibility : Screen Reader/Keyboard/CC
Bloom's : Remember
Business Competency : Knowledge Application
Difficulty : 1 Easy
Gradable : automatic
Learning Objective : 01-01 Distinguish between managerial and financial accounting.
Topic : Users and Types of Information
Type : Static
Source : Chapter 01 Test Bank - Algorithmic and Static > TB TF Qu. 1-87 (Static) Managerial accounting systems
consider economic...



2) Most internal users of accounting information need primarily global information that reflects
the performance of the company as a whole.
2) ______
⊚ true
⊚ false

Question Details
AICPA : FN Decision Making
AICPA : BB Industry
Accessibility : Screen Reader/Keyboard/CC
Bloom's : Remember
Business Competency : Knowledge Application
Difficulty : 1 Easy
Gradable : automatic
Learning Objective : 01-01 Distinguish between managerial and financial accounting.
Topic : Level of Aggregation
Type : Static
Source : Chapter 01 Test Bank - Algorithmic and Static > TB TF Qu. 1-88 (Static) Most internal users of accounting
information...




1

,3) Senior executives focus on financial data when comparing the performance of their
companies to that of competitors.
3) ______
⊚ true
⊚ false

Question Details
AICPA : FN Decision Making
AICPA : BB Industry
Accessibility : Screen Reader/Keyboard/CC
Bloom's : Remember
Business Competency : Knowledge Application
Difficulty : 1 Easy
Gradable : automatic
Learning Objective : 01-01 Distinguish between managerial and financial accounting.
Topic : Users and Types of Information
Type : Static
Source : Chapter 01 Test Bank - Algorithmic and Static > TB TF Qu. 1-89 (Static) Senior executives focus on
financial data when...



4) Managerial accounting is designed to satisfy needs of external users including creditors,
investors, and governmental agencies.
4) ______
⊚ true
⊚ false

Question Details
AICPA : FN Decision Making
AICPA : BB Industry
Accessibility : Screen Reader/Keyboard/CC
Bloom's : Remember
Business Competency : Knowledge Application
Difficulty : 1 Easy
Gradable : automatic
Learning Objective : 01-01 Distinguish between managerial and financial accounting.
Topic : Users and Types of Information
Type : Static
Source : Chapter 01 Test Bank - Algorithmic and Static > TB TF Qu. 1-90 (Static) Managerial accounting is
designed to satisfy...




2

,5) Managerial accounting focuses primarily on the performance of the company as a whole.
5) ______
⊚ true
⊚ false

Question Details
AICPA : FN Decision Making
AICPA : BB Industry
Accessibility : Screen Reader/Keyboard/CC
Bloom's : Remember
Business Competency : Knowledge Application
Difficulty : 1 Easy
Gradable : automatic
Learning Objective : 01-01 Distinguish between managerial and financial accounting.
Topic : Level of Aggregation
Type : Static
Source : Chapter 01 Test Bank - Algorithmic and Static > TB TF Qu. 1-91 (Static) Managerial accounting focuses
primarily on...



6) Product costs include materials, labor, and selling and administrative costs.
6) ______
⊚ true
⊚ false

Question Details
AICPA : BB Industry
AICPA : FN Measurement
Accessibility : Screen Reader/Keyboard/CC
Bloom's : Remember
Business Competency : Knowledge Application
Difficulty : 1 Easy
Gradable : automatic
Learning Objective : 01-02 Identify the cost of manufacturing a product.
Topic : Costs Can Be Assets or Expenses
Type : Static
Source : Chapter 01 Test Bank - Algorithmic and Static > TB TF Qu. 1-92 (Static) Product costs include materials,
labor, and...




3

, 7) Average costs are used for internal decision-making, but actual costs are required for
calculating cost of goods sold.
7) ______
⊚ true
⊚ false

Question Details
AICPA : BB Industry
AICPA : FN Measurement
Accessibility : Screen Reader/Keyboard/CC
Bloom's : Understand
Business Competency : Knowledge Application
Difficulty : 2 Medium
Gradable : automatic
Learning Objective : 01-02 Identify the cost of manufacturing a product.
Topic : Average Cost per Unit
Type : Static
Source : Chapter 01 Test Bank - Algorithmic and Static > TB TF Qu. 1-93 (Static) Average costs are used for
internal...



8) The biggest challenge in computing the total cost per unit of a product is determining the
amount of overhead cost that should be assigned to each unit.
8) ______
⊚ true
⊚ false

Question Details
AICPA : BB Industry
AICPA : FN Measurement
Accessibility : Screen Reader/Keyboard/CC
Bloom's : Remember
Business Competency : Knowledge Application
Difficulty : 1 Easy
Gradable : automatic
Learning Objective : 01-03 Show how manufacturing product costs affect financial statements.
Topic : Overhead Costs: A Closer Look
Type : Static
Source : Chapter 01 Test Bank - Algorithmic and Static > TB TF Qu. 1-94 (Static) The biggest challenge in
computing the total...




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