Question 1

Which of the following is a characteristic of managerial accounting?

Accepted Answer

A)  It is used primarily by external users. 
B)  It often lacks flexibility. 
C)  It is often future-oriented. 
D)  The information it provides is extremely precise. 
A)  It is used primarily by external users. 
B)  It often lacks flexibility. 
C)  It is often future-oriented. 
D)  The information it provides is extremely precise.

Question 2

Which of the following statements is true?

Accepted Answer

A)  External and internal users of accounting information have exactly the same information needs. 
B)  Financial accounting is less flexible than managerial accounting. 
C)  Managerial accounting provides the best information to external users. 
D)  Managerial accounting emphasizes on the organization as a whole more than financial accounting. 
A)  External and internal users of accounting information have exactly the same information needs. 
B)  Financial accounting is less flexible than managerial accounting. 
C)  Managerial accounting provides the best information to external users. 
D)  Managerial accounting emphasizes on the organization as a whole more than financial accounting.

Question 3

A(n) ____ would most likely be in charge of deciding on the type of benefit package an employee receives.

Accepted Answer

A)  Finance manager 
B)  Operations/production manager 
C)  Human resource manager 
D)  Marketing manager 
A)  Finance manager 
B)  Operations/production manager 
C)  Human resource manager 
D)  Marketing manager

Question 4

A company's decision on where to locate a new factory is most likely a result of:

Accepted Answer

A)  operating activities. 
B)  operational planning. 
C)  strategic planning. 
D)  controlling activities. 
A)  operating activities. 
B)  operational planning. 
C)  strategic planning. 
D)  controlling activities.

Question 5

Which manager activity would address the decision on whether or not to accept a special order within the next few days?

Accepted Answer

A)  Sales activity 
B)  Strategic planning activity 
C)  Operating activity 
D)  Controlling activity 
A)  Sales activity 
B)  Strategic planning activity 
C)  Operating activity 
D)  Controlling activity

Question 6

You and your roommate would like to purchase a projection TV for your apartment. You have gathered the following information about the two leading models:
   You paid $150 for your current TV two years ago.
Required:

Accepted Answer

The answer of You and your roommate would like to...

Question 7

ERP systems capture:

Accepted Answer

A)  only qualitative data. 
B)  only quantitative data. 
C)  both qualitative and quantitative data. 
D)  the same information as traditional accounting information systems. 
A)  only qualitative data. 
B)  only quantitative data. 
C)  both qualitative and quantitative data. 
D)  the same information as traditional accounting information systems.

Question 8

Which of the following statements about decision-making is true?

Accepted Answer

A)  Risk should not be taken into account. 
B)  Objectives should be quantitative and not qualitative. 
C)  Opportunity cost should be considered. 
D)  Sunk costs should usually be taken into account. 
A)  Risk should not be taken into account. 
B)  Objectives should be quantitative and not qualitative. 
C)  Opportunity cost should be considered. 
D)  Sunk costs should usually be taken into account.

Question 9

Which of the following is not one of the three primary activities of managers?

Accepted Answer

A)  Budgeting activities 
B)  Planning activities 
C)  Operating activities 
D)  Controlling activities 
A)  Budgeting activities 
B)  Planning activities 
C)  Operating activities 
D)  Controlling activities

Question 10

Accounting information systems generate both monetary and non-monetary accounting information. List two examples of eachtype of accounting information.

Accepted Answer

Monetary accounting information generate

Question 11

Which of the following statements is true regarding ethics in decision-making?

Accepted Answer

A)  Since most business decisions are simply a matter of economics, ethical considerations should be ignored. 
B)  Decision-making can have an ethical as well as an economic impact. 
C)  Managerial accountants do not face ethical issues. 
D)  Business managers will always agree on ethical choices. 
A)  Since most business decisions are simply a matter of economics, ethical considerations should be ignored. 
B)  Decision-making can have an ethical as well as an economic impact. 
C)  Managerial accountants do not face ethical issues. 
D)  Business managers will always agree on ethical choices.

Question 12

Relevant costs are costs that:

Accepted Answer

A)  do not differ between alternatives. 
B)  may not be eliminated by choosing one alternative over another. 
C)  have already been incurred. 
D)  differ between alternatives. 
A)  do not differ between alternatives. 
B)  may not be eliminated by choosing one alternative over another. 
C)  have already been incurred. 
D)  differ between alternatives.

Which of the following is a characteristic of managerial accounting?

Which of the following statements is true?

A(n) ____ would most likely be in charge of deciding on the type of benefit package an employee receives.

A company's decision on where to locate a new factory is most likely a result of:

Which manager activity would address the decision on whether or not to accept a special order within the next few days?

You and your roommate would like to purchase a projection TV for your apartment. You have gathered the following information about the two leading models: You paid $150 for your current TV two years ago. Required:

ERP systems capture:

Which of the following statements about decision-making is true?

Which of the following is not one of the three primary activities of managers?

Accounting information systems generate both monetary and non-monetary accounting information. List two examples of eachtype of accounting information.

Which of the following statements is true regarding ethics in decision-making?

Relevant costs are costs that:

Product Costing: Manufacturing Processes, Cost Terminology, and Cost Flows

Job Costing, Process Costing, and Operations Costing

Activity-Based Costing

Cost Behavior

Cost-Volume-Profit Analysis

Relevant Costs and Product Planning Decisions

Long-Term Capital Investment Decisions

The Use of Budgets in Planning and Decision Making

Variance Analysis A Tool for Cost Control and Performance Evaluation

Decentralization, Performance Evaluation, and the Balanced Scorecard

Financial Statement Analysis

The Statement of Cash Flows

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Exam 1: Introduction to Managerial Accounting

Which of the following is a characteristic of managerial accounting?

Which of the following statements is true?

A(n) ____ would most likely be in charge of deciding on the type of benefit package an employee receives.

A company's decision on where to locate a new factory is most likely a result of:

Which manager activity would address the decision on whether or not to accept a special order within the next few days?

You and your roommate would like to purchase a projection TV for your apartment. You have gathered the following information about the two leading models: You paid $150 for your current TV two years ago. Required:

ERP systems capture:

Which of the following statements about decision-making is true?

Which of the following is not one of the three primary activities of managers?

Accounting information systems generate both monetary and non-monetary accounting information. List two examples of eachtype of accounting information.

Which of the following statements is true regarding ethics in decision-making?

Relevant costs are costs that:

Product Costing: Manufacturing Processes, Cost Terminology, and Cost Flows

Job Costing, Process Costing, and Operations Costing

Activity-Based Costing

Cost Behavior

Cost-Volume-Profit Analysis

Relevant Costs and Product Planning Decisions

Long-Term Capital Investment Decisions

The Use of Budgets in Planning and Decision Making

Variance Analysis A Tool for Cost Control and Performance Evaluation

Decentralization, Performance Evaluation, and the Balanced Scorecard

Financial Statement Analysis

The Statement of Cash Flows

Filters